Posted on 30th Jun 2012 @ 10:59 AM
Sales of Patek Philippe timepieces were strong at the Antiquorum auction held here Saturday, with the brand taking both the top lot and setting a new world record for one of its references.
The top lot of the sale was a Patek Philippe Ref. 5029, No. 1, a pink gold minute-repeater with officer-style case, purchased for $429,413 by an Asian bidder.
The second-highest grossing lot of the sale was the Patek Philippe Ref. 5004P , a platinum watch with split-second chronograph, perpetual calendar and custom bracelet that seldom appears at auction. It sold for $400,545, a new world record price for a Ref. 5004P.
According to Antiquorum, a number of other Patek Philippe timepieces sparked competitive bidding, including the Ref. 1312 “Pendulette Dome” table clock, which sold for $155,167, well above its high estimate of $77,000.
The brass table clock is solar-powered and electro-mechanical with polychrome cloisonné enamel panels depicting bamboo and dancing cranes.
Also performing well at the auction were complicated watches. Franck Muller’s Calibre 97 Grande et Petite Sonnerie minute-repeater in 18-karat white gold sold for $169,605 while the Ref. 7880 RMT, a platinum watch with a one-minute flying tourbillon regulator, sold for $110,836.
IWC Schaffhausen’s limited-edition platinum “Il Destriero Scafusia” with double split-seconds chronograph sold for $176,823. The brand made only 125 of this model to mark the 125th anniversary of the brand.
In total, Antiquorum’s Hong Kong auctioned totaled $4.5 million and was 123 percent sold by value, based on the low estimates. In addition to the bidders in the room, others participated via phone and Internet from the United States, Switzerland, Germany, Japan, Singapore, the Russian Federation and Australia.
The auction included a charitable element, with proceeds from lots 170 to 183 going to benefit The Cologni Foundation for Artistic Craft Professions, which works to nurture a new generation of craftsman. Antiquorum was able to raise $56,707 for this charity.