Results From The Hong Kong Watch Auction: FIVE, Including A New Auction Record For A Wristwatch Sold In Asia
Phillips in Association with Bacs & Russo concluded the fall season of sales in Asia with The Hong Kong Watch Auction: FIVE, achieving HK$109,598,750 / US$14,039,600 – the highest sale total for any watch auction held in Asia this year. In a tightly curated sale, 167 collectible timepieces of the highest quality attracted collectors from 44 countries across six continents, including 345 online bidders.
The star of the show was a Patek Philippe reference 2523 World-Time which established a new record - HK$22,300,000 - for the highest result ever achieved for any wristwatch sold at auction in Asia, and further cemented the reputation of the double crown 2523, the first reference to regularly achieve six figure results. This particular example sailed past that figure perhaps because of its dial. Only two other yellow gold 2523 are known with a gold guilloche center dial.
Other extremely rare Patek Philippe wristwatches including ones that were only recently made did notably well. In fact, the unique white gold Patek Philippe reference 5004 offered at the end of the first half of the auction set a new record for that reference in that case metal - HK$4,720,000. Another impressive result was the price achieved by a stainless steel reference 5950A - HK$2,620,000.
Rolex 'Paul Newman' Daytona watches were naturally part of the auction's highlights. The sports model is all the rage following the historic sale of Paul Newman's very own model, and that's true regardless of the case metal or reference, as long as quality and rarity are found. Both the yellow gold Rolex Paul Newman Daytona reference 6241 with lemon dial - HK$4,960,000 - and the stainless steel Paul Newman Daytona reference 6265 - HK$3,340,000 - achieved results far above their high estimates.
Thomas Perazzi said the Watch Department was "proud to have delivered a triumphant sale in Hong Kong this fall, reaffirming its market leadership in the region." This was Perazzi's first auction since joining Phillips as Head of Asia, and the results of the sales will no doubt reaffirm his commitment to bringing a wider selection of vintage watches to the Hong Kong sales.
Perazzi was especially pleased with the sale of a Patek Philippe five minute repeating chronograph pocket watch, which drew significant interest from collectors in India and soared to seven times its estimate, selling for HK$562,500. It was immediately followed by another fantastic result for the Perpetuelle N°9 pocket watch made by Breguet in 1791 - HK$2,800,000.
Watches that typically do well in Asia continued to attract strong bids from collectors. Modern pieces made by independent watchmakers such as Philippe Dufour, Vianney Halter, and Greubel Forsey all performed well on the night, many of them selling above their high estimate.
The total achieved by the Hong Kong Watch Auction: FIVE brings Phillips’ annual total for Watches to over US$110 million.