Rare Patek Philippe stars at Christie's 'highest achieving' watches sale

paulfrasercollectibles

2015-06-26 12:02:40

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Rare Patek Philippe stars at Christie's 'highest achieving' watches sale

'All season long, we've watched prices and sales totals reach ever-higher levels...' says Christie's

Christie's sale of Important Watches Featuring the Leo Collection on June 16 realised $10,050,363. with sell-through rates of 88% by lot and 90% by value.

According to the auction house, buyerscomprised a balanced mix of American (43%), European (25%), Asian (25%), and other (7%) collectors.

Top lot in the auction was an extremely rare platinum Patek Philippe perpetual calendar minute-repeating tourbillon wristwatch with a blackdial. Itfetched $602,500,sellingto an Asian private collector.

"At over $10 million, this is the highest sale total ever achieved for a watch sale at Christie's New York," said Sam Hines, Head of Watches at Christie's New York.

This extremely rare platinum Patek Philippe, ref 5016,was thesale's top lot

"All season long, we have watched prices and sales totals reach ever-higher levels in Geneva, Hong Kong, Dubai, and now in New York.

"Our spring sales season closes at $46.1m in sales worldwide. [This is]our highest first-half global sales total to date, and re-confirms our leadership position in the watch auction market."

According to Mr Hines, the New York sale was boosted by online and telephone bidding. Participants were a mix of new and established clients from five different continents.

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