A Millennial Likely Bought this Rare Patek Phillipe
July 19, 2022
Patek Philippe Ref. 5002R from the Champion Collection, sold for US$3,129,380,achieving a world auction record for this reference; Patek Philippe Ref. 5531R-012, an exceptional 18k rose gold Grande Complication watch, which sold for US$2,220,000; Greubel Forsey GMT Sport ‘Blue’ new-to-market Blue Titanium world time tourbillon, 1 of 11 made sold for US$478,800; From theDaytona Trilogy Ref. 6264 Paul Newman Tropical Lemon sold forfor US$1,296,134.
Thirty-seven new world records were set in Dubai, Hong Kong, Geneva, and New York as Christie’s Watches went live with its Spring-Summer 2022 Watch Season and Millennials stepped into the virtual auction rooms. The watch sales across Dubai, Hong Kong, Geneva and New York totalled US$ 106.5 million. More than a third of buyers are Millennials.
Besides numerous rare and exceptional watches, many of which were fresh to the market, Christie’s put on the anvil two single-owner collections. The Champion Collection and The Kairos Collection curated for sale in Hong Kong, Geneva and New York throughout the season. This pitch-perfect combination of a unique offering, exceptional curation and 360-degree experience underlined the season.
The Dubai Edit showcased a unique pair of Greubel Forsey GMT Sport. Explains Remy Julia,head of watches Christie’s Middle East, India & Africa, in Dubai, “Two outstanding timepieces were on the market for the very first time. The limited Blue Edition - 11 were made - was sold for US$478,800. Rarer still, the Red GMT Sport - a one-off - was sold for US$504,000. Our leading timepiece for this sale was a superb Patek Philippe Ref. 3974J. One of the most important watches ever made in series by Patek Philippe; itsold for US$567,000.”
In Hong Kong, too, it reached new heights. Alexandre Bigler, Vice-President & Head of Watches Christie’s Asia Pacific, reveals, “We were successful in offering single-owner collections of the rarest and most in-demand timepieces. The Champion Collection Part III: The Artistry of Complications was 100 per cent sold with a total of US$20,080,490, while Important Watches and The Rise of The Independent Watchmakers, featuring The Kairos Collection Part II totalled US$18,189,431. Contemporary designs sold particularly well. Our array of rarities, from industry legends such as Patek Philippe and Audemars Piguet to high-end independent watchmakers such as Greubel Forsey and F.P. Journe, reaffirm Christie’s as the preeminent destination for watch auctions.”
Rémi Guillemin, Head of Watches, Christie’s Geneva says, “We saw millennials taking the lead – they represented 51 per cent of new bidders, while Rolex achieved new heights of desirability as 16 new world records were broken.” The Rolex Daytona Trilogy was very successful –the Ref. 6269 ‘Jack of Diamonds’ sold for US$1,668,230, Ref. 6264 Paul Newman Tropical Lemon for US$1,296,134, and the Ref. 6241 ‘champagne Paul Newman dial’ for US$1,106,986.
The market continues to open up to bidders worldwide who have never before stepped into an auction room to buy watches. The auction was 100 per cent sold!”
From left: Remy Julia,Head of Watches Christie’s Middle East, India & Africa; Rémi Guillemin, Head of Watches, Christie’s Geneva; Alexandre Bigler, Vice-President & Head of Watches Christie’s Asia Pacific.