- Title: UAE: One of largest pearls in the world to go under the hammer in Dubai
- Date: 22nd April 2011
- Summary: DUBAI, UNITED ARAB EMIRATES (APRIL 20, 2011) (REUTERS) VARIOUS OF CHRISTIE'S AUCTION GALLERY IN DUBAI SHOWCASING ART ON SALE FOR ITS MIDDLE EAST SPRING AUCTION GALLERY HOUSING JEWELLERY ON SALE AT WEDNESDAY'S AUCTION INSIDE JEWELLERY ROOM NECKLACE ON DISPLAY TWO DIAMOND AND GEMS RINGS ON DISPLAY DIAMOND EARRINGS TWO COLOURFUL RINGS ON DISPLAY ONE OF WORLD'S LARGEST PEARL NECKLACE ON DISPLAY CLOSE OF PEARL VARIOUS OF CHRISTIE'S HEAD OF JEWELLERY FOR MIDDLE EAST, DAVID WARREN SPEAKING TO CUSTOMERS (SOUNDBITE) (English) CHRISTIE'S HEAD OF JEWELLERY FOR MIDDLE EAST, DAVID WARREN, SAYING: "We have sold natural here very successfully and have created several world record prices in fact, bought by local people, so we know that there is a huge interest in natural pearls, of course because of their culture of producing pearls in the Gulf, it's a very good place to offer pearls. EXHIBIT ASSISTANT PLACING PEARL NECKLACE ON DISPLAY ASSISTANT ADJUSTING NECKLACE CLOSE OF PEARL NECKLACE (SOUNDBITE) (English) CHRISTIE'S HEAD OF JEWELLERY FOR MIDDLE EAST, DAVID WARREN, SAYING: "You need to have a large size, it needs to be a good shape, it has to have a nice lustre, good colour and a good skin. In this particular case, the pearl has most of those things, I mean it is a very large size, it's not as I said a completely perfect shape, but it's still a very good shape given its size and its unusual to find pearl with this combination and this size." CLOSE OF PEARL IN WARREN'S HANDS JEWELS ROOM FROM OUTSIDE / MODELS GETTING READY TO TRY ON JEWELLERY INSIDE VARIOUS OF MODEL PUTTING ON PEARL NECKLACE VARIOUS OF THREE MODELS WEARING JEWELLERY INCLUDING PEARL NECKLACE BEING PHOTOGRAPHED. CLOSE OF MODEL'S FACES.
- Embargoed: 7th May 2011 13:00
- Keywords:
- Location: United Arab Emirates
- Country: United Arab Emirates
- Topics: Light / Amusing / Unusual / Quirky
- Reuters ID: LVAA35WR97SX3DIPPPUYGJ96ONTZ
- Story Text: Amongst the diamonds and gems on display at Christie's spring sale collection sits a pearl, one of the largest in the world, due to go under the hammer late on Wednesday for an estimated quarter of a million dollars.
This is not the first time Christie's has sold pearls in the region which harbours much interest for the stones. Pearls are especially unique to Dubai, as pearl hunting was a major source of income a century ago in the port city.
And interest in buying pearls is high as a result.
"We have sold natural here very successfully and have created several world record prices in fact, bought by local people, so we know that there is a huge interest in natural pearls, of course because of their culture of producing pearls in the Gulf, it's a very good place to offer pearls," said David Warren, head of Christie's Middle East jewellery department.
The drop-shaped pearl in a silver and grey shade comes 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 to be between 180,000 - 250,000 U.S. dollars.
"You need to have a large size, it needs to be a good shape, it has to have a nice lustre, good colour and a good skin. In this particular case, the pearl has most of those things, I mean it is a very large size, it's not as I said a completely perfect shape, but it's still a very good shape given its size and its unusual to find pearl with this combination and this size," said Warren.
Close to one hundred jewellery lots - estimated at a total 5 - 6.5 million U.S. dollars - will be available at the auction on Wednesday. Items range from an elephant-shaped gem ring worth 4,000-6,000 USD to a diamond flower necklace which converts into a tiara with matching earrings worth 450,000-550,000 dollars.
Christie's - who have been holding regular auctions in the Middle East since 2006 - saw regional sales reach 51 million USD 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 U.S. dollars in 2010.
While unrest sweeping through the Arab world could be a worry for some, Warren is confident that instability in the region will not deter buyers from attending and bidding in the auction.
Sales at Christie's art auction on Tuesday totalled nearly eight million USD and set 42 new world auction records for Middle Eastern art, according to figures from Christie's whose pre-sale figures for artworks were between 6-8 million USD.
Around 90 pieces of jewellery will be auctioned on Wednesday at estimated total figure of 5 - 6 million USD - Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2011. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None
