By Stacy Perman

Top Draws at Auction

Spurred by the record-breaking 1999 sale of the Graves Supercomplication pocket watch, made in 1933 by Patek Philippe, collecting of rare mechanical timepieces has soared in the past decade toward the high-flying prices usually associated with the paintings of Picasso or Van Gogh. The auction business took a bit of a hit last fall when the stock market took a dive and venerable firms such as Lehman Brothers and Bear Stearns imploded. But this year, auction houses are reporting record prices well above presale estimates.

Collectors ranging from connoisseurs to more recent speculators look for beauty, rarity, and the condition of the timepiece, gravitating toward famous marques such as Vacherin & Constantin, Rolex, and Audemars Piguet. But the heavyweight title goes to Geneva watchmaker Patek Philippe, whose pieces continue to fetch the highest prices at auction all over the globe.

Click on for an introduction to the historically, technically, and aesthetically important watches and clocks that have notched the highest prices at auction over the past decade.