Sotheby's Hong Kong Important Watches Spring Sale 2011 held on April 7, 2011 achieved the highest total for the Various Owner sale of Important Watches category in Hong Kong.
With frenzied in-room bidding and competition from around the world via telephone and Internet, the sale achieved astounding sell-through rates of 96.8 percent by lot and 99.1 percent by value, as well as world auction records for multiple timepieces, with 71.2 percent of total lots sold above high estimate.
The watch market in Asia is in a state of vibrant growth, with each season's totals exceeding previous offerings, stated Vanessa Herrera, Head of Watches, Sotheby's China and Southeast Asia.
With the strengthened Asia Watch Department and international team effort, we have been able to source a broad spectrum of rare and top-quality timepieces by world-revered horological masters, which achieved an impressive average lot value, as well as extremely high sell-through rates of 99.1 percent by value and 96.8 percent by lot, demonstrating healthy competition at all levels from international collectors.
Top lot of the sale was a rare Patek Philippe Platinum Minute Repeating Perpetual Calendar Tourbillon Wristwatch with Retrograde Date and Moon-Phases. The timepiece fetched an impressive $656,410 and was followed in value by a second Patek Philippe watch with Moon-Phases which sold for $210,256.
Apart from brilliant results achieved for Patek Philippe timepieces, world auction records were also set for an Audemars Piguet, Pink Gold Minute Repeating Tourbillon Chronograph Wristwatch with Register which fetched $279,487 against an estimated value of $96,000 - $150,000.