An Extremely Rare Patek Philippe Just Sold for P482 Million at Auction
It's been quite an interesting few days for Patek Philippe watches and auction houses. While you probably caught wind of Phillips' sale of a Patek Philippe watch with a Tiffany blue dial, there's was another, extremely rare Patek Philippe watch that sold for a record-breaking amount.
Sotheby's New York reported the sale of a Patek Philippe "Pink on Pink" Ref. 1518 for $9.6 million (approximately P482 million) during its latest auction. The watch sold for more than four times the $2.2 million initial high estimate, with 19 bidders participating. The lot set a record for the highest price ever for a wristwatch at Sotheby's.
The watch, one of only 14 known examples to exist, came from the estate of Prince Tewfik Tousson of Egypt. "The star of the sale was arguably the greatest vintage wristwatch to appear on the market in years, the Patek Philippe Reference 1518 in pink gold, which ticked every single box collectors look for today: fresh to the market, exceptional quality, and complete with original accessories," said Richard Lopez, senior specialist in Sotheby's Watches & Clocks Department in New York, in a news release.
Sotheby's New York Important Watches auction also featured another rare Patek Philippe Ref 5531R-010 World Time Minute Repeater which sold for $2.2 million. In total, the sale achieved $24.4 million which is a lot more than the $17.3 million high estimate.
"Today's exceptional result cemented with style the biggest year to date for Sotheby's global Watches team, and marked the most valuable Important Watches auction ever held at Sotheby's New York," said Sam Hines, worldwide head of Sotheby's Watches. "Throughout the year, we've seen an unabated appetite from collectors around the world, driving new benchmarks and records along the way."
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