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Four Modern Patek Philippes Lead Phillips’s $14 Million Watch Auction in Hong Kong

The sale was 99% sold by both lot and value.

Patek Philippe Ref. 2499/100 Courtesy of Phillips

The secondary watch market has nothing to fear when it comes to the coronavirus. Just look to the phenomenal results from this spring’s watch auctions.

More evidence that not even a pandemic can cool consumer demand for mint condition horological rarities came last week at Phillips’ Hong Kong Watch Auction X, which totaled $14 million, and capped a spring season that has so far earned $47 million for the house.

Patek Philippe Ref. 3979

Patek Philippe Ref. 3979  Courtesy of Phillips

“This extraordinary result matches Phillips’ 2019 Spring total, yet with only two non-thematic various live auctions held this season,” senior consultant Aurel Bacs said in a statement. “Unrivalled sell-through rates were achieved across the three sales this season, with only three timepieces with a combined value of less than $100,000 going unsold. Collectors’ excitement and enthusiasm for seeking top-quality timepieces is stronger than ever, and proves that not even a global crisis can halt the rise and growth of the vintage watch market.”

Patek Philippe Ref. 2499/100

Patek Philippe Ref. 2499/100  Courtesy of Phillips

Not surprisingly, the sale’s top four lots were all complicated Patek Philippe models: Ref. 2499/100, a 1982 perpetual calendar chronograph in 18-karat yellow gold, achieved $607,590; Ref. 3448/14, a 1975 perpetual calendar with moon phases in white gold, fetched $483,750; a Ref. 3979, a 1996 minute repeating wristwatch in platinum with enamel dial, brought $443,438; and Ref. 5275P-001, an unworn, factory-sealed limited edition chiming wristwatch in platinum made for the brand’s 175th anniversary in 2014, sold for $370,875.

Patek Philippe Ref. 3448/14

Patek Philippe Ref. 3448/14  Courtesy of Phillips

 

Patek Philippe Ref. 5275P-001

Patek Philippe Ref. 5275P-001  Courtesy of Phillips

In keeping with the Hong Kong market’s preferences for contemporary models, the top 10 lots included only two watches manufactured prior to 1980, both Rolex Daytonas: a rare 1966 Ref. 6240, in stainless steel with a “Paul Newman” dial, earned $258,000 and a 1968 Ref. 6241, also in stainless steel with a “Paul Newman” dial, brought $225,750.

Rolex "Paul Newman" Daytona Ref. 6240

Rolex “Paul Newman” Daytona Ref. 6240  Courtesy of Phillips

The sale’s No. 4 lot, a 2018 RM11-03 J. Todt model by the avant-garde watchmaker Richard Mille, fetched $354,750.

Richard Mille Ref. RM11-03 J. Todt

Richard Mille Ref. RM11-03 J. Todt  Courtesy of Phillips

Thomas Perazzi, Phillips’ head of watches in Asia, said the sale drew 1,200 online bidders, “the most in any live auction held by Phillips in Asia in company history.”

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