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Patek Philippe Sells for $2.2 Million in Record Auction

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Nov. 12 (Bloomberg) -- A 1957 Patek Philippe pink-gold watch that adjusts for leap years and is one of six of its kind known to exist sold for $2.2 million at a Christie’s International auction in Geneva.

The auction house sold a record $43.9 million of watches within 24 hours, the highest total result for any series of watch auctions, according to an e-mailed release today. The presale estimate was more than $15 million.

An unidentified buyer also paid $1.6 million for a 1947 version of another Patek model that’s known as a Duke Ellington chronograph because the jazz musician had owned one.

Highlights of the two days of sales, which set auction price records for more than 100 models of timepieces, included a Breguet pocket watch made for King George IV that sold for $318,912 and a 1969 Rolex that sold for $1.1 million, a record for the Daytona model and close to a record for that brand.

The Geneva fall auction season runs through tomorrow, when Sotheby’s will try to set a record for any gemstone at auction with a 59.60-carat internally flawless diamond called the “Pink Star.” It’s valued at more than $60 million.

The largest fancy vivid orange diamond known to exist will be put on sale this evening in Geneva by Christie's. The estimate is as much as $20 million for the 14.82-carat stone.

Sotheby’s is auctioning watches today as well, including a pocket watch made by Breguet and sold in 1831 to Lord Henry Seymour Conway. It later belonged to Sir Richard Wallace, known for the Wallace Collection of fine arts in London.

A 59.60-carat pink diamond may raise more than $60 million, a record for any gemstone at auction, when it is sold by Sotheby’s tomorrow.

Muse highlights include Mark Beech on music, Frederik Balfour on Asian art, James Russell on architecture and Amanda Gordon’s Scene Last Night.

To contact the reporter on this story: Thomas Mulier in Geneva at tmulier@bloomberg.net

To contact the editors responsible for this story: David Risser at drisser@bloomberg.net; Manuela Hoelterhoff at mhoelterhoff@bloomberg.net.

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