Patek Philippe watch records smashed at New York auction
Four world records were set in a sale of Patek Philippe watches in New York on April 25
Paul Fraser Collectibles, Friday 27 April 2012
Four world record prices were set for Patek Philippe watches in New York on April 25, with one fine example making $902,500.
The first of the records went to the Patek Philippe 18k white gold with annual calendar ref. 5135, which made $47,500 against a pre-sale estimate of $25,000-35,000.
Another record was set by the officer-style 18K yellow gold ref. 5153. This beautiful timepiece came with the original fitted box and made $32,500.
The Chronometro Gondolo in 18k pink gold ref. 5098 also performed superbly. The understated example from the luxury watchmaker made $28,750 against an estimate of $8,000-12,000, the highest price ever paid for the watch in auction.
All of the above were overshadowed by the top lot of the auction. An extremely fine and rare Patek Philippe made $902,500, setting yet another world record.
The platinum minute-repeater with perpetual calendar saw intense bidding in the auction room, with one American bidder eventually winning with the highest price ever paid for a single dial Patek Philippe ref. 3974.
"Today's results confirmed that the Patek Philippe Ref. 3974 is clearly the next legendary watch attracting both vintage and modern collectors at the highest level," said the auction house's Michael Freidman.
The private collection of Patek Philippe watches in the auction made a total of $1.06m, representing 142% of the value.
The auction once again confirmed Patek Philippe as the favourite among collectors of luxury watches. The record-breaking sale comes ahead of Sotheby's auction of the legendary Henry Graves Jr. Collection in June.
Paul Fraser Collectibles has this Longines Olympic Series watch for enthusiasts looking for an entry-level timepiece for their collection.