A Patek Breaks Auction Records, the Return of Auction Napa Valley, Ferrari’s New EV & More
Luxury had a busy week polishing its many mirrors. Patek Philippe complications changed hands in Hong Kong, six French hotels ascended to palace status, and Christie’s formally elevated the handbag to collectible. Elsewhere: Richard Mille drapes tourbillons in 1,400 gems apiece, Ferrari’s first EV arrives with five seats and 1,035 horsepower, and the Red Sea begins its slow conversion into the industry’s next gilded frontier.
Bonhams Hong Kong Sets House Record at May Watch Sale
Bonhams Hong Kong wrapped its Watches: Rare and Iconic Horological Legends sale on May 31 with a new house record, totaling HK$41 million on a 98 percent sell-through rate. A Patek Philippe Grand Complications Ref. 5016P-018, circa 2010, led the room at HK$8.894 million, setting a world auction record for the reference. Independent watchmaking held its own, with Maîtres du Temps, Romain Gauthier, and Greubel Forsey among the stronger performers.
France Adds Six Properties to Its Palace Hotel Roll
France has expanded its palace hotel roster to 33, awarding the coveted designation to Bulgari Hôtel Paris, Cheval Blanc Paris, Fouquet’s Paris, Four Seasons Hotel Megève, Hôtel Martinez in Cannes, and Royal Champagne Hotel & Spa. Created in 2010 and administered by Atout France, the label recognizes exceptional five-stars for location, service, heritage, and international prestige. Thirteen of the 33 now sit in Paris.
Christie’s New York Sale Puts Collectible Handbags Online
Christie’s Handbags Online: The New York Edit is open for bidding through June 11, led by a Matte White Himalaya Niloticus Crocodile Birkin 30 with Palladium Hardware, estimated at $90,000 to $120,000. Hermès, Chanel, and Dior round out the broader offering, while a dedicated run of around 20 Fendi Baguettes adds some pop cultural weight, including two formerly from Elizabeth Taylor’s collection and rare embellished designs from the 1990s and 2000s.
More information here.
Richard Mille Unveils a 12-Piece High-Jewelry Tourbillon
Richard Mille’s RM HJ-02 In-House Automatic Tourbillon arrives as an ultra-limited collection of 12 pieces across blue, pink, violet, and green. Each watch carries 1,399 precious and ornamental stones set across the Art Deco-inspired tonneau case and matching buckle, with nearly 700 hours spent on preparation and placement alone. Powering it all is the new skeletonized CRMT2 automatic tourbillon calibre in white gold, with a 50-hour power reserve.
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Ferrari’s First EV Arrives with 1,035 Horsepower and Jony Ive
Undeterred by the backlash, Ferrari has entered its EV era with the Luce, a four-door, five-seat electric model unveiled in Rome. It delivers 1,035 hp, over 770 lb-ft of torque, a 2.5-second sprint to 62 mph, and an estimated 329-mile range. Designed with Jony Ive, Marc Newson, and LoveFrom, the cabin leans analog despite the powertrain. Pricing starts at €550,000, placing Ferrari’s first electric firmly in ultra-luxury territory.
See the photos here.
Saudi Arabia’s Red Sea Is Redefining Destination Luxury
More than 90 untouched islands, coral reefs, and a deliberate cap on visitor numbers are making Saudi Arabia’s Red Sea one of ultra-luxury travel’s most watched new frontiers. The St. Regis Red Sea Resort, Nujuma a Ritz-Carlton Reserve, SLS The Red Sea, The Red Sea EDITION, and Desert Rock are already open, with Raffles, Four Seasons, Fairmont, and Rosewood bound for Shura Island. Less than one percent of land is slated for development.
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