Phillips in Association with Bacs & Russo, one of the world’s leading watch auction houses, announced a historical and world record breaking sale, which realized a total of US$27.5 million. The sale’s top lot, the Patek Philippe reference 1518 in stainless steel, established a new world record auction for any wristwatch at any auction. The Geneva Watch Auction: Four, on 12 and 13 November, saw collectors from across the globe competing for the world’s finest collectible timepieces.
The unprecedented trilogy of Patek Philippe 1518s sold for a combined total of over US$13 million, including the stainless steel example with its world record price of US$ 11 million, the pink gold example for US$1.4 million and yellow gold example for US$598,000. The sale had a huge international reach as it saw global participation from buyers across six continents, reflecting the global appeal of this important collecting genre.
The Phillips international team of Watch specialists brought together a world-class group of collectors’ wrist and pocket watches of the highest quality in terms of condition, rarity and provenance. A total of 177 watches realized US$27.5 million against a pre-sale estimate of US$12.5 to 23.8 million, selling 93% by lot and 97% by value.
The Legendary Patek Philippe Reference 1518 – one of the world’s most important watches – captivated the sale room and ignited a bidding war of 13 minutes, eventually selling for US$ 11 million. One of only four examples known, this extremely rare Patek Philippe perpetual calendar chronograph wristwatch with moon phase made in 1943, more than tripled its pre-sale estimate and established a new world record for any wristwatch at auction.
The auction was attended by 400 collectors and or their representatives and another 500 passionate watch enthusiasts from around the world following the auction online or over the phones. Its world record result is a strong testimony that the watch market is universally accepted as an important pillar of the international art collector community.
