Sotheby’s staked a claim to the ultra-affluent Saudi Arabian market earlier this month with a debut sale in the Kingdom featuring 10 interesting watches alongside 53 contemporary art lots and a selection of jewelry.
On the watches front, the results were mixed.
A Rolex Oyster Perpetual ‘Celebration Bubbles’, Reference 124300 beat its pre-sale estimate of $10,000 to $15,000 to hammer at $24,000.
At the other end of the spectrum, a Richard Mille Reference 038 Prototype ‘Yohan Blake’ worn by the Jamaican sprinter during the 2012 London Olympic Games, failed to sell. It had an estimate of $1 million to $1.5 million.
The highest price paid in the sale was for a 2007 Cartier Crash in yellow gold, which sold for $228,000, just below its top estimate of $260,000.
A factory-sealed Patek Philippe Reference 5070P-001 platinum chronograph from 2008 achieved a mid-estimate $162,000 bid.
Rolex watches proved popular. A Paul Newman Musketeer, c.1970, went for a mid-estimate price of $240,000.
Unsold lots included a c.1984 Rolex Day Date ‘Arabic Calendar’, Reference 18038 in yellow gold set with diamonds that displays its day and date in Arabic.
The auction followed Sotheby’s official incorporation in Saudi Arabia at the end of 2024, and will be complemented by the opening of an office in Riyadh’s iconic landmark Al Faisaliah Tower.