RAPAPORT... Christie's reported that its jewels auction in Dubai realized a total of $8,589,250 and was 72 percent sold by lot. The top lot was a 17.71-carat, D, VVS2 rectangular diamond ring designed by J.Roca, which sold for $1,345,500 or $75,974 per carat; followed by a 26.61-carat, rectangular, fancy intense yellow diamond ring that sold for $722,500.
David Warren, the director of jewelry for Christie's Dubai, described Dubai as a "vibrant and energetic new center" from which to offer jewelry and watches. "We welcomed bidders from 13 countries and witnessed aggressive bidding for diamonds, as well as for decorative European jewelry," he noted.
The auction's watch sales totaled more than $1 million, with the top lot price being $278,500 for a Patek Philippe timepiece. Tim Bourne, the international co-director of Christie's watch department, said, "Christie's demonstrated again to be the leading marketplace for fine and rare watches that are both fresh to the market and realistically estimated. The sale result of $1,030,550 underscores the strength of this established category. Collectors from around the world seized the opportunity to bid for exceptional pieces."