Patek Philippe Ref 5004P auctions for $242,500 at Heritage

A rare and important mint condition Patek Philippe Ref 5004P wristwatch has crossed the block at Heritage Auctions.

The elegant, yet understated watch made an impressive $242,500 at the May 21 auction - testament to the desirability of the historic Patek Philippe brand.

Patek Philippe watch
The circa 1995 watch is in pristine condition

Patek Philippe was founded in Switzerland in 1851. The firm has pioneered dozens of watch technologies, including the keyless winding mechanism, and frequently supplies its coveted watches to royalty.

The present platinum-encased wristwatch was released in 1995 in very limited numbers. It boasts engineering excellence as well as aesthetic appeal, having been equipped with a split-second chronograph and white gold baton hands.

Timepieces manufactured by Patek Philippe seldom fail to sell well at auction.

A platinum-encased Patek Philippe wristwatch - the luxurious Ref 5092 - sold with a 24% increase on its $453,325 top estimate at Sotheby's Geneva in May 2013. One of just 30 such watches produced, it made $561,116.

Both fine watches and jewellery are considered status symbols throughout the world, particularly the BRIC countries (Brazil, Russia, India and China), who are fast becoming the world's most passionate collectors.

The results of Barclays' recent Wealth Report confirmed that the Chinese interest in owning collectibles is greater than that in the West. The country's most affluent individuals have 17% of their wealth invested in treasure assets, compared with just 9% in the US and 7% in the UK.

We currently have this handsome Longines Olympic Series Watch in stock - yours today for just £950.

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