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By Laurent Martinez

For most collectors, there’s always one coveted piece that stands above the rest—the so-called grail, if you will. And in the world of vintage watches, most would agree that the Patek Philippe Reference 2499 holds that honor.

Widely regarded as one of the greatest timepieces designed by the renowned Swiss watchmaker, Reference 2499, a manual-winding Perpetual Calendar Chronograph with Moonphase produced in very low quantities, is the quintessential Patek.

When a Patek Philippe ref. 2499, comes to the auction block, the vintage watch world pays attention.

Few have had the privilege to see a Reference 2499 in real life, let alone touch one. Watch experts recognize this very special timepiece as one that perfectly combines incredible exterior design with a masterful internal movement.

Given the rarity and collective fascination with the Patek Philippe ref. 2499, when one comes up to the auction block, the vintage watch world pays attention. Collectors won’t want to miss the chance to see it, study it, and most importantly, share a room with other fellow enthusiasts whilst witnessing the inevitable bidding battle that will ensue to claim this watch as his or her own.  

Sotheby’s New York on December 15th will be hosting a holiday season watch auction with a magnificent example of the revered Patek Philippe Reference 2499 as the star of the event.

Few were made

Succeeding Reference 1518 and preceding Reference 3970, Patek Philippe produced Reference 2499 from 1950 until 1985. Despite only 349 pieces ever made, there are four distinct series of the ref. 2499 to note.

The first series was in production from 1950 until the mid-1950s and features square chronograph pushers, applied Arabic numerals, and a tachymeter scale on the dial. There are less than four-dozen of these ref. 2499 watches in existence. The second series, manufactured from 1955 until 1966, include round chronograph pushers, applied baton or Arabic numerals, and a tachymeter scale on the dial.

Next in line was the third series, made from 1960 until 1978, with round chronograph pushers, applied baton indexes, and no tachymeter scale on the dial.

Finally, the fourth and last series of the Reference 2499 is dated from 1978 to 1985 (with later examples taking on the reference 2499/100) and the watches have round chronograph pushers, applied baton numerals, no tachymeter scale, and sapphire crystals shielding the dials.

Fourth series star

The Patek Philippe Reference 2499/100 coming up for sale on December 15 in New York at Sotheby’s belongs to the fourth series family. And it is simply a magnificent piece manufactured in 1981. While the creamy dial is in very good condition it is not perfect.

A closer look at the dial reveals the coveted “Tiffany” branding, which makes this example of the Reference 2499 even more exceptional.

The dial does have some discoloration owing to the humid conditions of the Southern United States, where its owner resides. The customary applied gold batons mark out the hours while the three subsidiary dials for minutes, date/moonphase, and running seconds sit at 3, 6, and 9 o’clock, respectively. The double windows displaying the day and month are placed at 12 o’clock while the gold hands at the center are in the “Dauphine” style.

Tiffany branding

A closer look at the dial reveals the coveted “Tiffany” branding, which makes this example of the Reference 2499 even more exceptional and rare. Sotheby’s consulted with Patek Philippe to see how many Tiffany marked examples were made but there are no records in-house.

The winding crown is furnished with the Patek Philippe logo and of course, the chronograph pushers are round in shape. The interior of the yellow gold case back is engraved with Patek Philippe Co – Genève – Swiss – 2499 – 100 – 2.779.174.” Housed inside the yellow gold case is the manual-winding Caliber 13-130, featuring 23 jewels and numbered 869.425. Potential bidders will be happy to know that the watch keeps very good time.

Housed inside the yellow gold case is the manual-winding Caliber 13-130, featuring 23 jewels and numbered 869.425.

This Patek 2499 is fitted with a brown lizard Patek Philippe strap with a gold Patek Philippe buckle. The width in between the lugs is 20mm and 14mm at the buckle end. The interior of the buckle is engraved with “To AIL – Love – BKL – 7-5-96” and both the case and buckle include all the required poinçons or hallmarks. 

Under the sofa 

The watch was first appraised 20 years ago but it was lost for some time inside the estate. After a long period of searching, this superb Patek Philippe 2499 was finally found inside the house, underneath the sofa. No one knows quite how long it had been lying there, hidden from the world.

As a one-owner Patek Philippe Reference 2499, this is the first time this watch comes to auction. The estimated price is between $500,000 and $800,000, even though I think it is a conservative figure.

For any inquiries about the watch, please contact Richard Lopez, SVP, Senior Specialist, and Head of Online Sales at Sotheby’s at [ [email protected] ]

The Patek Philippe Reference 2499/100 will draw bids at the December 15 Sotheby’s auction in New York.

Wishing you a safe, happy, and joyful season.

Laurent Martinez is the proprietor of Laurent Fine Watches, Greenwich, Connecticut. Read more by him at blog.laurentfinewatches.com or visit his store’s site at www.laurentfinewatches.com

By Laurent Martinez

Over the years, I have noticed a recurring pattern with collectors that are new to the vintage watch market. There seems to be a tendency to compulsively buy too many watches at once without clear motivation as to why.

However, it appears that many new collectors who have taken this approach are ready to part with at least half of their new collection only a few months after building it. Perhaps they were attracted to a certain style. Maybe they enjoyed the mystery of discovering something special.

Or maybe they purchased a watch thinking they got a good bargain despite never having seen or heard of the watch before.

I remember meeting a young collector in Paris who wanted to sell his watches. He came to me with bags of timepieces, but he did not really know what he had.

I unfortunately had to let him know that most of his watches were worthless. Out of the one hundred or so timepieces, he only had a few interesting pieces from Croton and Lip.

Of course, this type of collecting can have a serious impact on your wallet. Buying a watch without knowing much about its value ends up being a waste of time and money. It may end up costing you more to fix the watch than it is actually worth. You may not be able to resell the watch for the price you paid for it or worse; you may be unable to sell it at all—even at a loss.

Do your homework

So, how do you start a vintage watch collection? The most important thing to do is to do your homework to build some guidelines. This does not necessarily mean having to spend hundreds of hours researching watches, but at the very least you should invest time into setting some parameters.

For example, define your preferred style. Dressy or sporty? Simple three-handed dial or a more complex chronograph? Stainless steel or gold? Civilian watches or military-issued timepieces? While you may like all of the above, it is always better to start with some restrictions in mind to avoid getting carried away. This approach will narrow your options and give you more focus.

After you have thoughtfully acquired some pieces that fit your initial criteria, then you can expand the parameters.

 

Estimate value

In terms of estimating the value of a watch, you can always visit websites like eBay and Chrono24 for well-known brands to see what people are asking for. Yet, keep in mind that there is a difference between asking price and market price. Listed prices on eBay are a reflection of what people want to sell the watch for and not necessarily what buyers are willing to pay.

You can choose the “Sold Items” filter to see how much a watch was purchased for. What’s more, you have to also consider commission fees, state taxes, and other dues.

If possible, I always recommend going to flea markets, local watch shows or auction events to have the watch in hand before buying. This approach allows you to inspect the details of the watch and speak to the dealer to ask any questions you may have.

Talking to the seller face-to-face will give you a better sense of how accurately priced the watch is. You learn a lot this way, and most importantly doing this can give you a better feeling of what watches you actually like “in the metal.”

Be wary

Buying online can be trickier since some websites are full of retouched images and incorrect information. However, if you have no choice but to buy online, then my advice is to only purchase from a domestic seller. Buying internationally is always riskier whether its complications with shipping and customs or sourcing from regions that are known to be flooded with counterfeit products.

I would also advise purchasing watches that are priced at the lower end of the market rather than the higher end. It is easier to come to terms with making a mistake that costs a few hundred dollars over one that costs a few thousand.

Quartz or automatic?

As always, it is all about the details. For instance, new or vintage quartz watches rarely hold their value as well as mechanical watches. There is hardly any interest in quartz watches in the secondary market. You would fare better with a hand-wound or automatic watch. If you purchase a lower-priced quartz watch, the financial loss would not be too great.

Yet, remember that high-end brands like Breitling and Omega sell quartz watches and these battery-operated timepieces lose tremendous value in the pre-owned market.

Even in the mid-range market, you would be better off buying an automatic Invicta watch instead of a quartz one. I have a friend who collects mid-range priced watches and he is very successful. There is a flourishing market for mid-priced watches and they sell quickly. He is well versed in these particular watches and understands their specifications and how they differ from high-end timepieces. As such, I always try to pick his brain and ask his advice when I am about to get one of them.

Online queries

Another great tool to gain watch knowledge is checking watch forums. There are some very knowledgeable people there that are especially focused on the technical aspects of watchmaking, which can be very helpful. The great thing is that forum members are usually very helpful and willing to share information. Always cross-reference your information with several sources to make sure it is accurate.

When looking at a watch, always start with the basics. I recently saw a watch with chronograph pushers, but the watch had a calendar dial! Obviously, it was a fake.

And sometimes people pretend to know more than they do. A lady contacted me to appraise a watch she bought at a tag sale. Five of her friends told her it was a real Audemars Piguet with a tourbillon.

I had to regretfully inform her that it was not a tourbillon at 6 o’clock, but in fact, a running seconds subdial.

Take your time

In short, educate yourself, ask questions, and take your time. Do not buy on impulse and set a budget for yourself. If you can, see the watch in real life instead of just photos, but if this is not possible, do not be shy to ask for more pictures.

Most importantly, listen to your gut. Keep these tips in mind when building a watch collection and things should go relatively smoothly. Good luck!

Laurent Martinez is the proprietor of Laurent Fine Watches, Greenwich, Connecticut. Read more by him at blog.laurentfinewatches.com or visit his store’s site at www.laurentfinewatches.com