Auction Thursday, June 28th 2012
Antiquorum's June auction of "Important Modern & Vintage Timepieces", held on Saturday, June 23rd at The Mandarin Oriental in Hong Kong, concluded with an outstanding result of HKD 35,124,875 (USD 4,527,504).
The top lot of the sale was the Patek Philippe Ref. 5029, No. 1 (lot 412) © Antiquorum
Strong prices were achieved resulting in 123% sold by value based on the low estimate. In addition to the strong in-room presence, the auction enjoyed competitive telephone and Internet bidding. International participation came from Switzerland, Germany, the United States, Japan, Singapore, the Russian Federation as well as Australia.
The top lot of the sale was the Patek Philippe Ref. 5029, No. 1 (lot 412). Produced in only ten examples in pink gold, the extremely rare minute repeater with officer-style case sold to an Asian bidder after an exciting bidding war for an exceptional HKD 3,500,000 (USD 451,200).
Another highlight of the sale was the Patek Philippe Ref. 5004P (lot 169). Seldom appearing at auction, the platinum wristwatch with split-second chronograph, perpetual calendar and custom ordered platinum bracelet elicited aggressive bidding and achieved a world-record price of HKD 3,108,000 (USD 400,613).
"We are very pleased by our overall results, and especially proud to have achieved another world record - this time, for a Patek Philippe Ref. 5004P, which sold for an incredible HKD 3,108,000 (USD 400,613)", said Evan Zimmermann, President and CEO, Antiquorum.
In addition, Antiquorum helped raise 440,000 HKD (USD 56,714) for the Fondazione Cologni dei Mestieri d'Arte (The Cologni Foundation for Artistic Craft Professions) through the sale of lots 170-183. All proceeds from these lots were donated directly to the foundation, whose mission is nurture a new generation of craftsmen, protect traditional craftsmanship and promote contemporary arts and crafts.
Other Patek Philippe watches also sparked competitive bidding. The Patek Philippe Ref. 5004J (lot 411), a split-seconds chronograph in 18K yellow gold, attained HKD 1,540,000 (USD 198,501); while the Patek Philippe Ref. 5077P (lot 257), a platinum wristwatch with the unique "Phoenix 2" cloisonné enamel dial attracted much attention from Asian bidders and ultimately sold for an impressive HKD 920,000 (USD 118,585). The unique Patek Philippe Ref. 1312 "Pendulette Dome" table clock (lot 256) also achieved a significant result, selling for HKD 1,204,000 (USD 155,192).
"Collectors in the room and on the Internet aggressively bid on modern timepieces offered in the auction," said Jill Chen, General Manager, Antiquorum Hong Kong. "Notably, timepieces in superior condition from the Property of a Japanese Collector as well as Patek Philippe watches achieved exceptional results."
Complicated wristwatches also did very well. The IWC Schaffhausen, "Il Destriero Scafusia," a platinum wristwatch with double split-seconds chronograph (lot 163), achieved HKD 1,372,000 (USD 176,847). Franck Muller also generated interest and obtained important results. The Calibre 97 Grande et Petite Sonnerie minute repeater in 18K white gold (lot 332) sold for HKD 1,316,000 (USD 169,628) and the Ref. 7880 RMT (Lot 331), a platinum wristwatch with one-minute flying tourbillon regulator, fetched HKD 860,000 (USD 110,851).
Vacheron & Constantin continues to be in great demand by collectors across the globe. The pink gold skeletonized wristwatch with perpetual calendar, Ref. 43172/000R (Lot 160), sold for HKD 668,000 (USD 86,103). ■