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Watch market remains buoyant, Sotheby's

Dec '08
Sotheby's London final auction of the year has achieved the second highest total ever for a watches auction at Sotheby's London. The result brings the 2008 total for watches sold at Sotheby's worldwide to $52.9 million.

Among the many highlights in the sale was a white gold Patek Philippe Automatic Astronomical Wristwatch that sold for £103,250 - £20,000 over the low estimate. This important and rare watch was just one of many timepieces by the watchmaker
Patek Philippe to achieve top prices

• A yellow gold automatic perpetual calendar wristwatch sold for £64,850 and a watch of the same reference without moon phases realised £61,250 – both selling comfortably within estimate.

• In addition to these top prices, a unique George Daniels White Gold Millennium Watch one of less than 10 ever made in white gold – neared top estimate to sell for £79,250.

After the sale, Alex Barter, Director and Deputy Worldwide Head of Sotheby's Watches Department, commented on the results: "We are thrilled with the results of today's auction, which achieved a total well in excess of its pre-sale low estimate of £1.1 million and represents the second highest total achieved for a Watches Sale ever at Sotheby's London. The overall results and prices established for rare timepieces of high quality by renowned makers, such as Patek Philippe and George Daniels, which dominated today's top ten, demonstrate that the market for Waches remains extremely buoyant.

Despite the instability in the current market place, 2008 has proved to be a remarkable year for the Watches department at Sotheby's, in each of the locations where we offer watches for sale, and we hope to build on these results in 2009.”

Sotheby's Holdings Inc

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