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Sotheby’s holds its first public sale for watches within the Middle East

A fashion shows the Richard Mille RM011 watch all through Sotheby’s public sale in Dubai, United Arab Emirates, November 19, 2018. REUTERS/Satish Kumar

DUBAI (Reuters) – Sotheby’s held its first public sale for watches in Dubai on Monday, fetching a complete of $2.6 million with 121 loads.

“This region has been growing for the last five to ten years and an increasing number of the world’s biggest collectors are here,” stated Sam Hines, international head of watches at Sotheby’s and the night time’s auctioneer.

Auction area Christie’s held an public sale for watches in Dubai in March.

Monday night time’s best supplier was once a Chopard wristwatch set in white gold, diamond and sapphire which was once offered for greater than $200,000.

“Prices used to be a bit silly,” stated a Dubai-based potential purchaser, noting different auctions suffered from extra hype.

Greater wisdom approach prices is probably not astronomical, stated Hines. “That’s a good thing for the market so it doesn’t overheat and burst.”

Reporting through Nafisa Eltahir; Editing through Alexandra Hudson

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