Despite the current world economic situation, vintage, rare and antique watches are still very much desirable and prices are rising more than ever before.

At a watch auction at Sotheby's only last week, a collection of rare watches sold for over £7000 each all of which sold at considerably more than the auction estimate prices.

More than 164 vintage wrist watches went under the hammer, many of which were from the most famous names in watch making such as Patek Philippe, Omega and Rolex.

This comes after a world record was set just a few weeks ago when a Patek Philippe gold watch sold for just over £3.75 million - twice the auction estimate - showing that rare watches are enjoying remarkable boom almost in trend with the current gold prices which have also been rising month after month since the start of the credit crunch.