March 27, 2018 / 6:08 AM / 8 months ago

Patek Philippe watch once owned by Egypt's King Farouk sets Middle East record

The Patek Philippe 18k gold perpetual chronograph wrist watch with moon phases belonging to the King Farouk is on display at the Christie's auction in Dubai, United Arab Emirates, March 19, 2018. REUTERS/Satish Kumar

DUBAI (Reuters) - A Patek Philippe watch once owned by Egypt’s King Farouk has sold for $912,500 at a Christie’s auction in Dubai, an official from the auction house said, setting a record for a watch sold in the Middle East.

“I am not surprised the watch went up to a hammer price of $750,000. This watch, for sure, was going to hit a record,” Bob Xue, an associated specialist in the watch department at Christie’s in Dubai, told Reuters on Monday.

The watch’s sale tag of $912,500 included a buyer’s premium, he said.

Made in 1944 and embossed with an old Egyptian royal crest, the Patek Philippe 1518 with perpetual calendar and chronograph is said to be one of only 281 such models ever made by the prestigious Swiss watchmaker.

The 1518 series was the first by any watch manufacturer to combine perpetual calendar and chronograph.

Christie’s had a presales estimate of $400,000 to $800,000 for the watch ahead of the auction, which took place on Friday.

King Farouk, Egypt’s last king before a 1952 revolution overthrew the monarchy, was a collector of rare watches, a hobby inherited from his father, King Fuad.

He owned Patek Philippe and Vacheron Constantin watches and also collected cars and coins.

Reporting by Hadeel Al Sayegh; Editing by Paul Tait

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