Luxury watch collectors are still willing to pay top dollar for rare timepieces, as evidenced by the record-breaking sale of a Patek Philippe Sky Moon Tourbillon watch for a staggering €5.4 million (HK $45.4 million) in Hong Kong. The sale, which took place in an online auction, marks the highest price ever paid for a timepiece in this format.
This exceptional Patek Philippe watch is an absolute marvel of craftsmanship and design, with a stunning blue hand-made enamel dial and a white gold hand-carved case. The watch boasts 12 unique “complications,” or special functions within its mechanical movement, including a perpetual calendar with a retrograde date display and a chiming minute repeater.
Despite ongoing issues in the banking sector, luxury watches such as this Patek Philippe Sky Moon Tourbillon remain a favorite splurge for bankers who use cash from their annual bonuses. However, these times are becoming increasingly challenging as banks such as Credit Suisse Group AG are being taken over by rivals like UBS Group AG, and the Silicon Valley Bank is collapsing.
This particular Patek Philippe watch, reference number 6002G-001, was originally sold in Geneva in 2015 and is considered one of the most complex timepieces in the world. The fact that it still commands such a high price shows that rare luxury watches are still highly sought after, even in uncertain times.
While secondary market and auction prices for luxury watches from Swiss brands such as Rolex, Patek, and Audemars Piguet have soared to unprecedented levels during the pandemic and the first quarter of 2022, they have since fallen sharply as interest rates have started rising and cryptocurrencies have collapsed. Nonetheless, there continues to be an extremely vibrant market for watches across the world, as evidenced by the avid global bidding seen in this recent sale.
Alexandre Bigler, Vice-President, Head of Watches, Christie’s Asia Pacific, commented: “The outstanding results established for Watches Online: Top of the Time demonstrate the power of Christie’s online sale platform to present exceptional lots and achieve top prices, on par with our live sales. There continues to be an extremely vibrant market for watches across the world, evidenced through the avid global bidding this sale witnessed, which further cements Hong Kong’s status as an international epicenter for watch collecting. This sale lays a very strong foundation for our Spring Auctions in May at the Hong Kong Convention and Exhibition Centre, where we look forward to presenting more exceptional timepieces for our esteemed clients and watch enthusiasts.”
In conclusion, the sale of this exceptional Patek Philippe Sky Moon Tourbillon watch serves as a testament to the enduring appeal of luxury watches, even in difficult times. As collectors continue to seek out rare and exceptional timepieces, the market for luxury watches will likely remain strong, with top-tier brands such as Patek Philippe leading the way.
Other Top Achievers
Lot 110: PATEK PHILIPPE, Grand Complications, with minute repeating, instantaneous perpetual calendar, single button chronograph, moon phases, leap year and day/night indication, ref. 5208P-001, circa 2015. Price realised: HK$7,812,000 /923,194€.
Lot 60: GERALD GENTA, Platinum skeletonised minute repeating perpetual calendar wristwatch, with leap year indicator and moon phases. Price realised: HK$819,000 /967,86€. Over 5 times over low estimate.
Lot 4: Rolex, Daytona, Ref. 116520 “Mustard” Dial, P series. Price Realised: HK$693,000 / 81,896€.
Lot 2: Rolex White Gold Daytona with Grossular Garnet Rubellite Dial, Ref. 116519. Price Realised: HK$604,800 / 71,473€.
Lot 27: ANDERSEN GENÈVE: Unique 18k white and pink gold wristwatch, case made by Jean-Pierre Hagman, with 21k blue gold dial, tapisserie decorated, art deco hands, historic LeCoultre minute repeater movement from the 1920s, perpetual calendar and leap year indicator inside 6 o’clock hour index, circa 2015. Price realised: HK$352,800 / 41,692€. Over 7 times over low estimate
Lot 72: JAEGER LE-COULTRE, 18k pink gold wristwatch, with reverso tourbillon and power reserve, limited to 500 Pieces. Price realised: HK$352,800 / 41,692€. Over 2 times over low estimate.
Lot 3: Rolex White Gold Daytona with Dark Grey Dial, Ref. 116509.Price Realised: HK$302,400 / 35,736€.
Lot 5: Rolex Yellow Gold Daytona with Golden dial and diamond-set hour-markers, Ref. 16528. Price Realised: HK$302,400 / 35,736€.
Lot 56: Dewitt Academia Tourbillon Force Constante, Ref. AC.8003.20.M118 (limited to 25 pieces). Price Realised: HK$302,400 / 35,736€.
