Yasuharu Abe's Patek Philippe Theory - 130th Edition - Held on October 5th [Sotheby's] Hong Kong - Breaking Results of the Featured Models

Good evening everyone.

This time, we would like to bring you the latest results of the Sotheby's auction held in Hong Kong on October 5th, which we covered in our previous column. How much did the picked up models end up paying? Please enjoy until the end.

*If your bid is successful, the total amount to be paid will include a separate fee (26%).
*The Japanese yen rate will be based on the most recent exchange rate at the time of the auction.
*HKD (Hong Kong dollar) = 18.77 yen (*The Hong Kong dollar has weakened by 0.11 yen since the last column.)
*All images are from Sotheby's

[Lot.2200]
『Chronograph』PT
"Ref.5070P-001"

Estimate: HKD 1,000,000 – 1,500,000 (JPY 18,880,000 – 28,320,000)

《 Explanation from the previous column 》
The popular "chronograph" Ref. 5070 is equipped with a Lemania-based movement in a case size that is somewhat large for Patek Philippe at 42mm. This Platinum case model was announced in 2008 and production ended the following year in 2009, so there were only a few units available and the price remained relatively high and stable. Until recently, the market price was around 20 million yen, but on the famous overseas website "chrono24," it is listed from the upper 30 million yen range (excluding tax), so if you can buy it within this estimate, it will be a good deal.

▶ Successful bid: HKD 1,260,000 (JPY 23,650,200)

The winning bid was better than I expected... Honestly, it was exactly what I wanted. (laughs) This was the first auction of the fall season. It was probably the best purchase I've ever made, including what I expect from it in the future.

[Lot.2210]
"World Time Cloisonné" 18KWG
"Ref.5131G-001"

Estimate: HKD 700,000 – 900,000 (JPY 13,216,000 – 16,992,000)

《 Explanation from the previous column 》
This watch has a beautiful 18KWG (white gold) case and a blue-based "cloisonné" dial, and I vividly remember that it was selling for twice the official retail price on the secondary market from the beginning. Nowadays, it is common for the Nautilus and Aquanaut to sell for higher prices than the official retail price, but at the time, I think this World Time was the only watch that sold for such a premium price. There are very few models in circulation, so it's worth trying to get one at an auction.

▶ Successful bid: HKD 882,000 (JPY 16,555,140)

The winning bid was close to the high end of the estimate, but shipping and consumption tax were added, so the actual price was quite high. I also love the World Time Cloisonné. I'm really happy that a watch like this is being appreciated.

[Lot.2213]
"World Time Cloisonné" 18KRG
"Ref.5131R-001"

Estimate: HKD 700,000 – 900,000 (JPY 13,216,000 – 16,992,000)

《 Explanation from the previous column 》
Commit Ginza has previously sold this watch in sealed (unopened plastic) and used condition. The dial is very beautiful and you can see the "Japan" on it. It is a very popular model along with the 18KWG (white gold) case. The sleeve-like outer box that it came in is also unopened (commonly known as double-shielded), so it is likely to be highly valued and the winning bid price will go up. It is also a great piece for a collection, and we are looking forward to seeing the results.

▶ Successful bid: HKD 882,000 (JPY 16,555,140)

Cloisonné watches are very beautiful, but when you actually use them, you have to be very careful... I may be the only one who thinks this way, but this one is double-shielded, so it's perfect as a collection piece to have for a long time. I'm also very excited about its future potential. The winning bid was the same as Lot. 2210, so perhaps it was won by the same person...?!

[Lot.2217]
"Perpetual Calendar Chronograph" PT
"Ref.5971P-001"

Estimate: HKD 1,200,000 – 2,000,000 (JPY 22,656,000 – 37,760,000)

《 Explanation from the previous column 》
The Ref.5971P-001 is a platinum x baguette diamond bezel model from the Ref.5970 series, the fourth generation of the "Perpetual Calendar Chronograph" equipped with a Lemania-based movement. The Ref.5970 series itself is extremely rare, but this model has become even less common recently. We have handled several of these in the past, and they are simply cool watches with a strong presence. This is one model we would love to carry at Commit Ginza.

▶ Successful bid: HKD 2,142,000 (JPY 40,205,340)

The "Ref. 5970" series has been rarely seen in the secondary market lately, but because it is based on the popular Lemania model, it was sold for more than the estimate. However, I still think it is a very good price. As I have said many times, it is just so cool! It is one of the models that I would like to own at all costs.

[Lot.2221]
"Perpetual Calendar Chronograph" PT
"Ref.5970P-001"

Estimate: HKD 1,600,000 – 2,400,000 (JPY 30,208,000 – 45,312,000)

《 Explanation from the previous column 》
The fourth generation of the "Perpetual Calendar Chronograph" is the Ref. 5970. It is the last "Perpetual Calendar Chronograph" equipped with a Lemania-based movement, and this Platinum case model was the last to be announced, had a very short production period, and is the only model with a black dial. The date display around the moon phase has been updated to make it easier to see, and it has been popular since its announcement, with few units in circulation. The unit on sale is also in an unopened sleeve-shaped outer box (commonly known as a double shield) that was included at the time of delivery, just like Lot. 2213, so there is a good chance that the winning bid price will increase. This is also a great piece for a collection. I am looking forward to the results of the auction.

▶ Successful bid: HKD 2,394,000 (JPY 44,935,380)

I had expected this one to go for a little more, but I think it ended up with a reasonable winning bid. Still, the condition of this model (double shield) means I'm excited about its future. It's also definitely one of the best Patek Philippe watches, so although it would be a shame to let it go, it might be worth wearing it in brand new condition. *I can't do that. (lol)

[Lot.2232]
"Annual Calendar Chronograph" PT
"Ref.5961P-001"

Estimate: HKD 1,000,000 – 2,000,000 (JPY 18,880,000 – 37,760,000)

《 Explanation from the previous column 》
The luxurious Annual Calendar Chronograph "Ref. 5961P-001" features a matte blue diamond dial in a platinum case, and a total of 58 baguette-cut diamonds totaling 4.68 carats set in the bezel and buckle. The market price for this watch has also risen compared to a few years ago, and considering that the sleeve-shaped outer box it came in is still unopened (commonly known as the double shield), it will be interesting to see how high the auction price will go. This is a watch worthy of being a collection piece.

▶ Successful bid: HKD 1,260,000 (JPY 23,650,200)

Frankly, I think the winning bid was reasonable for this condition. We have handled several pieces at Commit Ginza in the past, and the PT (platinum) case and baguette-cut diamonds are not gaudy, but rather a classy and cool model. It would be good to keep it as a collection piece, but at this winning bid price, it may also be worn.

[Lot.2241]
"Perpetual Calendar Split Second Chronograph" PT
"Ref.5951P-001"

Estimate: HKD 2,500,000 – 3,500,000 (JPY 47,200,000 – 66,080,000)

《 Explanation from the previous column 》
Inspired by the Art Deco Western-style timepieces that caused a sensation in the 1920s and 1930s, the 5951P-001 was released in 2010. The cushion-shaped platinum case and ultra-thin movement with split-second chronograph and perpetual calendar made this a hot topic at the time. This model is so rare that I have never seen it in circulation except at auctions. I would love to own one someday... it's that rare.

▶ Successful bid: HKD 2,772,000 (JPY 52,030,440)

This piece was also offered at CHRISTIE'S Hong Kong in November 2020, and was sold for HKD 3,000,000 = JPY 41,610,000. While this price was reasonable in Hong Kong dollars, the weak yen has resulted in a frightening outcome.

[Lot.2245]
"Perpetual Calendar Chronograph" 18KRG
"Ref.3970ER-028"

Estimate: HKD 2,000,000 – 3,000,000 (JPY 37,760,000 – 56,640,000)

《 Explanation from the previous column 》
This is the extremely rare "Ref. 3970" that was announced at the "Art of the Watches Grand Exhibition" held in London in 2015 to celebrate the 175th anniversary of the founding of Patek Philippe. Only five pieces were produced. It has an 18KRG (rose gold) case, a special black dial with a tachymeter scale on the outer circumference and a Breguet numeral index set at the 12 o'clock position, leaf-shaped hands, and white chronograph hands, making it a model that is simply full of "coolness". To be honest, it's a watch that I would like to display. (Laughs) I'm particularly interested in the winning bid for this auction.

▶ Successful bid: HKD 5,166,000 (JPY 96,965,820)

This was the item I was most interested in seeing the winning bid for in this auction, but the winning bid was actually much higher than the estimate!! I can't say it has nothing to do with the situation, but rare models like this are less susceptible to market fluctuations. I hope someone wins the bid and lets me see the real thing!!! (lol)

[Lot.2256]
"Perpetual Calendar Chronograph" 18KWG
"Ref.5970G-001"

Estimate: HKD 1,300,000 – 2,000,000 (JPY 24,544,000 – 37,760,000)

《 Explanation from the previous column 》
This is the third article in this column, and it is the final model of the "Perpetual Calendar Chronograph" equipped with a Lemania-based movement, the "Ref. 5970". The 18KWG (white gold) case was announced at Baselworld in 2004 along with the 18KRG (rose gold) case. Our store has handled the 18KRG (rose gold) case and the Platinum (platinum) case, but we do not yet handle the 18KWG (white gold) case. The slightly grayish silver dial gives a very cool impression, and exudes a sophisticated dignity. This is a model we would like to handle in our store in the near future.

▶ Successful bid: HKD 1,260,000 (JPY 23,650,200)

Personally, I think this is a cool model that can compete with the PT (platinum) case in the "Ref. 5970" series, but the winning bid price was not that high... Of course, my desire to own it remains the same, so if you have one, please feel free to contact me!

summary

What did you think.

After the auction ended, I spoke to someone from Sotheby's, who said that the results were generally worse than they had expected. I couldn't help but feel that way about the results, but on the other hand, it could also be said that the successful bidder was able to get a good price.

I think that having these elements is unique to auctions and is also one of the best parts of them. As the auction season approaches, I hope you will keep your eyes on overseas auctions. We will also be reporting the results of upcoming auctions, so stay tuned!

see you!