Record Breaking Price For Patek Philippe Watch At Auction
#1
Record Breaking Price For Patek Philippe Watch At Auction
From Luxist.com:
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.
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.
#2
I'm sorry I love watches and all but this imho shows how stupid people can actually be. This group of time pieces that start in the $250k USD and head up to $1mil truly set aside any true sanity. It's a watch guys.
#3
I agree with you
#6
I've had a few of these on and what I dislike besides the lack of functions in these pieces is that all models from 20k to 200k look almost Identical. They are cool looking but date and time for 100k doesn't make sense to me at all.
#8
Personally, the only "object" (i.e. not a piece of real estate) I would ever pay that kind of money for would have 4 wheels and built before 1970, or it would be a really large object that floats......
#9
1964 275 or 250 spyder of some sorts would be so nice to take up and get some milk in