By Ayesha Daya
April 30 (Bloomberg) -- Christie’s International sold $4.8 million of art last night in Dubai, within estimates, after the auction house trimmed prices as the economy slowed and its previous sale missed targets.
The most expensive lot was Parviz Tanavoli’s “The Wall and the Script”, a bronze sculpture enveloped in Farsi script that sold for $218,500, compared with a $120,000-$180,000 estimate. A year ago, Tanavoli’s sculpture “The Wall (Oh Persepolis)” sold for 10 times as much, fetching a record $2.84 million in Dubai. Christies had estimated the art sale would tally $4.1 million to $5.9 million.
“Buyers are still active and works represent good value with re-adjusted estimates which still represent multiples of values of 2 to 3 years ago,” said Michael Jeha, managing director of Christie’s Middle East, in an e-mailed response to questions before the sale. “We have pitched our estimates conservatively and are sensitive to the environment in which we and our clients are operating.”
The proportion of lots selling at some international auctions has declined as buyers hesitate in the worst recession since the Great Depression, with Christie’s looking for cash from emerging markets in the Middle East, Asia and Russia to boost sales.
The auction was for art from the Middle East and North Africa. Christie’s said it was the first time works from Saudi Arabia had been offered in an international auction.
Christie’s previous Dubai auction of paintings in October raised $8.6 million, half its estimate of $15 million to $18 million.
To contact the reporter on this story: Ayesha Daya in Dubai adaya1@bloomberg.net
Last Updated: April 30, 2009 02:49 EDT