New York - Patek watch fetches $2.25m
June 16, 2013, Sunday
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Print Edition
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A 115-year-old Patek Philippe pink-gold calendar watch fetched US$2.25 million in a day-long sale, nearly double the expected price, Christie's auction house said.
The 18-karat, open-face watch manufactured in 1898, had been estimated to fetch up to US$1.5 million in sale Tuesday in New York. But enthusiastic collectors from 30 countries drove up the price.
The buyer was an American private collector, Christie's said. Sales totaled US$7.9 million, mostly from American and Asian collectors.
The price was not a record, but was the most expensive watch Christie's ever sold at its New York headquarters, and the highest-priced watch at auction this year.
It also set a record for one of the noted watchmaker's multi-featured "Grand Complication" timepieces.
Christie's did not identify the seller of the watch, known as the "Stephen S. Palmer Patek Philippe GrandComplication No. 97912" after its original owner, an industrialist who died in 1913.
Watches and other luxury items such as fine art, wine and even cars, continue to draw escalating prices, especially at the highest echelons of the auction market.
Last November, an Asian collector bought a platinum chronograph Patek Philippe once owned by guitarist Eric Clapton for more than US$3.6 million.
The 18-karat, open-face watch manufactured in 1898, had been estimated to fetch up to US$1.5 million in sale Tuesday in New York. But enthusiastic collectors from 30 countries drove up the price.
The buyer was an American private collector, Christie's said. Sales totaled US$7.9 million, mostly from American and Asian collectors.
The price was not a record, but was the most expensive watch Christie's ever sold at its New York headquarters, and the highest-priced watch at auction this year.
It also set a record for one of the noted watchmaker's multi-featured "Grand Complication" timepieces.
Christie's did not identify the seller of the watch, known as the "Stephen S. Palmer Patek Philippe GrandComplication No. 97912" after its original owner, an industrialist who died in 1913.
Watches and other luxury items such as fine art, wine and even cars, continue to draw escalating prices, especially at the highest echelons of the auction market.
Last November, an Asian collector bought a platinum chronograph Patek Philippe once owned by guitarist Eric Clapton for more than US$3.6 million.
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