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March 9, 2010

Art Déco Louis Cartier Platinum Tank Wristwatch
Fetches $135,000 at Patrizzi & Co New York Auction
— Setting New World Record for the Model at Auction

Total Auction Sales Exceed $2,040,800
with Two-Thirds of 161 Lots Sold

Patrizzi & Co set a new record for the sale of an Art Déco Louis Cartier Tank when it sold a 1929 platinum model for $135,000 at its March 9 auction in New York. Total sales in the auction reached $2,040,800 with 100 of the 161 lots sold. A complicated Cartier Comet Clock, featuring one of the most complicated mechanisms the company ever made, sold for $250,000.

“With this auction, Cartier and Rolex join Patek Philippe in the top-tier for collectors. Breaking the world record for a platinum Art Déco Louis Cartier Tank at auction is a tremendous achievement,” said Osvaldo Patrizzi, president and CEO of Patrizzi & Co. “A Cartier ruby-set platinum and rock crystal pocket watch sold for more than double its estimate and the sale of the Cartier Comet Clock with grande sonnerie demonstrates the esteem among collectors for this type of timepiece.”

About 50 people attended the auction with bidding via the Internet, phone and absentee, with many bids from Europe. Interest in pocket watches was strong with models from Cartier, Vacheron Constantin, Patek Philippe and Louis Audemars particularly sought after. Other highlights include a Patek Philippe 18k white gold Celestial wristwatch that sold for $180,000 and a 1969 Rolex Daytona with a color-change dial that sold for $30,000, the top of its estimate. Two other Rolex Daytonas sold for $35,000 and $26,000.

In addition to the catalog auction, Patrizzi & Co hosted its second silent sale with three-day viewings in Hong Kong and New York City. Thirty-nine pieces were sold for a total of more than $110,000. Purchasers appreciated the wide range of brands and styles, and took advantage of the "Buy Now" option. “This is a different type of selling during our previews that brings a whole new level of excitement and interest with a large selection of secondhand and collector-level wristwatches, pocket watches and clocks. We will be introducing it to our Geneva auction for the first time in April,” said Patrizzi.

Osvaldo Patrizzi founded Patrizzi & Co in 2008 to innovate the horological auction market by eliminating the buyer's commission and other fees and simplifying the auction process. A Patrizzi & Co horological expert carefully examines and evaluates every timepiece offered for sale, which is then accompanied by a five-year guarantee of authenticity.

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Highlights

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LOT 110 “Louis Cartier” Platinum Tank. Cartier, Paris, No. 21946, “Louis Cartier,” completed February 8, 1929, sold by Cartier, London. Very fine and very rare, platinum men’s wristwatch with original Cartier platinum bracelet and original fitted morocco box. SOLD for $135,000 (new world record)

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LOT 109 Cartier Complicated Comet Clock Cartier, Paris, No. 2577, completed in 1929. An exceptional and magnificent, nephrite mounted in 18k yellow gold, eight-day duration, grande sonnerie carriage desk clock with phases of the moon, days of the week, date and alarm with original morocco fitted box, accompanied by a Cartier certificate. SOLD for $250,000

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LOT 106 Platinum, Rock Crystal And Ruby-Set Pocket Watch. Cartier, Paris, No. 21079, completed on October 12, 1928, sold by Cartier, London Very fine and rare, keyless, rock crystal, ruby-set men’s dress pocket watch in platinum with platinum chain and original fitted morocco box. One of the thinnest rock crystal models and movements ever used by Cartier. SOLD for $46,000 (more than double its estimate)

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LOT 111 “Louis Cartier” Tank Cartier, London, No. 9120, with London hallmark for 1977. Very rare, 18k white gold men’s wristwatch with matching 18k white gold bracelet, entirely made in Cartier’s London workshop, with original Cartier morocco fitted box. SOLD for $60,000

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LOT NO. 119 Cartier Platinum Minute Repeater Pocket Watch. Cartier, Paris, No. 8779, circa 1918. Very fine and extremely rare, platinum, minute repeating, men’s dress pocket watch with a noble provenance and original fitted morocco box. This watch is the earliest known surviving example of approximately 20 minute-repeating platinum watches produced by Cartier prior to World War II. SOLD for $42,000

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LOT 163 Patek Philippe Ref. 5102. Patek Philippe, Genève, Ref. 5102G-001, Movement No. 3328031, Case No. 4214449, sold December 25, 2002. Exceptionally fine, rare and very important 18k white gold, astronomic, self-winding men’s wristwatch with sky chart, phases and orbit of the moon, time of meridian passage of Sirius and of the moon, Patek Philippe leather strap, Patek Philippe 18k white gold buckle. Accompanied by original leather fitted box, Certificate of Origin, and leather-bound presentation folio. SOLD for $180,000

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LOT 153 Platinum Annual Calendar Chronograph, Ref. 5960 Patek Philippe, Genève, Ref. 5960P, Movement No. 3503467, Case No. 4443020, Sold August 7, 2008. Very fine, platinum, self-winding men’s wristwatch with round-button chronograph, 60-minute and 12-hour register, day/night indication, power reserve indication, annual calendar, months, days of the week, date, Patek Philippe leather strap and platinum deployant buckle. Accompanied by original fitted box, Certificate of Origin, booklets and setting pin. SOLD for $58,000

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LOT 79 Louis Audemars Grande Complication Pocket Watch. Louis Audemars, Brassus, No. 30487, made for the English market, circa 1882. Exceptionally fine and equally rare, 18k yellow gold, astronomical “Grande Complication” pocket watch in hunter case. This minute-repeating pocket watch features 12 complications, including grande et petite sonnerie chimes, perpetual calendar, phases of the moon, and split-seconds chronograph with 30-minute register. Accompanied by fitted wooden box. SOLD for $120,000

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LOT 50 Rolex Daytona Ref. 6239, made for Tiffany with Color-Change Dial. Rolex, Cosmograph Daytona, Ref. 6239, retailed by Tiffany & Co., circa 1969. Fine and rare, tonneau-shaped, stainless steel, men’s wristwatch with chronograph, round pump push buttons, 30-minute and 12-hour registers, tachometer graduated to 300 units, and Rolex stainless steel Oyster bracelet with deployant clasp. SOLD for $30,000

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LOT 94 Boucheron “Greek Warrior” Pocket Watch. Vacheron & Constantin, Genève, Movement No. 389658, case by Verger Frères, Ref. 244737, Case No. 6702, made for Boucheron, circa 1925. An important, Art Déco, octagonal, 18k yellow gold and enamel, keyless men’s dress pocket watch. SOLD for $14,000

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LOT 121 French Carriage Clock in the Fabergé style, circa 1900. Fine and interesting, marble and gilt brass, hour and half-hour striking, Fabergé-style, one-week duration, carriage clock. SOLD for $20,000