Here’s how much a Gaddafi commissioned Patek Philippe watch was auctioned for


Brimming with history and heritage, a Patek Philippe watch came under the hammer at Christie’s auction house in Dubai on Friday night. The time-piece made headlines not only for its final bid of $193,750 but primarily because it was crafted at the behest of former Libyan strongman Muammar Gaddafi in 1979.

Embedded with 18-carat gold, the cushion-shaped wristwatch is a white whale for watch collectors. Possibly only a third of its kind, the watch entails an inscription in Arabic on its pale green dial that reads: “Only in times of need will you find freedom,” accompanied by Gaddafi’s signature. Originally commissioned by Gaddafi to commemorate Libyan Labour Day, the watches were later gifted to his associates.

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We hear Christie’s had estimated $25,000 for the watch, which ultimately sold at a premium of 675% on the asking price. Christie’s said that Friday night’s auction as a whole achieved just 69 percent of its estimated value, whilst 29 percent of the evening’s lots went unsold.
The auction grossed $8.25 million for Christie’s, below its estimated range of $9 million to $15 million.

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[Via:GulfNews]