Dubai’s emergence as a center for high-end auctions was cemented with the success of RM Sotheby’s inaugural sale in the emirate that netted over $17 million for rare cars and watches. The auction underscored Dubai’s growing prominence as a destination for collectors and investors in the global luxury market.
With three supercars fetching more than $10 million each, the results highlight the depth of wealth and demand among clients in the Middle East region. In particular, the record-breaking $3.38 million achieved for the 2016 Koenigsegg Agera RSR supercar showed that Dubai buyers are willing to pay top dollar for the most exclusive automotive assets.
The strong performances of these limited production vehicles indicate that collectors in Dubai view ultra-rare hypercars as a type of appreciating financial asset rather than just exotic toys. With production numbers below 100 units for models like the Koenigsegg, Ferrari 812 Competizione and Aston Martin Valkyrie, their investment potential is magnified by supply constraints.
It is noteworthy that all three of the $10 million+ cars were relatively new examples, suggesting the seeker was acquiring both an exclusive driving experience and a long-term store of value. With many predicting collectible car prices to rise exponentially in the coming decades, these purchases could yield substantial returns if resold further down the line.
Beyond automobiles, the record-breaking $300,000 achieved for the vintage Rolex Daytona watch underscores Dubai’s emergence as a center of watch collecting. Featuring provenance linking it to the UAE’s founding father, the watch blended historical significance with its rarity—appealing strongly to local collectors.
The results demonstrate that Dubai has joined established hubs like Geneva, London and New York in its ability to attract global buyers for important timepieces. This will likely increase demand and prices for rare watches with Middle Eastern provenance going forward.
With its tax-free environment and world-class infrastructure, Dubai is cementing its status as a global luxury hub and marketplace for wealthy investors across many asset classes. The emirate’s efforts to position itself as a center for business, tourism and culture have made it an attractive destination to acquire and display rare and exclusive possessions.
Looking ahead, continued economic growth and initiatives like Expo 2020 are expected to bring even greater wealth to the emirate. This will both broaden and deepen the pool of high-net-worth consumers pursuing luxury investments. As global auction houses take note of Dubai’s success, more significant consignments can be expected in the future.
In the years to come, Dubai’s high-end auction sector is poised for further expansion as the emirate increasingly captures greater market share of the global super-luxury trade. With the appetite of local buyers showing no signs of slowing, Dubai is staking its claim as a leader in the high-stakes world of collecting exclusive automobiles, timepieces and other luxury assets.
