$5 million Patek Philippe Sets Record

The Patek Philippe Caliber 89 pocket watch set a new price record at the 35^th Antiquorum anniversary sale in Geneva, Switzerland when it sold for $5,107,741 this week.

While Antiquorum is not revealing the identity of the buyer, the Patek Philippe Caliber 89 pocket watch not only set a new world recording for its selling price, but it also was announced as the highest sale price for any watch in 2009 at auction. Last week it sold at auction for $5,107,741 when it was sold at auction for the second time ever; the first time being in 1989 when it fetched approximately $4,938,000.

Overall, the auction pulled in an impressive $12, 145,798 in total sales over the two days it took place at the luxurious Mandarin Oriental Hotel in located on Lake Geneva. It was a standing-room only affair, with bids constantly coming in over both the phones and the Internet. There were 364 lots offered; 218 percent were sold by value, 72 percent sold by lot.

Antiquorum’s Chairman, Robert Maron, said, “The incredible result realized for the Caliber 89 in our 35^th anniversary auction indicates that the market for the most complicated and important watches in the world remains exceptionally strong.”

Patek Philippe continued to be the top selling brand of the evening with several other lots achieving strong prices as well.

Via: Luxury Insider