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.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.


|Subscribe >
National Jeweler

Fine Jewelry Industry News

Since 1906, National Jeweler has been the must-read news source for smart jewelry professionals--jewelry retailers, designers, buyers, manufacturers, and suppliers. From market analysis to emerging jewelry trends, we cover the important industry topics vital to the everyday success of jewelry professionals worldwide. National Jeweler delivers the most urgent jewelry news necessary for running your day-to-day jewelry business here, and via our daily e-newsletter, website and other specialty publications, such as "The State of the Majors." National Jeweler is published by Jewelers of America, the leading nonprofit jewelry association in the United States.