Egypt’s King Farouk Patek Watch Sets Middle East Auction Record

Bloomberg

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.