A sculpture of an inflatable dolphin by Jeff Koons sold for $5 million. A 1971 Sigmar Polke painting depicting purple monkeys, an alligator and a penis was snapped up for $4.5 million. An abstract painting by Joan Mitchell fetched $1.5 million.
Middle East shares dropped, sending Qatar’s index down the most since May, on concern worsening violence in Libya and regional instability may derail economic growth. Dubai bonds fell and Morocco’s credit risk soared.
Dubai stocks fell to the lowest in more than a week as a meeting of Group of 20 leaders failed to reassure investors about the strength of the global economic recovery and on concern banking earnings may disappoint.
Creditors of Battersea Power Station asked a court to put the landmark property’s owner into administration the day after U.K. Chancellor of the Exchequer George Osborne backed a London Underground extension to boost the area’s development.
Dubai’s benchmark index rose to the highest level in almost four months after FTSE Group categorized the United Arab Emirates as an emerging market, boosting confidence that foreign investment will increase.
The United Arab Emirates’ improved securities settlement system may help MSCI Inc. overlook foreign-ownership limits and boost the nation to emerging-market status, Franklin Templeton Investment Management Ltd. said.