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The Year’s Biggest Watch Auction

December 2, 2009 by Administrator · Leave a Comment 

patek-philippe-buy The Years Biggest Watch Auction

Bloomberg is reporting that Christie’s International raised 19 million Swiss francs ($19 million) in the biggest watch auction this year. Included in the lots was a collection of 10 Patek Philippe watches for almost double the low estimate.

Nine of the top 10 lots were Patek Philippe, and one was Rolex, in the auction that took place in Geneva. Christie’s estimates the entire sale to raise 10 million francs to 15 million francs.

The most expensive timepiece was a Patek Philippe 18-carat gold watch with a calendar that adjusts for leap years, sold for 2.4 million francs to a Swiss museum, Christie’s said. The collection of Pateks sold for 5.8 million francs.

Watch auctions have been successful, reports Bloomberg, even as Swiss watchmakers suffer from the worst recession since the Great Depression. Rare pieces continue to attract more demand than newly made watches, as Swiss watch exports have dropped 26 percent in the first nine months of this year in value.

A Sotheby’s auction of timepieces in the same Swiss city on Nov. 15 raised 5.1 million francs, within the auctioneer’s estimated range of 4.15 million francs to 5.71 million francs.

In other watch news, the family that controls Porsche SE, the maker of the 911 sports car, is selling watches from its private collection at a charity auction in London today.
Ferdinand Alexander Porsche and his sons have entered 49 watches into a sale to be held by Bonhams on Dec. 2.

The group includes examples by Eterna, Porsche Design, Rolex, Panerai, Jaeger LeCoultre, Breitling and Omega, is expected to fetch 100,000 pounds. Proceeds will be donated to the oncology research department of the Robert Bosch Hospital, Stuttgart, Germany, said Bonhams.

Christie’s May Auction

May 30, 2009 by Administrator · Leave a Comment 

watch_auction_geneva.jpg

Thomas Mulier in Geneva reports for Bloomberg.com that Christie’s auction house raised 15.1 million Swiss francs ($14 million) in a watch auction in Geneva yesterday, after a rival Sotheby’s auction missed the low end of its estimated range. The top lot was a pre-owned Patek Philippe watch with a calendar that automatically adjusts to leap years that sold for $1.8 million, according to the London-based auctioneer.

The entire sale was estimated to raise 8.9 million francs to 12.8 million francs. A Sotheby’s auction of timepieces in the same Swiss city on May 10 raised 3.75 million francs, missing the low end of the sale’s estimated range by about 50,000 francs.

Christie’s sold a brass telescope given to Napoleon Bonaparte in 1800 as he traveled via Geneva to join a battle in Genoa for 147,000 francs, about triple its top estimate. The auction house also sold a Breguet carriage clock originally made for the Queen of Naples for 723,000 francs, exceeding its high estimate. It will be displayed in the Breguet museum, according to Aurel Bacs, co-head of Christie’s global watch unit.

Estimates don’t include the buyer’s premium, reports Mulier, which for Christie’s were 25 percent of the price for the first 60,000 francs, 20 percent from there to 1.2 million francs, and 12 percent of any amount in excess of that.

If you have a valuable timepiece, don’t forget to check out the San Diego Luxury Pawn Shop Report’s tips for selling a used watch.

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