Dictator Gaddafi’s Wristwatch Sold for $193,730 in Dubai Auction

A Patek Philippe wristwatch, which was made in the year 1979 at the behest of former Libyan dictator Muammar Gaddafi, has recently fetched $193,750 at a Christie’s rare watch auction in Dubai. The 18-carat gold, cushion-shaped wristwatch was initially estimated by Christie’s to sell at a price of around $25,000. The annual Middle Eastern art auction took place at the Emirates Towers on Saturday night.

Sold by an unnamed high-ranking middle eastern official, the watch features an inscription in the Arabic language on its pale green dial which reads, “Only in times of need will you find freedom” along with the signature of Gaddafi. In 1978 few such watches were officially commissioned by Gaddafi to commemorate Libyan Labour Day and later gifted to his associates.

Christie’s said that the recent auction as a whole has been able to achieve only 69 percent of its expected estimated value, while 29 percent of the evening’s other items were not sold. The auction grossed $8.25 million for Christie’s, which is below its estimated range of $9 million to $15 million.

In the auction, there were also other rare watches who also made some mark but Gaddafi’s wristwatch made the mark with its price in the evening, when an anonymous bidder bided for the watch with the amount just before the final bell.

Now, only two models of this kind exist, says Christie’s one of which features the same saying in English. Another rare Patek Philippe watch is there which musician Eric Clapton once owned and was estimated to sell for the price between $550,000 and $850,000. But was finally sold for the price of $711,000.

Likewise, another extremely rare 18-carat gold Patek Philippe wristwatch that was expected to sell for at the price of $1 million but ended up going for just $591,000. A number of other top 10 lots of watches failed to meet their upper-end expectations, selling for prices in the middle to lower end of their valuation.

In the Middle East, there is a growing fascination among the gulf collectors for the rare items especially watches. Recently an 18-carat diamond-set Hublot watch and a matching pair of cufflinks, a ring and a pen have been sold for $627,000, which was expected to sell between $300,000 to $500,000.On the other hand, an 18-carat gold lady’s Graff wristwatch with the yellow diamond set has been sold at the price of $531,000.