HK$23.5m Patek Philippe Pink Gold Ref 2499 Becomes Most Valuable Wristwatch Sold at Auction in Asia

A Patek Philippe pink gold reference 2499 is now the most valuable wristwatch sold at auction in Asia after selling for HK$23.5m (US$3m) at Sotheby’s Hong Kong. It is also the world record for a pink gold reference 2499.

Patek Philippe pink gold reference 2499 was hammered down at HK$19.5m

At Sotheby’s Important Watches Sale in Hong Kong, a Patek Philippe pink gold reference 2499 was hammered down for HK$19.5m and sold for HK$23.5m, two times its estimate of HK$12m-18m. Made in 1971, the reference 2499 wristwatch third series was cased in pink gold and retailed by Tiffany & Co. There are only six examples known of the third series dressed in pink gold, and this example is considered to be one of the very best.

The watch first surfaced at auction in 2005 where it was consigned by the original owner. The watch sold for over US$750,000 and has been kept privately ever since. It is in unpolished and completely original condition.

The case is unpolished

The wristwatch is kept in its unpolished, original condition

There was another record set at the sale by a Rolex platinum reference 16516 Cosmograph Daytona wristwatch. It was sold for HK$6.84m, a record price for an automatic Rolex Daytona.

Manufactured by Rolex in 1999, this is the only known platinum Daytona and is complete with its certificates and accessories. This watch has been given a unique reference number 16516 and has A serial number.

The dial is made from black mother of pearl

Not only is the unique reference number applied to this watch, the dial is made also from black mother of pearl radiating a powerful impact, dazzling those who come in to contact with it.

This watch is fresh to the market. For many years, Rolex only produced automatic powered Daytonas in stainless steel, yellow gold, white gold and steel and gold. Yet, it is now confirmed that in 1999 there was one lucky customer who was given a unique masterpiece. There is a talk on the market that the late Patrick Heiniger, the famous CEO of Rolex himself wore a platinum automatic Daytona.

The late Patrick Heiniger, the CEO of Rolex

The watch is complete with its certificates and accessories

With two recording-setting achievements, the sale realised a total of nearly HK$160m, a 15% year-on-year increase, which is also the highest sale total in the past five years.

Top five lots

Patek Philippe. Pink Gold Perpetual Calendar Chronograph Wristwatch

Lot no.: 2362
Ref 2499
Made in: 1971
Estimate: HK$12,000,000 - 18,000,000
Price realised: HK$23,520,000

Patek Philippe. 5002 Sky Moon Tourbillon Platinum Double Dial Wristwatch

Lot no.: 2383
Ref 5002P-001
Made in: 2013
Estimate: HK$7,500,000 - 12,000,000
Price realised: HK$9,720,000

Rolex. Cosmograph Daytona Platinum Chronograph Wristwatch

Lot no.: 2265
Ref 16516
Made in: Circa 1999
Estimate: HK$3,200,000 - 4,800,000
Price realised: HK$6,840,000

Patek Philippe. Platinum Perpetual Calendar Tourbillon Wristwatch

Lot no.: 2430
Ref 5216P-001
Made in: 2013
Estimate: HK$3,500,000 - 4,500,000
Price realised: HK$4,320,000

Patek Philippe. Platinum Perpetual Calendar Chronograph Wristwatch

Lot no.: 2380
Ref 5020
Made in: 1995
Estimate: HK$3,000,000 - 5,000,000
Price realised: HK$3,960,000

Auction summary

Auction house: Sotheby’s Hong Kong
Sale: Important Watches
Lots offered: 436
Sale date: 2 October 2018
Sale total: HK$159,903,125