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June 29, 2012updated Feb 08, 2013

Record Breaking Bid: Watch Sells for World Record Price at Antiquorum Auction

By Pardhasaradhi Gonuguntla

Hong Kong – Reported by Elite Traveler, the private jet lifestyle magazine

On June 23rd auction bidders witnessed a new entry in the record books when a rare watch was sold for a record-breaking price of HKD 3,332,000 (US$429,530).

The auction of ‘Important Modern & Vintage Timepieces’ took place at The Mandarin Oriental in Hong Kong and saw an total value sold of HKD 35,124,875 (US$4,526,191). Participants at the event came from all over the globe including Switzerland, Germany, Japan, Singapore, the Russian Federation, Australia and the United States, with a strong in-room presence as well as often intense competitive telephone and internet bidding.

The top sale of the lot was an extremely rare Patek Philippe Ref.5029, No.1 (Lot 412) sold to an Asian bidder for HKD 3,332,000 (USD 429,530). With only ten of the pink gold models produced with the unique minute repeater and coming complete with the officer-style case, it was the crown jewel of the auction.

Another highlight of the sale was the Patek Philippe Ref. 5004P which very seldom appears in an auction. The platinum wristwatch with standout features such as a split-second chronograph and perpetual calendar also came with a custom ordered platinum bracelet and was sold for a world-record price of HKD 3,108,000 (USD 400,627) after aggressive bidding.

Evan Zimmermann, President and CEO of Antiquorum said: “We are very pleased by our overall results, and especially proud to have achieved another world record”.

Jill Chen, General Manager of Antiquorum Hong Kong added: “Collectors in the room and on the internet aggressively bid on modern timepieces offered in the auction. Notably, timepieces in superior condition from the property of a Japanese collector, as well as Patek Philippe watches, achieved exceptional results.”

Complicated wristwatches also reached high values with the IWC Schaffhausen ‘Il Destriero Scafusia’ platinum wristwatch with double split-seconds chronograph (Lot 163) achieving HKD 1,372,000 (US$ 176,855) and The Franck Muller Calibre 97 Grande et Petite Sonnerie minute repeater in 18K white gold (Lot 332) sold for HKD 1,316,000 (USD 169,635).

As well as the impressive sales, many of the lots were being donated directly to The Cologni Foundation for Artistic Craft Professions whose mission is to nurture a new generation of craftsmen, protect traditional craftsmanship and promote contemporary arts and crafts. Antiquorum were proud to raise a total of 440,000 HKD (56,719 USD) for the cause.

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