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HomeWatchesMillion Dollar Surpassed: When a Vintage Patek Philippe Flies Away at Auction

Million Dollar Surpassed: When a Vintage Patek Philippe Flies Away at Auction

A Patek Philippe reference 2497 in rose gold has just crossed the symbolic million dollar mark at an auction in Madrid. This exceptional result, obtained at a little-known auction house, is shaking up the codes of the collector's watch market. A look behind the scenes at a sale that is shaking up the world of luxury watchmaking.

An exceptional Patek Philippe under the spotlight at auction

On July 4, 2024, a Patek Philippe reference 2497 perpetual calendar in rose gold fetched a staggering $1.15 million (โ‚ฌ1.06 million) at an auction in Madrid. This watch, only the seventh known example of this model, proves that:

โ€“ Secrets are rare in the world of vintage Patek and Rolex โ€“ Small auction houses can now compete with the giants of the sector

The rarity and state of preservation of this Patek 2497 largely explain its exceptional price.

Expertise at the heart of value

Ignacio Coll, a vintage watch expert at Ancienne Watches in Barcelona, โ€‹โ€‹examined the watch before the sale. His observations reveal crucial details:

โ€“ Original dial having undergone a โ€œfriendlyโ€ cleaningโ€“ Case polished but retaining its original anglesโ€“ Service crown, indicating a revision by Patek Philippe

These elements, difficult to appreciate in simple photos, play a determining role in the evaluation of the watch.

Technology is redefining the auction market

The rise of auction aggregation platforms is transforming the landscape of the vintage luxury watch market:

โ€“ Easier access to sales around the world for collectors and dealersโ€“ Democratization of information on rare coinsโ€“ Increased risk of overbidding for poorly valued coins

This increased connectivity is pushing up prices, even at little-known auction houses.

Results that challenge

The Madrid sale also saw other remarkable results:

โ€“ A Patek Philippe Calatrava 96 in pink gold sold for $89,000โ€“ A Rolex Daytona 6241 โ€œPaul Newmanโ€ reached $293,700 a few days earlier in Paris

These sales raise questions about the valuation of watches and the reliability of online information.

Human expertise remains irreplaceable

Despite the democratization of information, expertise remains crucial:

โ€“ In-person inspection reveals details invisible in photosโ€“ Experience allows you to assess the consistency and originality of a pieceโ€“ The passion and emotion when faced with an exceptional watch remain inimitable

The art of vintage watch appraisal cannot be entirely replaced by technology.

The vintage luxury watch market is undergoing a revolution. While technology has democratized access to auctions and information, human expertise remains more essential than ever. The sale of this Patek Philippe 2497 for over $1 million at a small Madrid auction house marks a turning point. It proves that horological treasures can emerge anywhere, and that the value of a watch is not limited to its price, but to the story and emotion it conveys.

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