Kapoor Sculpture May Fetch $2.6 Million at Bonhams Dubai Sale

A sculpture by Anglo-Indian artist Anish Kapoor may fetch up to $2.6 million at the second Bonhams auction of Arab, Iranian, Indian and Pakistani art in Dubai, to be held on Nov. 24.

The 149-lot sale is expected to fetch between $9 million and $12 million, said the London-based company. Bonhams's smaller inaugural sale of contemporary art in Dubai in March took $13 million with 33 artists setting records.

Since then, falling oil and equity prices have reduced demand at Dubai auctions. Last month, Christie's International held a two-day sale of art and jewelry in the city that fetched $16.9 million with fees against a presale low estimate of $32 million, based on hammer prices.

``The froth's gone,'' said Matthew Girling, Bonhams's chief executive for Europe and the Middle East. ``At the beginning of the year, works were selling for six or seven times the estimate. Now it's not quite the same.''