If you’re in Geneva between June 16 and June 26, we suggest you visit the historic headquarters of Patek Philippe on Rue du Rhône. There, the watchmaker is exhibiting more than seventy-five Rare Handcrafts items from its collection.
In its largest such collection of rare handcrafts masterpieces, Patek Philippe mixes in several of its 2021 Rare Handcrafts with a curated selection of seventy 2020 artisanal items, including one-of-a-kind limited editions. These include pocket watches, wristwatches, dome table clocks and bracket clocks made using a broad range of artisanal skills.
This genuine ‘panda’ dial from Patek Philippe will be on display at the exhibit.
These skills include manual engraving, precious miniature painting on enamel (a Genevan specialty), flinqué enamel on hand guilloching, paillonné enamel, enamel with Limoges painting, fauré enamel (relief enamel), Longwy enamel on faience, and gem-setting.
Patek Philippe has even included several rarely seen examples of wood micro-marquetry as well as mixed-technique pieces that combine marquetry, manual engraving, and flinqué enamel.
While exploring the exhibits, visitors can also observe the artisans at work as they demonstrate their expertise in enameling, miniature painting on enamel, engraving, marquetry and guilloching.
The “Rare Handcrafts 2020-2021” exhibition at the Patek Philippe salons in Geneva on Rue du Rhône 41 is open to the public from June 16 to 26, 2021, every day (except Sundays) from 11 a.m. to 6 p.m. Visitors should register at https://www.patek.com/rhc2021/ in advance.
Among its many notable 2021 debuts, Patek Philippe earlier this month unveiled two particularly interesting calendar watches. Each introduces a new approach to full-spectrum timekeeping, and, notably, neither debut is cased in gold.
One, the much-discussed in-line Perpetual Calendar (Ref. 5236P-001), is a new perpetual calendar that shows the day, date, and month in a single panoramic aperture at the top of the dial –the first such display in a Patek Philippe wristwatch.
The new Patek Philippe Perpetual Calendar (Ref. 5236P-001), cased in platinum.The new perpetual calendar is thin, measuring 11.07mm front to back, all in platinum.
The second calendar model, the Ref. 4947/1A-001 Annual Calendar, places an annual calendar in a steel case and on a steel bracelet. Recall that Patek Philippe pioneered the annual calendar for the wrist in 1996, and this new model is the brand’s first annual-calendar-only watch not cased in a precious metal.
The Perpetual Calendar
A close look at the in-line calendar display on the new Patek Philippe Cal. 5236P perpetual calendar.
Patek Philippe has previously created in-line calendar displays, but strictly for pocket watches. Interestingly, these were made first for the American market. One example from 1972 (No. P- 1450) features a calendar format in the American style (“à l’américaine”), showing month, date, and then day.
Taking a cue from this historic model and a few others, Patek Philippe several years ago challenged itself to devise such a display in miniature for a wristwatch.
Patek Philippe’s watchmakers decided to design a system with two date disks – one for the tens and one for the units. This meant that the entire calendar display would require four disks, one for the day, two for the date, and one for the month, and all needed to be embedded in the same plane.
Stay thin
To accomplish this, and to maintain a thin caliber, Patek Philippe’s watchmakers built the new movement based on the caliber found in the Ref. 5235 Annual Calendar Regulator from 2011. The caliber in the Ref. 5235 features an off-center micro-rotor, which opens up space for the additional 118 components required to construct the in-line display.
The new Patek Philippe Caliber 31-260 PS QL AMB.
Patek Philippe then had to re-engineer the caliber to more efficiently drive the extra energy required by a perpetual calendar. The firm’s watchmakers increased the torque of the spring barrel 20 percent and boosted the winding power by utilizing a platinum rotor rather than the more typical gold rotor.
And finally, Patek Philippe improved the caliber’s overall rate stability by increasing the frequency from 3.2 to 4 Hz (28,800 semi-oscillations per hour).
The resulting new automatic, ultra-thin caliber 31-260 PS QL boasts a recessed mini-rotor and a customized module for which Patek Philippe has filed three patents. In addition to powering the date display, the movement also powers two round displays that show the leap-year cycle as well as the day/night indications. A further window displays the moon phases.
Patek Philippe is launching the Perpetual Calendar Ref. 5236P-001 in a hand-polished 41.3mm x 11.07mm platinum case. Its handsome blue dial offers nicely gradated black at the edges. It arrives on a matching navy blue alligator leather strap secured with a fold-over clasp. Price: $130,108.
Annual Calendar
The new Patek PhilippeRef. 4947/1A-001 Annual Calendar finds the manufacturer re-designing the ultra-practical complication to fit within a steel Calatrava case for the first time. Equally interesting, the Calatrava is attached to an all-new steel bracelet.
The new Patek Philippe Ref. 4947/1A-001 Annual Calendar.
You might recall that Patek Philippe invented the wrist-borne Annual Calendar in 1996, effectively creating an entirely new calendar watch category for itself (and many other high-end watchmakers.)
Requiring only one manual correction per year (at the end of February), the annual calendar brings with it a convenient, and moderately priced, calendar function to those who would like the all-encompassing coverage of a perpetual calendar, but balk at the high cost of nearly all examples of the mechanical complication.
Until this new model, Patek Philippe has offered its annual calendar in various ladies’ and men’s models, all in either gold or platinum cases.
The new 38mm steel-cased Patek Philippe Ref. 4947/1A-001 Annual Calendar offers a polished steel bezel that matches the new, totally integrated steel bracelet. Patek Philippe has created a luxurious five-row bracelet made of fully polished links and a fold-over clasp.
The blue dial on the new watch is patterned with vertical and horizontal satin finishes that appear textured, as on a matte linen fabric. This assures that the dial contrasts nicely with polish of the case and bracelet, creating a surprisingly contemporary overall appearance.
The watch’s calendar displays are easy to read: Two subsidiary dials between 9 and 10 o’clock indicate the day and, between 2 and 3 o’clock, the month; the date appears in an aperture at 6 o’clock just below a moon-phase display rounds out the calendar functions.
From the back, the wearer can enjoy a clear view of the beautifully finished automatic Patek Philippe caliber 324 S QA LU movement. The watch is nicely sized at 38mm and not too fussy, particularly given its array of calendar functions. It also holds a unique position within the Patek Philippe lineup, especially with its steel case and bracelet. If you’ve been waiting for a steel-cased Patek that is not a Nautilus and not a chronograph, this might be your new watch.
Price: $47,904
Specifications:Patek Philippe Perpetual Calendar (Ref. 5236P-001)
Movement: Self-winding mechanical Caliber 31‑260 PS QL. In-line perpetual calendar. Day, date, month, leap year and day/night indication in apertures. Small seconds.
Case: 41.3 by 11.07 platinum. Interchangeable solid and sapphire crystal case backs. Water-resistant to 30 meters.
Bracelet: Alligator leather with square scales, hand-stitched, shiny navy blue. Fold-over clasp.
Price: $130,108.
Specifications: Patek Philippe Annual Calendar (Ref. 4947/1A-001)
Movement: Self-winding mechanical movement. Caliber 324 S QA LU. Annual Calendar. Day and month by hands. Date in an aperture Moon phases. Sweep seconds.
A previously unknown Patek Philippe world timer (Reference 2523) with cloisonné enamel dial tops the lots at the Phillips Geneva Watch Auction XIII, scheduled for May 8 and 9 in Geneva. But alongside that ultra-desirable watch, estimated at CHF 3.5 million, collectors can also bid on rare watches from Cartier, Audemars Piguet, F.P Journe and Rolex, among many others.
This Patek Philippe Ref. 2523 is one of three with a Silk Road cloisonné enamel dial. It’s a top lot at the upcoming Geneva Watch Auction by Phillips on May 8 and 9.
That top lot, the Patek Philippe Ref. 2523, was first launched in 1953 and features a 36mm case, which at the time was considered large. The watch’s city ring is an integral part of the dial rather than being engraved on the bezel. Two versions were available, with reference 2523 with larger lugs sitting above the bezel and reference 2523/1 with a slightly larger diameter and thinner lugs that do not sit above the bezel. This example is known as the “Silk Road” 2523 and is the earliest ever made.
Lot 33, showing the superb Patek Philippe Cloisonné dial.
To help you activate your collector gene, we’ve gathered five additional particularly enticing lots from the upcoming auction.
Lot 23, Cartier, circa 1965.
Lot 23: This Cartier Grande Tank Cintrée, circa 1965 (above), was Cartier’s largest Tank model and has been produced in extremely limited quantities since 1921. This example is all original, dating to 1965 with all hallmarks and serial number engravings intact. The movement is a manual-wind Jaeger-LeCoultre calibre. Estimate: $21,300-$32,000.
Lot 31, Richard Mille circa 2018.
Lot 31: The Richard Mille RM022 Tourbillon Aerodyne from 2018 is a tonneau-shaped dual-time wristwatch with tourbillon, function selector, power reserve, torque indication, original warranty and presentation box.
It’s a complicated Richard Mille limited edition watch made for the American market and features a red quartz TPT case. Numbered eight of ten examples, the watch has not been auctioned previously. Estimate: $267,000-$533,000.
Lot 73, a Tissot World Time from 1950.
Lot 73: This Tissot World Time from 1950 is a very early 14-karat gold World Time wristwatch produced at the start of the Jet Age. Considering that very few watch brands were making any type of world timer or even dual timer in the 1950s, this is a surprising watch to surface from Tissot. At 36mm it will fit any wrist size. Estimated at $4,300-$6,400.
Lot 140., an F.P.Journe Chronomètre Souverain “The Number 001”.Lot 140, likely the very first F.P. Journe Chronomètre Souverain watch ever made.
Lot 140: This platinum-cased F.P.Journe Chronomètre Souverain features a serial number of 001, meaning it’s the very first example of the desirable model, produced in 2005. Estimate: $21,300-$32,000.
Lot 147, an Audemars Piguet Royal Oak Jumbo, B-Series, circa 1978.The back of Lot 147.
Lot 147: The Audemars Piguet Royal Oak Jumbo, B-Series, circa 1978, is an original Royal Oak Jumbo – produced six years after the launch of the model. The total production of B-series was just 1,000 examples. The dial is preserved in excellent condition with the AP logo at 6 o’clock, which can be found on any A and B Series as well as some C Series. This example is in superb, all-original condition with hardly any signs of wear. It also comes complete its original box and guarantee certificate. Estimate: $43,000-$86,100.
Click here to download the entire auction catalog, or check out the Phillips website to view the 236 auction lots online.
In the world of watches, becoming a senior executive and department head at a prestigious auction house is one of the most rewarding positions to get. It is often regarded as a dream job that many want but few can attain. As expected, it’s a position that requires plenty of work, expertise and human skills.
I have had the privilege to meet and interview someone who is in this position: Richard Lopez, SVP, Senior Specialist, and Head of Online Sales at Sotheby’s.
Richard’s approachable demeanor and friendly smile are a clear indication that he loves his job and appreciates all the vintage and contemporary watches that surround him day-to-day.
Richard Lopez is Senior Watch Specialist at Sotheby’s.
When I asked Richard how he found himself in the watch business, he told me that he thought he would be an architect. But as is often the case, life had a different path for him. When Richard was an architecture student more than twenty years ago, he was looking for a job for a little extra pocket money.
One day, he passed by the famed Betteridge watch and jewelry boutique in Greenwich, Connecticut, where he saw a trainer teaching the staff how to use special software for engraving. He quickly realized that the software was very similar to the CAD programs that he used for architecture. After showing the Betteridge team that he could engrave a piece in a couple of minutes, he became the in-house engraver—and eventually added polishing to his duties.
Once Richard began learning how to solder and started training as a jeweler, he decided to take a break from school. After a handful of years as a bench jeweler at Betteridge, he switched roles to become the company’s watch repairs coordinator. Not only did he discover a wide variety of timepieces, ranging from quartz to grand complications, during this period but he also had the opportunity to learn from Swiss-trained watchmakers as part of his job. Lopez ultimately fell in love with watches and watchmaking.
Auction houses
After climbing the ranks at Betteridge, Lopez joined Christie’s as a watch specialist and online retail manager. Not long after he joined, the online Christie’s Watch Shop made its debut, which marked a major step in the company’s e-commerce strategy. Lopez’s foray into the auction house market gave him even greater access to extraordinary vintage and modern timepieces, and permitted him to hone his skills in the realm of luxury e-commerce.
Today, Lopez is head of online sales and a senior watch specialist at Sotheby’s and he is based in New York. It is a role that he took on earlier in 2020, a pivotal time for online sales due to the global pandemic.
Like most other industries, auction houses are shifting focus from live events to online channels. Since Sotheby’s will only host in-person auctions twice a year (June and December) for the foreseeable future, Lopez is responsible for launching weekly and monthly online auctions to make up for the current restrictions.
Additionally, he also has to organize lots for the two in-person auctions by curating, qualifying, and authenticating timepieces. Along with his team in the New York office, which also covers the East Coast of the U.S., Canada, and Latin America, there is the Los Angeles team. Most of the timepieces are sourced from private clients and a few dealers.
Auction houses are shifting focus from live events to online channels.
Hands-on
Lopez’s experience as a jeweler and in watch repair prepared him for his current role. It takes a certain type of hands-on experience to understand the nuances of vintage timepieces, particularly if information about a specific watch is not readily available from the manufacturers.
For instance, with vintage Rolex Daytona “Paul Newman” watches, it’s important to remember that Rolex has never disclosed how many were made, how many versions there are, and the exact years they each version was produced. Unlike some other watchmakers, Rolex does not offer any type of archival or authentication services, so it is up to collectors, scholars, and professional experts like Lopez to investigate, study, and compile the information.
The record-breaking ‘Paul Newman’ Rolex.
Only with a great understanding of the watch at hand and the current market condition can an appropriate price estimate be given to the client looking to auction his or her timepiece.
Given the current times we are living in, Sotheby’s has decided to lean towards an online platform since the reach is vastly wider than the classic auction catalog. In addition to generating more traffic, an online platform provides plenty of data, such as how many clicks per page and which models have been viewed the most.
This type of information can then be analyzed to predict customer needs and potential trends. For a long time, auction houses never thought that they could convince a large number of buyers to buy expensive fine watches online. It was always understood that potential buyers had to see the watches “in the metal” before even considering placing a bid.
But that is no longer the case—seasoned collectors are happy to purchase online as long as the accompanying pictures and information are clear enough to tell the full story. Clients are also more comfortable if there is an easy return policy and if the watch is being sold by a renowned name like Sotheby’s. To further protect its clients, Sotheby’s always provides detailed condition reports and authenticity guarantees with each watch available for auction.
Strong team
Having a team that truly understands how to navigate the online luxury business is one of Sotheby’s greatest assets. Plus, the team’s ability to make quick adjustments during all the uncertainties that COVID brought about, such as working remotely while still in full control of consignments and sales, allowed Sotheby’s to execute more than twenty online events in the summer compared to some competitors that could only complete a fraction of those numbers.
Sotheby’s weekly online watch auctions list around fifteen to twenty lots for bidding while monthly online sales can reach 200 timepieces in the mid to high-end watch segment.
The two annual in-person events are where Sotheby’s showcases incredible grail watches that command attention from collectors across the globe. These auctions will maintain the customary format of a preview of the watches available at Sotheby’s, followed by an auctioneer-hosted auction in the main room.
Demand rises
The supply of and demand for top-tier timepieces remains strong and it is projected to grow. Rolex and Patek Philippe lead the charge with a slew of coveted sports watch models that have hefty prices to match their insatiable demand. Consumers who are unable to buy popular luxury sports watches in the retail market are turning to the secondary market and discovering a bevy of other watch models from the likes of Audemars Piguet, F.P. Journe, Panerai, and others.
Although it must be said that while brands like Rolex and F.P. Journe have contemporary watches that are highly valued in the secondary market, it is the vintage segment that is the star of that market. More and more, consumers are treating watches as investments, which can sometimes outshine gold, diamonds, and jewelry as investment pieces. The current-production steel and ceramic Rolex Daytona that retails for about $13,000 is frequently being traded around $25,000 in the secondary market—a return on investment that is hard to beat.
While brands like Rolex and F.P. Journe have contemporary watches that are highly valued in the secondary market, it is the vintage segment that is the star of that market.
As a professional in the watch industry and an avid watch collector, Lopez has learned that although a fine watch is most certainly a luxury and not a necessity, if you really want a timepiece and it fits your budget, go ahead and buy it. Not only will you enjoy the watch immensely, if you also take good care of it, it may sell for a premium in the future. His biggest advice is to keep your box and papers because a complete set will always be more valuable.
Keep your vintage watch’s box and papers.
Talent, enthusiasm, experience, and hard work can open up an array of possibilities and, as with Richard Lopez, it may even lead to a dream job where the profession is dependent on a personal passion.
Laurent Martinez is the proprietor of Laurent Fine Watches, Greenwich, Connecticut. Read more by him at blog.laurentfinewatches.comor visit his store’s website.
Patek Philippe this week enhances dial color options and adds metal choices within its feminine Twenty-4 collection. Three new Twenty-4 models, one a quartz-powered cuff model and two round-cased automatic editions, now offer new dial colors within the collection’s steel and rose gold offerings.
One of two new Patek Philippe Twenty-4 Automatic watches, here with a rose-gold sunburst dial.
The manchette, or cuff-style Twenty-4 with a Patek Philippe quartz movement, which last year was updated with Arabic numerals, now includes a new version in rose gold with a chocolate-brown sunburst dial. The watch, Ref. 4910/1201R-001, has two rows of diamonds, applied Arabic 12, 6 and trapeze-shaped markers, and a hand-polished rose gold bracelet. Price: $44,947.
The newest Patek Philippe Twenty-4, with chocolate brown dial and diamonds.
And within the Twenty-4 Automatic collection, Patek Philippe now offers two new 36mm round models, one in steel set with an olive-green sunburst dial (Ref. 7300/1200A-011) and the other in rose gold with a rose-gold sunburst dial (Ref. 7300/1200R-011).
Both dials are notably vibrant. The olive-green edition is particularly eye-catching, especially as framed by the two rows of diamonds. The olive-green dial Twenty-4 Automatic joins existing steel models set with gray sunburst and blue sunburst dials.
The Patek Philippe Twenty-4 Automatic, now with an exceptional sunburst olive green dial.
Patek Philippe fits both these Twenty-4 Automatic watches with its top-notch automatic caliber 324 SC, visible through a sapphire caseback and offering up to forty-five hours of power reserve.
If these dials look particularly luxurious, I commend your perception. Patek Philippe uses gold to build the Arabic numerals or markers on all the Twenty-4 models. The numerals and markers are then filled with a luminescent material. The date frames on the automatic models are also made from white gold.
The new watches join the other rose-gold Twenty-4 models (with two-rows of diamonds) with a chocolate-brown sunburst dial or a linen pattern dial.
Like the rectangular Twenty-4 watches, the round automatic models are fit with hand-polished bracelets in the same metal as the case. And both include Patek Philippe’s simple, secure (and patented) fold-over clasp, which is built with four independent catches. Price: $27,796 (steel) and $48,495 (rose gold).
It’s a complicated Richard Mille limited edition watch made for the American market and features a red quartz TPT case. Numbered eight of ten examples, the watch has not been auctioned previously. Estimate: $267,000-$533,000.
