Watch market remains buoyant, Sotheby`s

Fashion

Watch market remains buoyant, Sotheby`s

Sotheby`s London final auction of the year has achieved the second highest total ever for a watches auction at Sotheby`s London. The result brings the 2008 total for watches sold at Sotheby`s worldwide to $52.9 million. Among the many highlights in the sale was a white gold Patek Philippe Automatic Astronomical Wristwatch that sold for £103,250 - £20,000 over the low estimate. This important and rare watch was just one of many timepieces by the watchmaker Patek Philippe to achieve top prices • A yellow gold automatic perpetual calendar wristwatch sold for £64,850 and a watch of the same reference without moon phases realised £61,250 – both selling comfortably within estimate. • In addition to these top prices, a unique George Daniels White Gold Millennium Watch one of less than 10 ever made in white gold – neared top estimate to sell for £79,250. After the sale, Alex Barter, Director and Deputy Worldwide Head of Sotheby`s Watches Department, commented on the results: "We are thrilled with the results of today`s auction, which achieved a total well in excess of its pre-sale low estimate of £1.1 million and represents the second highest total achieved for a Watches Sale ever at Sotheby`s London. The overall results and prices established for rare timepieces of high quality by renowned makers, such as Patek Philippe and George Daniels, which dominated today`s top ten, demonstrate that the market for Waches remains extremely buoyant. Despite the instability in the current market place, 2008 has proved to be a remarkable year for the Watches department at Sotheby`s, in each of the locations where we offer watches for sale, and we hope to build on these results in 2009.”

Sotheby`s Holdings Inc

     Favourite      Print this story  Comments  Submit Press Release