New record for Cartier
A world record for a Louis Cartier Tank watch in the Art Deco style was set on March 9th at the Patrizzi auction house in New York. A 1929 ‘Louis Cartier’ Platinum Tank sold for $135,000 far exceeding the $80,000-$100,000 estimate. Osvaldo Patrizzi, president and CEO of watch auction, claims the sale enabled Cartier and Rolex to join Patek Philippe in the top-tier watch category. Overall, the auction brought over $2 million with two thirds of the lots sold.
Courtesy: Patrizzi Auction
$11 million dollar Patek Philippe watch sells at auction
Dec 3 2009. An 18-karat gold pocket watch crafted in 1933 by the famed Swiss watchmaker Patek Philippe for New York banker Henry Graves Jr., fetched an astonishing price of $11,002,500. An anonymous collector won the fevered bidding, pushing the watch’s price to more than double its pre-sale estimate and shattering all world records. Ten years later, its record price has yet to be broken. And the sale helped touch off a race among a new generation of collectors.
Christie’s recent Important Watches auction was an extraordinary success, bringing in $19 million, making it the biggest watch auction of the year. The highlight was by far the sale of this unique and very important Patek Philippe 18K gold perpetual calendar wristwatch with moon phases and indirect sweep centre seconds which sold for $2.77 million, against an estimate of $988,138 - $1,482,206. Nine of the top ten lots were Patek Philippe and one was Rolex. Despite the recent drop off in demand for Swiss watchmakers, watch auctions have remained successful throughout the downturn, demonstrating that rare watches seem to be more desired than their newer counterparts.
Christie's Images 2009
BaselWorld, the largest annual show for the watch and jewellery trade, is being held from 26th March to 2nd April 2009 in Basel, Switzerland. The event is focusing on classic pieces rather than experimental or adventurous horology, pieces they feel are more resilient in these troubled economic times.
Watchmakers are improving upon time-tested classics rather than introducing new models. They are also reducing their costs by using less expensive material, such as leather, skin or synthetic straps, platinum rather than gold, and removing superfluous functionality.
Despite a strong 2008, the watchmaking industry is starting to feel the effects of the global economic crisis and, as such, is adjusting their strategies for survival. Bucking the trend are the introduction of Mark Newson’s Solaris and the introduction of a new line of watches by 50/50 partners Ralph Lauren and Richemont.
Antiquorum held a successful auction on the 28th & 29th March realising 5,419,584 CHF (£3,331,423). A highlight of the auction was the sale of the Rolex Baguette Diamond Cosmography, only 4 models of which are known to exist.
A pocket watch formerly owned by Marie Antoinette will be exhibited this summer for the first time since it was stolen from Jerusalem’s LA Mayer Museum of Islamic Art in 1983. A slim cat burglar, Naaman Diller, removed a bar from the back window of the museum and managed to squeeze inside and steal this timepiece along with other clocks, watches and music boxes.
After the heist, Diller dismantled the stolen goods and hid the pieces in warehouses throughout the US and Europe. The timepiece was only discovered when Diller confessed the crime and the locations of the pieces to his wife on his deathbed in 2006.
Patrizzi and Co auctioneers held an extremely successful auction, selling 98% of Mr Davide Blei’s collection of 114 Rolexes. The auction, held on the 22nd March in Milan, realised €2.7 million in total. Auction house founder Osvaldo Patrizzi was quoted as saying, “despite a global economic crisis, fine horology remains a strong, stable market capable of inspiring great passion and excitement”.
Antiquorum Auctioneers in New York had impressive sales at their Important Collectors’ Wristwatches, Pocket Watches & Clocks auction, held on the 4th and 5th of March 2009. The event realised $8,707,724, reaching 142% of the low estimate and resulting in 75% of all lots sold.
The highlight of the sale was Gandhi’s pocket watch, sandals, glasses, bowl and thali, which sold for $2,096,000. The items were purchased by a prominent Indian businessman who plans to bring the items back to India to put on permanent public display.
