查看完整版本: HK$11.7m for wristwatch sets auction record

HK$11.7m for wristwatch sets auction record

A Patek Philippe watch set a new world record at Sotheby's watch and jewellery auction - HK$11.7 million.

The highly anticipated sale of a 72.22-carat, pear-shaped, D-colour flawless diamond, which was expected to fetch about HK$100 million yesterday, fell through because an overseas bidder retracted a bid after miscalculating the exchange rate and the final bid did not reach the reserve. However, it sold for an undisclosed price after the auction.

The Patek Philippe wristwatch, a rare platinum model, set a new world record price for a modern wristwatch sold at auction.

Vanessa Herrera, Sotheby's deputy director of China and Southeast Asia, who is also acting head of Sotheby's watches department, said the Patek Philippe was sold to an Asian buyer.

The seller, an Asian family, wanted to donate the proceeds to a local charity, she said.

"It is the most complicated watch ever made and there are less than 10 of them in the world," said Ms Herrera, adding that it was the watch's debut at an auction in Asia.

The market for watches in Asia had grown enormously, with new buyers making up 30 per cent of buyers at auctions, she said.

The jewellery auction ended in disappointment with the 72.22-carat diamond, the largest of its kind to appear at auction in Asia, unsold.

Matthew Weigman, worldwide director of sales publicity at Sotheby's, said an overseas buyer had miscalculated an exchange rate and retracted the bid at HK$74 million. The bid then fell back to HK$73 million, which did not meet the reserve price.


Exchange rate miscalculations rarely occurred at international auctions, he said. Before news of the post-auction sale emerged, he said: "We are negotiating a private sale with today's bidders and people have already made offers."


The last day of the spring auction continues today with the sale of Chinese ceramics and works of art at the Convention and Exhibition Centre.