Patrizzi & Co Auctioneers held its first New York City auction on June 4. The sale included 293 timepieces. Seventy-three percent of the lots sold for a total of more than $2,707,150. More than 50 bidders were present in the auction room, and online bidders participated from Italy, Switzerland, Macao, Portugal, Japan, Dubai, and across the U.S.
“We’re finding collectors are interested in buying at auction but are more selective in the current economic climate,” said Osvaldo Patrizzi, chairman and chief executive officer of Patrizzi & Co. “Sport watches, particularly from Rolex and Omega, performed well, as did pocket watches and clocks. Some timepieces sold for three to four times their estimate.”
Patek Philippe secured the top three places in the sale, with a Ref. 5959P split-seconds chronograph bringing the top price at $260,000. A yellow gold automatic winding Ref. 3448 with phases of the moon, month day, date, made in 1971, brought $125,000. Close behind, a 1980s yellow gold Ref. 3971 round-button chronograph with perpetual calendar and phases of the moon, leap-year indications, 24-hour indicator and 30-minute register brought $120,000. These watches are pictured below, and you may click the images to view larger versions.