$99 million Arabic palace to be auctioned at Christie’s in Dubai

Auction giant Christie’s is to put a spectacular $99m Arabic palace on the market, as part of its aggressive expansion plans into the Middle East with three to four offices in the region, according to a report in Gulf Business.

Joachim Wrang-Widén, SVP and regional director for Europe, Middle East, Russia, India and Africa told the magazine: “We have one sumptuous Arabic palace coming out which will probably be priced at about 75 million euros ($99 million) and we will have property in Dubai for sale, yes that is also the intention, but I’m not able to say what yet because in Dubai things move so quickly.”

Christie’s expansion strategies helped the auction house break half year sales records by 12 percent when it reached the $4.5 billion milestone for the first time ever in 2014.

$99 million Arabic palace to be auctioned at Christie’s in Dubai