For Sale: £17m Patek Philippe Watch Collection
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A rare gold Patek Philippe watch, hailed as “one of the greatest timepieces ever produced”, is heading to auction.
That watch is a “first series” Patek Philippe ref. 2499, a pink gold perpetual calendar chronograph with a moon phase and a “Wenger” case.
The ref. 2499 is one of 31 noteworthy watches, consigned by a single owner and representing more than 50 years of collecting.
The sale, titled Treasures of Time, follows Sotheby’s Important Watches Sale, which takes place in Geneva this November.
The auction is focused on significant Patek models. It also includes rare A. Lange & Söhne, Vacheron Constantin and Universal Genève watches.
In total the collection is valued at £16.6m.
The Patek ref. 2499 was produced from 1950 to 1985, with fewer than 10 being made each year. In total 349 examples are believed to exist. Most of them were created in yellow gold, with a few being produced in other precious metals.
Either way, they seldom appear at auction.
The ref. 2499 is also considered a milestone in the brand's history and helped signpost its future as a master of grand complication wristwatches.
It was created in four separate but almost identical models that collectors refer to as “series”. Of the 349 just 55 were in the “first series”, with six known to be in pink gold and just one – this one – with a Wenger case.
Over its production run, the ref. 2499 was cased by two makers, both with their own quirks: Vichet and Wenger. Vichet cases were 36.2mm in diameter, with flat backs and elongated wrapping lugs. Wenger cases were larger at 37.8mm, featuring curved backs and shorter, straighter lugs.
"The reference 2499 is part of the coveted family of perpetual calendar chronographs made by Patek Philippe," says Eric Wind, one of the world's leading experts in vintage watches and the co-founder and co-owner of Wind Vintage.
"Of the five references of perpetual calendar chronographs made by Patek Philippe – references 1518, 2499, 3970, 5970, and 5270 – the 2499 is sort of the "Goldilocks" or "just right" reference at approximately 37mm with the perfect mix of vintage and modern attributes. The earliest series has rectangular (sometimes called square) pushers that are like those on the predecessor reference 1518."
Sotheby’s notes the timepiece is in excellent condition, and has been in the possession of the consignor, who wishes to remain anonymous, since they acquired it in May 2012 at Christie’s in Geneva. It has a reserve price of CHF2,500,000 – 4,500,000 [£2.25m-£4.5m].
Other Patek Philippe highlights of the Treasures of Time auction include:
A ref. 1518, a pink gold perpetual calendar chronograph featuring a moon phase – one of 58 pink gold 1518s ever made. This comes with an estimate of CHF 1,500,000 to 3,000,000 [£1.35m-£2.7m].
A ref. 1563, a yellow gold split-second chronograph with Breguet numerals, made in 1947. This watch is one of only three known 1563s. It bears a signature 'L. Estée' – assumed to be that of Estée Lauder – on the back. One of the other two models belonged to Duke Ellington and is on display the Patek Philippe Museum in Geneva. It also carries an estimate of CHF 1,500,000 – CHF 3,000,000 [£1.3m-£2.6m].
A ref. 5016J, the most complicated wristwatch ever produced by Patek until 2001, a yellow gold minute repeater perpetual calendar with a tourbillon, retrograde date, moon phase and leap year indicator. This one has a reserve of CHF 3,000,000 – CHF 5,000,000 [£2.6m-£4.4m].
"Watches I love dazzle like pieces of jewellery – they are mechanical gems," says the collector, via Sotheby's.
"Building a collection is always an adventure – over the years I have been very intensely involved with these watches, constantly seeking, and learning but also wearing them. They are witnesses of my life’s journey and therefore there is a personal story connected with each of the watches in this collection."
“There is no greater feeling, as treasure hunters, to come across an unsuspected cache filled with horological treasures such as the pieces in this collection," says Mikael Wallhagen, head of watches, Sotheby’s Geneva.
"It’s not often that you can offer in one sale, from the same owner, references as prestigious the Patek Philippe 1563 or one of the brand’s 2499 from the 1950’s first series, along with many others."
Treasures of Time is on view at Geneva Watch Days at Sotheby's Rue François Diday on 29-30 August, and at Sotheby's New York 6-9 September, before being exhibited at the Mandarin Oriental, Geneva ahead of the auction on 10 November. Find all 31 lots and more information at sothebys.com
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