On Dec. 11, an online bidder nabbed the top lot at the Phillips in Association with Bacs & Russo watch auction in New York, buying a Patek Philippe sold in partnership with Tiffany & Co.
New York—The hottest watch and jewelry collaboration of the year has been made official.
At the Phillips in Association with Bacs & Russo New York watch auction held Saturday, a Patek Philippe Ref. 5711/1A-018 with a “Tiffany Blue” dial sold for $6.5 million.
The timepiece is one of 170 special editions, created in honor of Patek Philippe and Tiffany & Co.’s 170-year relationship.
“The enthusiasm we saw in the leadup to the sale, which was reflected in the price it achieved, is a testament to the enduring legacy of 170 years of partnership between Patek Philippe and Tiffany & Co.,” Aurel Bacs said in a press release.
The floor at the Phillips in Association with Bacs & Russo New York Watch Auction, held in New York City on Saturday, Dec. 11, 2021 (image courtesy of Phillipps)
It’s also commemorative of Tiffany’s sale to LVMH, Patek Philippe CEO Thierry Stern told CNBC.
First launched in 2006, Ref. 5711 is Patek Philippe’s most popular wristwatch.
The Swiss watchmaker announced earlier this year it would discontinue the style, ostensibly to preserve some measure of rarity. The announcement further stoked the already-hot secondhand watch market, in which sought-after timepieces sell for far beyond their retail price, Patek in particular.
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The newly announced Tiffany editions will be sold exclusively at Tiffany stores in New York City; Beverly Hills, California; and San Francisco.
The Nautilus Ref. 5711/1A-018 has a Tiffany Blue lacquer dial and boasts both the watchmaker and retailer’s name on the dial and the caseback. The latter also bears the inscription: “170th Anniversary 1851-2021.”
The Nautilus Ref. 5711/1A-018
With a retail price set at $52,000, the final $6.5 million hammer price at the Phillips auction offers a glimpse at just how in-demand the special edition Nautilus is.
All proceeds of the sale of the watch benefitted The Nature Conservancy, per LVMH CEO Bernard Arnault’s designation, drumming up tons of brand buzz in the process.
A close-up of the caseback
All in all, the Phillips watch auction garnered $35.9 million, selling 100 percent by lot and by value.
According to the auction house, its watches sold 100 percent for the entire year, earning a total $209.3 million.
“It was a pleasure to welcome bidders back into our New York saleroom for such a historic sale, and the first watch auction at Phillips’ new headquarters in 432 Park Avenue,” Phillips Americas Head of Watches Paul Boutros said. “Across two days, we saw tremendously spirited bidding from nearly 75 countries, leading to game-changing prices for vintage and modern wristwatches alike.”
After the Patek Philippe Tiffany & Co. Nautilus, the second highest-earning lot at the sale was a George Daniels watch, circa 1975, seen below.
The “spectacular and historically important” timepiece sold for $1.7 million. The yellow gold twin barrel one-minute tourbillon pocket watch features an Earnshaw spring detent chronometer escapement and retrograde hour hand.
The No. 3 lot, pictured above, was a Rolex Ref. 6241 yellow gold chronograph wristwatch with Paul Newman “John Player Special” dial and bracelet, circa 1969, which earned $1.2 million.
No. 4 was a Richard Mille Ref. RM022 AM CA A limited edition skeletonized carbon dual time tourbillon wristwatch with torque, power reserve, and function indicators, circa 2012, seen above. It sold for $1.2 million.
Another Rolex Ref. 6241 rounded at the top five in the final spot, pictured below, earning $756,000.
The 14-karat yellow gold chronograph wristwatch with a champagne Paul Newman exotic dial, circa 1968, sold for $756,000.
