Timepiece Tuesday: Christie’s, Patek Philippe, Tag Heuer, Ulysse Nardin, Breitling, Philip Stein and Oprah

Christie’s Sets Record for Watch Sales Led by Patek

With its final auction of the fall season on December 14 in New York, Christie’s International wrapped up a record-breaking year for fine and rare watches that realized $91.2 million in total sales—the highest annual total ever achieved for watches by the global auction house. Every watch sale hosted at Christie’s salerooms in Dubai, Hong Kong, Geneva and New York achieved sell-through rates above 90 percent by value. The top watch of the year was a Patek Philippe Reference 1527 manufactured in 1943 that sold for a record $5.7 million at Christie’s Geneva (pictured). In fact, it was great year for Patek Philippe, as the top seven watches sold in 2010 and the top nine out of ten watches sold for the year by the auction house were from the Swiss luxury watch brand. Christie’s top four Patek watches sold for more than $1 million. “We have welcomed in a wealth of new collectors to this field in the past year, and witnessed an exponential growth in buyer participation from Asian countries, led primarily by mainland China and Hong Kong,” said Aurel Bacs, international head of Watches at Christie's. “At the same time, established collectors from the private, trade and institutional sectors in Europe and the U.S. continue to add great depth and strength to this category.”


TAG Heuer, Parsons, Name Watch Design Winners
TAG Heuer and Parsons The New School for Design today unveiled the winners of the “Art of Watchmaking,” a 10-week competition that charged eight teams of Parsons product design students with reinterpreting TAG Heuer's classic Monaco chronograph. Each member of the three teams will receive a monetary prize and a Tag Heuer timepiece. In addition, TAG Heuer has the potential to produce one of the first-place designs as a limited-edition piece. During the review, each of the student teams showcased three concepts, and discussed their inspiration, target consumer and design philosophy. Ideas ranged from a Monaco with a rotating case to designs inspired by the New York City transportation system. First-place honors went to the team of Yong Yi Lee, Yoav Menachem and Amit Ran, whose designs included numbers to appeal to collectors (top photo); second-place honors went to the team of Enrique Diaz Rato de Zabala, Michelle Organ and You Jin Sung, whose designs included a black ceramic timepiece with neon accents (second photo); and third-place honors went to the team of Yusuke Sekiguchi, Christopher Beatty and Helen Kim, whose designs included a piece with naturally grown crystals in its dial (third photo). Read more about the design competition here and here.

Ulysse Nardin Opens First U.S. Boutique, Announce Plans to Build U.S. Headquarters

Ulysse Nardin, opened its flagship boutique in the United States at the Boca Raton Town Center Mall on December 16 with a ribbon-cutting ceremony and celebration attended by more than with 400 people, including famed baseball pitcher Randy Johnson. The luxury watch brand partnered with Bobby Yampolsky of East Coast Jewelry to open its first boutique in the U.S. The nautical-inspired store has more than 80 of the brand’s timepieces, including three models from the limited edition Boutique line. Following the ribbon cutting ceremony, Ulysse Nardin announced plans to open a 7,000 square foot U.S. headquarters in Boca Raton in the spring of 2011. This facility will be the company’s only repair center in the U.S. and will include up to 10 fully Swiss-trained watchmakers. The Swiss company manufacturers 20,000 watches per year, priced from $5,900 to $1 million.

Philip Stein is an Oprah Favorite

The Limited Edition 25th Anniversary Oprah Watch by Philip Stein was featured on the Oprah Winfrey Show's recent episode of “Oprah’s Favorite Things.” It was third time the Miami, Fla.-based watchmaker and retailer was featured on the annual Favorite Things show. However, it is the first time the company designed a watch just for the show. The signature dual dial watch has an applied silver letter “O” celebrating the television star, philanthropist and businesswoman. Philip Stein designers carried the theme further with applied silver numbers “2” and “5” commemorating Oprah’s 25th anniversary. Limited quantities of the 25th Anniversary Oprah Watch, available in a diamond style with a total carat weight of more than one carat, and a non-diamond style, are being offered to the public through select retailers and online. and interchangeable straps. Each watch comes packaged in a custom designed box featuring the Oprah 25th Anniversary logo.

Breitling Opens First U.S. Boutique

Swiss luxury watch brand Breitling opened its first U.S. store in New York on East 57th Street. Breitling watches retail from $1,000 to $300,000, and 90 of the brand’s latest models will be available for purchase at the store.

Timepiece Tuesday: Christie’s, Antiquorum Auctions; IWI 'English' Watches; Mayors Opens Rolex Store

As I write, the Christie’s “Important Watch” auction in New York had just ended. It was the last auction of the year for the international auction house and judging from the early results, some people will be receiving some spectacular holiday presents.

The evening’s stunner was a limited-edition “Kanthara” diamond-set wristwatch from Piaget (above) that sold for $602,000, double its high estimate. The 32 mm wide watch has nickel-finish signed watch is literally covered in diamonds, including a dial set with baguette-cut diamonds, oval case enhanced by emerald-cut diamonds, diamond-set crown, 18k white gold Piaget bracelet and hidden clasp set with emerald-cut diamonds.

Other highlights include:

A Breguet (Reference 3857) limited-edition platinum minute-repeating tourbillon wristwatch sold for $434,500, well above the high estimate of $350,000. It was produced in 1997 to commemorate the 250th anniversary of Abraham Louis Breguet, who invented the tourbillion, which counteract the effects of gravitational pull on timepieces.

 

Patek Philippe had seven of the top ten sales for the evening, according to early results. Among them was a stainless steel chronograph watch with Breguet numerals that sold for $386,500 (left), above the high estimate; an 18k gold perpetual calendar chronograph watch with phases of the moon sold for $314,500; and an 18k gold perpetual calendar chronograph that sold for $266,500. More to come.

Antiquorum Auction

On Dec. 8 Antiquorum held its final watch auction of the year, featuring a FP Journe set of six platinum watches with champagne dials that sold for $200,500 and a white gold “Double Tourbillon 30 Vision” watch (left) that sold for $160,000.

IWI M1

British Watches

There are quality watches made outside of Switzerland. A case-in-point is IWI, a new luxury sports watch brand headquartered in Lancashire, England. Calling itself a “truly English brand,” the company is headed by watchmaker Ian Walsh. Studying Classic Horology at Manchester and later working with Tag Heuer, Walsh said it was while working with vintage timepieces that he realized that he wanted to recreate classic designs. The IWI stainless steel watches pay homage to motorsport. The watches contain Swiss automatic movements and The IWI signature crown is situated at 12 o’clock. Walsh says the classic dials inspire the glory days of auto racing.

Mayors Opens Rolex Store

Just in time for Christmas, Mayors jewelers opened its first dedicated watch store in Orlando, Fla. Called “Rolex Presented by Mayors,” the new store is located in the Mall at Millenia. More than 300 luxury timepieces are on display in the 1,100-square-foot space. The store is Mayors' second retail location in the mall.

Antiquorum Auction Fetches $3.5M Led by FP Journe Platinum Watch Set

Antiquorum’s December auction of “Important Modern and Vintage Timepieces” in New York on Wednesday fetched more than $3.5 million with 83 percent of the 356 timepieces sold by lot and 119 percent sold by value, based on the low estimate. In addition to the telephone, room, and commission bidders, there were 419 registered Internet bidders competing for timepieces. Bids came in from across the world including, Australia, Italy, China, Hong Kong and United Kingdom.

The highlight of the sale was the FP Journe set of platinum watches (lead photograph). The “Invenit et Fecit” collection of six wristwatches with champagne dial sold for a notable $200,500.

Greubel Forsey also attained an important result with its white gold “Double Tourbillon 30° Vision” (above right) selling for $160,000. An A. Lange & Sohne Flyback Datograph sold for $74,500 (above left).

Patek Philippe achieved strong results with the ref. 3971 (left) selling for $ 98,500 after heated competition among bidders. Also achieving noteworthy prices were two Patek Philippe ref. 5146; the pink gold example achieved $27,500 while the white gold brought $26,875. The Patek Philippe lapel watch sold for $21,250 to a Chinese bidder for nearly three times its high estimate.

Vintage Rolex watches continue to achieve strong results at auction. At Wednesday’s sale, the Rolex ref. 6263 sold for $35,000. The Rolex 14K gold ref. 6238 “Paul Newman” (left) and the Rolex ref. 6239 steel “Paul Newman” each sold for $64,900. The Rolex ref. 6204 obtained $57,500—three times its estimate.

“We are delighted by the recent increase in strength in the vintage Rolex market with exceptional examples once again achieving significant prices as seen by the Rolex ref. 6204 in today’s sale,” said Charles Tearle, auctioneer, director and watch expert, Antiquorum USA.

The Audemars Piguet Royal Oak Jumbo “A Series” sold for $23,750—more than four times its high estimate. Also, Richard Mille obtained a noteworthy result for the RM010 in 18K white gold, selling for $43,750.

Watches with exceptional provenance continue to generate interest. The Rolex GMT that belonged to Captain Don Walsh, who co-piloted the Bathyscaph Trieste to the deepest part of the world’s oceans at 35,800 feet, sold for $30,000. Also, Joe DiMaggio’s Imexal clock, which was presented to him as the Casey Stengel Award in 1974, attained $13,125, more than four times its low estimate.

A Girard Perregaux vintage 1945 Tourbillon with Three Gold Bridges (left) sold for $57,500 while the Girard Perregaux World Time Perpetual Calendar with special order dial sold for $ 22,500.

Finally, in keeping with current trends, certain modern limited edition examples are drawing attention from the collector community and realizing strong prices at auction. An excellent example of this is the Jaeger Le-Coultre Aston Martin limited series wristwatch in titanium sold for $17,500—more than double its high estimate.

This was the last auction 2010 for Antiquorum. Its next auction will be held Feb. 26, 2011, in Hong Kong.

World Records Set for Eric Clapton’s Patek Philippe Watch and Patek Chronometer

Eric Clapton's watch with moon phases sold for $3.6 million. CHRISTIE'S IMAGES LTD. 2012

A Patek Philippe platinum perpetual calendar chronograph wristwatch with moon phases owned by famed guitarist Eric Clapton sold for $3.6 million at Christie’s Geneva Important Watch auction held Monday.

Described by the auction house as a reference 2499/100, movement number 869'308, and case number 2'817'876, it was manufactured in 1987. The Calibre 13''' mechanical movement was stamped twice with the Geneva seal. The watch from the famed rock and blues musician and songwriter (nicknamed “slowhand”) has 23 jewels, silvered matte dial, applied gold baton and square numerals, gold dauphine hands, outer Arabic five minute divisions, windows for day and month, three subsidiary dials for constant seconds, 30 minutes register and moon phases with date, circular case, stepped downturned lugs, snap on back. Finally it has a platinum Patek Philippe buckle, case, and a signed 37.5 mm. diameter dial and movement.

Patek Philippe unique platinum chronometer wristwatch sold for $4 million. CHRISTIE'S IMAGES LTD. 2012

While Clapton’s watch may have been the piece the received the most press, it didn’t receive the highest bid at the auction. That honor went to “J.B. Champion Platinum Observatory Chronometer.” a Patek Philippe unique platinum chronometer wristwatch with Guillaume balance, Bulletin d’Observatoire, additional diamond-set dial and platinum bracelet that sold for just under $4 million, a world auction record for a watch without complications.

Manufactured in 1952, the historically significant 13''' caliber, 13 Lépine, mechanical movement is numbered twice and stamped twice with the Geneva seal, three-quarter plate, 20 jewels, blued steel Breguet balance spring, Guillaume balance, micrometer regulator, silvered matte dial, applied baton numerals, outer beady minute divisions, gold feuille hands, subsidiary seconds, circular heavy case, snap on back, platinum Patek Philippe buckle, case, dial and movement signed 36 mm. diameter.

It great day for Patek Philippe as the top 10 lots was manufactured by the renown Swiss watch brand. This includes three other Pateks that sold for more than $1 million:

* An extremely rare, platinum chronograph wristwatch that sold for $1.6 million. One of three platinum examples ever made of this reference; it’s signed Patek Philippe & Co., Genève, ref. 1579, movement no. 867'005, case no. 645'566. Manufactured in 1946, the Calibre 13''' mechanical movement has 23 jewels, micrometer regulator, silvered matte dial, black enameled baton and applied gold Arabic numerals, Arabic five minute divisions, outer tachymetre scale, two subsidiary dials for constant seconds and 30 minutes register, large circular case, downturned angular or "spider" lugs, snap on back, and 18K white gold Patek Philippe buckle.

* An 18K gold World Time wristwatch with cloisonnè enamel dial depicting the Eastern hemisphere sold for more than $1.04 million. Signed Patek Philippe, Genève, ref. 1415 HU, movement no. 964'802, case no. 669'492. Manufactured in 1949, the calibre 12'''120 HU mechanical movement has 18 jewels, bimetallic compensation balance, micrometer regulator, polychrome cloisonné enamel dial depicting the map of Europe, Asia, Africa and Australia, applied gold baton and Roman numerals, gold hands, outer revolving ring depicting the diurnal and nocturnal hours on silvered and black background, circular case with revolving bezel engraved with the names of 41 cities in the world, teardrop lugs, and snap on back.

* An 18K pink gold chronograph wristwatch with two-tone silvered dial also sold for more than $1.04 million. Signed Patek Philippe, Genève, retailed by Gobbi, Milano, ref. 530, movement no. 868'800, case no. 514'608, it was manufactured in 1955. The Cal. 13''' mechanical movement stamped with the Geneva Seal, 23 jewels, two-tone silvered dial, applied pink gold baton and Arabic numerals, gold hands, outer railway five minute divisions and tachymetre scale, two subsidiary dials for constant seconds and 30 minutes register, large circular case, downturned lugs, snap on back, two rectangular chronograph buttons in the band, 18K pink gold buckle, case and movement signed by the maker, dial signed by the maker and the retailer.

Possibly the world's first chronograph. CHRISTIE'S IMAGES LTD. 2012

A timepiece of historical significance that was part of the auction was what may have been the first chronograph. It sold for $245,274. The “probably unique” and historically important inking chronograph with cylinder escapement, housed in mahogany box is signed Rieussec Horologer du Roi, Chronographe, Brevet d'Invention, circa 1821/22.

Nicolas Mathieu Rieussec is credited with inventing the chronograph on September 1, 1821.

The timepiece has a mechanical cylinder movement, plain three-arm balance, two revolving silvered dials on the front plate—the upper one for minutes, the lower one for seconds—both with fixed blued steel inking hand, brass button on the left side of the fausse-plaque activates the inking hand, brass button on the right starts and stops the movement, front plate signed. It measures 143 mm. long & 114 mm. wide not including the box.

This lot includes a note from Christie’s, which reads as follows:

It is very interesting to note that this historically important inking chronograph by Rieussec is not numbered, but instead inscribed "Chronographe, Brevet d'Invention". One may speculate for the reasons why Rieussec didn't number this superb piece, but one very logical explanation may be that this example here is the very one he used to obtain his patent.

Vaucher Fleurier 18K gold and enamel identical numbered, mirror-image pair of duplex watches. CHRISTIE'S IMAGES LTD. 2012

Another interesting item that received a great deal of interest was a set of two Vaucher, Fleurier 18K gold and enamel identical numbered, mirror-image pair of openface center seconds duplex watches with matching gold and enamel keys and fitted box, made for the Chinese market. It fetched $385,432, nearly triple its high estimate. Signed Vaucher, Fleurier, No. 160 & 160., circa 1830, it features mirror-polished and blued steel keywound duplex movements, bimetallic compensation balances with blued steel wedge-shaped weights, hinged gold cuvettes, white enamel dials, Roman numerals, gold spade hands, centre seconds, large circular cases, pink, light blue and translucent scarlet champlevé enamel floral decorated bezels, rims, pendants and bows, the backs decorated with finely painted, mirror-image polychrome enamel bouquet of flowers on mauve background.

All totaled, the auction held at the Four Seasons Hotel des Bergues, Geneva achieved more than $28.5 million in sales with 96 percent sold by lot and 97 percent sold by value. All prices realized for individual items and auction house totals include commissions.

“Today’s seven-hour marathon auction welcomed some 500 registrants from five continents, generating stellar sell-through rates as well as breaking numerous records,” said Aurel Bacs, International Head of Christie's Watch Department. “Collectors, public and private museums, the trade and also an investment watch fund, battled out the bidding for the best watches seen at auction this season, reconfirming.”

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Patek and Rolex Take Top Spots in Watch Auction

Patek Philippe ref. 2499 sold for $374,500

A Patek Philippe ref. 2499 led auction results by selling for $374,500 at Antiquorum's September auction of Important Modern & Vintage Timepieces. Made in 1976, the 18k yellow gold wristwatch with round button chronograph, perpetual calendar, and moon phases originated from the collection of professor Thomas Engel.

Patek Philippe Ref. 1436 sold for $284,500.

Other Patek Philippe timepieces that commanded high prices included a ref. 1436 split-second chronograph with transitional dial retailed by Tiffany, sold for $284,500; a ref. 3971 that sold for $116,500; and a ref. 5038, a limited edition white gold perpetual calendar, which fetched $56,250.

The September 14 auction in New York featured 319 collectable timepieces and took in nearly $2.8 million, with 78 percent sold by lot and 119 percent sold by value. It attracted 353 registered internet and phone bidders from around the world, including Hong Kong, China, Taiwan, the Russian Federation, the Netherlands, Canada and the United States.

Rolex ref. 6241 Daytona sold for $110,500

Popular modern and vintage Rolex watches also achieved important results as confirmed by the two examples of the Rolex ref. 6241 offered in the sale. An 18K yellow gold Paul Newman and a 14K yellow gold Daytona retailed by Tiffany & Co. both sold for $110,500.

Rolex Submariner ref. 6538 sold for $76,900

Rolex watches complete with box and papers sold well, including the Rolex Submariner ref. 6538, "James Bond" Big Crown with gilt dial, which sold for $76,900; the Rolex Ref. 1019, which sold for $45,000; and the Rolex. Ref. 1655, which fetched $21,875.

“The outcome for our September auction confirms that Rolex Sports watches continue to generate strong interest among collectors throughout the world,” said Evan Zimmermann, Antiquorum president and CEO.

Audemars Piguet Royal Oak 'City of Sails,' Ref. 25979 sold for $46,250

Perhaps in anticipation of the Audemars Piguet Royal Oak Anniversary in 2012, all Audemars Piguet Royal Oak watches sold well. The top lots included a Royal Oak Perpetual Calendar with anthracite dial, which attained $31,250, and the limited edition "City of Sails" which sold for $46,250.

Rare Patek Philippe Watches to Star in Antiquorum's September Auction

Patek Philippe Ref. 2499

Two Patek Philippe watches will share the starring role at the upcoming "Important Modern & Vintage Timepieces" auction by Antiquorum Auctioneers.

The September 14 event at the watch auctioneer’s New York headquarters will be led by a Patek Philippe ref. 2499 and an extremely rare and probably unique Patek Philippe Split-Second Chronograph Ref. 1436. In addition, the auction will feature two Rolexes, two Breguets, an Audemars Piguet and two more Pateks, among a diverse collection of modern and vintage timepieces. Previews will be held in Hong Kong, Shanghai, Singapore and New York.

The highlight of the sale is the Patek Philippe Ref. 2499, third series (top picture), originally from the collection of professor Thomas Engel. Made in 1976, this is an exceptional and extremely rare, 18k yellow gold wristwatch with round button chronograph, perpetual calendar, and moon phases. Auction estimate is $300,000 - $500,000.

Patek Philippe Ref. 1436

In addition, there's the Patek Philippe Ref. 1436 (above) made in 1960 and sold by Tiffany & Co. the following year. Antiquorum said the watch has remained in pristine, virtually new condition. The model, probably unique, is an 18k yellow gold wristwatch with transitional dial, square button co-axial split-seconds chronograph and tachometer. Auction estimate is $200,000 - $300,000

Other auction highlights include:

A Rolex Daytona, Ref. 6241 retailed by Tiffany & Co. Made circa 1967, it is a very fine and rare, water-resistant, 14k yellow gold wristwatch with round button chronograph, and anti-reflective black bezel. It is accompanied by a Rolex service invoice and guarantee dated June 21, 2011. Estimate: $40,000 - $60,000

A set of two Breguet Souscription watches made in the late 1990s. The set consists of: A platinum minute-repeating wristwatch with perpetual calendar, phases and age of the moon and leap year indication; and a platinum self-winding pocket watch with 45 hour power reserve indication, instantaneous calendar, phases and age of the moon. This set is accompanied by a fitted wooden winding box, 30 cm platinum chain, platinum magnifying glass and two platinum tools. Estimate: $120,000 - $140,000

A Patek Philippe Ref. 3971 very fine, astronomic, 18k yellow gold wristwatch with round button chronograph features a perpetual calendar and moon phases. It was made in 1989. Estimate: $80,000 - $100,000

 An International Watch Company B-Uhr World War II German Air Force (Luftwaffe), Ref. 431, request No. FL 23883. Made in 1940 for the German Air Force, it is an oversized, center seconds, anti-magnetic, anti-corrosion stainless steel military pilot's wristwatch with indirect seconds and a very long aviator's leather strap. This very rare and sought-after timepiece is accompanied by the certificate of origin and an IWC service warranty dated April 4th, 1989. Estimate: $40,000 - $60,000

A Rolex Submariner Ref. 6538 James Bond, "Big Crown" with gilt dial, made in 1956. This very rare, center seconds, self-winding, water resistant, stainless steel diver's wristwatch with a stainless steel Rolex expandable rivet bracelet is offered with original box, instructions and pamphlets with anchor, guarantee, pocket calendar, and service receipt dated July 21, 1981. Estimate: $35,000 - $65,000

A limited edition Patek Philippe Ref. 5038 self-winding 18k white gold wristwatch. It was made in a limited edition of 500 in 1996 and features a perpetual calendar and moon phases. It is offered with the original winding box, setting pin, limited series certificate, booklets and certificate of origin within a leather wallet. Estimate: $35,000 - $55,000

An Audemars Piguet Royal Oak “City of Sails,” Ref. 25979 made in a limited edition of 50 for the 30th Anniversary of the Royal Oak in 2003. It is dedicated to the "Alinghi" team, winner of the America's Cup in 2003. Estimate: $40,000 - $60,000

The Complicated Process of Defining A Grand Complication Watch

Patek Philippe Reference 959/J Grand Complication Timepiece at Aaron Faber Gallery.

The question of what are the components that define a grand complication timepiece seems fairly straightforward and at least two members of an esteem group of panelists discussing this topic said there is an absolute answer to this question. However, the definitive explanation proved to be elusive during a discussion about this and other timepiece topics during a rainy June evening at Aaron Faber Gallery in New York.

The fact is the discussion of grand complications is … well … complicated. First, you need agreement of what is a complication. In its simplest definition a complication is any feature to a timepiece outside of the simple display of hours, minutes, and seconds (for example, a date/day display). However, that doesn't quite cut it when trying to define the term in a grand complication, considered the most complex achievement of haute horlogerie.

Grand complications panelists (from left): Gary Girdvainis, Edward Faber, Michael Friedman, Osvaldo Patrizzi and Alexis Sarkissian.

Osvaldo Patrizzi, best-known as the founder of Antiquorum, the international auction house for timepieces, is one of the most connected, most respected and best known people in the world of haute horlogerie. He said the reason grand complications are so expensive and so rare is because it’s extremely difficult to fit several complications into such a small space and because the type and number of complications in a watch will affect its appearance.

“The more complications you want the more problems you have,” he said in his Italian accent.

He noted that he was among a small group of people who worked at creating a definition for a complication in an “ultra-complicated” watch.

“We spent one day to define what is a complication on a normal size watch,” he said. “A complication is when you are able to give one (piece) of information.”

Panelists were in relative agreement on this. The next question by the moderator, Gary Girdvainis, publisher and editorial director of the publications, WristWatch Magazine and AboutTime, was: Is a toubillon a complication?

The toubillon was invented by French-Swiss watchmaker Abraham-Louis Breguet, to (in simple terms) negate the effects of gravity on the accuracy of a timepiece. It is housed in a rotating cage that is often seen on the dial. It is a beautiful, complex device that is widely sought after among watch collectors. But does it provide information?

On this, Patrizzi, the man who in his own words helped give the definition of a complication, gave a long response that was noncommittal. 

[Update, July 24] Patrizzi clarified his statement saying that he has always considered a tourbillion a complication.

Michael Friedman, a timepiece auctioneer, a museum curator and noted expert on the history of horology, was more direct.

“The tourbillion is an incredibly complicated escapement but in my mind it’s not necessarily a complication,” he said. “It was a complicated escapement that Breguet designed to solve a very specific problem.”

The panelists, which also included Edward Faber, founder of Aaron Faber Gallery and author of American Wristwatches: Five Decades of Style and Design; and Alexis Sarkissian, founder of Totally Worth, a boutique distribution network for luxury timepieces; seemed to be in agreement. If Patrizzi was cornered I think he would agree as well.

So what are the complications that make up a grand complication? Again the panelists were in relative agreement: minute repeater, perpetual calendar, phases of the moon, grand and petite sonnerie, and split-seconds chronograph.

Friedman strayed a bit with his answer, saying a simple chronograph would be acceptable in his view.

“I’m a bit of a traditionalist for a definition. I view that it has to have minute repeater, perpetual calendar, phases of the moon (and) grand and petite sonnaire. These are the classic complications that need to be part of the grand complication,” he said. “Once we get beyond those basics, it’s a matter of definition. It’s a matter of companies marketing themselves in a particular way, whether something has an alarm, whether something has a split-second chronograph versus a standard chronograph. For me a grand complication can have a standard chronograph. It doesn’t have to have a split-second chronograph, partly because if we’re talking about a complicated watch from the 1870s, it likely would have had a standard chronograph function of a watch. So for me those are the classics.”

Friedman also noted that the same conversation would have been different if it was held at certain periods during the last 150 years.

“That’s one thing I love about this topic,” he said. “It’s a moving target and the definitions change over time.”

Panelists also discussed variations in the auction market for high-end watches, maintenance and repairs of ultra-complications watches, the increase of watch brands under corporate ownership and the need for more watchmakers throughout the world. These are all topics that need their own space.

The discussion was held the day before Christie’s was auctioning the earliest and most significant example of a Patek Philippe grand complication. The Stephen S. Palmer Patek Philippe Grand Complication No. 97912 is a minute repeating perpetual calendar split-seconds chronograph watch with grand and petite sonnerie and moon phases. It was manufactured in 1898. It has never been seen in public and it was the first time it ever appeared at auction. The watch was purchased on Oct. 3, 1900, for 6,500 Swiss francs by Stephen S. Palmer.

It sold for more than $2.25 million, a world auction record for a Patek Philippe grand complication.

Aaron Faber Gallery held a week-long exhibition that featured a similar grand complication as its centerpiece: a Patek Philippe Reference 959/J (top picture). Made in 1992, it has a perpetual calendar, moon phases, split seconds chronograph, grand and petite sonnerie, and minute repeater. 

It’s a steal at $1.5 million. 

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Earliest Known Patek Philippe Grand Complication Sells For A Record $2.25 Million

The earliest and most significant example of a Patek Philippe Grand Complication sold for more than $2.25 million Tuesday at Christie’s New York Important Watches auction—well above its $1.5 million high estimate. The price represents a world auction record for a Patek Philippe Grand Complication.

The Stephen S. Palmer Patek Philippe Grand Complication No. 97912 is a minute repeating perpetual calendar split-seconds chronograph clockwatch with grande and petite sonnerie and moon phases, manufactured in 1898. It has never been seen in public and it was the first time it ever appeared on the auction block. 

The definition of Grand Complication is often debated among watch experts and collectors, but it is generally agreed that it features the following: Grand and Petite Sonnerie, Perpetual Calendar and Moon Phases, and Split-Seconds Chronograph.

Until the appearance of the 18k pink gold Palmer watch, it was broadly accepted that Patek Philippe did not make its first Grand Complication until 1910 and that the second ever made was reserved before World War I for James W. Packard in 1916, Christie’s said recently.

With all of the avid collectors of important watches, the historical watch experts, and the way that luxury watch companies maintain their historical data—how could such a rare and valuable watch be unknown? Last night I attended a panel presentation on Grand Complications at the Aaron Faber Gallery in New York and was told by two of the panelists that this type of thing does occasionally happen. Michael Friedman, an historical watch expert, explained to me that being in a private collection the watch was unknown. In addition, even if Patek Philippe has the information in its archives it would not have released it unless asked.

The watch was purchased on Oct. 3, 1900, for 6,500 Swiss francs by Stephen S. Palmer. The original certificate and presentation box were included in the sale.

The sale of 361 lots totaled nearly $8 million. 

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Chopard and Patek Modern Watches Were Top Sellers at Sotheby’s

18K white gold and diamond Chopard tourbillon watch

An 18K white gold and diamond Chopard limited edition tourbillon watch and a Patek Philippe platinum automatic minute repeating perpetual calendar tonneau both sold for $461,000 at Sotheby’s final watch and clock auction of the spring season in New York. 

Patek Philippe platinum automatic minute repeating perpetual calendar tonneau.

The Chopard piece, released circa 2007, has a dial covered with baguette-cut diamonds and a power reserve at 12 o'clock. The Patek Philippe circa 1997 watch has a retrograde date and moon-phases compilations. Sotheby’s Important Watches & Clocks auction held Monday opened and closed with these two modern complicated wristwatches.

The auction took in more than $7.1 million, besting its pre-sale high estimate of $6.5 million and selling 89.1% by lot.

Other pieces of significance that sold included a circa 1915 Cartier desk timepiece that fetched $100,000 and a prototype sports model made by Rolex in 1967 that achieved $383,000—nearly five times its high estimate. A limited edition tourbillon by A. Lange & Söhne from 2011 brought in $197,000.

Pieces made for the Chinese, Indian and South American export markets owned by inventor and businessman Robert Howard brought in approximately $1.4 million, while all ten lots from the estate of golf course designer Jaime Ortiz-Patiño sold and were led by a Patek Philippe Ref 5004R that sold for $185,000.

“We are thrilled to finish it with an auction that performed so well across the full diversity of makers and time periods represented,” said Katharine Thomas, head of Sotheby's Watches department in New York.

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Patek Philippe 1923 Officier Achieves $2.9 Million; Five Bespoke Patek Titanium Watches Fetch Millions

Patek Philippe 1923 Officier 

The Patek Philippe earliest known single-button split-seconds chronograph wristwatch sold for nearly $3 million Tuesday at Sotheby’s New York. It was part of a private collection of 12 Patek watches, including five bespoke titanium timepieces, which sold for a total of $7.1 million.

Sotheby’s described the Patek Officier chronograph as “a piece of watchmaking history.” It was started in 1903 and completed and sold on October 13, 1923, according to the auction house. The yellow gold watch is the only split-seconds chronograph by Patek Philippe with a white enamel dial. It sold at auction to a Swiss museum for $2.965 million—more than double its $1.2 million high estimate. The price matches Sotheby’s top result for any wristwatch, achieved by The Henry Graves, Jr. Yellow Gold Minute Repeating Wristwatch by Patek Philippe, which sold in 2012.

The $7.1 million price for the 12 Patek Philippe watches, which the auction house called “The Titanium Collection,” well exceeded its $4.9 million high estimate. In addition to the five titanium watches and the historic Patek split-seconds chronograph, the 12 watches placed on auction Tuesday included additional references by Patek that have remained unknown to collectors, as well as unique pieces incorporating rare materials and designs beyond titanium.

Patek Philippe Ref 5001T Sky Moon Tourbillon

The titanium collection was led by the previously-unknown Ref. 5001T Sky Moon Tourbillon that fetched more than $1.3 million. The double dialed wristwatch has 12 complications including tourbillon, perpetual calendar, retrograde date, sky chart, moon-phases, orbit display, sidereal time and minute repeating on cathedral gongs, made circa 2002. In addition to the lightweight metal, the watch is further distinguished by its basket weave motif, repeated on the bezel and the dial where the standard Sky Moon Tourbillon normally features the firm’s signature Calatrava crosses, as well as unabbreviated cardinal points on the star chart.

Other commissioned pieces in the collection include the previously unknown Platinum Ref. 5103P, which sold for $773,000 and the Flawless Officer Ref. 3928, which achieved $737,000—an auction record for a contemporary time-only watch by Patek Philippe and well above its $500,000 high estimate. The case back of the Flawless Officer is set with a 9.44 carat, D color, internally flawless diamond that provides a window to the movement.

Sotheby’s Important Watches Auction totaled $11.7 Million, the highest total for an auction of timepieces from various watch owners at Sotheby’s New York. Other highlights included:

* A gold, hardstone, enamel and gem-set desk timepiece in the form of a tortoise, circa 1928, sold for $875,000, well above its $500,000 high estimate. The dial and movement are concealed within the tortoise shell that opens.

* A white gold and diamond-set bracelet watch, Ref 40011 by Piaget carrying a total diamond weight of approximately 57 carats fetched $398,000, above its $300,000 high estimate.

* The Hublot Key of Time MB-02 and the Jaeger-LeCoultre Duometre a Spherotourbillon, each brought in $185,000.

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Stephen S. Palmer Patek Philippe Grand Complication May Fetch $1.5 Million

Christie’s New York said it will offer the earliest and most significant example of a Patek Philippe grand complication as the highlight of its New York Important Watches auction on June 11. It is estimated to fetch $1 to $1.5 million.

The Stephen S. Palmer Patek Philippe Grand Complication No. 97912 is a minute repeating perpetual calendar split-seconds chronograph clockwatch with grande and petite sonnerie and moon phases, manufactured in 1898. It has never before seen in public, and it is the first time ever on the auction block.

Until the appearance of the Palmer watch, it was broadly accepted that Patek Philippe did not make its first Grand Complication until 1910 and that the second ever made was reserved before World War I for James W. Packard in 1916, Christie’s explained.

Purchased on Oct. 3, 1900, for 6,500 Swiss francs by Stephen S. Palmer, the discovery of this watch serves as a “spectacular addition to scholarship surrounding Patek Philippe and Grand Complications in general,” Christie’s said in a statement. “Adding to its rarity, it is the only example known to have been cased in pink gold whereas all following pieces were cased in yellow gold according to the style of the early 20th century.”

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Bespoke Titanium Patek Philippe’s Sky Moon Tourbillon Could Fetch $1.5 Million

Patek Philippe Ref 5001T Sky Moon Tourbillon

A unique collection of watches that includes five bespoke Patek Philippe references made in titanium will be part of Sotheby’s New York Important Watches auction on June 10. The collection of vintage and modern timepieces is led by the Patek Philippe Ref 5001T Sky Moon Tourbillon, a previously undocumented reference and the only known example of Patek Philippe’s Sky Moon Tourbillon in titanium. Its estimate is $1 - $1.5 million.

The double dialed wristwatch has 12 complications including tourbillon, perpetual calendar, retrograde date, sky chart, moon-phases, orbit display, sidereal time and minute repeating on cathedral gongs, made circa 2002. In addition to the lightweight metal, the watch is further distinguished by its basket weave motif, repeated on the bezel and the dial where the standard Sky Moon Tourbillon normally features the firm’s signature Calatrava crosses, as well as unabbreviated cardinal points on the star chart.

The Patek Philippe titanium timepieces are part of a private collection of 12 watches that includes additional references by Patek Philippe that have remained unknown to collectors, as well as unique pieces incorporating rare materials and designs beyond titanium. The timepieces have a total estimate of more than $3 million.

Patek Philippe Ref 5033T, titanium automatic annual calendar
minute repeating wristwatch.

In addition to the Ref 5001T, highlights of the previously unknown titanium wristwatches by Patek Philippe include: the Ref 5033T, a titanium automatic annual calendar minute repeating wristwatch made in 2003 (estimate est. $400,000 - $600,000); and the Ref 5102T Celestial, a titanium automatic astronomical wristwatch with sky chart, phases and position of the moon and time of Meridian passage of Sirius and the moon, made in 2003 (estimate. $200 $300,000).

Until this auction, there were only four known watches in titanium made by Patek Philippe.

“When first learning about this collection, it was almost impossible to conceive of so many important yet unknown pieces from Patek Philippe,” Daryn Schnipper, chairman of Sotheby’s Watch & Clock Department, said in a statement. “The five titanium watches are an absolute revelation. This group is a testament to the influence and ultimate connoisseurship of its collector, who had the foresight to customize these references in discreet yet significant ways.”

Patek Philippe 1923 Officier

Another star of the private collection is the Patek Philippe 1923 Officier, which Sotheby’s said is one of the most important wristwatches produced by the firm. The yellow gold single button split-seconds chronograph originally sold on October 13, 1923, making it the earliest known split-seconds chronograph produced by the firm. It is the only split-seconds chronograph by Patek Philippe to feature a white enamel dial. Its estimate is $800,000 - $1.2 million.

Patek Philippe Ref 5103P platinum automatic minute repeating semi-skeletonized perpetual calendar wristwatch with retrograde date, moon phases and leap year indication.

Another previously undocumented Patek Philippe is the Ref 5103P platinum automatic minute repeating semi-skeletonized perpetual calendar wristwatch with retrograde date, moon phases and leap year indication made in 2004. The watch has bespoke engraving on its movement plates as well as a unique teardrop pattern on its side. Its estimate is $500,000 - $700,000.

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