Sotheby's important watches and wristwatches sale brought CHF 6,043,001 (US$4,985,838), the highest total for a sale in this category at Sotheby's Geneva since May 2003 (estimation CHF 3.9 – 5.3 million). The top selling lot was a grande complication double dialled pocket watch made by Patek Philippe for George Thompson in 1914, which sold for an outstanding CHF 1,868,000 (US$ 1,541,212) against an estimate of CHF 400,000-600,000*, becoming the most expensive timepiece sold at any auction house in Geneva this week.

Alexander Barter, Head of the Geneva Watch Department, said: “We are thrilled with the results and with the outstanding price achieved by the 'George Thompson', Patek Philippe pocket watch. The auction once again confirms Sotheby's position as an international leader in the sale of important watches. Indeed, Sotheby's holds the world record price for a watch, which was sold for CHF 17.5 million (US$ 11 million) in New York in December 1999.â€

There was fierce competition between bidders for the watches that were fresh to the market and in excellent condition. For example, two Rolex chronographs far exceeded their pre-sale estimates: an exceptional steel chronograph with register, tachometer and telemeter, circa 1940, sold for CHF 132,000 (US$ 108,908) against an estimate of CHF 25,000-35,000; a further very rare chronograph in gold, (ref. 6032), was bought for CHF 216,000 (US$ 178,213), more than five times the pre-sale high estimate.

Amongst the most sought after wristwatches by Patek Philippe were an example made in 1944 with over-sized numerals, perpetual calendar, moon-phases and register (ref. 1518) which achieved CHF 412,000 (US$ 339,925) and a fine and rare gold automatic perpetual wristwatch with moon-phases (ref. 3448) which sold for CHF 204,000 (US$ 168,312).

The sale also featured the first grande complication to be manufactured by the Glashütte Uhrenfabrik 'Union', retailed by Dürrstein & Co and considered to be one of the most complex watches ever made in Germany, which sold for CHF 412,000 (US$ 339,925).

* Estimates do not include the buyer’s premium


Source: Sotheby’s
www.sothebys.com
(Credit europastar.com)