Watch category at Christie's breaks auction house record

First published: 18-12-2009

Christie's New York, one of the world's premier auction houses, has announced that it has made the most money ever in its watch category in one day.

The rare and fine timepiece bidding wars brought in $7.35 million (£4.53 million), with an anonymous bidder paying out over double the low estimate of $350,000 (£215,915) and well over the high of $550,000 (£339,295) for the main Patek Philippe timepiece, spending $764,500 (£471,620).

Christie's "Important Watches" sale had sell-through rates of 92 per cent by lot and 94 per cent by value, with its global sales total for watches coming in at around $67.2 million (£41.5 million) for the year.

Aurel Bacs, international co-head for watches at Christie's, said: "These outstanding results clearly demonstrate Christie's dominance in the global market for fine and rare timepieces.

"Despite the continued volatility in the financial markets during 2009, all of Christie's sales in this category performed above expectations, with sell-through rates consistently above the 90 per cent mark."

Fans of Patek Philippe watches include Lord Mandelson and the French president Nicolas Sarkozy.

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