Christie's Dubai auction raises $11.8m

Christie's chose Dubai as the first host of a jewellery auction in the Middle East and was not disappointed as a collective $11.8 million (£6 million) was raised.

Around 300 people gathered at a luxury hotel in Dubai to witness 162 items of rare and lavish jewellery, including pieces from Bulgari and Cartier, go under the hammer. Of these, 146 sold.

A highlight of the auction included the sale of a Van Cleef & Arpels 16.51-carat diamond solitaire that went for $1.19 million.

Items from some of the biggest names in gold jewellery from across the globe went on sale at the Christie's auction, such as necklaces by David Morris and earrings by Michelle Ong. Luxury watches and clocks were sold also.

Dubai is just one of a number of offices that Christie's has set up in emerging markets with others including Mumbai and Shanghai.

Jussi Pylkkanen, president of Christie's Europe, told Bloomberg: "We're not trying to create an art market overnight and that's why it's important we're here for the long-term."

Speaking to Bloomberg, a spokesperson for Sotherby's auction house said that the company also had plans for the Middle East.