|
|
 |
|
| Watches |
Patek Mystique
James D. Malcolmson
05/03/2004
|
Unlike stock certificates, bonds or gold bars, a vintage wristwatch can be
worn and give daily pleasure to its owner while it increases in value. Watch
enthusiasts know well the delight of admiring the numerals on a well-designed
face and savoring the curve of an elegantly shaped case. Patek Philippe owners
go even farther in their horological passion. They crave the complex.
 | | THIS PATEK Philippe “World Time” wristwatch sold for $4,026,524 in April 2002,
setting a world record for a wristwatch sold at auction. |
What
they would not give for such complications as an adjustable calendar that never
forgets leap years or a melodic chime that sounds softly and resonantly on the
hour. A very great deal, as it turns out. A 1939 Patek Philippe perpetual
calendar/minute repeating platinum wristwatch sold at an Antiquorum auction last
December for $1,715,000. Not a bad rate of return for a watch that was bought in
1981 for a mere $152,000.
Indeed, Patek Philippe commands the highest prices
by far in the collectible watch market. In just the last few years, price
appreciation has accelerated. The value of coveted complicated watches, like the
perpetual calendar, escalated 200 percent to 300 percent during the ’90s. Chronographs (essentially a stopwatch), tourbillons (very accurate, but
complicated movements), and combinations of the above can now sell for six
figures, depending on the condition. Chugging along behind are the basic,
uncomplicated models, but even they rose in value by 50 percent. Of the top 50
highest prices ever paid for watches at auction, 47 were for Patek Philippes.
|
|
|
|
|
|
|
