Patek Philippe is famed for its limited production of extremely high-quality, hand-finished timepieces, meaning that many of their models sell for considerable sums. However, very few can rival the recent sale of a vintage Patek Philippe Reference No. 2499, which was auctioned in Hong Kong for more than $2.5 million on May 31.
The bidding process lasted for 30 tense minutes, before closing at HK$19,720,000, which works out to approximately $2,538,832, based on the current exchange rate. The unknown bidder was reportedly met with loud applause at the conclusion of the auction – so why exactly did this particular wristwatch sell for so much?
Rarity of the Ref. 2499
One of the key reasons the timepiece was considered to be so valuable was because of the overall rarity of Patek Philippe Reference 2499 models. Rarity is always a good indicator of auction value, as was recently seen with the sale of a Rolex 4113 last month, which also sold for almost $2.5 million.
Despite being in production from 1951 until 1988, only 349 watches from the Reference 2499 collection were ever released to the market. Of those, there are only six known models in the world today which were cased in pink gold, with one of those six being the wristwatch in question.
Condition and Unique Quality
The model sold at the Phillips Hong Kong Auction was produced in 1968, making it close to 50 years old and the second-oldest of the six known pink gold models. Yet, despite this, the timepiece remains in excellent condition, with barely a mark on it; another significant indicator of value at high-end luxury watch auctions.
Furthermore, the auctioned wristwatch may have actually been completely unique. While equivalent watches feature a semi-circular indentation underneath the moonphase complication, this particular model has a flat dial. This is certainly unique among the pink gold models and may be a unique feature among all Reference 2499s.
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