On the 9th of November 2019 at the Christies Only Watch charity auction, the Patek Philippe’s one-of-a-kind Ref. 6300A-010 Grandmaster Chime in stainless steel became the most expensive watch ever sold with a final hammer price of CHF31,000,000 (US$31.2 million). This breaks two record price for a watch and a wristwatch which were held by Patek Philippe Henry Graves Supercomplication, which sold for $23.98 million in Geneva on November 11, 2014 and Paul Newman's Rolex Daytona, which sold for $17.75 million in New York on October 26, 2017.
This watch is indeed a very special one of a kind, lets look into some of the combination of factors that produced a world record price.
The original Grand master Chime reference 5175R-001 was only commissioned for 7 pieces for the 175th anniversary of the brand. One of those pieces is owned by the Patek museum. These pieces were sold for 2.5 million CHF directly to collectors. The 6300A is a piece unique as only one of this stainless steel version will ever be made. The salmon colored front dial bears the inscription “The Only One” on the alarm subdial at 12 o’clock
The Patek Philippe brand power is getting stronger with collectors due to how they perform in the secondary market and auctions. Currently Patek Philippe currently holds 7 out of 10 of the most expensive watches sold at auction .This gives investors/collectors a lot of confidence
The Only watch auction which began in 2005 is a bi-annual auction, organized by Monaco’s Monegasque Association against Muscular Dystrophy and conducted by Christie’s Watches. It works with the leading watch brands to donate a one-off special watch to the auction. Since 2005, more than $40 million has been raised to finance fundamental and applied research in this field. 99% of the proceeds to back to the charity to fund research on Duchenne muscular dystrophy. There is no buyers premium like at other typical auctions. This auction has been used by brands as PR/Marketing for brands to show of special pieces which can fetch record prices
Like the original version, the new Grandmaster Chime contains Patek Philippe’s Caliber GS AL 36-750 QIS FUS IRM, made up of 1,366 parts. The case itself is composed of 214 parts, which means the total number of components in each watch is an amazing 1,580.
The watch includes 20 Complications, including five acoustic functions, two of which are patented, an alarm that strikes the preprogrammed alarm time and a date repeater that sounds the date on demand. The double-face case with the guilloched hobnail pattern is endowed with a patented reversing mechanism.
List of Patek Philippe GrandMaster Chime 20 Complications
1. Grande Sonnerie
2. Petite Sonnerie
3. Minute Repeater
4. StrikeWork Mode Display (Silence/Grande Sonnerie/Petite Sonnerie)
5. Alarm with time Strike
6. Perpetual Date Repeater
7. Movement Power- Reserve Indicator
8. Strikework Power reserve indicator
9. Strikework Isolator Display
10. Second Time Zone
11. Second time Zone day/night indicator
12. Instantaneous perpetual calendar
13. Day of the week Display
14. Month Display
15. Date Display
16. Leap Year cycle
17. Fourth digit year display
18. Moon Phases
19. 24 Hour and Minute Subdial
20. Crown position inidcator RAH
What is a Grande Sonnerie?
Patek Phillipe have introduced for the first time a Grande Sonnerie (French for “grand strike”). This complication will automatically strike the hour and quarter hour every 15 minutes. Patek have paired this with a Petite Sonnerie, which automatically chimes the hours and quarters without repeating the hours at each quarter.
What this means for the industry
Looking back to the effect of the Paul Newman Sale in 2017 to the industry. This brought a lot of media coverage and sparked interest in people collecting and investing in watches , the Rolex brand was even more in-demand with all Rolex watches increasing in consumer demand and prices going for premium on the secondary market. The Patek Philippe brand will definitely get more confidence with collectors and there is bound to be more of an interest in watch collecting
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