This past Tuesday at Christie’s Dubai the collection of Mohammed Said Farsi sold $6,731,750 making it the most expensive collection ever to be sold at auction in the Middle East totalling $15.4 million for part I and II.
Bidders competed fiercely over the telephone, the internet, and in the saleroom to acquire key pieces by leading artists of modern Egypt art in Dr. Farsi’s collection. Many lots far exceeded their estimates, in particular The Whirling Dervishes (1929) by Mahmoud Said broke the $2 million mark selling for $2,546,500 against a pre-estimate of $300,000 to $400,000 after fierce competition involving eight bidders. The work surpassed the recently established auction record for the artist set last April 2010 by Christie’s Part I of the Farsi Collection when Les Chadoufs sold for $2.4 million.
The Christie’s sales continue to act as major market indicators for the Middle Eastern Art and signal its increasing demand and popularity.