Patek Philippe dominates $11.9m Hong Kong watch sale

paulfrasercollectibles

2015-06-26 11:45:20

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Patek Philippe dominates $11.9m Hong Kong watch sale

The $575k Ref. 5079J has become the latest star in the buoyant luxury timepiece market

Christie's Important Watches sale in Hong Kong has been deemed a huge success after netting sales of HK$92.3m (US$12m) - 60% above its spring 2009 sale total.

Sixty-five percent of lots sold over their high estimate, including a world record value for the Patek Philippe Ref. 5079J (limited edition of George Pragnell).

The yellow gold minute repeating wristwatch with black dial easily exceeded its pre-sale estimate of HK$2.2-2.4m, bringing HK$4.46m (US$575,340).

The A Lange & Shne, Tourbograph

The A Lange & Shne, Tourbograph "Pour le Mrite" (US$466,980)

This and the other top sales can be ordered into a veritable top five of the important luxury watches in today's global market.

Second came a platinum tourbillon double split-seconds chronograph, the A Lange & Shne, Tourbograph "Pour le Mrite".

It exceeded its HK$2.2-4m estimate to be taken home for HK$3.62m (US$466,980).

Another world record was set by the third highest seller: a Greubel Forsey Invention Piece One. The white gold double tourbillon wristwatch was estimated at HK$2.2-3m.

Eventually selling for HK$3.56m (US$459,240), it left the auction block at a record price for any Gruebel Forsey watch.

Fourth came the Rolex Oyster "Deep Sea Special", No. 31. The stainless steel diver's wristwatch (capable of withstanding pressure of a ton per square centimetre and water resistant up to 32,789 feet or 10,908 meters) more than doubled its HK$800,000-1,200,000 estimate, bringing HK$3.38m (US$436,020).

The world record breaking Patek Philippe, Ref. 5079J (US$575,340)The world record breaking Patek Philippe, Ref. 5079J (US$575,340)

The fifth highest sale was again a Patek Philippe Ref. 5079J - another of six Pateks which emerged in the auction's top ten sales. Without George Pragnell's name attached, the timepiece still handsomely exceeded its HK$1.5-2m estimate, netting a cool HK$2.78m (US$358,620).

The Greubel Forsey Invention Piece One (US$459,240)Another world record: the Greubel Forsey Invention Piece One (US$459,240)

"These strong results underscore the buoyancy of the market for luxury timepieces and the appetite of Asian collectors at the very top end of the market," said Tim Bourne, International Co-Head of Christie's Watch Department in a statement.

"The top ten results alone, with the broad range of watchmakers represented - Patek Philippe, A. Lange & Shne, Greubel Forsey, Rolex and Breguet - underscore the depth and range of collectors in [Asia]."

"We are seeing the growing demand for independent watchmakers."

The auction's results bring Christie's international watch sales this autumn season to over US$30m, cementing their status as a leading player in the collectible watch market.

Christie's will hold another watch sale in New York, later this month.

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Images: Christie's

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