Auctions

This Patek Philippe Just Sold for $7.8M at Auction

AuctionsMay 12, 2021

This Patek Philippe Just Sold for $7.8M at Auction

It was the top lot of Phillips and Bacs & Russo’s recent white glove sale.

This previously unknown Patek Philippe Ref. 2523 yellow gold world-time wristwatch with two crowns and a “Eurasia” cloisonné enamel dial was the leading lot at Phillips and Bacs & Russo’s recent watch auction.
Geneva—Phillips, in partnership with Bacs & Russo, achieved a white glove sale with its “The Geneva Watch Auction: XIII,” held over the weekend.

Most notable of the 223 lots sold was the rare Patek Philippe Ref. 2523 with “Eurasia” dial circa 1953, which sold for $7.8 million, double its pre-sale estimate.

The yellow gold wristwatch, pictured at top of article, features a cloisonné enamel dial. 

In total, The Geneva Watch Auction: XIII sold 100 percent by value and 100 percent by lot, achieving $42.3 million.

This Patek Philippe Calatrava Ref. 570 fetched $3.66 million at auction.
This Patek Philippe Calatrava Ref. 570 fetched $3.66 million at auction.

Other highlights included a Patek Philippe Calatrava Ref. 570, which went for 16 times its pre-sale estimate for $3.66 million. 

A set of four Patek Philippe Ref. 2499 from the first, second, third and fourth series, meanwhile, achieved a total of $6.3 million. 

A Richard Mille Ref. RM022 limited-edition red quartz dual-time wristwatch sold for more than its pre-sale estimate, earning $839,000. 

 Related stories will be right here … 
From the “Independents Atelier” a Roger Smith Series 1 “Onely Theo Fennell” earned the most of any Roger Smith watch sold at auction when it went for $589,000.

According to Phillips, it’s the most a wristwatch from a British watchmaker has ever garnered at auction.

This Roger Smith Series 1 “Onely Theo Fennell” earned the most of any Roger Smith watch sold at auction when it went for $589,000.
This Roger Smith Series 1 “Onely Theo Fennell” earned the most of any Roger Smith watch sold at auction when it went for $589,000.
 
Bacs & Russo Senior Consultant Aurel Bacs and Head of Watches Alexandre Ghotbi compared the 10-hour long auction to the 90th minute of a World Cup Final with “pulse-racing bidding.” 

They attributed the auction’s success to record pre-sale inquiries, website visits, attendance at the international traveling exhibition and online auction participation. 

“We are thrilled with the ever-growing interest around the globe, especially for the highest quality vintage watches but also the finest masterpieces made by independent artisans,” they said. 

“The new world record for the Roger Smith ‘Onely’ series 1 may seem one small step for the global watch industry, but is one giant leap for independent watchmaking and collecting.”
Ashley Davisis the senior editor, fashion at National Jeweler, covering all things related to design, style and trends.

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