Patek Philippe’s gold wristwatch auctioned for a whopping $5.86 million

There seems to be a race to break records at which watch is more expensive than the other.  The winner for the moment seems to be an exquisite, gold Patek Philippe perpetual calendar chronograph wristwatch. It has fetched a price of $5.86 million, which is a record for a yellow gold watch that was put up for an auction. The watch was produced in 1943.

We did expect the watch to generate a lot of excitement but it exceeded our expectations. The initial estimate was $2.5 million, but it was sold for almost double that rate. Aurel Bacs, international co-head of Christie‘s watch department was responsible for the sale. He referred to it as the “Mona Lisa of all watches.” He went on to say that, “European bidders were fiercely challenged by international collectors, especially buyers from China.”

The watch is quite iconic in the sense that it was the inspiration behind many other Patek watches that followed. It is also one of two complicated references 1527 that were ever produced, the other piece at Patek’s Geneva museum. The watch was bought by a private Swiss museum, which has chosen to remain anonymous.

Via: Reuters

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