Rare Patek Philippe Timepieces Help Sotheby’s Hit Highest Ever Auction Total

Last week Sotheby’s achieved the highest total ever for the sale of timepieces in Asia during their Important Watches auction. Bids at the auction, held in Hong Kong on April 7, totaled HK$221,500,000 (approximately US$28,400,000), marking the highest total for any sale of timepieces by Sotheby’s worldwide.

There was strong bidding during the auction, particularly over the top lot, a Patek Philippe 3974G wristwatch, a model launched in 1989 to celebrate Patek Philippe’s 150th anniversary. The white gold watch sold for HK$ 5,440,000 (approximately US$701,651), more than double the initial estimate. Meanwhile the rare “Magpie’s Treasure Nest Clock” by Patek Philippe sold for more than triple its estimate, going for HK$18,040,000 (approximately US$2,310,000) after over thirty-five bids. In total bids on more than twenty lots surpassed estimates.

Tim Bourne, the worldwide head of watches for Sotheby’s, told us; “The core of the sale was an extraordinary fresh-to-the-market private collection of decorative modern clocks by Patek Philippe, Cartier, Daniel Roth and others of a scale and quality unequalled on the market, which boasted beautiful design, impeccable craftsmanship and creative use of precious materials. From the time the catalogue came out and over the course of the exhibition, it was clear that collectors responded to these remarkable works of art and this evening there was intense competition: each lot provoked lengthy bidding battles among multiple bidders from a global pool of competitors…”

Photos courtesy Sotheby’s.