Rare Swiss Watch Prices Counter Industry Woes
- Auctioneer to offer Patek estimated at $3 million in Geneva
- Underdog has displaced Christie’s, Sotheby’s in watch market
A Patek reference 1518, one of the company's rarest makes because of its early-made complications and steel case. This is one of just four known to exist.
Source: PhilipsAs Switzerland’s watch industry goes through the longest slump in decades, there’s one area that’s actually growing: rare vintage timepieces.
A stainless steel Patek Philippe chronograph that’s one of four known to exist will go under the hammer at Phillips, which has built a reputation handling the most rarefied timepieces and estimates the model is worth more than $3 million. The lower-profile firm kicks off the Geneva fall auction season Nov. 12 and expects to sell about 100 million Swiss francs ($102 million) of timepieces this year.