Yahoo Finance This One-of-One Patek Philippe Watch Just Sold for $17.3 Million
Photograph: Patek Philippe; Collage: Gabe Conte
If you’re the type of collector who absolutely must own pièces uniques, then the bi-annual Only Watch auction is where you should be doing your shopping.
A charity auction, Only Watch brings together brands both large and small—including many high-end independents—to design one-off versions of their most famous wares. Then, the watch world cognoscenti gather in Geneva, the watches are auctioned, and the money is donated to research into treatment for Duchenne muscular dystrophy…
…sort of. Forbes reported late in 2023 that of the $100 million raised since the auction began in 2005, only $50 million or so has been distributed. In the ensuing controversy, the November 2023 edition of the auction was canceled, and numerous brands (Audemars Piguet, Biver Watches, Tudor, and others) pulled out. However, Only Watch returned last week, and went off without a hitch…
…sort of. Christie’s website was down, you see, which meant that online bidding was off the table, and only phone or live bidding was possible. But still, the show went on, and Only Watch managed to raise a hair over CHF 28 million, or roughly $31 million. Not a bad take for a bunch of people throwing lots of money on what is essentially antiquated technology.
Lots of said take came from a single lot: a unique minute-repeating wristwatch from none other than Patek Philippe. Carrying reference number 6301A, it’s cased in stainless steel, automatically setting itself apart from the majority of the maison’s wares, which are generally cased in precious metals. (A steel Patek, no matter how pedestrian seeming, will almost always carry a premium over an equivalent version in gold or platinum.) On top of this, it features a gorgeous, blue-green, hand-guillochéd Grand Feu enamel dial with an outer railroad minute track, applied diamond indices, sub-seconds, and dual power reserve indicators—one for timekeeping, and another for the strikeworks.
Within the sizable 44.8-millimeter case is the manually-wound, 703-part Patek Philippe Caliber GS 36‑750 PS IRM movement with grande sonnerie, petite sonnerie, minute repeater, and jumping seconds functions. (The watch audibly chimes the quarter-hour and, upon activation, chimes the current time; its seconds hand also ticks once per second, like that of a quartz watch.) Featuring three gongs visible via the sapphire caseback, the movement was granted three distinct patents.
Carrying an estimate of CHF 1.5-1.8 million—slightly higher than the list price of the ref. 6301P, the catalog version with a black Grand Feu enamel dial—the 6301A opened to a bid of CHF 5 million and slowly entered the stratosphere from there. Climbing past the eight-figure mark, it finally settled at CHF 15.7 million, or roughly $17.3 million, and went to paddle number 153. The gentleman who purchased the watch, Zach Lu, turns out to be the same person who bought the Tiffany-signed Patek Philippe Nautilus ref. 5711 at auction in 2021 for $6.5 million.
Part of Patek’s Grand Complications collection, the ref. 6301A represents, even in its non-unique Only Watch form, the pinnacle of the maison’s expertise. Combining an almost laughably complicated movement with a beautifully finished dial, it speaks to nearly 200 years of savoir faire. Its watches like this that represent the last word in top-shelf horology—the possible exception being equivalent pieces from high-end independent makers—and the ultimate targets of high-profile collectors. The chance to own one and contribute to a charitable cause represents a unique pull.
Following an audit of its financials and a restructuring of its governance, it seems that Only Watch is here to stay. Hopefully, the substantial sum resulting from the sale of this unique Patek—and many other compelling pieces—does the good it’s meant to do.
Originally Appeared on GQ
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