Sotheby’s $40 Million Islamic Art Sales Shatter Records in London
By George Damianos, Luxury Bahamas Estate Agent
(Damianos Sotheby's International Realty)
LONDON— Demonstrating that Chinese art isn't the only non-Western market sector coming out of the global economic crisis with a spring in its step, Sotheby’s two-day sale of Islamic art in London ended yesterday with a record-breaking total of £25.3 million ($40.3 million) — even though the combined sell-through rate for the overstuffed auctions was a mere 64 percent by lot. Wednesday's individual “Arts of the Islamic World” sale also set a new high-water mark for a single auction in the field, bringing in £18.3 million ($29 million), surpassing its high estimate by £1 million. In that 378-lot sale, the top lot was a rare Nasrid ear dagger — so named because of the resemblance its distinctive pommel has to the human ear — from 15th-century Spain that inspired fierce telephone bidding...
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