Specialist watch press has had big news to report from Geneva this week where Phillips returned $96.3 million in its sale, which is now the highest grossing watch auction of all time.
The Patek Philippe ref. 2523 South America world timer set a record for its reference when it sold for $10.2 million, more than twice its high estimate. It was one of 40 record-breaking values in the auction, in which 14 watches went for over $1 million.
The previous record was Phillips’ Geneva sale last November that achieved $83 million in total.
This follows a new record for an Asian watch sale in Hong Kong on April 24, when Sotheby’s brought in $53 million.
Alexandre Ghotbi and Tiffany To of Phillips said in a statement: “The market is not just healthy, it is hungry.”
Experts pointed to a number of trends illustrated in las weekend’s Geneva sales, including:
New high levels on interest in pocket watches and clocks.
Patek Philippe cementing its place as the top brand for high-end collectors, perhaps at the expense of Rolex.
A return to lower values for Cartier watches after the record breaking sales in Hong Kong.
A high demand for newer, independent makers and their work.
The watch sale merry-go-round will next stop in June in New York, when Phillips have two more watches predicted to go over the $1 million mark.
