Osvaldo Patrizzi founds Patrizzi & Co Auctioneers revolutionizing the world of auctioneering.
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The innovative concept of Patrizzi & Co Auctioneers uses today’s e-based solutions and new IT technologies, while at the same time, keeping the characteristics of more traditional auction methods. It has been designed to improve certain shortcomings frequently associated with online auctions and online bidding during classic auction sales.
Osvaldo Patrizzi comments his vision as follows:
“The Patrizzi & Co method is the result of several decades of experience in antique and collector’s timepieces. It reflects my insights into current market needs and collector’s expectations.”
The auctions of Patrizzi & Co will enable the public to participate on multi-screens in an auction that is conducted in several, simultaneous sessions, either in the setting of a traditional auction room or alternatively online, from the comfort of their own home. This will allow a greater number of lots, and thereby a greater variety of choice, to be auctioned in a considerably shorter amount of time, compared to classic auctions. Thus, in one day, Patrizzi & Co will be able to auction up to 1,500 lots, as compared to an average 400 to 500 lots per day at current auctions. The multi-screen innovation will make Patrizzi & Co auctions more dynamic and exciting, while still preserving the magic of traditional sales. Clients will be free to concentrate on a particular session which proposes the watch or the thematic lots of their choice, while following parallel sessions.
The approach of Patrizzi & Co Auctioneers will revolutionize auctioneering in other aspects as well; the four major innovations of the new concept are as follows:
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Zero Buyer’s Commission
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Five Year Guarantee of Authenticity
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Printed Catalogue to be replaced by a fully Digitized Catalogue
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Acquisition of Timepieces for Auction
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Patrizzi & Co Auctioneers will be headquartered in Geneva, with offices in New York and Hong Kong as well as representative offices in Milan, Shanghai and, as of 2009, London.
Patrizzi & Co’s first multi-screen auctions will take place in Geneva, in the fall of 2008. Four to six auctions are planned annually, between Geneva, New York and Hong Kong. All auctions will be preceded by travelling exhibitions.
Traditional, thematic or event auctions, for which Osvaldo Patrizzi has earned international distinction, will also be organized.
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Zero Buyer’s Commission
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This represents a considerable savings to the buyer, since the current commission with top houses range between 20–25% of the hammer price. These ever-increasing buyer’s commissions are due to the increasing costs of organization and catalogue expenses. Patrizzi & Co’s commercial strategy is going against this trend and will abolish this long-time tradition. Buyers will pay only for the price of the object they purchase, with no sacrifice to service or expertise. Finally !
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Five Year Guarantee of Authenticity
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This guarantee, associated with the Patrizzi Grading System™, an evaluation method of the condition and overall quality of a watch conceived by Osvaldo Patrizzi, as well as the accurate and very detailed description of each lot in the sales catalogue will offer buyers an unprecedented and most welcome assurance of what they are buying. The guarantee eliminates what is perceived by many, to be the “risk factor” in buying important pieces via the Internet at auctions today.
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Printed Catalogue to be replaced by a fully Digitized Catalogue on this website
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The inherent limitations of traditional paper editions in terms of updating and available space will be overcome. As a result, more detailed and even better documented descriptions will pay tribute to the timepiece. Clients will have the possibility to download the online catalogue onto their computer, the new generation of e-Books or soon also onto TV. They will have the possibility to define and print a personalized copy by using the interactive options of the website. The digitization of the catalogue will also enable bidders to better follow the auction time, as the forecasted lot’s time of sale will be dynamically indicated and constantly updated and indicated. Finally, alarm signals can be set to alert them either on their mobile phone or on the computer screen of the imminent sale of a specific lot, or lots.
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Acquisition of Timepieces for Auction
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Patrizzi & Co Auctioneers will use two methods of acquiring watches. The first is to directly purchase the watches from the vendor via an independent financial company. In this case, these lots will be offered for sale at the purchase cost. The second is for the vendor to consign the pieces for sale. In the latter case, Patrizzi & Co will offer the items at the reserve price, which is marked in the catalogue and will share with the vendor the amount between the reserve price and the hammer price. These two options give the seller a choice between an instant sale, and the chance to participate in the profit at the time of the auction. In either case, the sale of the lot will be carried out in complete transparency, the bidding to start at the “purchased price” or at the agreed “reserve price”.
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