Phillips The “Milestones Rolex” auction
Phillips sets new auction record for a Rolex in Asia.
Phillips, in Association with Bacs & Russo, the world’s leading watch auction house announces a historical and record-breaking themed sale of “Rolex Milestones: 38 Legendary Watches That Shaped History”, which realised a total of HK$60,858,750 /US$7,844,693. Phillips’ first themed watch auction in Asia performed exceptionally well with 47% of lots sold selling above high estimate and an average lot value of over US$200,000. The momentum continued throughout the sale - passionate bidding wars for some of the world’s rarest and most important Rolex timepieces saw collectors competing online, over the phone, in the room and multiple absentee bids. The top lot of the sale, a Rolex Reference 8171 ‘Padellone’ in stainless steel, achieved an outstanding price of HK$7,880,000 /US$1,015,732, a new auction record for a Rolex in Asia and a testimony to Phillips’ unique approach of uncompromised quality.
Sam Hines, International Head of Watches and Deputy Chairman, Asia, said: “Phillips were privileged to convene the worldwide watch community with this unique formula, bringing together world famous scholar and book author John Goldberger to curate the sale and Pucci Papaleo and his team to publish a prestigious limited edition catalogue. The result was a tightly curated sale, celebrating Rolex timepieces that represent milestones throughout the brand’s history. Asia has quickly transformed into one of the leading markets for watches and the auction attracted immense attention from across the globe. Following this monumental evening sale, we look forward to The Hong Kong Watch Auction: Three on 29 November 2016.”