Swisster.ch - 12 May 2009
Malcolm Curtis
Patek Philippe, ref. 2499, sold by Christie's © Christies
The appetite for luxury goods remains healthier than might be expected, if results from the initial auctions of Geneva's traditional spring season – including record prices for collectible timepieces - are anything to go by.
A Patek Philippe watch fell under the hammer at a Christie's sale for a record price of 1.93 million francs on Monday, as an unidentified collector bid more than 200,000 francs above the estimated value, including the buyer's premium.
Christie's described the watch as “exceptionally fine and rare” 18-carat gold wrist watch with a perpetual calendar and moon phases that was made by the prestigious Geneva watchmaker in 1960.
Another rare watch from the manufacturer, a prototype for aviators dating from 1936, was auctioned for 1.89 million francs, also more than 200,000 francs over the estimate.
The watches were among a batch of 315 fine timepieces that sold at the Hotel des Bergues for 15.1 million francs, many of them selling above their estimated prices.
A “hump-backed” Breguet silver pocket watch, made in 1812 for Caroline Bonaparte, the Queen of Naples, sold for 723,000 francs, more than 80,000 francs above its estimated value.
Over at Antiquorum, where a two-day auction was held over the weekend at the Grand Kempinski Hotel, a similar story unfolded. The watch specialist found a buyer for 80 percent of the 331 lots on offer, realizing total sales of 6.5 million francs, 700,000 francs above initial estimates.
“We are confident that prices and interest will continue to increase in both the very short term and throughout the year,” said Tobert Maron, chairman of Antiquorum, said in a statement issued on Monday. Among the sales, a European buyer has purchased a Patek Philippe split-second stainless steel chronometer watch for a record price of 1.24 million francs.
