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FINANCIAL NEWS
Christie’s posts 42% surge in Dubai luxury watch sales
24 Jan 2011
(MENAFN) Aurel Bacs, International Head of Christie’s Watches, a branch of London-based auction house Christie’s, said that Dubai is poised to become a target market for rare, luxury watches with sales in the emirate rising 42 percent since 2008, Arabian Business reported.
According to Bacs, during 2010, two auctions of rare timepieces in the emirate generated sales of $2,506,425, compared to the corresponding period a year earlier, registering a 19.5 percent surge.
The most expensive piece sold in Dubai – which is expected to become an increasingly significant auction centre for Christie’s global watch sales – was a Patek Philippe piece with moon phase display, and was sold at an October auction for $116,500.
It is worth noting that Christie’s which was founded in 1766, has 53 offices in 32 countries. Its next scheduled auction in Dubai will be in April.
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