Collectors out in force: Records set at Hong Kong auction

Post author:Shiva
Post published:April 11, 2024
Post category:Blog
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Two new records were set at a recent Sotheby’s watch auction in Hong Kong, suggesting that collectors’ appetite for rare timepieces remains healthy.

The Hong Kong Important Watches auction, held on 7 April, raised $USD16.1 million ($AUD24.75 million).

The feature of the evening was the sale of a Patek Philippe reference 2499 (1960), which provoked fierce bidding among buyers. After nearly 20 bids, the watch was sold for $USD1 million ($UAD1.54 million).

A Patek Philippe reference 2526 was sold for $USD729,977 ($AUD1.12 million), setting a record for the highest return for this specific model.

“Patek Philippe’s reference 2526 needs no introduction and is arguably one of the greatest time-only watches of all time,” writes Kayan Wong of The Value.

“The first automatic watch ever introduced by the prestigious maison [brand], it was designed to be extraordinary from the outset – new movement, exemplary finishing, and fitted with enamel dials of the highest quality.”

It was a similar story with the sale of a platinum Cartier Paris Cloche, No. 1/1, which returned $USD210,882 ($AUD324,142) – also a record for that specific model.

Sotheby’s said in a statement that nearly half of the pieces at the auction sold for above their presale estimate.