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Friday, April 03, 2009

Auction Proceeds of Gold Watches Soar

Over $4.7 million (£3.2 million) was raised during a sale of watches and clocks at an auction in Geneva, it has been announced.

An 18-c gold Rolex was the most popular item at the event, JCK Online reports, fetching a record $313,610 at the sale, which was organised by Antiquorum.

Timepieces from Patek Philippe also proved popular, with an 18-c gold wristwatch made in 1980 selling for $271,753, while another 18-c item made from the precious metal was purchased for $209,041.

"Rare pieces at auction such as the record setting Rolex … prove that exceptional timepieces bring worldwide interest and amazing results," watch director and auctioneer at Antiquorum Julien Schaerer told the news source.

A similar auction is also set to take place in the Swiss city next month, with Sotheby's expecting to sell a gold wristwatch for €260,000 (£238,000) during an event at the Beau-Rivage Hotel, according to Retail Jeweller.

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