Hong Kong is now ranked among the world's top markets with wealthy collectors from the region splashing out millions for prestigious brands
In little more than a decade, Hong Kong has vaulted almost to the top of the international watch auction market. It now ranks among Geneva and New York as one of the top three markets, according to auction houses Christie's and Sotheby's.
'With the way business and the economy in Asia has developed over the past decade, one of the first things that people with a certain amount of wealth look to acquire is a watch that shows how successful they are and what their social status is,' said Tim Bourne, international co-head of Christie's watch department.
At this year's autumn sale in Hong Kong, the top seller at Sotheby's was the Omega Beijing 2008, a unique set of 35 limited edition watches each numbered '8' and sold for HK$9.62million. Omega donated all proceeds from the sale to the Chinese Athletes Educational Foundation, which is dedicated to not only supporting young athletes, but to also helping youngsters affected by the Sichuan earthquake. Sotheby's also donated part of its proceeds to the foundation.
A Patek Philippe, pink-gold perpetual calendar, split-seconds chronograph wristwatch, came in second at the same Sotheby's auction when it sold for HK$1.82million. Sotheby's auction raised more than HK$47.5 million, making it the highest total achieved by Sotheby's Hong Kong in a various-owner sale of watches.
For serious watch collectors, Swiss watchmaker Patek Philippe, renowned for its exquisite craftsmanship and extraordinary mechanical complications, is the most coveted brand.
