Christie’s to auction “giant pearl”March 30th, 2011 - 7:58 pm ICT by Aishwarya Bhatt
Dubai, Mar 30 (THAINDIAN NEWS) Christie’s is going to put one of the largest pearls in the world for sale during an auction in Dubai. Christie’s has revealed that the auction would be held on the 20th of April.
The auction will be part of the Dubai spring jewelry sale. Several jewels including diamonds, gems, pearls and gold would be offered for sale during the sale. Dubai has rich history when it comes to jewelry and precious stones.
Christie’s has estimated that the nearly 60-carat pearl which is one of the biggest recorded till date would fetch about $250,000. Christie’s have been having such auctions in the Middle East for five years now. In 2009, the economic recession greatly affected Christie’s sales in the Middle East when it recorded a record low of $18-20 million.
The company’s sales rebounded strongly in 2010 when sales in the Middle East reached $51 million. The figure helped pushed the annual sales of Christie’s to a record $5 billion.
The managing director of Christie’s in the Middle East, Michael Jeha, explained that, “2009 was a very difficult year for us. Volumes were down and we had price softening. But, last year saw a real maturity in strength and return to growth. We had a general recovery.”
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Tags: 20th of april, auctions, carat, christie, diamonds, dubai, economic recession, gems, giant, jeha, jewelry, jewels, managing director, maturity, middle east, pearls and gold, precious stones, rich history, s sales