HONG KONG.- Sotheby’s Hong Kong Important Watches Spring Sale 2011 held yesterday achieved an impressive total of HK$73,086,250 / US$9,370,032 (Est. HK$46 -92.3 million / US$5.9 - 8 million*), achieving the Highest Ever Total For A Various-Owner Sale of Important Watches at Sotheby’s Hong Kong, eclipsing the consecutive record-breaking results of the past two seasons. With frenzied in room bidding and competition from around the world via telephone and Internet, the sale achieved astounding sell-through rates of 96.8% by lot and 99.1% by value, as well as world auction records for multiple timepieces, with 71.2% of total lots sold above high estimate.

Top lot of the sale, an extremely important and rare Patek Philippe Platinum Minute Repeating Perpetual Calendar Tourbillon Wristwatch With Retrograde Date And Moon-Phases, Accompanied By Three Additional Dials, Circa 2004, Ref. 5016P (Est. HK$3.6 -5.5 million / US$460,000 -700,000) was sold for HK$5.12 million / US$656,410, while an exceptional Patek Philippe Yellow Gold Open-Faced Minute Repeating Perpetual Calendar Keyless Chronometre Watch With Moon-Phases, 24 Hour Indication And Earnshaw-Type Spring Detent Escapement, Retailed By Beyer, Circa 1990, Ref. 961 (Est. HK$800,000 -1.2 million / US$100,000 -150,000) fetched an impressive HK$1.64 million / US$210,256, doubling presale low estimate.

Apart from brilliant results achieved for Patek Philippe timepieces, World Auction Records were also set for an Audemars Piguet, Pink Gold Minute Repeating Tourbillon Chronograph Wristwatch with Register, Jules Audemars (Est. HK$750,000 -1.2 million / US$96,000 -150,000) at HK$2.18 million / US$279,487,which nearly tripled its low estimate, as well as an F. P. Journe Limited Edition Titanium And Pink Gold Tourbillon Dead Beat Seconds Wristwatch With Power Reserve Indication, Circa 2007, Tourbillon Souverain Hong Kong 07 No. 1/5 (Est. HK$800,000 - 1,100,000 / US$100,000 - 140,000) which sold for HK$1.28 million / US$164,103.

Vanessa Herrera, Head of Watches, Sotheby’s China and Southeast Asia, said after the sale: “We are thrilled to announce that yesterday’s sale concluded with flying colours, achieving the Highest Total Ever for a Various-Owner Sale of Important Watches at Sotheby’s Hong Kong. The watch market in Asia is in a state of vibrant growth, with each season’s totals exceeding previous offerings. With the strengthened Asia Watch Department and international team effort, we have been able to source a broad spectrum of rare and top-quality timepieces by world-revered horological masters, which achieved an impressive average lot value, as well as extremely high sell-through rates of 99.1% (by value) and 96.8% (by lot), demonstrating healthy competition at all levels from international collectors. “

* Estimates do not include buyer’s premium