National Jeweler Network

Watch Auctions

Patek ‘Titanium Collection’ soars at Sotheby’s

June 12, 2014

Patek Philippe’s first split-seconds chronograph wristwatch sold for $2.9 million, more than double its pre-sale high estimate of $1.2 million, at Sotheby’s New York on Tuesday.

Click through this slideshow to see the top 10 lots of Sotheby’s sale of Important Watches held Tuesday in New York.

New York--A selection of unique Patek Philippe watches grouped together as “The Titanium Collection” sold for a collective $7.1 million Tuesday, surpassing the pre-sale high estimate of $4.9 million.

The highlight of the collection, and the top lot of the sale overall, was Patek Philippe’s first split-seconds chronograph wristwatch, created in 1903 and completed and sold in October 1923. A Swiss museum purchased the watch for $2.9 million.

Also included in the Titanium Collection was a Patek Philippe Ref. 5001T Sky Moon tourbillon, which sold for $1.3 million, and a Ref. 5103P, which realized $773,000.

The collection’s Flawless Officer Ref. 3928 and Unique Celestial Ref. 5012T, which sold for $737,000 and $545,000, respectively, each set new world auction records for highest price paid for their respective models.

“It was a privilege to offer The Titanium Collection, a visionary group of unique commissioned watches by Patek Philippe whose exceptional results are a testament to the ultimate connoisseurship of its collector,” said Katherine Thomas, head of Sotheby’s watch department in New York. “Bidding throughout yesterday’s auction was truly global, demonstrating the continued strength of the watch market worldwide.”

Overall, Sotheby’s sale of Important Watches in New York totaled $11.7 million, marking the highest-ever result for a various-owners sale of watches at Sotheby’s New York. More than half of all lots topped their highest pre-sales estimates.

In total, the auction was sold 84 percent by lot and 96 percent by value.

Outside of the Titanium Collection, the auction was highlighted by a rare Art Deco gold, hardstone and enamel gem-set desk timepiece, which sold for $875,000.