Sales in the Patrizzi & Co June 15 auction reached nearly $3 million with 145 of the 233 lots sold. The top lot was a minute repeater by F.P. Journe, featuring Grande et Petite Sonnerie striking chimes, which sold for $400,000. An eight-day Cartier Mystery clock with platinum, rock crystal and diamonds made in the 1940s attained $280,000. An 18k yellow gold Patek Philippe World Time with a cloisonné enamel dial fetched $140,000.

“There was tremendous interest in this auction from clients in Asia, especially China and Hong Kong,” said Philip Poniz, vice president and chief expert at Patrizzi & Co. “These customers purchased a range of items, from pocket watches to modern wristwatches.” The company held previews in Hong Kong and Shanghai, where Patrizzi & Co. opened offices in 2009 and 2010, respectively.

About 40 people attended the auction in person. The sale saw strong bidding via the Internet and telephone, with many bids coming from China. Sales of pocket watches were consistently strong with models from Patek Philippe and Vacheron Constantin doing very well. Chronograph wristwatches were also popular with models from Patek Philippe, Vacheron Constantin, IWC and Audemars Piguet performing well. A limited edition platinum Panerai Radiomir ref. OP 6542 from 2000 sold for double its estimate. A Rolex Daytona “Paul Newman” Fuerza Aerea Del Peru ref. 6239 circa 1966-67 brought $51,000 against a pre-sale estimate of $32,000-$40,000.

Top-selling lots appear below, and the images may be enlarged with a click. Complete sale results are available at the Patrizzi & Co. website.

This F. P. Journe, “Sonnerie Souveraine – Grande et Petite Sonnerie – Répétition Minutes” (Lot 94) sold for $400,000.

The Cartier Art Deco Mystery Clock (Lot 122) brought $280,000.

This Cartier complicated Comet Clock (Lot 121) sold for $155,000.

This Patek Philippe World Time, ref. 5131J-001 (Lot 224) achieved $140,000.

This lovely Patek Philippe ref. 1463 produced in 1953 (Lot 145) brought $120,000.

World Time watches and clocks are collector favorites. Along with dual-time watches, these timepieces are particularly relevant in this era of global interaction. For its June 15 sale in New York, Patrizzi & Co Auctioneers will present a selection of “World Time” men’s and women’s wristwatches, pocket watches and clocks, along with other collector-level timepieces.

More than 200 timepieces, including the World Times, will be offered in the auction, with two sessions at 11 a.m. and 2 p.m. in the company’s gallery on the sixth floor of 595 Madison Avenue. A three-day Silent Sale of an additional 150 to 200 watches will be held from Saturday, June 12, to Monday, June 14.

“World Time clocks and wristwatches eloquently capture a geographic history of the world,” said Osvaldo Patrizzi, president and chief executive officer of Patrizzi & Co. “These timepieces preserve the evolution of timekeeping and international capitals, going back to the magnificent clock from 1630 that we sold last summer in our Renaissance Clocks auction in Milan.” World Time watches and clocks in this auction date from circa 1940 to 2009, including models from Patek Philippe, Breguet and Vacheron Constantin.

A number of other important pieces will be offered, including a grande et petite sonnerie and minute repeater by F.P. Journe; three Patek Philippe Ref. 3960s, the officer’s style watch produced in a limited edition to commemorate the company’s 150th anniversary in 1989, and an Art Déco Mystery Clock from Cartier.

For the first time, the auction collection will preview in Shanghai where Patrizzi & Co has established a new office.

Complete sale information including additional images and preview dates are available at the official Patrizzi & Co. website.

F. P. Journe, “Sonnerie Souveraine – Grande et Petite Sonnerie – Répétition Minutes,” stainless steel minute-repeating wristwatch with grande et petite sonnerie striking chimes and power reserve indication; made in 2007. Estimate: $450,000 to $550,000.

Cartier Art Deco Mystery Clock, Model A, 18k yellow gold and rock crystal with diamonds; in mint condition; c. 1938-1940. Estimate: $300,000 – $400,000

Patek Philippe World Time, Ref. 5131, in 18k yellow gold with enamel dial; sold Dec. 11, 2009. Estimate: $150,000 – $180,000

Patrizzi & Co. sold a manuscript by Abraham-Louis Breguet for a record 2.3 million Swiss Francs (approx. $2,078,000) on Friday, May 7, in Geneva. Nicolas G. Hayek, president and CEO of Montres Breguet S.A. purchased the 354-page document on behalf of the Breguet Museum in Paris. Dictated by Breguet to his assistant over the last five years of his life, it is one of the most important horological documents in existence with in-depth explanations and drawings of Breguet’s many innovations and watchmaking legacy.

Despite technical problems that prevented online bidding, total sales from the auction were 5,802,250 Swiss Francs (approx. $5.24 million). About 70 people attended the auction in Geneva. In total, 317 lots were offered with many selling for more than double the presale estimate.

Along with the Breguet manuscript, top lots were a Patek Philippe split-seconds chronograph perpetual calendar, Ref. 5004, in 18k yellow gold that sold for CHF 210,000 (approx. $189,814), and a circa 1953, 18k yellow gold Patek Philippe perpetual calendar, Ref. 2497, which sold for CHF 200,000 (approx. $180,775). These figures reflect the total amount bid, as Patrizzi & Co does not charge a buyer’s commission.

On May 7 in Geneva, Patrizzi & Co. will auction a historic manuscript written between 1818 and 1823, during the last years of Abraham-Louis Breguet’s life. The document, which recently resurfaced, chronicles Breguet’s horological innovations, the history of his firm, watch calibers and complications, and his overall philosophy and designs. Breguet dictated the text to his assistant Louis Moinet and edited and noted corrections by hand. Breguet died in 1823 before it could be completed.

“It is hard to stress the importance of this event to the world and more specifically to the horological world,” said Osvaldo Patrizzi, chairman and CEO of Patrizzi & Co. “These are the writings of the master of horology, the knowledge his lifetime – from which we can learn many details that we have until today only been able to speculate on. It will change watchmaking history.”

The 354-page unbound manuscript is divided into seven lots. The Breguet lots are estimated to sell for CHF 40,000 – 80,000 each (approx. $37,600 – $75,194).

PLEASE NOTE: This auction was originally scheduled for April 25. It has been rescheduled to May 7 due to delays in transporting certain timepieces caused by the eruption of the Eyjafjallajökull volcano. The auction will now take place at the Grand Hotel Kempinski Geneva.

Additional photos and complete information are available at the official Patrizzi & Co. web site.

In July, 2009, WatchTime presented an article on the exhibition Breguet at the Louvre: An Apogee of European Watchmaking. That article can be accessed here.

The images below show two of the manuscripts to be offered in the sale. These images may be enlarged with a click.

Patrizzi & Co. opened the 2010 season on March 9 in New York City. Sales exceeded $2 million and two-thirds of the 161 lots sold. The top price of $250,000 was paid for a 1929 gold and nephrite Cartier Comet table clock featuring grande sonnerie chimes—the most complicated mechanism ever made by the company. A Patek Philippe Celestial ref. 5102 wristwatch brought $180,000, and a platinum Louis Cartier Art Déco Tank watch produced in 1929 set a world record at $135,000 – well above the presale estimate.

In addition to the catalog auction, Patrizzi & Co hosted its second silent sale with three-day viewings in Hong Kong and New York City. Thirty-nine pieces were sold for a total of more than $110,000. Purchasers appreciated the wide range of brands and styles, and took advantage of the “Buy Now” option. “This is a different type of selling during our previews that brings a whole new level of excitement and interest with a large selection of secondhand and collector-level wristwatches, pocket watches and clocks. We will be introducing it to our Geneva auction for the first time in April,” said company founder Osvaldo Patrizzi.

The Cartier Comet table clock

The Patek Philippe Celestial ref. 5102

This platinum Louis Cartier Tank watch set a world record

Additional sale results along with high resolution images are available at the Patrizzi & Co. website.

Patrizzi & Co. will open their 2010 season in New York City on March 9 with a sale titled “Timeless Emotions—Collecting Pocket Watches, Wristwatches and Clocks”. The sale includes more than 150 collector pieces. Highlights include a 1929 gold and nephrite Cartier table clock featuring grande sonnerie chimes—one of two clocks with the most complicated mechanism ever made by the company.

Grande sonnerie striking hours marking the quarter hours is extremely rare for a Cartier desk clock. The case is in 18k yellow gold with nephrite base and side panels. Its enamel face depicts the time and phases of the moon as well as three subsidiary dials with day, alarm and date. The clock was owned by the son of New York City’s youngest mayor, Hugh L. Grant, who led the city, beginning at age 31, from 1889-1892. The pre-sale estimate is available upon request. Other Cartier pieces in the sale include several tank-style platinum men’s wristwatches, a platinum minute repeater pocket watch, and a men’s jeweled dress pocket watch.

This platinum Cartier men’s tank watch has a pre-sale estimate of $80,000 to $100,000

Three Patek Philippe ref. 2526 wristwatches are also included in the sale. This sought-after reference was the company’s first wristwatch powered by an automatic movement. Made in 1956, ref. 2526 is in platinum set with diamonds, which is extremely unusual for this model. The pre-sale estimate is $110,000 to $140,000. The second and third examples are in 18k yellow gold with enamel dials; one features a woven gold bracelet and was originally sold in 1955 and the other was made in 1956.

The auction will be held at 2 p.m. on Tuesday March 9 at Patrizzi & Co., 595 Madison Avenue, Suite 605. Buyers can bid on site, via phone, written bids, and in real time online via the company’s website, patrizziauction.com. A public preview will be held Saturday and Sunday, March 6-7, from 11 a.m. to 6 p.m. and Monday, March 8, from 10 a.m. to 8 p.m. During these times, company experts will offer complimentary appraisals and accept consignments for future auctions.

Concurrent three-day New York Silent Sale In conjunction with the three-day preview of the auction, Patrizzi & Co will conduct a Silent Sale of an additional 100 timepieces, including Rolex, Cartier, Piaget, Omega, Vacheron Constantin and Jaeger-LeCoultre. Interested buyers can examine the pieces and place their initial bid at the company’s New York showroom. A text message system will notify them of competing bids, allowing them the opportunity to rebid before the silent auction closes the evening of Monday, March 8.

Patrizzi & Co does not charge a buyer’s commission, representing a 20 to 25 percent savings from the hammer price for the buyer. Unlike most auction houses, this means the final sale price reflects the actual value of the timepiece.

Patrizzi & Co. closed 2009 in New York City with an auction focused on collector-level timepieces offering just 93 lots. The sale generated $4,225,300, with Patek Philippe accounting for more than half the total value. Patrizzi & Co. finishes the year with sales over $34 million from eight auctions in New York, Geneva and Milan. A yellow gold Patek Philippe ref. 2499 Second Series brought the top price at $720,000.

Other highlights from the evening include a very rare set of 4 Patek Philippe perpetual calendars, ref. 3970E, produced during the 1990s. The set includes one watch each in yellow, white and rose gold, and one in platinum. Custom dials with diamond indexes compliment each watch, and the original silver dials are also included. The set, which comes with a leather Patek Philippe case, brought $640,000.

A yellow gold Patek ref. 2499/100 made and sold in 1990 accompanied by an extract from the archives sold for $320,000.

You can view the complete results with images at the official Patrizzi & Co. website.

On December 14 in New York City, Patrizzi & Co. will offer an extremely rare set of four Patek Philippe perpetual calendar chronographs, ref. 3970, featuring custom dials with diamond indexes. The set consists of four pieces, one each in 18k yellow, white and rose gold, and one in platinum, with corresponding dial colors. The pre-sale estimate for the set is $750,000 – $1,000,000.

Also offered is a Patek Philippe ref. 2499, second series, 18k yellow gold astronomic round-button perpetual calendar chronograph with tachometer and moon phases, circa 1950s. The estimate for this piece, pictured below, is $650,000 – $850,000.

Patek collectors will also have an opportunity to bid on a ref. 5074 automatic perpetual calendar minute repeater. The pre-sale estimate is $300,000 – $350,000.

For more information about this sale, visit PatrizziAuction.com.

In the month leading up to the Patrizzi & Co. auction on October 25, more than 3,500 people visited the house’s web site each day to research items included in the sale. On sale day in Geneva, about 60 bidders were present in the auction room and another 45 participated online. 70% of the 253 lots were sold in two sessions, achieving CHF6,345,600 or about $6,230,525.

Bidders from Asia, the Middle East, Europe and the USA were present in the auction room. The top selling brands were Patek Philippe, Cartier, Rolex, and Panerai. Modern pieces from Ulysse Nardin and TAG Heuer also sold very well. Commenting on the sale results, Osvaldo Patrizzi said “Today we have seen a change take place in the market.” There was a huge amount of enthusiasm in the auction room and this manifest itself in excellent results – evidently confidence is beginning to return.”

The Patek Philippe Ref. 1463 pictured below brought CHF275,000 or about $269,950. This is a stainless steel, anti-magnetic, water-resistant, round-button chronograph originally sold on November 18,1965. A pink gold Patek Philippe Ref. 1463 made in 1950 and sold on July 24, 1951 achieved CHF250,000 or about $245,200. A Patek Philippe Observatory Tourbillon that won the First Class Prize at the Geneva 1929 Observatory Timing Competition brought CHF310,000 or $304,000. These figures reflect the total amount bid, as Patrizzi & Co does not charge a buyer’s commission.

You can view the complete sale results with high resolution images at the Patrizzi & Co. website.

A Patek Philippe Sky Moon Tourbillon in yellow gold, Ref. 5002, sold for $1.2 million at the Patrizzi & Co. auction in New York on October 7. This is the highest price paid for a wristwatch at auction since the beginning of the recession. The watch was purchased by a customer in Europe. CEO Osvaldo Patrizzi said “In the current global recession, this $1.2 million sale result is extraordinary. This auction demonstrates that while demand for mid-level watches for collectors is softening, extraordinary, very rare, limited-edition pieces are still in demand and in some occasions increasing in value.”

Mr. Patrizzi also noted that aside from the Sky Moon Tourbillon going to Europe, the other top pieces in the sale went to bidders in Taiwan, Hong Kong and China. The second highest price was brought by a Patek Philippe Commemorative Minute Repeater, Ref. 5079-010, originally sold December 1, 2004. The yellow gold piece was produced in a limited series of 5 examples for the 50th anniversary of George Pragnell Jewellers in Stratford-Upon-Avon, England. It sold for $360,000.

Rounding out the top 3 was a lovely Vacheron Constantin Skeleton Minute Repeater, Ref. 30030. This piece was produced in a limited series of 200 examples in 18k pink gold. Caliber 1755, named in honor of the year Vacheron Constantin was founded, was introduced in 1993. At 3.28 mm thick, the caliber is the world’s thinnest minute repeater. This timepiece realized $280,000.

You may click the images below to view larger versions. Complete sale results and many more images can be viewed at the Patrizzi & Co. website. The next Patrizzi & Co. auction in October 25 in Geneva.

The top-selling Patek Philippe Sky Moon Tourbillon

The Patek Philippe Minute Repeater Ref. 5079

The Vacheron Constantin Skeleton Minute Repeater