Patek Philippe’s gold watch sold for a record price of $24.4 million

Date: 08 Jul 2015

Citywealth

Tim Bourne, Worldwide Head of Watches at Sotheby’s, says Patek Philippe or Roger Dubuis are a good investment.

What other passion assets are UHNW buying?
Our four biggest selling areas, apart from the watches, are wine, luxury cars, and jewellery.

Who are the big watch buyers? Where do they come from?
Clients now come from all over the world. Every week, we see about 1,000 buyers from more than forty countries. The interesting thing about selling watches is that they are appealing to a much larger audience that would perhaps shy away from buying other luxury items.

What is the highest price you have seen a watch be sold for?
Patek Philippe’s “most complicated‚Äù gold watch sold last year for a record price of $24.4 million.

What are three most important things to know about when buying high profile watches?
I would look for brand name, rarity and low production, and condition. For the brand name, Patek Philippe or Roger Dubuis are a good investment. As for the rarity, anything from five to a hundred pieces in the world is consider very rare and is potentially very valuable.