The Shen zhen Inter medi ate People ' s Court of China has recently au ction ed two new ultra - lux ury models of Swiss lux ury watch brand " Pat ek Philippe " on the judicial au ction platform oper ated by Alibaba Group . The au ction has attra cted a lot of attention and has become a big topic among watch lov ers and investors .
A uction Details
The two Pat ek Philippe wat ches ex hibit ed are each valu ed at more than 40 million yuan (abo ut 800 million yen). Spe cific ex hib its are as follows :
- Model No . 600 2 G 001 - App rais al value 44 million yuan (abo ut 8 80 million yen), starting price 26. 76 million yuan (abo ut 53 5 million yen)
- The other model - App rais al value over 40 million yuan , starting price 28. 77 million yuan (abo ut 575 million yen)
These wat ches have been au ction ed off in the past , but this time they will be put on display again . The starting price is significant ly lower than the app rais al value , which is character ized by the high investment value of the item .
Pat ek Philippe ' s brand value
Pat ek Philippe is a Swiss super - lux ury watch brand found ed in 183 9, sometimes referred to as the " king of wat ches " among watch lov ers . Mod els with a particularly complex mechan ism are very popular among colle ctors , and they are always trad ed at high prices at au ctions .
The models on display this time are position ed as the company ' s highest pe ak models , which are extremely rare and bo ast the highest level of comple tion in technology . That is why a high valu ation of more than 40 million yuan has been attach ed .
Tr ends in China ' s lux ury watch market
In China , demand for ultra - lux ury wat ches has sky ro cket ed in recent years . Es peci ally among the wealth y , there is a growing trend to buy lux ury wat ches as a status symbol and as an investment object .
Shen zhen is one of China ' s leading cities with economic development , and is home to many wealth y people . It is believed that such regional character istics are also refle cted in the fact that the au ction will be held in Shen zhen .
This is a situation that many buy ers are paying attention to because it may be obtained at a lower price than the normal market price through a special sales channel called judicial au ction .
Future pros pe cts for the au ction
According to experts , the au ction results of such ultra - lux ury wat ches also serve as a bar ometer to ga uge the trend of the overall Chinese lux ury market . In past cases , there are not a few cases where the bid was won at a higher price than expected .
Alibaba ' s judicial au ction platform is one of the largest onWhatsapp judicial au ction sites in China . The platform has a rich track record of trading lux ury wat ches , en ab ling highly reli able transactions .
De pend ing on the out come of the au ction , it could also lead to further rev ita lization of China ' s lux ury watch market , which has also attra cted attention from industry officials .