Omega watch breaks $1 mn mark in auc­tion

Mint ST - - THE BRIEFING -

Geneva: An Omega wrist­watch sold for $1.4 mil­lion in Geneva, a record price for the brand, as up­start auc­tion house Phillips chal­lenges larger ri­vals Christie’s and Sotheby’s in the mar­ket for vin­tage time­pieces. The sale marks the first time Omega has achieved a price of more than $1 mil­lion in an auc­tion, ac­cord­ing to Phillips, which raised a to­tal of 23.9 mil­lion Swiss francs ($24 mil­lion), just beat­ing Christie’s. Sotheby’s trailed be­hind with 5.2 mil­lion francs in an auc­tion where one in four lots went un­sold. BLOOMBERG

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