Records set at Patek Philippe anniversary auction

Records tumbled at a special auction in Geneva Sunday to mark 175
years of Patek Philippe watches, with a rare pink gold item going for
2.67 million dollars, auctioneers Christie’s said.

The auction of 100 wrist and pocket watches brought in a total of
19,731,099 dollars, double the original estimate, and set nine world
records in the process. Christie’s said in a statement after the
three-hour bidding battle.

The top lot of the evening was the pink gold watch, manufactured in
1951 by the Geneva-based maker, and one of only four of its kind known
to the market. “This sale has exceeded our expectations in every way,”
said John Reardon, international head of Christie’s watch
department.

“(It) sets a new benchmark for thematic sales and shows the amazing
strength of the Patek Philippe market,” he added. All 125 seats in the
saleroom had been reserved 48 hours ahead of the
auction, and over 300 collectors and watch enthusiasts attended the event.

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The sale continues Monday. The following day Sotheby’s will auction
off what is billed as the most
famous, and expensive, watch in the world, another Patek Philippe
creation. The celebrated timepiece known as the “Henry Graves
Supercomplication” after its original owner, a New York banker, was
made in the 1930s and estimates say it will sell for 15 million
dollars. (AFP)