World news

Phillips First Hong Kong watch auction

Phillips First Hong Kong watch auction
06.12.2015
Phillips realizes HK million (US$ 1,553,000) for Patek Philippe wristwatch, setting highest price ever in Asia.

Phillips, in Association with Bacs& Russo, held its inaugural Hong Kong sale of watches on December 1st, 2015, selling a Patek Philippe for HK$ 12,040,000 (US,553,000), making it the highest price ever paid for a wristwatch at auction in Asia. Overall, the Hong Kong auction realized HK7,760,750 / US$ 15,189,578 / € 14,334,306, selling 80% by value and 78% by lot.

In just three sales, Phillips Watch Department sold more than million in its inaugural year, including the sale of 10 watches for more than US$ 1 million each in 2015, making Phillips the premier destination for the world’s most discerning collectors.

AurelBacs, Auctioneer and Senior Consultant, said, “Following our remarkable sales in May and November, we are delighted with our inaugural sale results in Hong Kong. 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—such as Patek Philippe, Rolex, AudemarsPiguet, VacheronConstantin and Cartier—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.”

The top 5 prices of the auction
 - Patek Philippe (Reference 3450): Extremely rare white gold automatic perpetual wristwatch, manufactured in 1985, sold for HK$ 12,040,000 / US$ 1,553,000 / € 1,465,394. Lot 305. (picture above)
 - Patek Philippe: Stainless steel, open-face watch with one minute tourbillon regulator awarded first prize at the Geneva Astronomical Observatory for the timing contest on February 3, 1931, sold for HK$ 4,840,000 / US$ 624,279 / € 587,956. Lot 315.
 - Patek Philippe (Reference 5016): Platinum minute repeating perpetual calendar tourbillon wristwatch with retrograde date, moon phases and leap year indication sold for HK$ 3,880,000 / US$ 500,454 / € 471,380. Lot 352.
 - Patek Philippe (Reference 5004):  Rare white gold perpetual calendar split seconds chronograph wristwatch with moon phases, leap year indicator and unusual salmon dial sold for HK$ 3,280,000 / US$ 423,064 / € 398,554. Lot 344.
 - Patek Philippe (Reference 3939): Platinum minute repeating tourbillon wristwatch with enamel dial, Breguet numerals, sold for HK$ 2,980,000 / US$ 384,368 / € 362,190. Lot 139.

For more detailed information, please visit:http://en.worldtempus.com/article/industry-news/phillips-first-hong-kong-watch-auction-2452213