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Rare Patek Phillippe Watch goes for Cool 700K

Patek Phillippe watches are getting a resurgence of interest since Charlie Sheen ripped up a hotel room in search of his. But even Sheen couldn’t get his hands on this one:

New York—The only known Patek Philippe Ref. 2419 minute-repeating wristwatch sold for $710,500 at the Antiquorum auction held last Thursday in New York.

The bidding for the 18-karat gold timepiece, which was crafted in 1946 and sold by Cartier in 1950, was competitive, with a Chinese bidder ultimately winning.

“The spectacular results for the exceptional minute-repeating Patek Philippe Ref. 2419 wristwatch retailed by Cartier confirms that collectors today are willing to pay a premium for watches that are unique and new to the market,” Antiquorum President and Chief Executive Officer Evan Zimmermann said.

Source: National Jeweler

Overall, Antiquorum’s “Important Modern & Vintage Timepieces” auction garnered $4.5 million and was 81 percent sold by lot and 125 percent sold by value. The auction of 275 rare timepieces drew a standing-room-only crowd and 301 registered Internet and phone bidders. Aggressive international bidding came from nations including China, Russia, Qatar and Canada, as well as the United States.

In addition to the minute-repeating Patek Philippe Ref. 2419, other top lots included a Jaeger-LeCoultre “Reverso Gyrotourbillon 2” No. 52/75, which sold for $266,500. The watch was one of 75 of its kind crafted in 2009. The reversible platinum watch with visible Jaeger-LeCoultre caliber 174 has an inclined two-cage multi-axis spherical tourbillon, 50-hour power reserve, 24-hour indication and “1000 Hours Control.”

A self-winding, 18-karat gold Patek Philippe “The Celestial Wristwatch,” Ref. 5102G sold for $218,500 while another Patek Philippe, a pink gold “TV Watch” Ref. 5020R, (below) went for $164,500. And a 18-karat yellow gold, self-winding Patek Philippe Genève Ref. 3448 sold for $158,500.