Christie's Geneva watch sale breaks world records

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Christie's Geneva watch sale breaks world records

November 13, 2007

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Geneva—Christie's Important Pocket Watches and Wristwatches auction, a 10-hour marathon sale held yesterday in Geneva that garnered $28 million and included more than 800 buyers worldwide, has broken more than 40 world records, including the highest price for any stainless steel watch ever sold at auction.

That honor went to a 1944 Patek Philippe wristwatch, ref. 1591 (lot 223), which fetched more than $2.2 million and was sold to a private Swiss museum.

Seven Patek Philippe watches made the list of the top 10 lots, breaking a number of additional world records, including the record for a gold ref. 1518 (lot 221), which sold for more than $850,000. The 18-karat gold perpetual-calendar chronograph features moon phases, a special dial and the original box.

Also breaking a world record was a Breguet watch made for the Empress Josephine, the wife of Napoleon, which sold for more than $1.3 million, seven times the estimate, to the Breguet Museum.

A. Lange and Sohne made a dent in the top 10 as well, with a split-seconds chronograph keyless level clock watch in 18-karat pink gold with perpetual calendar, register, age and moon phases, ref. 46177. The watch sold for more than $950,000, a world record for an A. Lange and Sohne watch.

More than 98 percent of the auction was sold by value, with bidders from North and South America, Europe, Asia, the Middle East and Africa. More than 100 bidders were physically present for the auction, 100 logged onto Christie's Live online-bidding program, 200 telephone bidders pitched in and 400 absentee bids were submitted to Christie's before the auction.

"Christie's $28 million auction has proven that the market for collector's watches is unquestionably a mature, internationally recognized and integral part of the worldwide art market," Christie's Director of the International Watch Department Aurel Bacs said in a statement. "With over 98 percent sold by value, this sale has reunited connoisseurs from all the five continents, leaving an unforgettable mark in the history of the watch auction."

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