Last Updated on 1/3/2007 by bidz
Savvy investors enjoy steep returns by investing in vintage timepieces
By Thomas Kostigen, MarketWatch
Jan 3, 2007
“SANTA MONICA, Calif. (MarketWatch) — Sure you can’t buy time, but you can invest in it.
Timepieces such as vintage wristwatches are turning in big returns to collectors. Last month, at Antiquorum’s “Important Collectors’ Wristwatches, Pocket Watches & Clocks” auction in New York City, just 396 pieces sold for a total of $7.2 million.
The auction’s top seller was a “Grande Complication Automatique” Audemars Piguet, Geneve wristwatch, which sold for $372,400. Next was another Piguet, the “Cabinet Watch No. 2,” that sold for $333,200. And yet another Piguet, the Tourbillon Repetition Minutes Chronographe, sold for $243,600.
…Patek Phillipe, by far, is the most renowned collectible watch. Forty-seven of the 50 most expensive watches ever sold at auction have been Pateks, according to Worth magazine.”