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Christie's Important Watch Sale Generates $10M

Jun 17, 2010 11:55 AM   By Jeff Miller
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 RAPAPORT... Christie's sale of important watches in New York realized $10,050,363 with sell-through rates of 88 percent by lot.  The top lot, manufactured in 2008, was an extremely rare, platinum Patek Philippe perpetual calendar, minute-repeating, tourbillon wristwatch with a black dial that sold for $602,500. A second Patek Philippe, manufactured in 1993, sold for $434,500. This piece was an 18-karat-gold, perpetual calendar, minute-repeating, tourbillon wristwatch with retrograde date and moon phases. Both watches sold within thier presale estimate ranges.

But a rare, oversized, limited-edition Audemars Piguet watch fetched well above its estimate, selling for $350,500. This platinum, tourbillon chonograph wristwatch with a dynamograph and power reserve was manufactured in 2002.

Sam Hines, the head of watches at Christie’s New York, said,  “At over $10 million, this is the highest sale total ever achieved for a watch sale at Christie’s New York.  All season long, we have watched prices and sales totals reach ever-higher levels in Geneva, Hong Kong, Dubai and now, in New York.

"Our spring sales season closes at $46.1 million in sales worldwide our highest first-half global sales total to date and re-confirms our leadership position in the watch auction market," Hines continued. "As in previous sales this spring, the New York sale witnessed active participation online and on the phone from a mix of new and established clients from five different continents. We look forward to the fall season and the continued expansion of this exciting collecting category.”

Tags: Dubai, Hong Kong, Jeff Miller
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