Watch once owned by Egypt’s ex-King sets record

Dubai : A Patek Philippe watch once owned by Egypt’s King Farouk has sold for US$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 US$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 US$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.