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Business News: Collector Settles with Christie’s Over “Passion for Time”
One of the most talked-about sales at last month’s Geneva auction season was Passion for Time at Christie’s, the dispersal of a collection belonging to Mohammed Zaman, an Omani businessman. The auction started almost an hour late with new estimates revised upwards, and majority of the lots sold to a third-party guarantor at the new low estimates. The guarantees and new estimates were announced by the auctioneer just before the start of the sale, as they should be, though it did little to dispel the confusion in the room. The proceedings immediately set off a frenzy online, some of it alleging misdeeds on the part of Christie’s. Most of it was unschooled speculation. Perhaps swayed by this, Mr Zaman quickly filed a lawsuit against Christie’s, leading to the watches being frozen. Two weeks on, the lawsuit has been withdrawn and Mr Zaman has resolved his dispute with Christie’s – a shrewd move in my opinion because he did well out of the sale. The 113 lots belonging to Mr Zaman achieved just under CHF38 million including fees – a result worthy of a standing ovation in the current market. Proof of the sale’s success was found two weeks later at the Hong Kong sales where prices were notably weaker than the results at Passion for Time, a testimony to the current market. The top lot at Passion for Time, the Philippe Dufour Grand Sonnerie wristwatch no. 1 that sold for CHF5.13 million including fees All’s well that ends well According to people familiar with the ...