A legendary Patek Philippe watch from 1971 sold for 16,845,000 HKD (just over £1.6 million) at a Hong Kong auction last Thursday, April 24.
Sotheby’s sold the perpetual calendar watch as the star lot in their Important Watches sale with a 12,000,000 – 24,000,000 HKD estimate (about £1.5 million to £2.3 million).
The watch was extensively documented, as most Pateks are. It is a “possibly unique” example of a reference 2499 from the Swiss maker founded in 1839 by Antoni Patek and Adrien Philippe.
Its uniqueness is down to a particular set of variables including the pink gold case, a sapphire crystal and the signature from Italian retailers Trucchi, who sold the watch in 1972.
The reference was launched in 1950 and made until 1985.
All Patek Philippe watches are limited – they still make only 60,000 watches each year.
Patek’s current works, the fruit of nearly two centuries of watchmaking excellence.
But just 349 of this reference were made, the vast majority in yellow gold.
Sotheby’s said: “Reference 2499 is arguably the most coveted vintage Patek Philippe on the market and even considered the most collectable vintage wristwatch, period.”
This example has been known to collectors since its 1999 sale for 672,850 Swiss Francs (about £600,000).
Patek Philippes are famed for their complicated interior workings. Image courtesy of Sotheby’s.
It was auctioned in 2019 for $1.8 million.
Patek Philippe are consistently the best performing marque at the very top end of the watch market, with 114 listed at over $1.5 million in a 2022 survey of high-value sales.
Of history’s five most valuable watches four are Pateks, including the Grandmaster Chime that made $31 million in 2019 to become – and remain – the most valuable watch ever sold.
This watch now joins that list of the most valuable watches.
The £1.8 million price tag will be encouraging for watch collectors, who witnessed something of a market correction in 2022 and 2023 after a COVID 19-related boom.
