It is safe to say that this wealthy group’s appetite for luxury is not expected to fade anytime soon; instead, they are diversifying their scope any way they can – starting with bidding on the finest secular modern art. In fact, this spectacular week of Christie’s Post-War and Contemporary Art sales established five new world auction records for Middle Eastern artists, whilst the Important Watches auction total of just over $7 million was the highest ever in the region. The top lot, a Patek Philippe, reference 1518 made for King Farouk of Egypt in 1944 sold at $912,500, setting a new auction record price for any wristwatch sold in the Middle East.
Foreign buyers are frequently traveling beyond their borders to discover long-term and safe investment opportunities – as well as homes to hang their masterpieces – in an upscale home and affluent neighborhood such as Beverly Hills or Bel-Air.
Jeff Hyland, President of Hilton & Hyland explains, “While our focus is commanding the Los Angeles luxury real estate market, part of our strength lies in our global reach. We take great pride in meeting with our international clients around the world and it is important we have a physical presence at these events.”
Rick Hilton, Chairman of Hilton & Hyland, added, “As Hilton & Hyland gains international recognition, clients from around the world frequently call on us to assist in the marketing and selling of their homes. From the Palazzetto in Rome to Islas Cayonetas off the Pacific Coast of Panama.” Our presence at these type of events not only allows us to promote our international brand, but our international buyers as well.
For more on the event and viewable works, click here.