(Bloomberg) -- A rare 1950s Patek Philippe timepiece sold for a hammer price of HK$60 million ($7.7 million) in a Christie's auction in Hong Kong that took place amid rising tensions as protests rage in the city, scaring off many high-end shoppers.
The 18-carat pink gold Patek Philippe has a rare translucent blue enamel dial and is known by the name of the 177-year-old Milan-based shop where it was sold, Gobbi. The price estimate was $7 million to $14 million, one of the highest for any wristwatch offered in an auction, according to Christie's.
Auctioneers are increasingly offering prestigious lots in Asia to tap demand by collectors in greater China, the world's largest market for Swiss watches. The months-long protests have deterred shoppers from mainland China, causing a plunge in sales of Swiss watches in Hong Kong.
Read more: The Very Big New Business of Reselling Little Old Timepieces
Christie's set a record price for a wristwatch in auction when it sold a one-of-a-kind steel Patek Philippe Grandmaster Chime earlier this month for $31 million at a charity sale in Geneva.
To contact the reporter on this story: Thomas Mulier in Geneva at tmulier@bloomberg.net
To contact the editors responsible for this story: Eric Pfanner at epfanner1@bloomberg.net, Stanley James, Michael Arnold
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