The guys over at Patek Philippe are likely patting each other on the back due to a recent auction result sure to be good for the brand. Not that they really did anything in a modern sense. This was due to the sale of an old watch. A unique Patek Philippe watch from 1944 came in at .637 million at a Christie’s auction in Geneva. That’s right. Over 5.6 million dollars for a simple Patek Philippe wrist watch. Aside form the fact that it is a unique watch (and a Patek Philippe) there is nothing extraordinarily interesting about it. I gander that such a high price can be explained how many (most Asian) watch lovers and investors are looking at Patek Philippe timepieces a s money making vehicle – rather than just a item of horological fascination.

The watch is referred to at the Ref. 1527 – though there is a more modern 1527, and no classic 1527 in Patek’s historical records. More than likely that watch was a prototype of experiment. Perhaps a more complex model than the highly loved 1518 Perpetual Calendar Patek Philippe watch. This 1527 watch has a chronograph that the 1518 does not have, a larger size, and a more avant garde case design. . In 18k yellow gold, the watch is further unique for being relatively large for a war-era watch. Over 37mm in width – while considered medium in size at best given today’s standards, this was a large watch back in the 1940s. This watch isn’t new at auction either – it was last up on the bidding slab about 20 years ago.

The lot estimate for this Patek Philippe watch was no more than .5 million, but that price was far exceeded. I am frankly quite amazed by the fervor of Patek Philippe watch collectors (and prospectors). I feel that much of this is about riding a slow moving wave that at some point in the future will fall a bit. Many of these watches enter auction houses like they are revolving doors. Always hoping to fetch a higher and higher price a bit down the road. Such an economy cannot be maintained. Plus, there are other brands with fantastic historical watches that eventually will be noticed if a demand can be garnered. So while Patek Philippe watches will always be valuable at auction, I just can’t see this extreme price hike continuing.

Via Christie’s.

Ariel Adams publishes the luxury watch review site aBlogtoRead.com.

Filed under: Timepieces / Watches, Auctions

Record Breaking Price For Patek Philippe Watch At Auction originally appeared on Luxist on Wed, 12 May 2010 03:02:00 EST. Please see our terms for use of feeds.

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