Phillips sets auction record for most expensive wristwatch in Asia

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WatchMe

2015-12-02 10:06:29

Phillips' first-ever Hong Kong watch sale set records this week, including the most valuable wristwatch ever auctioned in Asia.

The auction realized a total of HK$117,760,750 ( US$15,189,578), with a sell-through rate of 80% by value and 78% by lot.

The sale marked the end of a fine inaugural year for Phillips' watch department, having achieved over $70 million through three auctions and sold ten timepieces for more $1 million each.

“Following our remarkable sales in May and November, we are delighted with our inaugural sale results in Hong Kong," said Aurel Bacs, Auctioneer and Senior Consultant. "Collectors were drawn to our highly curated sale of the rarest and most exceptional watches, with competition for these masterworks coming at a feverish pace.

"Timepieces of the highest quality from some of the world’s most distinguished manufacturers were immensely appreciated by our global clients. We achieved the highest average lot value in the industry as collectors in the crowded saleroom faced competition from a notable number of clients from around the world.”

Leading the sale was a highly rare Patek Philippe Ref. 3450 automatic perpetual wristwatch in white gold, manufactured in 1985, which sold for HK$12,040,000 (US$1,553,000) – the highest price ever paid for a wristwatch at auction in Asia.

As expected, Patek Philippe watches dominated the auction's top prices. Notable results included a unique 1931 stainless steel open-face watch with one minute tourbillon regulator which sold for HK$4,840,000 (US$624,279); a Ref. 5016 platinum minute repeating perpetual calendar tourbillon wristwatch which sold for HK$3,880,000 (US$500,454); and a Ref. 5004 white gold perpetual calendar split seconds chronograph wristwatch which sold for HK$3,280,000 (US$423,064).

“We are delighted to have successfully launched our first-ever sale in Hong Kong,” said Sam Hines, International Head of Watches for Phillips.

“It’s clear the time is right for Phillips to expand in the Asian market as we aim to build our reputation as the most innovative and trustworthy auction house in the region. We are looking at long-term development and a broadening of future auction categories in Hong Kong. We look forward to a number of exciting sales and groundbreaking exhibitions in the region next year.”

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