Rare Patek Philippe watch sells for $215,000 at Toronto auction
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A rare Patek Philippe watch on auction in Toronto Sunday was expected to fetch $300,000. It sold for a paltry $215,000, not including the commission.
“I was hoping somebody local would buy it,” said Kashif Khan, director of Ritchies auction house. “But it went to the U.S. They took our best piece.”
The man representing the U.S. buyer declined to comment, stating it was a private purchase.
Though the feature watch — an astronomical piece made in Geneva to chart the moon’s phases, indicate when the star Sirius passes the meridian and to actually tell time — didn’t bring in what was expected, most of the 73 watches on the block sold for more than what was listed.
“I put in a couple bids on a few different watches that I wanted,” said Toronto resident Cheryle Reznick. “I’m a real watch fanatic, but they over-bid me. I have a certain line that I don’t want to cross.”
It’s a lot higher than most people’s. Reznick shows off the Cartier on her wrist, one of 10 luxury watches she owns. “I have a Rolex, Patek Philippe, Audemars Piguet. I buy at every single auction. This is the first one I didn’t get anything at.”
Bidders in the audience competed with buyers and collectors around the world who either had representatives at the auction or participated online and over the phone. However, for the most part there wasn’t any Hollywood-style drama — two bidders going toe-to-toe driving a price up into the stratosphere.
“It was as expected,” Khan said shortly after the auction ended.
A couple watches went for a few hundred dollars, but most sold for between $3,000 and $40,000. Two other Patek Philippes sold for $100,000 and $95,000, nowhere near the record price two years ago when a Patek was sold at auction for $5.6 million.
For watch aficionado John Philip Green, the day was a success, even though he didn’t walk away with anything.
“It went for higher than what I wanted to pay.” The Internet entrepreneur had his eye on a Roger Dubuis with a diamond bezel and crocodile strap for his wife.
But, for a true watch connoisseur like himself who is perfectly happy with the one luxury timepiece he owns, it was as much about being around such masterfully crafted pieces.
“It’s great fun. These happen once a year. Hopefully more people in Toronto will get into it.”