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Latest News Tiffany Blue Patek Nautilus 5711 Phillips New York Hatters Sold for Over $6.5M But All Money Goes to Charity
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Just before 10:30 a.m. in New York, the auction announced earlier this week by Patek Philippe Ref. added minutes, with all proceeds from the auction going to The Nature Conservancy. It was the first Philips held in New York in two years Live Watch Auction, also the first live watch auction at the company's new location at 432 Park Avenue. we were in the room and this is what we saw
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Ariel Back leads the podium with a time of 14 minutes and 39 seconds Bidding started at – yes, ridiculous – $20,000, then jumped to $50,000 (retail), then $500,000, which I believe was the previous record for 5711 steel . Tiffany Two in London bid as much as $1 million. We saw bids increase by $500,000 to $3.5 million. Bids started in small increments of $100,00 up to about $4 million.
Meanwhile, a battle broke out between phone bidders, represented by Phillips specialists Clara Casey and Marcelo Di Marco, until the five million mark was reached. Then a collector in the room named Jack Lew jumped in and bids started rising to $50,000. Clara's bid came close to winning, before an online bidder in New York stunned the crowd, jumping to $5,250 along with Ariel's gavel. 000 Another online work from New York — the oar number 9252 — was sold for $5.35 million by a British online bidder for $5.3 million.
Combined with the auction premium, the final price was $6,503,000, making it the ninth most expensive watch at auction.
So is this all crazy? I do not think so. The watch immediately polarized when it was released last Monday. Some fans loved the Beyoncé-level look and wonder. Meanwhile, the Patek Philippe Ref. 5711/1A-018 will be paired with a Tiffany & Co. A watch for the hype – a Veblen luxury whose willful inefficiency typifies all that's wrong with the watch market today. The case text strikes a certain chord. Reasonable people might disagree with the aesthetics of the watch and its place in the market, but the piece and the auction have raised over half a million dollars for charity – and the watch industry would not have been affected Lots of attention there.
Crr Sept 2018 By Columbia River Reader
This kind of thing didn't just happen 5 or 10 or 15 years ago For many of us the price was a hit but I will reiterate that all proceeds go to nature reserves like watches the premium is included in the final price The labels Philips, Tiffany and Patek Philippe make zero profit from the sale of these watches.
I also want to point out something that has been missed in all the discussions over the past few days that all 170 examples of 5711/1A-018 will be distributed exclusively to Tiffany & Co. In the United States, Patek Philippe is sold only in Tiffany stores in New York, Beverly Hills and San Francisco. It doesn't matter how much Patek Philippe spends elsewhere so as you can imagine there were plenty of disgruntled collectors in Hong Kong, the UAE and London this past week. I think that's a major factor in the price increase, even though it's being sold to a NYC network provider
I think there is something fitting about this result. New York City is the birthplace of the Tiffany & Co. relationship and it is only natural that Patek Philippe's last and most expensive Nautilus 5711 appeared there.
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