Platinum Patek Philippe watch tops Christie's HK auction at $609,500

A rare platinum Patek Philippe saw the top bids at Christie's Hong Kong auction of Important Watches yesterday (May 29).

Patek Philippe Reference 5004
Import tax on Swiss watches in China will eventually be cut by 60%

The watch, reference 5004, sold for $609,587, making a 47.1% increase on its $414,000 high estimate. Made in 2007, it is in pristine condition with this being the first time it had ever been offered at auction.

Reference 5004 features a perpetual calendar, a split-seconds chronograph and an unusual black diamond-set dial with Moon phases and leap year indication.

It sold complete with its original certificate and an additional caseback.

Another example of reference 5004 sold for $242,500 at Heritage Auctions in the US this month.

As with most sales of this calibre, the top spots were all taken by Patek Philippe, with reference 5016 following closely behind 5004 at $578,525. Another platinum example, this tourbillon wristwatch boasts applied white gold Breguet numerals.

Christie's states that reference 5016 was produced in very small numbers and that no more than five examples with a silvered dial have appeared at auction to date.

Greubel and Forsey watch
The impressive watch allows its owner to visually track the movement of Earth

Elsewhere, an impressive and very rare Greubel Forsey wristwatch sold for $392,154 - a 26.2% increase on estimate. A spectacular piece, it features a 3D terrestrial globe that fully rotates every 24 hours.

The sale comes amid good news for Chinese buyers, with the government recently announcing that it will cut import duties on Swiss watches by 60% over the next 10 years, in an attempt to reinvigorate sales in the country.

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