Patek Philippe wristwatch sets new auction record

Patek Philippe watch_path If you’ve got the cash, then clearly there’s no time like the present to snap up a rare multi-million dollar watch. This was clearly the thinking at the recent Geneva auction of a rare Patek Philippe stainless steel timepiece, with the final bid offering up a mammoth sum of nearly US$11 million.

The value of this particular timepiece is down to both its rarity – with only three examples known to still exist – and its historical significance. When the watchmaker introduced the 1518 series in the early 1940s, it was believed to be the first perpetual calendar watch – that is, the first to have both a stop-watch function and calendar designed to keep track of the dates for centuries to come, even taking into account leap years.

This particular watch – a 1943 model from the Swiss company’s 1518 series – sold recently for 11,002,000 Swiss francs (HK$84.3 million) following a lively 13-minute bidding war, with would-be owners jostling to snap up the piece as a timely addition to their watch collections. According to Phillips, the undoubtedly delighted auction house, the eventual price was triple the pre-sale estimate and a “world record for any wristwatch at auction.” The identity of neither the buyer nor the seller has been revealed.


One thought on “Patek Philippe wristwatch sets new auction record

  1. Pingback: Homepage

Leave a Reply

Your email address will not be published. Required fields are marked *