POST SALE RELEASE: COLLECTION OF DR. MOHAMMED SAID FARSI SELLS FOR $6,731,750 / AED 24,718,986 TONIGHT

Dubai

MOST EXPENSIVE PRIVATE ART COLLECTION SOLD AT AUCTION IN THE MIDDLE EAST, TOTALLING $15.4 MILLION FOR PART I AND PART II

SECOND HIGHEST PRICE ACHIEVED FOR A WORK OF ART IN THE REGION

Dubai - The penultimate sale from the collection of masterpieces of Egyptian art collected by one the greatest patrons of Middle Eastern art, Dr. Mohammed Said Farsi, has sold for $6,731,750 / AED24,718,986 in Dubai this evening. Throughout this section of the sale, bidders competed fiercely, on the telephone, internet and in the saleroom to acquire some of these key pieces by leading artists of modern Egyptian art. With many lots far exceeding their original estimate, the highlight of the Farsi selection was the sale of The Whirling Dervishes, 1929, a spectacular early work by Mahmoud Said which broke the $2 million mark, finally selling for $2,546,500 / AED 9,350,748 against a pre-sale estimate of $300,000 to $400,000, after a fierce bidding battle involving 8 bidders. The work surpassed the recently-established world auction record for the artist set in April by Christie’s in Part I of the Farsi Collection, when Les Chadoufs sold for $2.4 million.

When added to the exceptional results achieved for the first part of this collection which realised $8.7 million when it was sold in Dubai this April and adding tonight’s result the collection has already made $15,437,000 / AED56,684,664 . The final part of the Farsi Collection, a group of 40 works by Egyptian artists, will be offered for sale at Christie’s in Paris on 9 November, 2010.

“We are proud that by using our international network of sale locations and the combined talents and experience of our team of dedicated specialists across three international salerooms, we have been able to achieve the best possible results for this remarkable collection. We look forward to the final part of the Dr. Mohammed Said Farsi collection sale in Paris next month,” said Jussi Pylkkänen, President of Christie’s Middle East and Europe.

FACTS ABOUT THE DR. MOHAMMED SAID FARSI COLLECTION:
Dubai April 2010 - $8.7 million
Dubai October 2010 - $6.7 million
Sold percentage - 100% in April and 100% in October
New auction records - 8 in April and a further 3 in October
Lots sold above estimate - 21 out of 25 in April and 27 out of 30

Top lot – Les Chadoufs selling for $2,434,000 million in April and The Whirling Dervishes selling for $2,546,500 both by Mahmoud Said

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