DUBAI, March 29, (RTRS): Auction house Christie’s will put one of the world’s largest pearls on the block at its Dubai spring jewellery sale on April 20 in a nostalgic reminder of the Emirate’s pearl diving past.
The auction house is showcasing an array of pearls, diamonds, gems and gold jewellery ahead of the sale. Pearls are especially unique to Dubai, as pearl hunting was a major source of income a century ago in the port city.
Christie’s — who have been holding regular auctions in the Middle East since 2006 — saw regional sales reach $51 million last year, up from recession lows of $18-20 million in 2009. Globally, the art and jewellery-selling powerhouse posted record sales of $5 billion in 2010.
“2009 was a very difficult year for us. Volumes were down and we had price softening,” said Michael Jeha, managing director of the Middle East. “But, last year saw a real maturity in strength and return to growth. We had a general recovery.”
One of the most interesting pieces on sale this year is a drop-shaped pearl in a silver and grey shade at almost 60 carats. One of the largest natural saltwater pearls recorded to date, it is mounted as a pendant on a diamond-studded chain necklace. Christie’s has estimated it at up to $250,000.
“This part of the world likes things that are unique and rare,” said David Warren, head of Christie’s Middle East jewellery department.

“If you look out on the street, you’ll see that quite a number of cars are customized by the manufacturers as special `one-offs.’ Similarly, the collectors want something they think is unique.”
Estimated
Close to one hundred jewellery lots — estimated at a total $5-$6.5 million — will be available at the auction next month. Items range from an elephant-shaped gem ring worth $4,000-$6,000 to a diamond flower necklace which converts into a tiara with matching earrings worth $450,000-$550,000.
This sale will be much smaller than the previous one, estimated at approximately $13.5 million, since last year’s sale included watches and a private collection. Warren added that it had been hard finding good jewellery to sell.
To date, Christie’s has sold over $200 million worth of art and jewellery since the start of its twice-annual inaugural auction in the Gulf city in 2006.
Dubai is its only Middle East office. While there are no exact plans for more offices in the region, Jeha said they are looking to expand. His team also frequently travels throughout the region to meet with clients or stage events.
Alongside the jewellery auction is the contemporary and modern picture auction on April 19. Contemporary Middle Eastern art has gained interest in Dubai over the years, including the fifth annual Art Dubai earlier this month.
While unrest sweeping through the Arab world could be a worry for some, Jeha is confident that the strong sales from last year will continue in 2011.
“Recent sales show that we are performing extremely strong and picking up from where we left off last year,” he said. “But of course, things in the Middle East could change very rapidly.”
The clients at local auctions have diversified in the last few years, said Jeha. Approximately 70 percent of the clients at the last auction were from the Middle East while 30 percent came from cities such as New York, London and Hong Kong.
“It shows clearly that the market is continuing to internationalise. The interest is deepening and that’s important for long-term sustainability” he said. “We want to continue to expand participation in the market.”

Also:
NEW YORK: An intricate wooden bust carved by Paul Gauguin is expected to sell for as much as $15 million when it is auctioned on May 3, according to Sotheby’s.
“Jeune tahitienne,” which was carved by Gauguin during his first trip to Tahiti between 1891 and 1893, depicts a young, unidentified Tahitian woman and includes jewelry which Gauguin made himself using seashells and pieces of red coral.
A piercing left on the ear is believed by experts to have once held a flower, and two foxes carved in the back of the neck represent a sort of signature Gauguin often used, with the foxes being representative of sexuality.
“It’s rare to see a piece of art of such great quality and with such a great story,” said Simon Shaw, Sotheby’s head of Impressionist and Modern Art. “It’s truly unique.”
The 9.5 inch-high (24 cm) carving, which has not been seen in public since 1961, was given as a gift to then 10-year old Jeanne Fournier, the daughter of French art critic and collector Jean Dolent.
“His sculptures weren’t very well received by the French avant-garde art world at the time, even though he considered them his greatest achievements,” Shaw said. “Fournier probably responded in a much more positive and visceral way.”
Fournier later gave the sculpture to Father Celas Rzewuski, a Dominican priest, who in turn handed it over to Sotheby’s, who sold it to its current owner.
The sculpture is the only fully-worked bust Gauguin is known to have made. He is better known for his post-impressionist paintings, many of which depict scenes from the years he spent living in the islands of French Polynesia. After an initial voyage from 1891 to 1893, Gauguin eventually moved there permanently and it is where he later died.