After achieving a “white glove” sale in Geneva last month, Phillips once again saw the success of its watch auction in Hong Kong. The sale, held on 10 July, fetched a solid total of HK$109million (US$14million) with more than 99% sell-through rates. Of the 266 lots on offer, only three failed to find a buyer.
The sale was conducted by Phillips in association with Bacs & Russo at the JW Marriott Hotel for a limited number of floor bidders amid global lockdown. Yet, more than 1,200 collectors placed their bids online, who secured half of the top ten lots at the sale.
Leading the sale was the Patek Philippe Reference 2499/100, circa 1982, with a perpetual calendar chronograph in 18-karat yellow gold and moon phases. It was hammered down at HK$3.8m, fell comfortably within the estimate range between HK$3.5m and HK$5m. After premium the price came to HK$4.7m.
Originally launched in 1951, the timepiece was the fourth generation of the Reference 2499 model, which was a successor of the Reference 1518. Only 349 examples of this reference have been manufactured between 1951 and 1985. The lot further distinguishes itself with the last three digits of its case number engraved on both its inner rim and the caseback.
The second winner was the Patek Philippe Reference 3448/14, white gold perpetual calendar wristwatch with moon phases and integrated bracelet, retailed by Gübelin, circa 1975.
Of the 586 pieces manufactured, only 130 of them cased in white gold, and just 14 of them were fitted with a white gold integrated bracelet. What makes the timepiece more sought-after is that this is a rare double-signed edition from Swiss retailer Gübelin. With an initial estimate between HK$2.3m and HK$3.9m, the lot was hammered at HK$3m, or HK$3.7m after premium.
Up next was the Patek Philippe Reference 3979, platinum minute repeating wristwatch with enamel dial, circa 1996. It was designed to celebrate Patek Philippe’s 150th anniversary.
The Reference 3979 was a variation of the vintage Reference 2524/1. Only 100 pieces of this reference were made between 1989 and 2002, most of them in yellow gold while only five were in platinum, like this lot. It sold for a premium inclusive price of HK$3.4m.
The remaining top ten lots were made up by Richard Mille, Rolex and A. Lange & Söhne.
Top five lots:
Lot 998 | Patek Philippe Reference 2499/100, 18K yellow gold perpetual calendar chronograph wristwatch with moon phases. Circa 1982
Sold for: HK$4,710,000
Lot 1017 | Patek Philippe Reference 3448/14, white gold perpetual calendar wristwatch with moon phases and integrated bracelet, retailed by Gübelin.
Estimate: HK$2,340,000 – 3,900,000
Sold for: HK$3,750,000
Lot 968 | Patek Philippe Reference 3979, platinum minute repeating wristwatch with enamel dial.
Estimate: HK$2,900,000 – 4,000,000
Sold for: HK$3,437,500
Lot 916 | Patek Philippe Reference 5275P-001, limited edition platinum chiming wristwatch made for the 175th anniversary of Patek Philippe, single sealed.
Estimate: HK$2,000,000 – 3,000,000
Sold for: HK$2,875,000
Lot 830 | Richard Mille Reference RM11-03 J.Todt, limited edition blue Quartz TPT and carbon flyback chronograph wristwatch, numbered 46 of a limited edition of 150 pieces.
Estimate: HK$1,500,000 – 2,800,000
Sold for: HK$2,750,000
Auction house: Phillips Hong Kong
Sale: The Hong Kong Watch Auction X
Sale date: 10 July, 2020
Lots offered: 266
Sold by lots: 99%
Sale total: HK$108,555,000