Fri, Mar 20, 2015

Art & Auctions
Rare Patek Philippe sets $461,000 Mideast sale record

Christie's watch sale in Dubai, UAE, yesterday saw a vintage piece sell for $461,000 making it the most expensive watch ever sold at an auction in the Middle East, the auction house said.

The watch sale at Christie’s in Dubai was also 100 per cent sold, a first for a Christie’s sale in the Middle East after 18 consecutive seasons. 

The 185 lots offered sold for a combined total of $3.32 million, with a very rare platinum and 18-karat pink gold Patek Philippe minute repeating perpetual calendar Ref 5104P making the highest price when it sold for $461,000 (estimate $450,000-650,000), also making it the most expensive watch ever sold at auction in the Middle East.  

The second highest price of the night went to a rare Patek Philippe platinum perpetual calendar single button split second chronograph wristwatch which sold for $365,000 (estimate $300,000-400,000), while the the third highest price went to a rare Rolex stainless steel automatic wristwatch made for the British Royal Navy, which fetched $173,000  (estimate$120,000-220,000).

This was the fourth watch auction held in Dubai and the largest, an indication of the growing interest in fine, vintage and unique watches from a increasing client base within the region.  

The sale welcomed bidders from 30 countries in the room, on the phone and with a strong internet presence of half of all registered clients, buying 12.5 per cent of the sale. 

The top lot bought online was Lot 159 selling for $68,750, above its estimate. In addition, this was the first Christie’s Important Watch auction of 2015, marking the start of the 55th year for the international department. 

Remy Julia, specialist in charge of the sale, says: “This was my first auction for Christie’s in the Middle East and I couldn’t have hoped for a better result for our consignors and our buyers – our first ever 100% sold auction in the Middle East! This fantastic result is a fitting way to begin the celebrations for our 55 years of stand-alone watch sales at Christie’s.” 

Meanwhile, Christie’s will participate in the Saudi Arabian Jewellery Fair which is due to be held this April from 20-24 in Jeddah and 28-30 April in Riyadh.  

Christie’s forthcoming Important Watches auctions for 2015 will be held in Geneva on May 11, Hong Kong on June 3, New York on June 16, and Dubai on October 21.

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