Phillips 2998 Update

The watch sold for a hammer of CHF 80,000 and this equates to $112,000, including commission.

I am privileged to be in contact with several people who wanted this watch, and the ultimate successful buyer.

The summary of what I have learned is this. The consensus is the watch is largely correct, and there is nothing that raises any serious flags, and any minor worries are offset by the incredibly rare and fine dial. As with any rare speedmaster, we have to allow some issues if we want to actually own an example. These are nowhere near as common as Rolex where you can simply dismiss flawed watches until you find the perfect one. In speedmasters it is very unusual to find close to perfect.

The dial is believed original and correct, and this is supported by comparing to known examples exhibiting very similar characteristics.

The ultimate successful bid was CHF80,000. This was launched against a previous bid of CHF65,000. With hindsight and full knowledge about what the other bidders were going to pay, this was an inspired gamble that paid off. At least one buyer I know was prepared to go to 80, and by throwing that higher bid early, the successful bidder pushed out the competition. If he had no done that, the next bid would have been 85k. It doesn’t always pay off, but in this case it did.

I have a friend, and myself, who agree that the price of $112,000 for this watch is fair. I think that while this watch is out of reach for many, (including me at the moment!) that this price might look cheap in 12 months.