Financial Times FT.com

A new spirit of sobriety takes hold

By Haig Simonian

Published: June 12 2009 16:04 | Last updated: June 12 2009 16:04

When the hammer came down last month on a vintage Patek Philippe, the SFr1.94m ($1.79m) price tag left many gasping. While retail sales of top timepieces have been tumbling, the 1960 model on auction sold for a world record.

Salerooms, of course, are notoriously opaque and the watch was something special: a pink gold calendar model in fine condition, with an additional complication – or feature – showing phases of the moon.

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