Records Fall at $19.7 mn Patek Philippe Anniversary Auction

Records tumbled at a special auction in Geneva Sunday to mark 175 years of Patek Philippe watches, with a rare pink gold item going for $2.67 million, auctioneers Christie's said.

The auction of 100 wrist and pocket watches brought in a total of $19,731,099, double the original estimate, and set nine world records in the process. Christie's said in a statement after the three-hour bidding battle.

The top lot of the evening was the pink gold watch, manufactured in 1951 by the Geneva-based maker, and one of only four of its kind known to the market.

"This sale has exceeded our expectations in every way," said John Reardon, international head of Christie's watch department.

"(It) sets a new benchmark for thematic sales and shows the amazing strength of the Patek Philippe market," he added.

All 125 seats in the sale room had been reserved 48 hours ahead of the auction, and over 300 collectors and watch enthusiasts attended the event.

The sale continues Monday.

The following day Sotheby's will auction off what is billed as the most famous, and expensive, watch in the world, another Patek Philippe creation.

The celebrated timepiece known as the "Henry Graves Supercomplication" after its original owner, a New York banker, was made in the 1930s and estimates say it will sell for $15 million.