Auction house Phillips has broken the record for the highest auction price ever paid for a wristwatch in Asia at its inaugural Hong Kong auction.
The auction saw the sale of a Patek Philippe branded watch, which went for a record HK$12,040,000 (£1m). Overall, the Hong Kong auction realized HK$117,760,750 (£10m) selling 80% by value and 78% by lot.
Following its first-ever watch auction earlier this year, in three sales Phillips’ Watch Department has sold more than $70m (£46.5m), including the sale of 10 watches for more than $1m (£664,000) each.
Sam Hines, international head of watches for Phillips, said: “We are delighted to have successfully launched our first-ever sale in Hong Kong. It’s clear the time is right for Phillips to expand in the Asian market as we aim to build our reputation as the most innovative and trustworthy auction house in the region.
“We are looking at long-term development and a broadening of future auction categories in Hong Kong. We look forward to a number of exciting sales and groundbreaking exhibitions in the region next year.”