Phillips in Association with Bacs & Russo Achieves HK$109 Million/ US 14 Million in The Hong Kong Watch Auction X with Over 99% Sell-Through Rates
Unprecedented Participation for a Hong Kong Live Watch Auction with a Record Number of 1,200 Online Bidders, Doubling that of Spring 2019
Bringing the Spring Season Total for Watch Sales at Phillips to US$47 Million
The Hong Kong Watch Auction X
TOTAL: HK$ 108,555,000 / US$14,003,595 / CHF13,178,577
HONG KONG – 10 JULY 2020 – Following the success of the ‘White Glove’ watch auction held by Phillips in Association with Bacs & Russo in Geneva last month, the highly-anticipated Hong Kong Watch Auction X totalled $108,555,000/ US$14,003,595/ CHF13,178,577, with a sell-through rate of 99.24%.
Thomas Perazzi, Head of Watches, Asia, said: “Our tenth watch auction in Hong Kong brought together a carefully curated group of timepieces to the community of watch collectors. This season we continue to see astonishing international participation, with bidders hailing from across 50 countries, raising their paddles in the saleroom, over the phone and online, including a record number of 1,200 online bidders, the most in any live auction held by Phillips in Asia in company history. 93% of lots received online bids with 50% of timepieces and half of the top 10 lots selling to online participants, demonstrating how Phillips’ worldwide community of collectors have entrusted us with some of the world's finest collectors' watches as well as strong confidence and determination to buy such important pieces online.”
Aurel Bacs, Senior Consultant, said: “Following the 100% sell-through rates for watches offered in our recent online-only auction and our blockbuster live auction in Geneva, the Hong Kong Watch Auction fetched US$14 million, bringing our Spring season total for Watch sales to an impressive US$47 million. This extraordinary result matches Phillips’ 2019 Spring total, yet with only two non-thematic various live auctions held this season. Unrivalled sell through rates were achieved across the three sales this season, with only three timepieces with a combined value of less than US$100,000 going unsold. Collectors’ excitement and enthusiasm for seeking top quality timepieces is stronger than ever, and proves that not even a global crisis can halt the rise and growth of the vintage watch market. These strong results once again reaffirm Phillips as the number one destination for passionate collectors in the world.”
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ABOUT PHILLIPS IN ASSOCIATION WITH BACS & RUSSO
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 vintage 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 vintage Patek Philippe wristwatch at auction.
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 i 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.
HONG KONG – Ingrid Hsu, Public Relations Director, Asia [email protected] +852 2318 2043
GENEVA - Asta Ponzo, PR Consultant [email protected] +41 79 961 85 66
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