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March 25, 2019,   2:13 PM

Sotheby’s Second Middle East Watch Auction Brings In $3M

Amany Zaher

FULL BIO

patek

Image source: Sotheby's

London auction house Sotheby's second Watches auction in the Middle East achieved sales totaling $3 million with 84% of the lots sold.

Sales at the second auction made $400,000 more than the first one, which was held in November last year indicating the region’s rising appetite for valuable pieces.

Over 680 participants from 49 countries took part, with over half of the clients (54%) choosing to bid online and around 25% of participants new to Sotheby’s.

The top lot of the sale was a rare Rolex Daytona Paul Newman, which sold for $275,000. Only approximately 2,700 of these pieces were ever made.

Among the lots was a platinum and diamond-set bracelet watch, circa 1990 by Audemars Piguet, which made $168,750.

Other lots included a Rolex Double Red Sea-Dweller with patent pending case and mk2 dial from 1968, which sold for $106,250.

Also, a Rolex GMT made in 1978 for Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, sold for $93,750.

A world auction record was set for a Patek Philippe Nautilus in stainless steel, when a chronograph made in 2009 made $92,500.

A very rare example of Patek Philippe achieved $81,250. This pink gold and ruby-set wristwatch with enamel dial featuring a portrait of King lbn Saud, King of Saudi Arabia (1953-1964), was made in 1957 with a limited edition of about 250 pieces.

“The enthusiasm and deep interest we felt from collectors during the exhibition this week has translated into strong bidding tonight. I look forward to building on this and pursuing our dialogue with Middle Eastern clients,” said Frederic Watrelot, Sotheby’s newly appointed Senior Watch Specialist, based in Dubai.



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