HONG KONG.- Phillips, in Association with Bacs & Russo, held its inaugural sale of watches in Hong Kong, selling a Patek Philippe for HK$12,040,000 (US$1,553,000), making it the highest price ever paid for a wristwatch at auction in Asia. Overall, the Hong Kong auction realized HK$117,760,750 / US$15,189,578 / €14,334,306, selling 80% by value and 78% by lot.

In just three sales, Phillips Watch Department sold more than $70 million in its inaugural year, including the sale of 10 watches for more than US$1 million each in 2015, making Phillips the premier destination for the world’s most discerning collectors.

Aurel Bacs, Auctioneer and Senior Consultant, said, “Following our remarkable sales in May and November, we are delighted with our inaugural sale results in Hong Kong. Collectors were drawn to our highly curated sale of the rarest and most exceptional watches, with competition for these masterworks coming at a feverish pace. Timepieces of the highest quality from some of the world’s most distinguished manufacturers—such as Patek Philippe, Rolex, Audemars Piguet, Vacheron Constantin and Cartier—were immensely appreciated by our global clients. We achieved the highest average lot value in the industry as collectors in the crowded saleroom faced competition from a notable number of clients from around the world.”

Phillips, a leading global platform for buying and selling 20th and 21st century art and design, has a distinguished history in a wide range of auction categories including Contemporary Art, Photographs, Editions, Design, Jewellery and Watches. The company is continuing to expand internationally, having just opened its new Asian headquarters in the prestigious Landmark building in Central Hong Kong.

“We are delighted to have successfully launched our first-ever sale in Hong Kong,” said Sam Hines, International Head of Watches for Phillips. “It’s clear the time is right for Phillips to expand in the Asian market as we aim to build our reputation as the most innovative and trustworthy auction house in the region. We are looking at long-term development and a broadening of future auction categories in Hong Kong. We look forward to a number of exciting sales and groundbreaking exhibitions in the region next year.”

The top lot of the sale is a Patek Philippe (Reference 3450): Extremely rare white gold automatic perpetual wristwatch, manufactured in 1985, sold for HK$12,040,000 / US$1,553,000 / €1,465,394.