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Turnover dropped from £176.4 million to £103.7 million, the lowest sales figure since 2014.
The platinum pocket watch, formerly owned by the infamous Chicago gangster, is encrusted with 90 diamonds.
Olive green 5905/1A Flyback Chronograph in steel has all the hallmarks of a new unicorn watch from the master watchmaker.
Referred to as ‘one of the top 11 best watch investments for aspiring collectors’ by Tim Stracke, CEO of Chrono 24, the Patek Philippe Nautilus 5711/1A-010 will be offered at a fractional ownership.
Laings has secured rights to sell Patek Philippe from its newly refurbished showroom in Cardiff, making it the only authorised dealer in Wales.
Chicago's Durk Derrick Banks, known professionally as rapper Lil Durk, is urging his fans to shop with authorized dealers after compatriot Lil Baby appeared to have been stung by a secondary market dealer with a fake Patek Philippe he bought for $400,000.
Christie's has given the watch an estimate of $380,000 to $650,000, a potential 400% profit for whoever is consigning the piece.
Bidding opened this week and ends on Tuesday, August 24 at 10:30 a.m. EST and has already reached £55,000 with six days to go for the online auction.
Nine out of the top ten prices paid at auction so far this year have been for Patek Philippe watches.
Luxury watch sales at auction rise by 49% for the first half of 2021 compares to the same period in pre-pandemic 2019.