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Patek Philippe watches account for eight out of ten top prices paid at Hong Kong auction

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Phillips in Association with Bacs & Russo lacked a huge headline watch to capture attention ahead of last week’s Hong Kong Watch Auction XI, but the scarcity of Patek Philippe complications meant there were plenty of six figure sales and 83% of the lots sold for above their pre-sale low estimates.

There was also a 12% increase in the number of participants from the spring fairs, with 1,600 bidders from  60 countries bidding in sale room, on the phone, with advance bids and online.

Eight out of the top ten prices paid at the auction were for Patek Philippe watches, with Rolex and Richard Mille making up the remainder.

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“The approach of Phillips to select the highest quality and to attribute the most intelligent estimates was appreciated by the watch community who reacted with fierce bidding. Patek Philippe models once again dominated the top lots, led by reference 5104,” say Aurel Bacs, senior consultant and Thomas Perazzi, head of watches, Asia, for Phillips in a joint statement.

The highest price of $585,144 was paid for a 2012 Patek Philippe Ref. 5104 in platinum and pink gold — a semi-skeletonised minute repeating perpetual calendar wristwatch with small seconds, retrograde date, moon phases and leap year.

And there was considerable demand for a single-owner’s collection of historically important Panerai watches, which sold for a total of $683,481, over four times the more than their combined pre-sale estimates.

Top prices from the Hong Kong Watch Auction XI (described by Phillips):

Patek Philippe Ref. 5104. A two tone platinum and pink gold semi-skeletonised minute repeating perpetual calendar wristwatch with small seconds, retrograde date, moon phases and leap year indication. Circa 2012. Sold for $585,144.
Rolex Ref. 6236. A stainless steel triple calendar chronograph wristwatch with ‘no lumes’ dial. Circa 1960’s. Sold for $568,890 .
Richard Mille Ref. RM022 CA TZP-Z RME. A limited edition brown ceramic, carbon TPT tonneau-shaped dual-time, tourbillon, with function selector, power reserve and torque indication. Circa 2018. Sold for $552,636.
Patek Philippe Ref. 6104G-001. A white gold with diamond-set astronomical wristwatch with sky chart, phases and orbit of the moon and time of Meridian Passage of Sirius and of the Moon, date. Circa 2013. Sold for $471,366.
Patek Philippe Ref. 6104R-001. A pink gold and diamond-set astronomical wristwatch with sky chart, phases and orbit of the moon and time of Meridian Passage of Sirius and of the Moon, date. Circa 2018. Sold for $430,731.
Patek Philippe Ref. 5372P-001. A platinum perpetual calendar single-button split seconds chronograph wristwatch with moon phases, leap year, day and night indication, additional solid caseback, Circa 2019. Sold for $406,350.

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