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A rare 1930s Patek Philippe watch that had spent decades gathering dust among old jewelry in a deceased woman’s jewelry box has sold at auction for an astonishing £59,000.

Experts had initially valued the vintage timepiece at just £5,000 — meaning it ultimately fetched almost 12 times its original estimate.

The watch was discovered during a house clearance in Camborne, Cornwall. It was later consigned to Hansons Auctioneers in Penzance, where fierce bidding erupted between collectors on Tuesday.

The stainless-steel wristwatch had reportedly been sitting unnoticed among old family jewelry for decades.

The previous owner’s daughter recalled her mother mentioning that she owned an expensive watch, but said no one in the family had any idea just how valuable the heirloom could be.

Darren Ashley, senior valuer at Hansons Cornwall, said he immediately realized the significance of the discovery when he was finally able to examine it closely.

“When the watch finally came into my hands and I was able to inspect it properly, I realized we had something extremely rare,” Ashley said.

Patek Philippe produced only a very limited number of stainless-steel watches during that period, making surviving examples particularly desirable among collectors.

But rarity was not the only remarkable feature.

“What impressed me most was its mechanical perfection,” Ashley said.

The watch is around 90 years old and had remained in the same Cornwall family for decades — yet, when the expert picked it up, it was still ticking beautifully.

The timepiece is a rare Patek Philippe & Co. Calatrava Reference 448, originally owned by the current owner’s grandfather before being passed down to his daughter.

Once news of the discovery spread, potential buyers from the US, Japan, China, Saudi Arabia and Britain expressed interest.

In the end, the extraordinary family heirloom was snapped up by a buyer from Hong Kong for £59,000.

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