Two rare Patek Philippe reference 2499 wristwatches led the way in Sotheby’s Important Watches auction that saw $11.1m go under the hammer.
On offer from the original owner and appearing at auction for the first time, the Ref 2499 Retailed by Tiffany & Co achieved $800,000, exceeding its $500,000 high estimate.
The second Ref 2499 fetched $450,000, surpassing its $350,000 high estimate.
The auction also offered a selection of both vintage and contemporary wristwatches by Rolex, led by the Ref 6239 ‘Paul Newman’ Daytona dated circa 1969 that sold for $181,250.
Contemporary timepieces on offer were highlighted by Audemars Piguet’s Ref: 25865BC.OO.1105BC.05, which achieved $250,000, the top end of its estimate.
A selection of timepieces by independent makers was led by a Roger W Smith Series 2 Rare Yellow Gold Wristwatch with Power Reserve Indication and Co-Axial Escapement which achieved $162,500.
Commenting on the auction’s success, Daryn Schnipper, chairman of Sotheby’s International Watch Division, and Sam Hines, Worldwide head of watches at Sotheby’s, said: “Fresh to market timepieces of great quality and condition carried yesterday’s auction, which continue to increase in both value and demand over time.
They added: “From Nautilus sport watches by Patek Philippe to contemporary Rolex wristwatches and an exceptional Cartier comet clock, our top prices demonstrate desire for a diversity of material across our market. Overall, yesterday’s results mark a 36% increase over our most recent sale in New York, with an average sold lot value that is 43% higher in comparison.”