A Preview of the May 2023 Geneva Watch Auctions
By Max Braun (@mrbwatches) with assistance from Eric Wind
May brings both flowers and important watch auctions. As all the eyes in the world of vintage and pre-owned watches turn toward the sale rooms (and at least one tent) in Geneva, I am excited to write about some highlights that I selected and reviewed with Eric Wind before the auctioneers bring down their gavels. We hope you enjoy the coverage!
Patek Philippe Reference 570 in 18k Gold with Black Dial
For many serious collectors, Patek’s time-only or "Calatrava” watches define the brand and the reference 570 is a cornerstone of this segment in Patek’s collection. Up for auction in Antiquorum’s upcoming Geneva sale is an early execution of the reference 570. The watch comes to market from the family of the original owner and features a possibly unique black dial that has been confirmed by Patek’s archive. While a few yellow gold 570’s have come to market over the years with a black dial, this example has a full outer minute track (also known as a railroad track) that I think adds depth and flare to a dial that otherwise features quite a bit of negative space. Though the dial has been cleaned and the case polished, the watch is still beautiful and features a clean movement. Manufactured and sold in 1941, this watch oozes with the understated elegance that draws so many to the brand. Antiquorum has pegged the estimate at $57,000-$91,000; for reference, lightly polished examples in yellow gold with more standard dials generally trade around $25,000 to $30,000. So while Antiquorum has assigned a significant premium to this lot, an astute collector would likely be excited at the opportunity to own a possibly unique, time-only Patek in yellow gold for a bit more than $100,000 (after buyer premium). We are very much looking forward to seeing the market’s response to this watch.
You can see the Patek Philippe reference 570 in 18k yellow gold with black dial here: Antiquorum Lot 185
Patek Philippe Reference 1252 “Chameleon”
When we came across lot 450 in the catalog, my jaw hit the floor. Antiquorum’s notes on the lot tell it all: “Purchased at a small auction house in the South of France over 30 years ago, we are proud to offer at auction the second only known reference 1252 (the other being at the Patek Philippe Museum under inventory numero P-107, see Patek Philippe Museum, Volume II, page 195). Representing a sculpted chameleon with its tail gracefully wrapped around the gold frame hinged in its middle, the first ever opportunity to acquire probably one of the most decorative and unusual ladies Patek Philippe ever created.” Couldn’t have said it any better myself. Manufactured circa 1949, the watch does show some signs of wear as the dial has either been cleaned /sanded quite a bit or is reprinted or a mixture of the two, the cuff/bracelet has been sympathetically polished, and the crystal has chipped in the top corners. Also worth noting is that while Antiquorum has ordered an Extract from Archives of Patek Philippe, it had not been received as of the time of this publishing. We would be curious to see if/how the extract addresses the manufacturing of the bracelet as it appears the bracelet may have a French eagle head hallmark in a blurry photo, indicating that it was 18k and made in France. Despite this, the watch is impossibly fun, and as our favorite dealers like to say, “find me another”. When it comes to legitimately rare (and fun) Patek, the sky is the limit. Lastly, I would like to highlight Antiquorum’s spectacularly detailed and useful notes on the provenance of the watch: “Property of a lady”.
You can see the Patek Philippe “Chameleon” here: Antiquorum Lot 450
Patek Philippe Reference 503 Perpetual Calendar Solar Clock
Completing our trio of exceptional pieces from Patek Philippe in Antiquorum’s Geneva sale is this solar clock featuring perpetual calendar, manufactured circa 1968. With solar panels on top of the brass case, the clock uses light to wind the automatic movement which then powers the time/day/date/month functions. While the solar-powered movement is utterly fascinating, we were struck particularly by the fabulously art-deco design of the dial which aligns closely to many designs from the manufacturers’ asymmetric pieces of that era that were more design-focused. Antiquorum highlights that approximately 15 examples of this reference are known to the market today. For the discerning desk decorator, you would be hard pressed to find something better.
You can see the Patek Philippe reference 503 perpetual calendar solar clock here: Antiquorum Lot 451
Heuer Carrera Reference 2447 “Yachting”
The Heuer Carrera reference 2447 is one of the best designed sports watches ever made. The reference has become increasingly popular over the last decade as collectors have been drawn to its svelte and angular case, highly legible and sporty dial, robust movement, and racing provenance. Further drawing collectors to the reference are its many dial variations. Obsessed with design and legibility, Jack Heuer, the founder of the brand, was constantly tinkering with dial design in order to maximize the watch’s utility for sport, all while balanced with elegant design that boasted well for everyday wear. So while certain serially produced dial variations are highly sought after, even rarer and more desirable are Carreras featuring dials that were manufactured for special order from various race and sporting stores and clubs from around the globe. One of the rarest and most desirable examples of such a dial is the “yachting” variation, which is the example Sotheby’s has on hand for its upcoming May sale in Geneva. The watch’s silver dial is normal course until one notices the 3 light blue triangles highlighting 5-minute increments on the chronograph seconds track. The 5-minute increments would be utilized by yachtsmen to help them count down to the beginning of a regatta. This example from circa 1968 appears to be in strong condition as the dial is without any major blemishes, the case is sharp, and the period-correct beads-of-rice bracelet from Guy Frères looks fantastic (and includes the correct ‘HEL’ end links). Unfortunately, because the yachting dials were not serialized and were manufactured only for special order, these watches are oft-faked or put together (“Frankensteined”) and it is difficult to prove authenticity absent a strong record of the watch’s provenance. Of note on this particular example is its caseback sticker: “Martini Giancarlo & Co.”, an Italian watchmaker based in Parma. Caseback stickers of this nature are generally an indication that the case has been freshly polished.
You can see the Heuer Carrera reference 2447 "Yachting” here: Sotheby's Lot 3
Patek Philippe Reference 844 Linear American Perpetual Calendar
Lot 75 from the Sotheby’s sale brings us a grand complication pocket watch from Patek Philippe cased in yellow gold. The watch’s dial features an American-style calendar (in-line with month and date, followed by day; Patek’s mid-century watches with this style of calendar were the design inspiration for the reference 5236 in today’s catalogue), as well as a moonphase embedded in the subsidiary seconds at 6 o’clock. The 29-jewel movement is headlined by the minute repeater, the slide for which can be found on the right side of the stepped case. Interestingly, Patek’s archives confirmed the movement was manufactured in 1930, while the watch was not sold until 1967. It is unclear why such a gap exists between the movement’s creation and the sale of the watch. The overall condition of the watch is extremely strong: the dial is clean with only a small handful of very minor blemishes (some photos show that there might be a faint stain to the left of the subsidiary seconds counter), and the case appears to be unpolished. Given the watch is a grand complication, it carries some added size and heft compared to a time-only piece. With a diameter of 51mm and case of solid 18k gold, this piece would feel fantastic in one’s palm. It is difficult to overstate how hard it is to find a grand-comp from Patek in this kind of condition, just so too as it is to overstate the elegance of this case and dial design. Sotheby’s has assigned an estimate of 100,000-150,000 CHF. Note that Christie’s sold a comparable example (today’s Sotheby’s example is literally one serial digit later) for $137,500 CHF (incl. BP) in its May 2018 auction.
You can see the Patek Philippe reference 844 Linear American Perpetual Calendar here: Sotheby's Lot 75
Rolex “Galaxy” or “Stelline” Reference 6098
Now to Christie’s, a Rolex reference 6098, one of just 8 known yellow gold examples featuring the ‘Galaxy’ or ‘Stelline’ dial. We highlight this watch both for its rarity and because we believe it exemplifies a very attractive segment of the market that much of the collecting community has yet to appreciate (due in no small part to how infrequently good examples come up for sale): time-only, mid-century watches from Rolex, particularly those cased in precious metal and manufactured in the 1940’s-1950’s. In addition to being legitimately rare, this reference is fantastically attractive with its 18k yellow gold case, honeycomb dial, dauphine hour and minute hands, center seconds, OCC movement, and of course star hour markers. Though the case is lightly polished and some of the lume has deteriorated, the watch is very honest and remains in good condition. Also worth noting is that the watch measures in at 35mm in diameter, a perfect size for this style of watch and somewhat large for the period. Christie’s has assigned the watch an estimate of 100,000-200,000 CHF. Note that Monaco Legend sold a steel example with a stark white and its steel rivet bracelet in its October 2022 sale for €58,500.
You can see the Rolex “Galaxy” reference 6098 here: Christie’s Lot 34
Patek Philippe Reference 5711/1A-018 Tiffany & Co.
Likely my favorite lot in the 3 sales…. OK sorry I couldn’t resist. It felt worth nothing that a watch that headlined a major sale just 2 years ago and today has an estimate of 2,000,000-4,000,000 CHF was buried halfway down the catalog and has received no significant coverage or mention to this point. We’re not sure there will ever be a watch that more adequately typifies “hype” trends. It will be interesting to see where this one sells relative to the example that sold also at Christie’s 6 months ago (November 2022) for the equivalent of $3.2 million.
You can see this Patek Philippe reference 5711/1A-018 Tiffany & Co. here: Christie’s Lot 84
Patek Philippe Reference 2497 in 18k Rose Gold “Peter Knoll”
For my money, this lot is the star of the spring auction season. There is a lot to unpack here. Patek Philippe introduced the reference 2497 at the Basel Fair in 1953. According to Eric Tortella’s Blue Book, Volume I, there were 115 reference 2497 examples manufactured from 1951-1963, only 20 of which with a pink gold case, and only 6 of which were manufactured in the first series configuration, which is a critical point here. We believe the first series is considerably more attractive than the second given its dial layout (Arabic/dot numerals/feuille hands vs. the second series which had applied baton markers and dauphine hands). The 37mm Vichet case (Vichet also manufactured cases for the 1518 and early 2499s) features stepped, elongated lugs with a flat caseback and is extremely close in appearance to the first series 2499s. Later 2497’s had cases manufactured by Wenger and had a curved caseback and curved lugs. Simply put, this is likely the most attractive configuration of one of Patek Philippe’s most attractive references. And now we arrive at the condition, which is exquisite. Christie’s explains that while the watch was manufactured in 1953, it stayed with Patek until its sale in 1970. Why the watch sat with the manufacturer is unknown; however, that 17-year gap clearly benefitted the watch in a big way, as both the dial and case remain in exceptionally strong condition. Note that this example sold for 593,000 CHF at Phillips in its November 2015 sale in Geneva. We feel confident that wherever this watch hammers on May 13th (Christie’s has assigned an estimate of 600,000-1,200,000 CHF), it will be worth more the following day.
The provenance of the watch is also extremely interesting, with the name Peter Knoll of the famous Knoll furniture’s family engraved on the case back. Eric Wind discussed this in the latest episode of the Significant Watches podcast that you can listen to here.
You can see the Patek Philippe reference 2497 “Peter Knoll” in 18k pink gold here: Christie's Lot 131
Patek Philippe Reference 3974G
We conclude with this Patek Philippe reference 3974G from circa 1991, an automatic perpetual calendar with minute repeater, cased in white gold. When Patek released this watch in 1989 to celebrate its 150th anniversary, it was the world’s most complicated wristwatch. Only 160 examples of the reference were made, and only 12 with a white gold case. This lot is just the third white gold example appear at auction, and importantly, it is one of very few examples with a case manufactured by the legendary Jean-Pierre Hagmann (see the ‘JPH’ hallmark on the rear of the lower left lug). Patek later switched the case manufacturing to its in-house maisons. Production of the reference ceased in 2000. Patek’s chiming QPs are one of the most important and desirable segments of wristwatch collecting, and this lot is a premiere example in the category. Christie’s has assigned an estimate to the watch of 1,200,000-1,800,000 and we are very much looking forward to seeing the market’s reaction to its sale.
You can see this Patek Philippe reference 3974G here: Christie's Lot 138
Note: we got a good laugh at seeing yet another modern Cartier Pebble come up for sale in the Phillips catalogue. Cartier carefully allocated the 150 examples it manufactured, and this is the third example to appear at auction since the watch was released in late 2022.
We hope you enjoyed the coverage and please let us know if you would like us to do more of these!