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Israeli Selling Gold Watch for $1.45 Million on Ebay

Dror Schneider, an Israeli jeweller, is selling a Patek Phillipe watch for NIS 5.07 million ($1.45 million US)

By: Omer Shachnai
Published: December 11th, 2013 in Business » Israel
The gold watchPic: Dror Schneider

Dror Schneider, a jeweller from Israel, is selling a gold watch on Ebay for an astounding USD $1.45 million (some NIS 5.07 million) which is equivalent to the price of a few apartments in Israel. The watch, which was designed by Patek Philippe in the 80’s, was released in a limited 12 units series and is currently the most expensive watch on the American shopping website.

Schneider, owner of H. Schneider Jewellery & Watches Inc., claims that “Christie’s auction house have sold a similar watch for USD $2.3 million, so our price is relatively cheap”. He also added “this is not your average day to day practical watch, it is more like a Van Gogh painting. For us men, our toys are watches."

The watch, a 959 model of Patek Philippe, the Swiss luxury watch manufacturer, is a second hand watch in a brand new condition.

“It is a watch of a company, whose watches are very expensive to begin with,” Schneider commented. “In 1982, Patek Philippe made a series composed of a dozen 18k gold watches, which included all their patents - 14 compilations. Split seconds chronograph, yearly date for the next 300 years, stopper, moon mode and more. This is one the best watches ever made.”

“When it was released it was sold for USD $950 thousand. Anyone who wanted to buy it had to pre-order it two years in advance. My father, Haim Schneider (founder of the company), and I work with many collectors in Israel and worldwide. Mostly we sell new watches, but we also deal with second hand," he added.

The luxurious watch, isn’t even wearable - it is a pocket watch. “It isn’t practical, it is a watch for an investment, designated to be kept in a safe. It is an art piece, like buying a Van Gogh painting today, only to sell in the future”, Dror added.

Moreover, at first the watch was offered in a public auction starting at USD $1.2 million, but at the end of the sale, there was no approved buyer. Now it is being offered for a fix priced - which is higher as mentioned. The public auction created a lot of buzz. In 6 days, 3,000 people entered the page, and 157 took part in the bidding. Because the auction failed, it’s now offered as a “buy it now” feature.

“It is a rare price, there aren’t many people willing to pay such an amount for a watch. We aren’t targeting the Israeli market, even though there some extremely wealthy people in Israel,” Dror commented. In addition he said that the highest priced item they sold was “a $300,000 watch for an American customer.”

Related articles: eBay, Israel News, Patek Phillipe, Business News, Watch
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Israeli Selling Gold Watch for $1.45 Million on Ebay

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