Wednesday, May 19, 2010

Record Breaking Price For Patek Philippe Watch At Auction

May 12, 2010 by admin · Leave a Comment 

patek philippe ref. 1527 Record Breaking Price For Patek Philippe Watch At Auction

The guys over at Patek Philippe are likely patting each other on the back due to a recent auction result sure to be good for the brand. Not that they really did anything in a modern sense. This was due to the sale of an old watch. A unique Patek Philippe watch from 1944 came in at $5.637 million at a Christie’s auction in Geneva. That’s right. Over 5.6 million dollars for a simple Patek Philippe wrist watch. Aside form the fact that it is a unique watch (and a Patek Philippe) there is nothing extraordinarily interesting about it. I gander that such a high price can be explained how many (most Asian) watch lovers and investors are looking at Patek Philippe timepieces a s money making vehicle – rather than just a item of horological fascination.

The watch is referred to at the Ref. 1527 – though there is a more modern 1527, and no classic 1527 in Patek’s historical records. More than likely that watch was a prototype of experiment. Perhaps a more complex model than the highly loved 1518 Perpetual Calendar Patek Philippe watch. This 1527 watch has a chronograph that the 1518 does not have, a larger size, and a more avant garde case design. . In 18k yellow gold, the watch is further unique for being relatively large for a war-era watch. Over 37mm in width – while considered medium in size at best given today’s standards, this was a large watch back in the 1940s. This watch isn’t new at auction either – it was last up on the bidding slab about 20 years ago.

The lot estimate for this Patek Philippe watch was no more than $2.5 million, but that price was far exceeded. I am frankly quite amazed by the fervor of Patek Philippe watch collectors (and prospectors). I feel that much of this is about riding a slow moving wave that at some point in the future will fall a bit. Many of these watches enter auction houses like they are revolving doors. Always hoping to fetch a higher and higher price a bit down the road. Such an economy cannot be maintained. Plus, there are other brands with fantastic historical watches that eventually will be noticed if a demand can be garnered. So while Patek Philippe watches will always be valuable at auction, I just can’t see this extreme price hike continuing.

Via Christie’s.

Ariel Adams publishes the luxury watch review site

Filed under: Timepieces / Watches, Auctions

Record Breaking Price For Patek Philippe Watch At Auction originally appeared on Luxist on Wed, 12 May 2010 03:02:00 EST. Please see our terms for use of feeds.

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Source: Luxist

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