An uncommon, stainless steel Patek Philippe reference 1518 wristwatch broke sale records throughout the end of the week
The 1943 watch sold for simply over $11 million, more than triple the underlying deal value assess.
According to a CNN business report This uncommon, stainless steel Patek Philippe Reference 1518 wristwatch sold for simply over $11 million at the end of the week (CHF 11,002,000), making it the most costly wristwatch ever to be sold at closeout.
The cost was reached following a 13 minute offering war at the Phillips in Association with Bacs and Russo Geneva Watch Auction: FOUR deal in Geneva, Switzerland and was more than triple the underlying pre-deal evaluate.”One thing that is fascinating about this sale is that there were eight bidders bidding for this watch and it wasn’t until the price reached CHF 7 million that two remaining buyers started to battle to secure the saleThis watch really ticked every box the trophy collectors are looking for. It was fresh to the market, there are only four known examples and it was in perfect condition,” he saysHines included that the purchaser of the record-breaking watch wished to stay mysterious.
The wizards of watches
The Patek Philippe Reference 1518 interminable date-book chronograph wristwatch was made in 1943, and incorporates components, for example, a moonphase pointer, Arabic hour markers and a tachymeter scale.
Preceding this deal, the most costly watch ever to have sold at closeout was additionally from Patek Philippe – a Reference 5016 in stainless steel – which sold at a Phillips sell off a year ago for more than $7.3 million (CHF 7.3 million), as per Hines.
“I think Patek Philippe is considered a blue chip brand and one of the most important watch makers in the world. They have had uninterrupted production since 1839, they make very few watches every year, and it’s just considered the very best, like a Rolls-Royce,” he said.
“It shows the recent growth of the watch market, and also has to do with the growth of the trophy market over the last year or so where people want the very best in terms of quality and condition and are willing to pay the very best to secure it.”The consequences of the deal mirrored this request, and the British sales management firm sold an aggregate of 177 watches at the sale and acknowledged almost $27.8 million (CHF 27,514,625).
Samuel Philip, Source CNN business report and Wikipedia- pictures too.
What are your thoughts? Please comment below and share this post!