Maybe someone can enlighten me as to why people are so fascinated with rich people flexing their wealth and moving money around that these records are breathlessly reported. I’m fascinated with the watch itself but that’s about it.
The Only Watch auctions are for good cause charity and spending amount on them is a noble gesture indeed.
True, I get that. But I can’t help but wonder if donating directly to a charity wouldn’t be a better gesture. If a keepsake and press is important I’m certain high net worth individuals can easily accommodate that. People and corporations donating towards affordable housing is plastered all over American news each time it happens. Anyways do we know what percent of the auction is given to the charity?
One must always be wary and question these out-of-the-park prices at auction, they often aren't what they seem. You don't know who the winning bidder is (an individual, a consortium, an insider), was it partly underwritten by Patek Philippe (it's good advertising and they have a history of doing this), was financing provided by Christies to ensure a good price (that's been done, too)? There are lots of moving parts to these sorts of auctions and plenty of room for manipulation and other shenanigans. Perhaps it's a very wealthy individual that has that kind of money to spend on a watch for charity, or maybe not. But we will probably never find out the back story on this auction.
From the sound if it, @Mad Dog has lots of time. But would he have enough time to do a project like that? If Patek has someone capable of servicing that watch, I wonder how much time would be involved to do it.
Patek Philippe has people who designed and built the watch, they certainly have the necessary technicians to service it. Watches like this rarely get used, they are show pieces, they rarely get serviced. The Graves Supercomplication, finished in 1932, went 40+ years before it was ever serviced by Patek Philippe, and then it went many more years before being touched again. Watches like this spend 99+% of the time in some dark safe, unseen and unused by the owner.
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.
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).
Given the charity outcome this is definitely the kind of bidding war I can get behind, I'm sure it has to have been two or more guys who wanted a cool watch, with an amazing story to go with it and were happy to make that donation to the cause regardless.
