LIFESTYLE | WATCHES
The Patek Philippe Grandmaster Chime sold at auction of US $ 34 million in 2019
brand-new vehicles – fuelled by a lack of supply and long waiting lists caused by supply chain disruptions .
Even more stark was the impact on high-end watches , with the most in-demand timepieces commanding prices up to three times the recommended retail price as collectors and enthusiasts clamoured to get their wrists around new models but unable to visit boutiques .
Already in limited supply , the secondhand market for haute horlogerie has
PETITE IN ASIA FOR Y ROBUST AND EVEN E-PANDEMIC LEVELS
Alexandre Bigler , Head of Watches , Christie ’ s Asia Pacific calmed down since that heady pandemic period but many watches are still trading above asking price , and Asian buyers are leading the charge .
That ’ s according to renowned auction house Christie ’ s that has offices in Bangkok , Beijing , Hong Kong , Jakarta , Mumbai , Seoul , Shanghai , Singapore , Taipei and Tokyo .
Christie ’ s says the buying appetite in Asia for H1 2023 is “ very robust and even outperforms pre-pandemic levels ”. This is evidenced in their global watch auctions which have seen Asian registrants increase by 42 % and the value of their purchases soar by 182 %.
“ Watches hit best-ever first half results in 2023 , with the most valuable timepiece ever sold online at auction globally – the Patek Philippe ‘ Sky Moon Tourbillon ’ Ref . 6002G – setting a world record at US $ 5,815,300 ,” says Alexandre Bigler , Head of Watches at Christie ’ s Asia Pacific .
That sale was at Christie ’ s Hong Kong , which set 11 auction records and total sales of US $ 56,925,684 in H1 2023 . businesschief . asia 133