Diamonds and watches and bags – Vintage auction set to break records!

SYDNEY, Australia—16 November, 2023— First State Auctions, Australia’s leading jewellery auction house, has announced that an extremely rare timepiece; a 1946 manufactured Patek Philippe #1436, will be auctioned in Sydney this month. With an auction estimate of AUD $400,000 – 800,000, it is set to become the most expensive wristwatch ever auctioned in Australia.

Calling all lovers of vintage and pre-owned luxury and designer pieces, First State Auctions, Australia’s leading jewellery auction house, has a stunning catalogue of watches, jewellery and accessories with auction estimates a fraction of original retail prices. The online auction runs until this Sunday, 19 November.

Shop some of this year’s most coveted designer bags such as the Christian Dior Book Tote, the Lady Dior loved by the inimitable Princess Diana just in time for the new series of The Crown, or a highly sought after Hermes Birkin without the waitlist.

Bidders have a chance to get their hands on some of the rarest diamonds in the world such as an incredible 10.10ct square emerald cut natural diamond or a collection of 20 Argyle pink diamonds. These ‘beyond rare’ natural wonders, offer natural, unique tone across the pink spectrum, such as the 1.04ct Princess Cut Fancy Graded as Deep Orangy Pink

The auction also features an extremely rare timepiece; a 1946 Patek Philippe #1436 anticipated to break the A$1million mark making it the most expensive wristwatch ever auctioned in Australia. Deemed to be the ‘holy grail’ of watches, Patek Philippe is often seen on the wrists of celebrities, including Paul McCartney, Stormzy, Ed Sheeran and Leonardo DiCaprio.

This auction is anticipated to soar past the previous record of the most expensive wristwatch auctioned in Australia, also set by First State Auctions in July with the sale of a Richard Mille watch for A$306,000[1] IBP.

In 2021, a Patek Philippe #1436 sold at auction in Hong Kong for over A$2.6 million[2]. This model holds particular interest to collectors, as it is one of only 160 made by the prestigious Swiss company over a period of 30 years. Patek Philippe archives show the date of manufacture as 1946, with the piece being first sold on 28 October 1949.

The watch will be one of 500 lots to be offered by First State Auctions in an online auction running from 13-19 November 2023. The auction is set to become the largest Australian jewellery auction ever, with a low estimated auction value of A$4.2 million – greatly exceeding the previous record of A$3.42 million[3].

Lili Mustakov, Fine Jewellery & Swiss Watch Client Experience Specialist at First State Auctions, said, “This is a once-in-a-lifetime opportunity to secure a Patek Philippe #1436 18ct Yellow Gold Split Seconds Chronograph. Patek Philippe watches are often retained as personal family heirlooms so they rarely become available to purchase and are therefore known for their strong investment and resale value. This watch is an exceptionally rare & sought after example.”

Patek Philippe is widely regarded as one of the most prestigious and respected watch brands in the world. The watchmaker is known for its exceptional craftsmanship, attention to detail, and rich heritage, which dates back to 1839. In the present day, deemed to be the ‘holy grail’ of watches, the brand is often seen on the wrists of the world’s most well-heeled celebrities, including Paul McCartney, Stormzy, Ed Sheeran and Leonardo DiCaprio.

A trusted auctioneer since 1995, First State Auctions is Australia’s leading jewellery auction house specialising in fine jewellery, Swiss watches, designer jewellery and handbags and gemstones. The Patek Phillipe watch is one of over 500 lots in an auction that will include 20 Argyle diamonds collected over two decades by a former Rio Tinto employee – a rare occurrence and set to be one of the last open auction opportunities to secure one of these exquisite pink diamonds due to the mine’s closure.

Ari Taibel, Founder and Director at First State Auctions said, “I am thrilled to announce the auction of this extraordinary Patek Philippe #1436 watch, a rare masterpiece that could be snapped up for an incredible price. Since our establishment in 1995, we have built a reputation as Australia’s most-trusted fine jewellery and Swiss watch auctioneers. Our commitment to quality, backed by qualified experts and a guarantee of authenticity, ensures a seamless bidding experience and we are excited to open this experience up to the general public in Australia, Hong Kong, New Zealand and Singapore”.

“The Patek Phillipe watch is one of over 500 lots in an auction that will also include highly sought-after fine jewellery, extraordinary gemstones and designer handbags, including an incredible 10.10ct square emerald cut natural diamond and 20 Argyle pink diamonds. This landmark auction really will offer a unique platform to buy authenticated pieces at unparalleled prices and could be the beginning of a new heirloom story for successful bidders.”

[1] https://www.firststateauctions.com/au/articles/new-australian-record-watch-auction

2 https://www.collectorsquare.com/en/watches/patek-philippe/tiffany/ref-patek-philippe-1436/lpi

3 https://www.leonardjoel.com.au/newsletter/records-tumble-as-the-leonard-joel-diamond-sells-for-1125000-ibp