This weekend, history was made. A one of a
kind Patek Phillipe Grandmaster Chime Ref. 6300A-010 sold for AUD $45.3
million. The previous world record for the highest priced wristwatch
sold at auction was Rolex Daytona 'Paul Newman' but Patek sold for more
than double.
What is so special about it you might wonder? The world record price is a combination of three factors.
Firstly, Patek 6300A-010 is simply an amazing watch. It is one of the
most complicated Patek wristwatches ever made featuring over 20
complications which include no fewer than five chiming modes, two of
which are patented world firsts. It stands out as the first and only
Grandmaster Chime made in stainless steel. It features a hand guilloched
hobnail rose gold dial on one side, as well as a black ebony dial on
the other. To put it simply, this is the Grand Daddy of Patek Phillipe
watches.
The second factor is the venue. The watch was part of 50 one of a kind
timepieces auctioned by Christie's on behalf of a charity event called Only Watch.
This bi-annual event held in Monaco is a who's who of horology; both
mega brands and independent watchmakers submit one piece for auction
where all proceedings go to charity.
The third reason is rather bizarre: there is simply so much cash
floating around. While AUD $45 million for a wristwatch is insane, this
is still just pocket money for a billionaire. There are currently 2,153
billionaires on the planet with a combined wealth exceeding GDP of 153
countries and this list does not include the thousands of billionaires
who made their money dealing in illegal stuff.
Overall, the auction was a success where both brands and charity were
winners, with a number of pieces setting brand records. At the auction:
Tudor sold for half a million Australian dollars, Hublot sold for
$350,000, Hermes sold for $307,000, Louis Vuitton for $409,000, Chanel
for $190,000, and Bell & Ross sold for $80,000.
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