$11 Million Patek Philippe Timepiece Sold

11/30/16

Picture the world’s most expensive watch. Is it lined with diamonds, sapphires and rubies or set in solid gold? Surprisingly, the world's most expensive watch just sold at auction doesn’t have diamonds or rubies, but it’s certainly one of a kind.

Earlier this month, the Patek Philippe reference 1518 sold for an astounding $11 million, $8 million more than expected. The previous record, which was held by the Patek Philippe reference 5016, which sold at the Only Watch charity auction in 2015 for $7.3 million.

With only 4 ever created, it’s no surprise bids came in from around the world for this stainless steel, 1940’s era piece with a rare perpetual calendar chronograph and moon phases. The bidding began at $3 million and ended less than 10 minutes later after it had skyrocketed to $9.7 million. After the buyer's’ premium was included, the final price was $11,136,642.

Paul Boutros, head of watches for the Americas for Phillips Bacs & Russo, said this was “a once in a lifetime event” for collectors.

Three other timepieces were sold at the auction, including a yellow gold and rose gold Patek Philippe Ref. 1518, and a rose gold Rolex Ref. 3330. The yellow gold Patek sold for 600,000, higher than the expected $515,000 estimate and the rose gold Patek sold for 1.8 million. The rose gold Rolex, nicknamed “Perfect Rose” (on account of it never being worn) was dubbed another “show stopping piece,” and sold for $750,000.

"Its world record result is a strong testimony that the watch market is universally accepted as an important pillar of the international art collector community,” said Aurel Bacs, an auctioneer at the Phillips auction house where the Patek 1518 was sold.

Luckily for you, you don’t need $11 million to get yourself (or someone else) something nice. From vintage timepieces to watch repair and watch straps, we are here to provide exceptional service and competitive pricing for all of your watch needs. Stop by our store in Grand Central to view our selection or learn more about our services.

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