An easy way to describe the current state of the luxury economy is that there is some winners and and some losers. Sure, certain brands are going to suffer in a dicey economy and affluent buyers may hold off on that second Porsche or vacation home. But ultimately, desire will always trump economic logic and a recent watch auction in Hong Kong perfectly illustrates the emotional connection affluent people have to shiny things that go tick tock.
Phillips Hong Kong auction
Auction house Phillips specializes in the resale of luxury watches and recently held its second auction in Hong Kong and broke some records in the process.
Overall, Phillips hauled in almost $20 Million USD with one very rare Patek Philippe crossing the block at over $2.5 Million US. The auction house indicates that this is the highest price paid ever for a watch in Asia. The scene was frenzied as international bidders went to war for the extremely rare 1968 Third Series. Patek Philippe Ref 2499 Courtesy Philips
The 18K pink gold chronograph timepiece is only one of 6 available in the world and purportedly has a unique face crafted only to this particular watch. Rarity and desirability created a 30 minute bidding war with one online bid setting another record at $1.8 Million USD.
The top 5 watches at the auction were all Patek Philippe and a rare Double Crown World Time came in a close second selling just north of $2.5 Million USD. Perhaps 7 figure price tags for luxury watches is now a ‘thing’&q...