Patek Philippe 2523/1 watch sets $1m world record
A Patek Philippe 2523/1 wristwatch has set a new world record for the reference at Christie's
Paul Fraser Collectibles, Thursday 14 June 2012
A Patek Philippe two-crown world-time reference 2523/1 was the star performer in the finale of Christie's spring watch season.
The stunning timepiece sold within estimate for $1m at the June 13 auction in New York, setting a new world record for the reference in the process. It was also the highest price ever achieved for a wristwatch at Christie's Americas.
Produced in 1963, and featuring 18k gold, it sold to an "international collector".
Patek Philippe is a name making strides in the auction market. Four world record prices were set for watches by the Swiss manufacturer at a New York auction on April 25, with one example making $902,500.
The growing values are testament to the worldwide appeal of the watch market: this month's Barclays report on the collectibles sector found that 70% of global high-net worth individuals own precious jewellery, such as fine watches, up from 57% in 2007.
Christie's head of watch sales, Douglas Escribano, said: "The incredible strength of the watch collecting market was apparent in our salerooms today, as more than 750 bidders from as far away as Vietnam and as near as New York City competed head-to-head for nearly every timepiece offered, from vintage to modern examples.
"Our sell-through rates - 98% by lot and 99% by value - are the highest ever achieved for a watches auction at Christie's."
The second top lot of the sale was another Patek Philippe, the 1980 18k gold perpetual calendar chronograph wristwatch with Moon phases selling just above estimate for $362,500.
Entry-level watch collectors should take a look at the classic Longines Olympic Series watch we currently have in stock.
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