Thu, Jun 2, 2016

Art & Auctions
Patek Philippe watches set records at auction

Phillips's second watch sale in Hong Kong achieved a total of HK$150 million ($19.4 million), the highest for any watch auction held in Asia this season. 

Held in association with Bacs & Russo on May 31, Phillips also achieved two world records for two important vintage Patek Philippe wristwatch references.

Aurel Bacs, Auctioneer and Senior Consultant, said: “There was electricity in the room during an epic bidding battle amongst the world’s most discerning, demanding and competitive bidders took place on the two pink gold, complicated wristwatches by Patek Philippe where in both instances, over half a dozen room, telephone, and online bidders competed against each other. With the bidding lasting nearly 30 minutes, the auction room erupted in applause to pay tribute to the successful winners.”

Sam Hines, International Head of Watches for Phillips, said: “In this ever savvy, selective but highly passionate market, we have seen that the demand for highest quality and rarest collector’s watches continues to draw large numbers of international collectors to auctions. The results achieved here in Hong Kong reinforce the approach that Phillips has adopted since its inception to offer only the rarest, highest quality watches in the world.”

Noteworthy results included:

• A world record price for a Patek Philippe (Reference 2499) Third Series, achieving HK$19.72 million ($2.53 million), the highest price ever for a watch sold at auction in Asia.

• A world record price for a Patek Philippe (Reference 2523/1) World Time wristwatch, achieving HK$19.49 million ($2.5 million).

 HK$1.9 million ($240,000) for an extraordinary, oversized time-only Rolex ref. 8382 in pink gold with blue enamel dial – a world record price for the reference.

• HK$1.9 million ($240,000) for a unique Patek Philippe brass and enamel solar clock from 1962.

Contemporary watches also saw extraordinary results, including the sale of a unique, titanium Patek Philippe ref. 5180 that achieved HK$4.24 million ($550,000) and the blue-dialled Patek Philippe ref. 5004 perpetual with split seconds chronograph, originally made for Eric Clapton selling for HK$6.28 million ($810,000).

The top 5 prices of the auction were:

• Patek Philippe (Reference 2499): Very fine, incredibly rare and possibly unique pink gold perpetual calendar chronograph wristwatch with moon phases, manufactured in 1968, sold for HK$19.72 million/$2.53 million.

• Patek Philippe (Reference 2523/1): Extremely fine, highly important and previously unknown pink gold world time wristwatch with two crowns and two-tone dial, manufactured in 1954, sold for HK$19.49 million/$2.5 million. 

• Patek Philippe (Reference 5004): Fine and very rare platinum perpetual calendar split seconds chronograph wristwatch with special blue tachymetre dial, Breguet numeral at 12 o'clock, moon phases, 24 hours, leap year indicator, circa 2009, sold for HK$6.28 million/ $808,236. 

• Patek Philippe (Reference 5180): Unique and very important titanium skeletonised wristwatch, manufactured in 2009, sold for HK$4.24 million/ $545,688. 

• Patek Philippe (Reference 5207): Very fine and extremely rare platinum minute repeating instantaneous perpetual calendar tourbillon wristwatch with leap year indicator, day and night display, moon phases, circa 2010, sold for HK$4 million/ $514,800.

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