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Christie's to auction rare Patek Philippe watch for a record price estimate of $7-14 million

On November 27, the British auction house will put up a rare 1950s Patek Philippe timepiece for sale in Hong Kong at the highest price estimate for any wristwatch offered in an auction

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Christie's to auction rare Patek Philippe watch for a record price estimate of $7-14 million
According to the auction house, the price estimate is $7-14 million, which is the highest for any wristwatch offered in an auction.

Christie's upcoming Autumn Auctions 2019 in Hong Kong will showcase some important watches on November 27. The includes a rare 1950s Patek Philippe timepiece that may make history in terms of the bidding amount. According to the auction house, the price estimate is $7-14 million, which is the highest for any wristwatch offered in an auction, Bloomberg reported.

Made in 1953 and sold in April 1957 to Gobbi, the prestigious 177-year-old Milan-based shop, this watch is the only known example of reference 2523 to boast signatures of both the parties. Moreover, it is thought that only seven reference 2523 dual-crown world time wristwatches in pink gold were ever made, of which only two known pieces boast a stunning translucent blue enamel centre to the dial.

The beauty of the case and dial design is matched only by the complexity of the inner workings of the watch incorporating legendary watchmaker Louis Cottier's world time system. "An exemplar of Patek Philippe's 1950s "golden age", when design, craftsmanship and technological advancement coincided to perfection, it is unlikely that another reference 2523 of such immense rarity will be available for perhaps decades to come," Christie's said in a release.

Auctioneers have long offered prestigious watch lots in Asia to tap demand by collectors in China, which has long shown tremendous appetite for Swiss watches. And Hong Kong is considered the largest watch market in the world. However, the recent pro-democracy demonstrations in Hong Kong have deterred shoppers from mainland China causing sales of Swiss watches to plunge in the city.

The protests in Hong Kong started in June on the issue of an extradition bill, which would have allowed some criminal suspects to be sent for trial in mainland China, and has since snowballed into an anti-government movement.

Christie's watch auction in Geneva on November 11 will offer another rare watch by Patek Philippe -- Henry Graves Jr.'s unique and specially commissioned yellow gold tonneau minute repeating wristwatch of 1927. It is the earliest known minute repeating wristwatch by the prestigious Swiss manufacturer. Specially made for Graves, it is engraved with the Graves coat of arms and was discovered as recently as 2012. The significant watch is now up for grabs at an estimate of around $3-5.02 million.

The most expensive wristwatch sold at auction to date was a stainless-steel Daytona Rolex once owned by Paul Newman, which fetched $17.8 million in 2017.

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