A Patek Philippe watch made for King Farouk of Egypt in 1944 sold to an unidentified buyer for $912,500 at Christie’s in Dubai on Friday, a record sum for a timepiece auctioned in the Middle East.
The 18-carat gold Patek Philippe Ref. 1518 was estimated to be worth as much as $800,000 by the auction house, which concluded its 23rd auction season in the region. A Rolex GMT-Master made for Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum fetched $162,500, surpassing the estimate of $120,000-$160,000. The sales total for the auction was $7.1 million, compared with an estimate of $5 million to $8 million.
“It’s very clear there’s an appetite for watches across the region,” Michael Jeha, managing director of Christie’s Middle East, said in an interview.
Egypt’s King Farouk Patek Watch Sets Middle East Auction Record