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Patek Philippe Watch Sold for Millions at Auction

May 29, 2010 by Administrator · Leave a Comment 

Sell-My-Patek-PhilippeSan Diego watch enthusiasts will be glad to hear that rare timepieces continue to command top prices on the international market. A Patek Philippe perpetual calendar chronograph wristwatch went for nearly 6.26 million Swiss francs ($5.86 million) at a recent Christie’s auction. It was sold to a Swiss private museum and set a record for the highest price paid for a yellow gold watch sold at auction, according to Christie’s.

The 1943-44 watch features an avant-garde case design and was a forerunner for future generations of complicated wristwatches. It was sold as part of a 20-piece collection put up by an anonymous seller.

“I started buying watches in the 1970s, at a time when these amazing objects appealed to very few collectors and even fewer scholars were exploring this charming field. In my opinion, wristwatches are the most beautiful wearable item created in the 20th century,” Christie’s quoted the anonymous seller as saying.

Aurel Bacs, international co-head of Christie’s watch department, called it the “Mona Lisa of all watches.”

“European bidders were fiercely challenged by international collectors, especially buyers from China,” he said of the sale.

The name of the museum wasn’t revealed, but Geneva is home to a Patek Philippe museum, which contains the best pieces made by the independent watchmaker. The entire collection netted 16 million Swiss francs, making it the most expensive private collection of watches ever sold.

SDJB Opens Diamond, Jewelry, & Watch Vault for Christmas Holiday Shoppers

December 14, 2009 by Administrator · Leave a Comment 

diamondvault SDJB Opens Diamond, Jewelry, & Watch Vault for Christmas Holiday Shoppers San Diego Jewelry Buyers (SDJB), California’s premier luxury pawnbroker of fine gold jewelry, diamonds, Swiss watches, and other luxury assets, has announced that it is opening up its vault for the holidays to help shoppers seeking extraordinary jewelry and gemstones. Read more

The Year’s Biggest Watch Auction

December 2, 2009 by Administrator · Leave a Comment 

patek-philippe-buy The Years Biggest Watch Auction

Bloomberg is reporting that Christie’s International raised 19 million Swiss francs ($19 million) in the biggest watch auction this year. Included in the lots was a collection of 10 Patek Philippe watches for almost double the low estimate.

Nine of the top 10 lots were Patek Philippe, and one was Rolex, in the auction that took place in Geneva. Christie’s estimates the entire sale to raise 10 million francs to 15 million francs.

The most expensive timepiece was a Patek Philippe 18-carat gold watch with a calendar that adjusts for leap years, sold for 2.4 million francs to a Swiss museum, Christie’s said. The collection of Pateks sold for 5.8 million francs.

Watch auctions have been successful, reports Bloomberg, even as Swiss watchmakers suffer from the worst recession since the Great Depression. Rare pieces continue to attract more demand than newly made watches, as Swiss watch exports have dropped 26 percent in the first nine months of this year in value.

A Sotheby’s auction of timepieces in the same Swiss city on Nov. 15 raised 5.1 million francs, within the auctioneer’s estimated range of 4.15 million francs to 5.71 million francs.

In other watch news, the family that controls Porsche SE, the maker of the 911 sports car, is selling watches from its private collection at a charity auction in London today.
Ferdinand Alexander Porsche and his sons have entered 49 watches into a sale to be held by Bonhams on Dec. 2.

The group includes examples by Eterna, Porsche Design, Rolex, Panerai, Jaeger LeCoultre, Breitling and Omega, is expected to fetch 100,000 pounds. Proceeds will be donated to the oncology research department of the Robert Bosch Hospital, Stuttgart, Germany, said Bonhams.

Swiss Watchmaker: Patek Philippe

August 31, 2009 by Administrator · Leave a Comment 

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The old company saying at watchmaker Patek Philippe is that “You never actually own a Patek Philippe. You merely look after it for the next generation.” And most “owners” of a Patek Philippe wristwatch would agree. The family-run watch company based in Geneva is truly in a class of its own. Established in 1839, the company has fashioned such highly sought after watch collections as Calatrava, Ellipse, Nautilus, Gondolo, Aquanaut, and Twenty~4.

Known worldwide for its complicated watches and its timeless elegant designs, Patek Philippe has been producing timepieces cherished by monarchs, popes, political leaders, and rulers since the reign of Queen Victoria. It all started in 1851, when Victoria acquired a key-wound Patek Philippe watch created in a pendant style during the Great Exhibition of London. Soon Patek Philippe was regularly supplying its watches to her Majesty and her consort, including one exclusive timepiece that was suspended from a diamond and enamel brooch to be worn pinned to the Queen’s clothing.

Victoria’s fascination with Patek Philippe quickly attracted the attention of all the royal courts of Europe. The Swiss company began creating timepieces for such notables as Pope Pius IX, Christian IX and Louise (the king and queen of Denmark), Victor-Emanuel III (king of Italy and Duke of Savoy), and Hussein Kamal (prince of Egypt in the period of 1914-1917).

For its 150th anniversary in 1989, Patek Philippe created one of the most complicated mechanical watches ever made, the Calibre 89. This amazing timepiece holds 33 complications, including the date of Easter, a thermometer, time of sunrise, equation of time, sidereal time, and many other indicators. 1,728 unique parts allow for sidereal time, a 2,800 star chart, and much more.

Today, vintage Patek Philippe wristwatches regularly command the highest prices at watch auctions around the globe, some selling for well over US $1 million. If you are lucky enough to be in the possession of a Patek Philippe watch take care of it very well for the next generation of your family. And should you ever decide to sell one be sure to go to an experieced watch buyer who understand the full worth of these mechanical works of art.

Consumer Alert: Online Watch Buyers Beware

August 31, 2009 by Administrator · Leave a Comment 

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San Diego watch buyers looking for deals on used watches, such as second-hand Rolexes and Patek Philippe timepieces, should proceed with caution. The North County Gazette reports that a watch enthusiast has been charged with defrauding a California man out of $100,000 by offering a nonexistent Patek Philippe watch for sale on an internet website that targets watch collectors. The man in question was charged with second-degree grand larceny, second-degree criminal possession of stolen property and first-degree scheme to defraud and faces up to 15 years in prison if convicted.

The local District Attorney gave the following warning to online watch buyers: “While online shopping offers a certain ease and convenience over traditional store shopping, consumers should always be cautious and remember the old adage, ‘buyer beware,’ because shopping online, sight unseen, can potentially pose a big risk.”

Prosecutors say the charged man used a wireless connection to gain the Internet Protocol (IP) address of a neighbor and set up an account under the name Jonathan Miller. Thereafter the defendant is alleged to have made contact with an Oscar Ho of California, regarding the sale by “Miller” and the purchase by Ho of a Patek Philippe Model 5970G watch for $100,000. After a series of negotiations, Ho allegedly sent $100,000 by wire transfer to a Bank of America account belonging to the defendant. Despite repeated requests, Ho allegedly never received the watch.

Rolex Sets Record

June 28, 2009 by Administrator · Leave a Comment 

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National Jeweler has published an article covering the sale of watches and memorabilia from the late Steve McQueen, the legendary actor who rose to fame during the 1960s in films such as Bullitt and The Great Escape. The McQeen stash was among the pieces that inspired serious bidding at Antiquorum’s summer auction in New York City.

The June 11 auction brought in a total of $5,706,324, reports National Jeweler, with McQueen’s vintage Rolex, Ref. 5512, fetching an impressive $234,000, which was twenty times its estimate and a world record for that reference.

A total of 81 percent of the 416 timepieces in the summer auction were sold by lot and 122 percent were sold by value. Bids came in from across the globe, including from Hong Kong, Taiwan, Italy, Germany, France and Romania. In addition to the telephone, room and commission bidders, 478 bidders competed via the Internet.

Among the additional McQueen pieces featured in the sale were the actor’s Scott Super Squirrel motorcycle painted by Von Dutch, which sold for $276,000, double its estimate, and the Heuer “Monaco” he wore in the 1971 racing film Le Mans, which sold for a world record $87,600.

Other watches that sold for impressive amounts included Patek Philippe’s rose gold Ref. 5004 and pink gold Ref. 5970, which sold for $252,000 and $132,000, respectively, as well as Patek’s “Limited Edition Annual Calendar with Silicon Escape Wheel,” Ref. 5250G, which fetched a record $138,000.

Rolex’s “Double Red Sea Dweller,” retailed by Cartier, sold for $91,200, and Ref. 6239, a stainless steel “Paul Newman Daytona” attained $84,000, while the “Pro-Hunter Black-Carbon Daytona” sold for $42,000.

In addition, A. Lange and Sohne’s “Pour Le Merite” sold for $156,000, and Jaeger-LeCoulte’s “Platinum Master Minute Repeater,” sold for $126,000.

Christie’s May Auction

May 30, 2009 by Administrator · Leave a Comment 

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Thomas Mulier in Geneva reports for Bloomberg.com that Christie’s auction house raised 15.1 million Swiss francs ($14 million) in a watch auction in Geneva yesterday, after a rival Sotheby’s auction missed the low end of its estimated range. The top lot was a pre-owned Patek Philippe watch with a calendar that automatically adjusts to leap years that sold for $1.8 million, according to the London-based auctioneer.

The entire sale was estimated to raise 8.9 million francs to 12.8 million francs. A Sotheby’s auction of timepieces in the same Swiss city on May 10 raised 3.75 million francs, missing the low end of the sale’s estimated range by about 50,000 francs.

Christie’s sold a brass telescope given to Napoleon Bonaparte in 1800 as he traveled via Geneva to join a battle in Genoa for 147,000 francs, about triple its top estimate. The auction house also sold a Breguet carriage clock originally made for the Queen of Naples for 723,000 francs, exceeding its high estimate. It will be displayed in the Breguet museum, according to Aurel Bacs, co-head of Christie’s global watch unit.

Estimates don’t include the buyer’s premium, reports Mulier, which for Christie’s were 25 percent of the price for the first 60,000 francs, 20 percent from there to 1.2 million francs, and 12 percent of any amount in excess of that.

If you have a valuable timepiece, don’t forget to check out the San Diego Luxury Pawn Shop Report’s tips for selling a used watch.

Over $6.7m at Auction

April 26, 2009 by Administrator · Leave a Comment 

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National Jeweler reports that Patrizzi and Co.’s April 19 horological auction brought in more than $6.7 million. Three commemorative-edition Patek Philippes earned the top prices.

An 18-karat yellow gold Patek Philippe minute repeater with perpetual calendar and moon phases was the star of the show, selling for about $349,787. The wristwatch was produced in a small series in 1989 to celebrate Patek’s 150th anniversary.

A Patek “Officer’s style” minute repeater chronometer wristwatch, sold for about $332,724. The timepiece was made in 1997 as one of 10 watches in 18-karat yellow gold to commemorate the new company headquarters just outside of Geneva.

Finally, a Patek Philippe minute repeater wristwatch produced in 2004 as one of five to mark the 50th anniversary of George Pragnell Jewellers in London, sold for about $315,718.

Patrizzi and Co. said in a media release that in addition to the enthusiasm for Patek Philippe, bidding was competitive for several Vacheron Constantin and Panerai wristwatches, as well as for a Hublot “Big Bang Tourbillon Solo Bang,” which nearly doubled its estimate.

Also selling well were a Breguet “souscription” watch in 18-karat gold that was originally sold to Prince Ferdinand in 1812; a Louis Audemars No. 12131 circa 1875; and a Patek Philippe and Cie yellow gold keyless “World Time” gentleman’s dress watch with a cloisonne enamel map of North America. The timepieces sold for about $36,142, $77,457 and $79,178, respectively.

Ghandi’s Zenith Pocket Watch Sold at NY Auction

March 25, 2009 by Administrator · Leave a Comment 

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JCK Online reports that Mahatma Gandhi’s pocket watch and personal belongings realized just under $2.1 million as part of the Antiquorum Auctioneers sale of Important Collectors’ Wristwatches, Pocket Watches & Clocks, held March 4 and 5 in New York.

The auction as a whole took in $8.7 million. More than 500 online bidders, in addition to room and telephone bidders, bought modern and vintage watches at 142 percent of their low estimate resulting in 75 percent of all lots sold, the auction said in a statement. Gandhi’s pocket watch, sandals, glasses, bowl, and thali were sold for $2.096 million to what the auction house described as a “prominent Indian businessman who intends is to bring the items back to India for permanent public display.”

“Despite continued global economic concern, we have achieved tremendous results for our first auction of 2009,” said Evan Zimmermann, Antiquorum president and chief executive officer.

Antiquorum is pleased that the objects attributed to Mahatma Gandhi, one of the greatest spiritual and political leaders of the 20th-century, will be returning to India, added Robert Maron, Antiquorum chairman. “We know that this was the hope of the Indian people, as well as many others around the world.”

The auction also included a watch belonging to both U.S. president John F. Kennedy and Greek shipping magnate, Aristotle Onassis. Known as the Kennedy Onassis watch, it is the only known item connecting JFK, Jacqueline Kennedy, and Aristotle Onassis. It fetched $120,000.

Another watch of great significance in the sale was the Patek Philippe Henry Grave’s platinum minute repeater, which sold for $630,000. The watch belonged to the late Henry Graves Jr. who inspired Patek Philippe to create some of its most complicated watches to date.

In addition, the “Giuseppe Bonanno” 1950’s Patek Philippe watch sold for sold for $36,000. Bonanno was an original member of the “Commission” whose purpose was to establish rule by consensus amongst the New York crime families and is thought to be the inspiration for the character of Vito Corleone in Mario Puzo’s “The Godfather.”

Several other Patek Philippe timepieces achieved excellent results, including: The Ref. 5016 in yellow gold, lot 536, fetched $ 494,000; the “TV Watch” in white gold, Ref. 5020 (lot 526), sold for $180,000; the Ref. 3970 in white gold (lot 525) attained $ 108,000; and the yellow gold “Celestial” wristwatch (lot 120), which sold for $186,000.

An Audemars Piguet watch, the “End of Days,” (lot 435) sold for $ 42,000. A Cartier Art deco desk alarm clock sold for $32,400, three times its’ pre-sale estimate.

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Do you have a mechanical timepiece or used watch that you are looking to sell in San Diego? If so, read this article before approaching a buyer: San Diego Tips: Selling Your Used Watch.

City Loan & Pawn Shops Form Alliance

November 14, 2008 by Administrator · Leave a Comment 

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City Loan has announced that the company has aligned itself with Abes Pawn Shop in Santa Clarita, California. City Loan hopes that the partnership will increase the company’s exposure to this market, thus eliminating the need for it to open a bricks and mortar location with its subsequent costly overhead. Read more

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