Auction Watch: Record-Setting Patek Philippe Ref. 1415 World Time
A frequent topic of news headlines recently is the US$11 billion tax bill faced by the Lee family that controls Samsung. South Korea’s 60% inheritance tax is the highest in the rich world, resulting in the gargantuan tax assessment after the death of Lee Kun-hee, the former chairman of Samsung. The late Lee was a reticent but prodigious collector of art, automobiles, and also watches – all of which are either being sold or donated to help cover the bill. According to the Financial Times, Lee amassed 23,000 works of art, including paintings by Basquiat, Dalí, Monet and Picasso. Valued at over US$2 billion, the art collection will be donated to various museums in South Korea to offset some of the taxes. Christie’s mega auction Comprised of several hundred wrist- and pocket watches, Lee’s timepiece collection was consigned to Christie’s, according to several industry insiders. The first watches from the collection will be sold on May 22 in Hong Kong at a sale led by Christie’s head of watches in Asia, Alexandre Bigler. Amongst the highlights of the collection is the unique Patek Philippe Ref. 1415 HU world time in platinum that once held the record for the most expensive watch ever when it sold for 6.6 million Swiss francs at Antiquorum’s Geneva auction in April 2002. Alexandre Bigler of Christie’s While the identities of the buyers of recent record-setting watches is often unknown except to a handful of well-connected individuals (the buyer of the US$31-mil...
Time+Tide
