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New Owner of Tiffany Blue-Dialed $6.2 Million Patek Philippe 5711 Surfaces

And, it's certainly not Jay-Z, as many may have imagined.

An unboxing video posted by Collector Zach Lu on Instagram features Paul Boutros revealing the watch and giving it to its new owner. In the HODINKEE interview, we see that the sequence of events and winning the bid of $6.5m (although not as simple as we think it) for the watch was successful. Lu, who landed the watch, remained glued to the telephone bidding in the late morning. But, it was already too late to secure a paddle, so Lu called out his bids.

However, he stopped after bidding $5million; the watch was eventually won by an unidentified New York bidder with $5.35million. Lu, who has been a regular customer of Patek Philippe since he was fifteen, later conversed with Thierry Stern, the brand's president. During their conversation, he asked if there was a chance he could be considered for any of the other 169 watches in the edition. However, he also insisted that the decision - whether he could or couldn't be considered rested on Tiffany & Co, not him.

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Six weeks later, it appeared the winning bidder would be unable to complete the transaction. Stern and Alexandre Arnault, the new Executive VP of Product and Communication, looked through underbidder's offers and purchasing history to determine who was financially buoyant enough to follow their bids through. After several assessments, Alexandre Arnault reached out to Lu to offer the watch for a final $5m bid, giving him the weekend to consider the offer. However, Lu got back to him with a positive answer within an hour.

However, all the proceeds from the watch will be put into charity; Philips pointed out that the original $6.5 million will be honored as a donation. However, it is unclear who will pick up the $300,000 tab on the proceeds.

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