'One of a kind' gold watch sells for $5.7 million

A "one of a kind" Patek Phillipe yellow gold wristwatch has sold for a record-breaking $5.7 million (£3.8 million) at auction.

The 18-c gold chronograph piece surpassed initial estimates of 1.5 million to 2.5 million Swiss francs, realising 6.26 million francs at the Christie's International auction held yesterday (May 10th) in Geneva, Switzerland.

Auctioneer Aurel Bacs said during bidding that the gold timepiece was the "Mona Lisa of 20th century wrist watches in private hands".

The sale marks the first time that the watch - which displays the phases of the moon and has a self-adjusting leap year calendar - has gone under the hammer in 20 years.

Luxury gold jewellery also performed well at Heritage Auction Galleries' recent Signature Fine Jewellery sale.

An 18-c gold Van Cleef & Arpels necklace sold for $16,000, while in the Timepieces sale an 18-c gold Nashua Watch co pocket watch fetched $26,290 at auction.

Gold 'a safe investment in times of need'

People living in India and southern Asia look upon gold as a safe investment during times of need, it has been suggested.

Pure Gold Jewellers advises that gold jewellery can prove to be popular with people in this region during volatile economic times, as it is seen as a safe-haven asset, Al Bawaba reports.

"[It is] a very emotional investment. It is also a symbol of family status and wealth and is an integral part of every wedding," states Karim Merchant, chief executive of the gold jewellery retailer.

He goes on to add that just because prices of the precious metal are currently high, it does not mean that customers in India and southern Asia will want to stop or even limit their gold buying.

Reuters recently reported that Indian gold refineries expect to see an upturn in sales of gold as the Akshaya Tritiya festival approaches (May 16th). It is traditionally believed by Hindus that they can gain everlasting wealth by purchasing precious metals on this day.

From gold.org