A bidder paid $338,500 for this Patek Philippe chronograph, dubbed the “TV watch” because of its shape. The sale was within the chronograph’s estimated range of $280,000 to $350,000.

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New York--A platinum cushion-form perpetual calendar Patek Philippe Ref. 5020P chronograph sold for $338,500 at Bonhams last week, setting a new world-record auction price for that reference number.

The watch was the top lot in Bonhams’ Dec. 8 sale in New York, which achieved a total of $1.58 million.

Jonathan Snellenburg, the director of watches at Bonhams, said they had an “enthusiastic presence” both in the room and online. The preview tour of the auction highlights generated interest as well, particularly in Hong Kong, which was reflected in the results.

The second highest-grossing lot of the sale was a very rare 18-karat rose gold Patek Philippe chronograph Ref. 5070R originally retailed by Tiffany & Co. A bidder paid $104,500 for this watch, topping its pre-sale estimate of $90,000 to $100,000.

The Dec. 8 sale also included a private collection of 25 watches. From this collection, the top lots included a 18-karat rose gold Vacheron Constantin tourbillon watch, which sold for $80,500, slightly above its highest pre-sale estimate of $80,000 and a 18-karat gold Breguet tourbillon wristwatch, for which a buyer paid $74,500, within its estimated range of $70,000 to $80,000. An 18-karat rose gold Patek Philippe chronograph Ref. 5070R from the collection garnered $68,500, within its anticipated range of $60,000 to $70,000.

In addition, two rare Rolex chronographs made the auction’s top 10, the first an 18-karat gold “Cosmograph Daytona, Paul Newman” (above, left) that sold for $84,100, within its estimated range of $80,000 to $120,000. The second was also a “Cosmograph Daytona, Paul Newman” but in stainless steel (above, right), which sold for $63,700, well above its highest pre-sale estimate of $45,000.