Patek Philippe Chairman Thierry Stern had advice for Swiss watchmakers several years ago that most rivals didn’t heed: don’t overinvest in China. Amid the recent slowdown in China, the executive’s call has proved prescient.
Sotheby’s six-day auction in Hong Kong ended last night with a total sale of HK$2.18 billion ($281 million), led by wines from El Bulli’s cellar and a jeweled Patek Philippe clock that set an auction record for a clock by the Swiss timepiece maker.
Nov. 26 (Bloomberg) -- As Dracula he shunned the light, though in real life Hungarian actor Bela Lugosi owned a pair of 18th-century Chinese lantern stands that will go on sale at Christie’s International in Hong Kong. The six-day auction of wine, modern and contemporary Asian Art, classical Chinese paintings and calligraphy, ceramics, Chinese furniture, watches and jewelry began Nov. 23 and is estimated by Christie’s to raise as much as HK$2.2 billion ($284 million). (Source: Bloomberg)
A member of the Qatari royal family has pledged the world’s most expensive watch and other collectibles valued at almost $83 million to Sotheby’s to cover debts owed to the auction house, according to court documents.