28 November 2017

Phillips, The Worldwide Leader in Watch Auctions, Achieves HK$109 Million During The Hong Kong Watch Auction: FIVE

Ending the Global Watch Auction Year with its Highest Ever Annual Total in the Category with Over US$110 Million

– Highest Sale Total for any Watch Auction in Asia in 2017
– Highest Result Ever Achieved for any Wristwatch Sold at Auction in Asia


Sale Total: HK$109,598,750 / US$14,039,600

Hong Kong, 28 November 2017

Lots Sold: 156| Lots Offered: 167 Sold by Lot: 93% | Sold by Value: 98%

HONG KONG - 28 NOVEMBER 2017 - Phillips, in Association with Bacs & Russo, concluded the fall season of sales in Asia with The Hong Kong Watch Auction: FIVE, achieving HK$109,598,750 / US$14,039,600 – the highest sale total for any watch auction held in Asia this year. In a tightly curated sale, 167 collectible timepieces of the highest quality attracted collectors from 44 countries across six continents, including 345 online bidders. Particularly strong results were achieved for Patek Philippe, with the reference 2523 World-Time establishing a new record for the highest result ever achieved for any wristwatch sold at auction in Asia. Other notable highlights included the Rolex Paul Newman Daytona reference 6241 in 14K yellow gold, which tripled its low estimate, and the Patek Philippe reference 5004, which set a new world auction record for the reference in white gold.

Thomas Perazzi, Head of Watches, Asia, said:
“The Phillips’ Watch department is proud to have delivered a triumphant sale in Hong Kong this fall, reaffirming its market leadership in the region. As we continue to bring fresh to the market timepieces of the finest quality to the Asian marketplace, we broke Phillips’ own record for the highest result ever achieved for any wristwatch sold at auction in Asia with the Patek Philippe reference 2523 selling for HK$22,300,000. We were especially pleased to welcome significant participation from collectors across India for the Patek Philippe five minute repeating chronograph pocket watch, presented by Jamsetji N Tata to James Morris, The Architect of Esplanade House Bombay, which soared to seven times its estimate. Phillips is fully committed to further expanding our presence in Asia and offering best-in-class quality, service and scholarship to collectors in the region.”

Aurel Bacs, Auctioneer and Senior Consultant, said: “Following our blockbuster sales in New York and Geneva, the Hong Kong Watch Auction: FIVE achieved an impressive HK$109 million – the highest sale total for any watch auction staged in Asia this year – bringing Phillips’ annual total for the category to over US$110 million. The top ten is dominated by Patek Philippe and Rolex, with a broad array of vintage and contemporary watches leading the list. In this passionate and international marketplace, Phillips welcomed over 1,000 bidders this season, and concludes 2017 maintaining its worldwide market leadership.”

TOP TEN LOTS
Lot      

Description

Estimate

Price Achieved

908

PATEK PHILIPPE, Ref. 2523

A gold world-time wristwatch with engine turned dial

AUCTION RECORD FOR ANY WRISTWATCH SOLD IN ASIA

HK$10,000,000 - 20,000,000

HK$22,300,000

US$2,856,630

906

ROLEX, Ref. 6241

A 14k gold chronograph wristwatch with tropical Paul Newman ‘lemon’ grené dial, and 14k gold bracelet

HK$1,600,000 - 3,200,000

HK$4,960,000

US$635,376

888

PATEK PHILIPPE, Ref. 5004/1G

A white gold perpetual calendar split seconds chronograph wristwatch with moon phase and bracelet

WORLD AUCTION RECORD FOR A PATEK PHILIPPE REF. 5004 IN WHITE GOLD

HK$2,800,000 - 5,600,000

HK$4,720,000

US$604,632

944

PATEK PHILIPPE, Ref. 5073P-001

A platinum and diamond-set minute repeating perpetual calendar wristwatch with moon phases

HK$3,200,000 - 5,600,000

HK$4,540,000

US$581,574

847

ROLEX, Ref. 6265

A stainless steel chronograph wristwatch with 'Paul Newman' Panda dial and bracelet

HK$1,200,000 - 2,000,000

HK$3,340,000

US$427,854

848

PATEK PHILIPPE, Ref. 2499

A gold perpetual calendar chronograph wristwatch with moon phases

HK$2,000,000 - 3,600,000

HK$3,220,000

US$412,482

968

PATEK PHILIPPE, Ref. 1579

A gold chronograph wristwatch with Breguet numerals

HK$1,200,000 - 2,400,000

HK$3,220,000

US$412,482

966

BREGUET “Perpetuelle”

A self-winding yellow quarter repeating "à toc" gold pocket watch with power reserve

HK$960,000 - 1,440,000

HK$2,800,000

US$358,680

940

PATEK PHILIPPE, Ref. 5950A

A stainless steel single button split seconds chronograph wristwatch, retailed by Beyer

HK$1,300,000 - 1,800,000

HK$2,620,000

US$335,622

849

PATEK PHILIPPE, Ref. 5029

A gold automatic limited edition minute repeating wristwatch with officier-style case and champagne dial

HK$2,000,000 - 4,000,000

HK$2,500,000

US$320,250


ABOUT PHILLIPS IN ASSOCIATION WITH BACS & RUSSO
The team of specialists at Phillips Watches is dedicated to an uncompromised approach to quality, transparency, and client service, achieving worldwide market leadership in 2016, with a sale total of $106 million.

A selection of our recent record-breaking prices:

1 Paul Newman’s Rolex “Paul Newman” Daytona reference 6239 (CHF 17,709,894/US$17,752,500) – New York Auction: Winning Icons – 26 October 2017 – ¬¬¬Highest result ever achieved for any wristwatch at auction.
2 Patek Philippe reference 1518 in stainless steel (CHF 11,020,000 /US$11,112,020) – Geneva Watch Auction: FOUR – 12 November 2016 – Highest result ever achieved for a Patek Philippe wristwatch at auction.
3 Patek Philippe reference 2523 (HK$22,300,000 /US$2,856,630) – Hong Kong Watch Auction: FIVE – 28 November 2017 – Highest result ever achieved for any wristwatch sold at auction in Asia.

ABOUT PHILLIPS
Phillips is a leading global platform for buying and selling 20th and 21st century art and design. With dedicated expertise in the areas of 20th Century and Contemporary Art, Design, Photographs, Editions, Watches, and Jewelry, Phillips offers professional services and advice on all aspects of collecting. Auctions and exhibitions are held at salerooms in New York, London, Geneva, and Hong Kong, while clients are further served through representative offices based throughout Europe, the United States and Asia. Phillips also offers an online auction platform accessible anywhere in the world. In addition to providing selling and buying opportunities through auction, Phillips brokers private sales and offers assistance with appraisals, valuations, and other financial services.
Visit www.phillips.com for further information.

*Estimates do not include buyer’s premium; prices achieved include the hammer price plus buyer’s premium.

PRESS CONTACTS: HONG KONG - Ada Lam, Director, CdD ada@cdd.com.hk +852 9219 0921
LONDON - Katie Carder, Press Manager, EMEA kcarder@phillips.com +44 20 7901 7938

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