Christies To Sell Giant Pearl In Dubai

Published on 01/04/11

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.