After a month of very active Internet research by watch collectors and aficionados †with on average just over 3,500 visitors per day to the firm’s online catalog, the October 25 auction by Patrizzi & Co. took place at the Mandarin Oriental Hotel.
Some 60 watch enthusiasts were present in the auction room, 45 participated online and there was determined and rigorous telephone bidding which, while ensuring very good solid results, advanced cautiously in small increments. The auction was conducted in two sessions †one in the morning and one in the afternoon. A total of 70 percent of the 253 lots were sold, achieving more than $6.2 million.
“We have seen a change take place in the market,” said Osvaldo Patrizzi. “There was a huge amount of enthusiasm in the auction room and this manifested itself in excellent results; evidently confidence is beginning to return.”
Those in the auction room had come from all around the world †Asia, Middle East, Europe and America †to be present for the event. Brands that sold particularly well were Cartier, Rolex, Panerai and, of course, Patek Philippe, proving once again that there is always a market for top quality. Of the modern pieces in the auction, Ulysse Nardin and TAG Heuer sold very well.
The historic pieces in the auction were much sought-after, and, after energetic bidding, achieved excellent prices †typically, the Cartier Art Deco table clock, the Cartier “chinoiserie” travel clock, the probably unique Cartier mystery barometer, a Piguet & Capt automaton musical spyglass and a rare complete set of lady’s savonette-form watch, fob, brooch earrings, ring and matching chain from 1860.
An observatory tourbillon Patek Philippe 18K yellow gold, keyless, “Extra” pocket chronometer with one-minute tourbillon regulator, adjusted by master adjuster François Modoux, awarded First Prize at the Geneva Observatory Timing Contest of 1929, accompanied by an Extract from the Archives was the sale’s top lot at $304,000.
The Hunt, attributed to Piguet & Capt, Geneva, case by “SN,” made for the Chinese market, circa 1805, was an extremely rare, 18K gold and enamel, pearl-set, musical spyglass with concealed automaton scene and built-in watch. It sold for $295,000.
A stainless steel chronograph, Ref 1463 Patek Philippe, made in 1959, sold November 18, 1965, realized $270,000.
Additional top highlights of the sale were a Patek Philippe Ref 1463 †made in 1950, sold July 24, 1951 †18K pink gold, gentlemen’s wristwatch, $245,000; a Cartier Art Deco, eight-day duration, Pendule Ecran table clock, circa 1928, in gilt silver, with coral, platinum, diamonds, black lacquer and mother-of-pearl in a Cartier fitted leather box, $186,600; and a Cartier small carriage clock made in 1928 with lacquered panels, inlaid chinoiserie dial in original Cartier fitted box, $167,000.
Rounding out the sale’s top ten lots were a Patek Philippe Ref 2526 platinum self-winding, water-resistant, gentlemen’s wristwatch, $157,000; an extremely rare, if not unique, Cartier silver, rock crystal, black and red lacquer and coral, barometer made in 1930 in a form of a mystery clock, $127,600; and the Admiral Scialdone Luminor Panerai Ref 6152-1, circa 1950, large, stainless steel, cushion-shaped, water resistant, military divers’ wristwatch, $89,350.
Prices reported have been converted to US dollars from Swiss francs. Patrizzi & Co does not charge a buyer’s commission, so the total figure quoted above is the total amount bid.
For information, www.patrizziauction.com or +41 22 318 28 38.
