Bonhams sells most expensive watch auctioned in London for a decade
Published May 27th, 2006
The second most expensive watch ever sold at a London auction, and the highest price achieved in the capital for a decade, fetched a groundbreaking £354,585 at Bonham’s’ Sale of Fine Watches and Wristwatches yesterday (Wednesday 24 May). This was the first time the extremely fine and rare Patek Philippe platinum wristwatch Ref.3974, made in 1994, had been offered for sale at auction, and was estimated to fetch £200,000 – 250,000. The successful bid was placed by an anonymous European buyer who sought against strong international bidding to secure the watch.
The Patek Philippe 3974 is an exceptionally rare minute repeating automatic self-winding watch, with a perpetual calendar and moon phase. Very few examples were produced in platinum, which added significantly to this model’s value and interest.
“The incredible result achieved by the sale of this watch sets a benchmark for future prices,†says Paul Maudsley, Head of Watches at Bonhams. “There was fierce competition from the room and on the telephones, with bidders from the UK, USA and Europe all keen to buy it. It is a fine example of a hugely sought-after watch and the price achieved for it demonstrates this.â€
