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Tuesday, 25th November 2008 (1748 views)

Christie's has announced that a gold Patek Philippe watch sold at auction in Geneva for a record price.

Made for Tiffany & Co in 1963, the watch was sold to a European collector for more than 950,000 francs, a world record for such a timepiece.

London-based Christie's held a sale of exceptional timepieces in Geneva on November 17th, which also included a Patek Philippe pink gold split-seconds chronograph watch thought to have been presented to William Keyser, executive of the Baltimore & Ohio Railroad.

A total of 17.9 million Swiss francs was raised by the Important Watches sale and Christie's has welcomed the strong results in light of the global economic downturn.

Recent figures indicated that gold demand rose sharply during the third quarter of 2008, as investors turned to gold for the stability it offers during periods of economic instability.

 

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