Hing Wa Lee owner was underbidder for $18m Patek Philippe
David Lee, the owner of Hing Wa Lee, was revealed as the underbidder for the Patek Philippe Ref. 1518, which sold for CHF 12 million ($17.6 million) at the Phillips Geneva Watch auction. This price narrowly missed the world record for the most expensive wristwatch sold at auction, previously held by a Rolex Daytona. Lee, who operates luxury watch showrooms and a real estate empire, had a set price in mind and withdrew from the bidding when it reached CHF 12 million. The auction featured fierce competition, with three in-room bidders and two phone bidders, but ultimately, Lee stopped bidding before the watch could reach its potential. The Patek Philippe Ref. 1518 is considered the ultimate grail watch for vintage collectors, being the first commercially produced perpetual calendar chronograph. Only four steel versions are believed to exist, and the watch sold was the earliest known example, previously auctioned for CHF 11 million in 2016. The auction was notable for other record-breaking sales, including another Patek Philippe for CHF 3.6 million and multiple Rolex Daytonas. Despite some controversy regarding the watch's details, experts confirmed its authenticity, emphasizing its significance in horology.
