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October 12, 2009

Patek Philippe Sky Moon Tourbillon Wristwatch Sells for $1.2 million

By Pardhasaradhi Gonuguntla

At the October 7, 2009 Patrizzi & Co auction in New York, a Patek Philippe Sky Moon Tourbillon, Ref. 5002, sold for $1.2 million, the most paid for a wristwatch since the economic recession. Purchased by a customer in Europe, the 18k yellow gold double-faced wristwatch features a black dial, a rare metal-color combination. Sales in the auction totaled $3,230,700.

“In the current global recession, this $1.2 million sale result is extraordinary,” said Osvaldo Patrizzi, chairman and CEO of Patrizzi & Co. “This auction demonstrates that while demand for mid-level watches for collectors is softening, extraordinary, very rare, limited-edition pieces are still in demand and in some occasions increasing in value. Other than the Sky Moon Tourbillon, the most important watches of the sale were purchased by customers in Taiwan, Hong Kong and China.”

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