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Watch Collectors Cash In As Phillips Geneva Auction Totals $46 Million

Phillips Auction

Over the weekend, the Phillips Geneva Watch Auction XI marked the return of the live watch auction – the first since the global Covid-19 crisis.  With 210 lots on offer, the event experienced energetic bidding from buyers across at least 67 countries totalling approximately $46 million.

The sale, conducted by Phillips in association with Bacs & Russo at the Hôtel La Réserve in Geneva, was held for a limited number of live buyers supported by more than 2000 collectors bidding via phone or online.

Phillips
Patek Philippe, ref.1518 perpetual calendar chronograph from 1941.

As far as individual sales, Patek Philippe claimed all three spots on the podium with the premiere lots from the private collection of Jean-Claude Biver – a recognisable force of the Swiss watch industry. Here, the Patek Philippe ref. 1518 perpetual calendar chronograph from 1941 claimed top spot, its moonphase in pink gold and extremely rare pink dial fetching for around $5.1 million.

Patek Philippe ref. 2499, from 1957

In second, was the Patek Philippe ref. 2499 perpetual second series calendar chronograph with moonphases, from 1957. Only 20 known examples of this model – with its yellow gold batons 0  are known to exist, making it a highly sought-after piece. And with nine bidders competing for the watch, it soared to a final price of approximately $3.93 million.

Patek Philippe ref. 1579 from 1946

In third was a Patek Philippe ref. 1579 from 1946, in platinum. Recognisable for its ‘spider’ lugs and blue enamel graphics, it is believed to be one of only three models of this reference with a platinum case, and of those, it is the only watch with a blue scale and markers. As such, the one of a kind piece commanded a $2.91 million sale price.

Phillips Sale
F.P. Journe’s Tourbillon Souverain “Souscription”

Despite Patek Philippe’s dominance across the auction block, the action wasn’t limited to the venerable Swiss brand with the earliest F.P. Journe watches ever made both selling well above their estimates at prices of $2.18 and $1.6 million respectively.

phillips.com

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Mortgage Stress Intensifies In May

The proportion of households experience mortgage stress has increased in NSW and Canberra during May according to analysis by Digital Finance Analytics (DFA).

It comes as sky-high home prices continue to stretch family finances with 41.3% of NSW households now in mortgage distress – a rise from 38.2%. Mortgage stress is when an average home buyer is using more than 30% of their income to cover repayments.

Elsewhere, 42% of Canberra families struggled, a rise from 38.3% over the same period.

The rise in mortgage stress can be likely attributed to the ending of JobKeeper in March.

This was acutely felt in Tasmania, where 56.8% of households were in mortgage stress.

The market was not any more accommodating in the rental segment with rental stress also surging across all states except the Northern Territory.

Rental stress in may jumped by 4.59% in Canberra, 3.46% in NSW, 3.46% in Victoria and 3.29% in Queensland.

“There was a significant rise in rental stress, as the fallout from the removal of renter protections hit, and the JobKeeper and JobSeeker support ended,” Mr North, Director of DFA said.

Rental stress, similar to mortgage stress, occurs when a person pays more than a third of their income on rent.

The number of households in rental stress nationwide rose from 1.78 million in April to 1.95 million in May.

“Until incomes rise, the conditions are set for more pressure on household finances,” Mr North forewarned.

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Crown Sydney ‘Tops Out’

Crown Sydney Barangaroo Tops Out

In a milestone for the Crown Sydney development, the already iconic Crown Residences at One Barangaroo has officially ‘topped out’ ahead of schedule – marking completion of its 275-metre vertical construction.

Designed by globally-renowned architects WilkinsonEyre, this is another impressive and on-time development for the project – that will this December see the planned opening of a 349-room hotel, 14 restaurants and bars and selected retail.

Crown Residences, located in the upper levels, are also on schedule for homeowners to move into the building in the first half of 2021.

Crown Towers Sydney Deluxe Villa bathroom.

While topping out normally means a large celebration, things were a little more subdued given Covid-19 restrictions – the milestone marked by a site visit from NSW Treasurer, Dominic Perrottet, alongside Crown Resorts Chair, Helen Coonan, Crown executives Ken Barton and Todd Nisbet and Group CEO of Lendlease, Steve McCann.

“Today marks a special moment in Crown’s history, which hopefully can also be a part of a new, positive outlook for Sydney after months of unprecedented challenges for many in our community,” offered Coonan. “This building was designed to be a tribute to Sydney and a landmark recognised around the world.”

The view from the top.

To date, 237,888 tonnes of concrete and approximately 20,000 tonnes of steel reinforcements have been fitted to the structure. To finalise the build, more than 1,300 workers will continue to work on the interior fit-out of across the remainder of the year.

Check out more photos of the project below.

Crownsydney.com.au

Crown Sydney Lobby

Crown Tower Sydney Deluxe Villa living and dining room.

Crown Towers Sydney Harbour Bridge King Room.

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How You Could Own Greg Norman’s Ranch

Greg Norman’s Seven Lakes Ranch is one of the finest hunting and fishing ranches in Colorado – and it could be yours.

The former pro golfer’s sprawling 4800-hectare property rests 20 minutes outside Meeker, in the coveted White River Valley of the Flat Tops Mountains – a region prized for its varied terrain and unspoilt natural beauty.

Norman purchased an initial nearby plot in the mid-90s, slowly acquiring neighbouring properties and creating the now expansive Seven Lakes Ranch.

The property’s major draw is the lifestyle it delivers – fishing in the trout-filled White River, biking, hiking, horse riding through the seemingly limitless terrain or game hunting (should that be your thing) in one of the largest elk and deer migrations in the Rocky Mountains. 

A 1290sqm main lodge holds nine-bedrooms, along with seven guest cabins, staff quarters, a historic dance hall, equestrian facilities, fitness centre and spa.

Norman and his interior designer wife, Kirsten, have transformed the lodge – which has a chic and modern-rustic vibe befitting the area.

The bones of the well-appointed lodge – made of massive logs driven in from Montana – lend themselves to the luxe outfit, while dramatic 30-foot vaulted ceilings and windows frame impressive views while filling the main space with light.

A true entertainer that can easily accommodate large groups – there’s also a formal dining room, movie theatre and Western-themed bar and lounge.

The ranch is listed at approx $62 million with Hall and Hall’s Brian Smith, +1 970 879 5544.

Hallhall.com