Wealthy collectors, many of whom are in the Gulf, are racing to buy ultra-rare luxury watches as many fear they will disappear from the market due to the coronavirus pandemic, according to British auction house Christie’s.
Both sides of a watch movement of Swiss watch manufacturer Patek Philippe are seen on display at the Baselworld watch and jewellery fair in Basel (Reuters)
While there are many brands of watches that often pop up at auction or in private sale for huge amounts, for the most part, high-value collecting is a tale of two brands – Patek Phillipe and Rolex, founded in 1839 and 1905, respectively. These two brands have come to dominate the luxury watch market, almost completely making up the top tier of watches by themselves.
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