Record watch sale to heighten demand for luxury timepieces

Singapore

WATCH collectors have been buzzing about the 7.3 million Swiss francs price (S$10 million) - a record for a wristwatch - achieved by the Patek Philippe Reference 5016A-010 at the Only Watch auction earlier this month in Geneva. The amount was 10 times the low estimate of the sale price.

The charity event on Nov 7, run by Phillips with Aurel Bacs as the auctioneer, had two anonymous telephone bidders (represented by Phillips executives) battling for nine minutes before the hammer fell.