Patek Philipe watches sell for millions at Christie's

First published: 25-06-2012

An auction of prestigious Patek Philipe watches at Christie's New York has broken a string of records as collectors bid through the roof for the coveted timepieces.

A total of ten watches went on sale at the auction house earlier this month and selling for a combined £5.4 million as enthusiasts flocked on the Important Watches event held at the Rockefeller Centre.

Headlining the auction was an 18-karat gold wristwatch dating back to 1963 which sold for an eye-watering £654,400, setting a new record for the highest price achieved by a watch at Christie's New York.

A more recent Patek Philipe chronograph wristwatch made in 1980 sold for £232,000. At the bottom of the list was an 18-karat pink gold watch made in 2005 which still sold for an incredible £70,720.

Head of watch sales at Christie's, Douglas Escribano, said that the auction was evidence of "the incredible strength of the watch collecting market".

"With our fall [autumn] sales already on the horizon, we are firmly on track to achieve yet another record-breaking year for watch sales," he said

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