By Hannah Connorton
The Patek Philippe Ref. 2499, which sold for about $522,700, provoked a bidding war among 10 people at Antiquorum’s May 11 sale, the auction house said.Geneva--Patek Philippe watches constituted the top four highest-grossing lots at Antiquorum’s recent sale in Geneva, with two of the brand’s models setting new world auction records.

Among the highlights of the sale was an 18-karat yellow gold Patek Philippe Ref. 2499 Third Series, Antiquorum said, which sold for nearly double its pre-sale high estimate at approximately $522,700, setting a new world auction record for highest price paid for that particular reference.

A Patek Philippe Ref. 5077 realized about $226,450, also setting a new world auction record for a Patek Philippe reference.

Overall, Antiquorum’s May 11 sale of Important Modern & Vintage Timepieces totaled just more than $6 million and was 84 percent sold by lot and 122 percent sold by value.

“It is clear from (the) results that the market for rare timepieces in excellent condition remains robust,” said Julien Schaerer, managing director and auctioneer at Antiquorum Geneva.

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