Luxury products are being sold at the auction recently. Yes, we have all heard of eBay and going to the estate auction down the street, but these auctions are nothing compared to the auctions of Christie's and Gooding & Company. These companies have been selling luxury goods, specifically cars and watches. A Geneva, Switzerland based auction house, Antiquorum, which focuses on timepieces and similar instruments, has seen sales jump over 65% since 2003. Watch brands such as Rolex, Cartier and Patek Philippe have all been popular recently with a 2499 Patek Philippe estimated to go at auction for $400,000 or upwards $1 million for a rare pink gold one. Cars are also bringing premium prices like a 1957 Ferarri 410 Superamerica Speciale with an estimate of $900,000+.
Information for this post came from "Life at the Top" a luxury report special in the June 11, 2007 version of Fortune.
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