Sotheby’s Hong Kong recently concluded two spring watch auctions with a total sales of HK$338 million, setting a new record for the highest watch auction season in Sotheby’s Asia. The auctions were divided into two main sessions, with the highly anticipated and historically significant private watch collection “Eternal Legends” achieving a perfect record of all 39 Patek Philippe lots being sold, while the other session “Precious Watches I” also saw many highlight lots exceeding their estimated values. Today, ZTYLEZ MAN has compiled the impressive results from both sessions.
Sotheby’s Asia Watch Department Head, Elaine Lo, said: “We are very pleased to have achieved the highest turnover in the watch auction season in Asia. This season, we not only witnessed a new record price for one of Patek Philippe’s most important vintage models in the world, but also proved that Asian collectors are crucial in driving the global watch market by setting this important record in Hong Kong. Sotheby’s Watch Department will continue to search for the top, most rare timepiece treasures for collectors.”
Private Watch Collection “Timeless Legends” Special Event
According to auction house data, this single collector’s session ultimately recorded a total transaction amount of 162,378,100 Hong Kong dollars, with as many as 82% of the 39 lots selling for more than their high estimate. Here are some of the highest-priced items in the session:
Recently reported, the Patek Philippe pink gold Ref. 2499 issued by the famous retailer Gobbi Milano set a new world auction record for the model at a high price of 60,265,000 Hong Kong dollars. There were also three other Ref. 2499 watches up for auction, with a total of over 100 million Hong Kong dollars raised for the 4 members of the Ref. 2499 family.
Apart from the stunning Gobbi Milano release, the other three Ref. 2499 pieces are: 1) the only known example with luminous hands from the “Second Series,” sold for 23,365,000 Hong Kong dollars; 2) a yellow gold “Third Series” sold for 8,820,000 Hong Kong dollars; and 3) a yellow gold “Fourth Series” sold for 7,560,000 Hong Kong dollars.
Patek Philippe Ref. 1518 pink gold perpetual calendar chronograph watch, with moon phase display and pink dial, sold for 22,760,000 Hong Kong dollars, three times higher than the estimated value.
Patek Philippe, a 1954 model, model 570 pink gold wristwatch, sold for 1,386,000 Hong Kong dollars, five times the estimated value, breaking the auction record for the same model.
From Tiffany & Co., Patek Philipe, Ref. 655/1, a yellow gold double-barrel touch-type minute repeater straight-line perpetual calendar pocket watch with moon phase display, sold for 3,528,000 Hong Kong dollars; and astonishingly, a Patek Philippe model 605 in pink gold world time pocket watch issued by Gübelin, with a pink dial, sold for 2,520,000 Hong Kong dollars, exceeding the estimated value by 6 times.
“Important Watches I”
This event brings together a total of 178 precious watches, including the leading model, also from Patek Philippe, a model 5217 platinum diamond-set minute repeater instantaneous perpetual calendar tourbillon wristwatch, which made its auction debut and ultimately sold for an astonishing $17.92 million Hong Kong dollars, setting an exciting model record.
A Patek Philippe platinum minute repeater perpetual calendar tourbillon wristwatch, Ref. 5016, made around 2012, with multiple complex functions including retrograde date, day of the week, moon phase, leap year display, etc. It features a black dial with red accents and sold for a record-breaking 10,055,000 Hong Kong dollars.
Another masterpiece from the “Complicated Functions” family, the Patek Philippe Ref. 3940 limited edition perpetual calendar watch, produced in 1985 to commemorate the 225th anniversary of Chronometrie Beyer. It features functions and details such as date, day of the week, moon phase, leap year display, and a mahogany dial. It set a new auction record for the same model at 3,024,000 Hong Kong dollars.
The last one, Ref. 5971 platinum-set rectangular diamond perpetual calendar chronograph watch, with date, day, month, moon phase, 24-hour, and leap year display by Patek Philippe, sold for 3,276,000 Hong Kong dollars, once again breaking the auction record for this model.
It can be seen from this that the total turnover of 175,315,620 Hong Kong dollars recorded in this auction, the four most significant transactions each set a new world record for that model, once again proving that the timepieces presented by the auction house this time are extremely important and have great potential in the market. It is worth noting that Lu Yanshan, the head of the watch department in Asia, revealed that the auction house will hold another auction in Geneva and New York in May and June respectively, presenting heavyweight auctions of the year – the unique “The Royal Oak” watch by legendary watchmaker Gérald Genta and the final chapter of the “Icon of Time” auction series. Watch enthusiasts and collectors, do not miss out, ZTYLEZ MAN will keep you updated!
Data and images source: Courtesy of Sotheby’s Hong Kong
