A rare 18ct gold Patek Philippe Ref. 2523 World Time sold for CHF 1,190,500 (£792,177) at auction this week, as part of Antiquorum’s May sales of modern and vintage timepieces in Geneva.
The watch auction bought in bids totalling CHF 7,466,737 (£4,968,632), with “lively” bidding for the 469 lots from across the world, with telephone bids placed from Hong Kong, Taiwan, Russia, Germany and the US.
The standout lot was the Patek Philippe World Time, described as an “extremely rare” 18ct gold gentleman’s wristwatch.
Julien Schaerer, managing director of Antiquorum in Geneva said: “Today’s remarkable result for the Patek Philippe World Time with guilloche dial is clear confirmation that the market is increasingly focused on pieces of the highest quality produced by the world’s most respected and recognized brands.”
A Rolex Submariner that belonged to the former Mossad director Isser Harel was also a top lot, drawing in multiple bidders and a heated telephone contest, until it was sold to an American caller for CHF 248,500 (£165,241), nine times its high estimate and a world record for a Submariner.
Audemars Piguet Royal Oaks and a Vacheron Constantin also drew in high bids, while collectors lots from a Japanese and a German collector were said to confirm that “collections that focus on quality attain superb results at auction”.
The watch auction house will host its next event on June 12 in New York, with an auction of rare Patek Philippe timepieces as well as wide and varied collection of Jaeger-LeCoultre wristwatches.