New Record at CHF 31 Million

STANDY · Nov 9, 2019

JimInOz
I don't think the buyer can claim a deduction, they purchased something, they didn't make a charitable donation.

(I think the auction house is actually making the donation).

Done some digging looks like everyone makes a Donation along the way from PP to delivery guy

https://www.christies.com/features/Luc-Pettavino-Founder-of-Only-Watch-10007-1.aspx

gostang9 · Nov 10, 2019

Case: Stainless steel, Reversible case with guilloched hobnail pattern, Humidity and dust protected only (not water resistant).

If you wanted to know the year, month, day and time... just don’t take it snorkeling!
😲

Yak1 · Nov 10, 2019

It’s two watches in one thanks to that reversible dial. It’s like that reversible belt I own. But don’t wear.

I gave up speculating what people with that much money think. It’s such an different mindset. I have no frame of reference overlap.

Uniqez · Nov 10, 2019

For whomever got it spending $31M is like spending $3100 for some watch collectors here,I suppose. Plus money are going to charity- so all good. We have something to discuss, charity got some money, Patek Philippe got their name all over the news.
Win, win, win situation here!

rcs914 · Nov 13, 2019

So discusion of the auction but not much about the watch itself. I frankly find the look of it utterly underwhelming. And I just couldn't get over this:

Only-Watch-2019-Patek-Philippe-6300A-Steel-grandmaster-chime-1.jpg

Wait a second... I bet we know who bought this!

eugeneandresson · Nov 13, 2019

Does nobody else think that the name ‘Grandmaster Chime’ sounds perfect for some rap-hip-hop prodigy who is killer on cowbell?

gatorcpa · Nov 13, 2019

STANDY
It’s 31 million of a tax deductible 😗
Smart purchase if you owe 100million in tax

$31 million, less the actual fair market value of the watch.

The buyer's tax advisor can figure that out.
gatorcpa

Yak1 · Nov 13, 2019

eugeneandresson
Does nobody else think that the name ‘Grandmaster Chime’ sounds perfect for some rap-hip-hop prodigy who is killer on cowbell?

That’s solid. The answer is always “more cowbell”

guaranteed.rohu · Nov 13, 2019

Pun
100%. Auction house also won’t charge commission as its charity auction. The buyer may have to pay tax as per his country’s tax policy. This is what I gather from internet.

From what I've been told by a tax professional friend, anything above the pre-auction estimate will be claimed as a tax deduction as a pure donation. I'm sure if the tax office of the buyer actually came after the guy, it would be quite messy though... these cases would be pretty uncommon.

snarkq · Nov 14, 2019

guaranteed.rohu
From what I've been told by a tax professional friend, anything above the pre-auction estimate will be claimed as a tax deduction as a pure donation. I'm sure if the tax office of the buyer actually came after the guy, it would be quite messy though... these cases would be pretty uncommon.

Yep this is how it will work. So 28 mil tax deductible, not 31 mil. This is why these values can get so high (and frankly why the pre-auction estimates are so low)

vacheroyale · Jan 13, 2020

thirty years ago auction houses on watches did not bring as close as what they're bringing today . I guess in those days people were making hard money, ...and probably today it's just the opposite. I might be wrong, lately prices realized most of the times are hard justify why some watches are ridiculously expensive . millions and millions of $$$$ seems pretty common on rare stuff.