Christie’s Hong Kong’s Watches DepartmentRetains Market Leadership in Asia for 3 Consecutive Yearsin Offering The Most Valuable Patek Philippe & Vintage Timepieces at Auction
Day & Evening Auctions on 27 November
ACHIEVED A COMBINED TOTAL OF HK$228,077,500/ US$29,388,699
Combined Sell-Through Rate of 87%
4 World Auction Records for References Across Both Sales
Including Patek Philippe References: 1436J, 2419J, 2497J,
Richard Mille – Pink Sapphire Ref 07-02
Hong Kong – On 27 November, Christie’s Watches Department created another monumental chapter in horological world auction history, with the day auction An Exceptional Season of Watches including The Champion Collection (Part 1) and evening auction Timeless Marvels realising a combined total of HK$228,077,500/ US$29,388,699, pushing the category’s annual sale total in Asia to HK$559 Million/ US$72 Million for the unprecedented offerings, across four live and five online-only auctions.
The sales achieved a combined sale through rate of 87%, with almost 30% of lots sold via Christie’s LiveTM. The bustling saleroom invited bidding by an extensive collector base from 22 countries across 4 continents, as well as an contingent of millennial buyers who accounted for more than 40% of new buyers.
Sale Highlights - Timeless Marvels:
- The evening sale achieved HK$77,075,000/ US$9,931,422 and achieved an 82% sell-through rate by lot.
- In addition to the top lot (shown on the cover page and image on the left), buyers showed a strong appetite for other vintage Patek Philippe wristwatches with exceptional provenance, highlighted by Ref. 1436 once owned by Henry Graves Jr., the legendary patron of the brand; as well as Ref. 2497 once acquired by Reginald H. Fullerton Jr., the grandson of Henry Graves Jr.. Both references set auction records.
- Enamel creations, rare pocket watches, and dome clocks were also 100% sold, highlighted by the amphora-form watch attributed to Piguet & Capt and made for the Chinese market in the early 19th Century, and an openface keyless lever watch by Patek Philippe, made to celebrate the company's 175th anniversary in 2014.
Sale Highlights - An Exceptional Season of Watches including The Champion Collection (Part 1):
- The sale totalled HK$151,002,500/ US$19,457,276, with sell-through rates of 87% by lot and 89% by value. Close to one-third of lots were sold via Christie’s LiveTM.
- The top lot was lot 2294 - RICHARD MILLE, A PINK SAPPHIRE, 18K PINK GOLD AND DIAMOND-SET SKELETONIZED LADY'S AUTOMATIC WRISTWATCH WITH MOTHER-OF-PEARL DIAL, REF. RM 07-02, CIRCA 2016, sold for HK$10,450,000/ US$1,346,524 (shown left), setting a world auction record for the reference.
- Patek Philippe modern complications fetched remarkable prices, particularly for minute-repeating wristwatches references 5074, 5207, and Nautilus model Ref. 5711.
- Rolex vintage pieces continued to command exceptional prices, led by Ref. 6238 which is one of only two known examples.
- Timepieces by fast-rising brands and independent watchmakers are becoming increasingly desirable among buyers as the sale saw a 100% sell-through rate for F.P JOURNE, A. LANGE & SÖHNE, Voutilainen, Parmigiani Fleurier, and Laurent Ferrier pieces.
