Christie's Dubai Art and Jewelery Sale

Ayesha Daya of Bloomberg's is reporting the recent art and jewelery sale in Dubai was not successful due to lower oil prices and equities. The sale of art and jewels sold a total of $16.9 million against the low estimate of $32 million and a high estimate of $42 million.

Daya reports Record fuel prices encouraged Christie's and rival Bonhams to begin auctions in the oil-rich Middle East two years ago. Since oil prices peaked on July 11 at $147.27 a barrel, the commodity has dropped 55 percent as a banking crisis dried up credit, driving economies toward recession.

Christie's sold 70 percent of the lots offered yesterday, compared to 84 percent at its first sale of the year in April. The auction house said it didn't provide price guarantees to the sellers.

To read the Bloomberg report on the Christie's Dubai sale, click HERE.