By Susan Adams, Forbes

Up next? On 31 January 2008, Christie's, the market leader in jewelry for more than a decade, will hold its first-ever sale of jewels and watches in Dubai, followed the next day by an art auction with pictures by top artists from the Arab world and India. The sales will take place at the Jumeirah Emirates Towers Hotel.

Dubai is 'an area of the world that is booming right now, that is catering to the super-rich,' observes François Curiel, chairman of Christie's Europe and international director of the jewelry department. 'Over the past four years, I have noticed an increasing number of buyers from Dubai coming to our auctions in New York, Geneva and Hong Kong.'

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