Cover A Patek Philippe Ref 2499/100 set in 18-karat yellow gold sold for US$607,590 at a recent auction. (Photo: Courtesy of Phillips)

A Patek Philippe Reference 2499/100 was the top lot at Phillips with Bacs & Russo Hong Kong Watch Auction: X

Four modern Patek Philippes led Phillips's US$14 million watch auction in Hong Kong earlier this month.

A Patek Philippe Ref 2499/100 set in 18-karat yellow gold, complete with a perpetual calendar chronograph and moon phases, circa 1982, was the top lot at the Phillips with Bacs & Russo Hong Kong Watch Auction: X. It sold for an eye-watering US$607,590, within estimates, and contributed to the auction's impressive sell-through rate of 99.24%.

“Our tenth watch auction in Hong Kong brought together a carefully curated group of timepieces to the community of watch collectors," says Thomas Perazzi, head of watches, Phillips Asia. Collectors from 50 countries competed for pieces, including a record number of 1,200 online bidders, the most in any live auction held by Phillips in Asia.

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Aurel Bacs, senior consultant, added: “Following the 100% sell-through rates for watches offered in our recent online-only auction and our blockbuster live auction in Geneva, the Hong Kong Watch Auction fetched US$14 million, bringing our spring season total for watch sales to an impressive US$47 million... Collectors’ excitement and enthusiasm for seeking top quality timepieces is stronger than ever, and proves that not even a global crisis can halt the rise and growth of the vintage watch market."

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