Bidders in the room at Phillips' “Watches: Decade One” auction in Geneva today watched with high anticipation as auctioneer Aurel Bacs approached Lot 23—a Patek Philippe ref. 1518, one of just four known examples in stainless steel. The house had billed it as the “key lot of the year.” The tension was so palpable that one bidder wouldn’t even let Bacs finish his introduction of the timepiece from the podium. The charismatic auctioneer was clearly pleased, teasing the eager bidder. “What? 8 million? Okay, don’t let me finish,” said Bacs. “From a savvy Chinese collector seated on the aisle, I have 8 million to start. Fair enough, 8 million. I was going to say something so interesting, but you miss it.” Ultimately, the watch missed its mark. It sold for CHF 14.19 million (approximately $17.6 million), making history as the highest price ever achieved for any Patek Philippe wristwatch at for profit auction (which excludes the..
