Patek Philippe sets record price at Antiquorum sale

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Patek Philippe sets record price at Antiquorum sale

May 11, 2009

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Patek Philippe's Ref. 1436 set a world record price at Antiquorum's May 9-10 sale in Geneva.

Geneva--Patek Philippe's Ref. 1436, a stainless steel split-seconds chronograph, and one of only two such timepieces known to exist today, has broken a world record at auction, selling for 1,244,800 CHF, or about $1,126,932, at Antiquorum's Geneva sale of "Important Collector's Wristwatches, Pocket Watches, Clocks and Horological Tools."

Of the 331 lots, 80 percent were sold, with the auction netting a total of 6.5 million CHF, or about $5.9 million.

The May 9-10 sale enjoyed a standing-room-only crowd at Geneva's Grand Hotel Kempinski, with bidding particularly fierce both in room and on telephone for the record-breaking Patek Philippe.

Additional Patek Philippe timepieces brought in impressive results as well, including another extremely rare, early split-seconds model retailed by Tiffany, which netted 606,000 CHF, or about $549,000. Patek's Ref. 5016, featuring a unique dial, achieved 696,000 CHF, or about $630,200.

The auction house said in a media release that Jaeger-LeCoultre and Breuget also achieved outstanding results, and that Omega watches continue to attract collectors.

Jaeger-LeCoultre's "Atmos" clocks, the "Plexi Noir Chinois, Atmos V," Ref. 5805, featuring "Chinoiserie" panels, doubled its estimate, reaching 12,600 CHF, or about $11,400. The "Plexi Opale Chinois, Armos V," Ref. 5809, fetched 9,000 CHF, or about $8,145.

Breuget's "Platinum Tourbillon Perpetual Calendar," Ref. 3755, sold for 98,400 CHF, or about $89,000, after aggressive in-room bidding, and the brand's "Grande Petite Sonnerie, Minute-Repeating Clockwatch," Ref. 680, sold for 84,000 CHF, or about $76,000.

Meanwhile, Omega's "Platinum and Diamond Grand Luxe Chronometer" sold for 54,000 CHF, or about $48,890, and its "Black Dial Chronograph" doubled its pre-sale estimate, fetching 24,000 CHF, or about $21,700.

"The impressive turnout today, coupled with aggressive bidding, indicates a renewed confidence in the watch market by both collectors and investors worldwide," Antiquorum Chairman Robert Maron said in the release. "We are confident that prices and interest will continue to increase in both the very short term and throughout the year."

Antiquorum's next auction will take place in New York on June 11. The sale will feature an exceptional selection, Antiquorum President and Chief Executive Officer Evan Zimmermann said, including the personal collection of legendary actor Steve McQueen.

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