Sales Top $2.7 Million
in Patrizzi & Co June 4 New York City Auction

Auction House Charges No Buyer’s Commission -Sale Price Reflects Actual Value

New York (June 4) -Patrizzi & Co Auctioneers held its first auction in New York City on June 4. "Important Pocket Watches, Vintage and Modern Wristwatches" was comprised of 293 timepieces of outstanding quality, provenance and rarity. Seventy-three percent of the 293 lots sold for a total of more than $2,707,150. With 50 to 60 bidders present in the auction room, online bidders participated from Italy, Switzerland, Macao, Portugal, Japan, Dubai, and across the U.S.

"We’re finding collectors are interested in buying at auction but are more selective in the current economic climate," said Osvaldo Patrizzi, chairman and chief executive officer of Patrizzi & Co. "Sport watches, particularly from Rolex and Omega, performed well, as did pocket watches and clocks. Some timepieces sold for three to four times their estimate."

The New York auction follows three highly successful Patrizzi & Co auctions in Europe •the Renaissance Clocks sale on May 24 in Milan, which reached sales of more than $3.6 million; the April 19 auction in Geneva totaling over $6.7 million with 80% of the 263 lots sold; and the Davide Blei Vintage Rolex Collection held March 22 in Milan which attained sales of some $3.7 million with 114 timepieces.

Patrizzi & Co does not charge a buyer’s commission, representing a 20 to 25 percent savings from the hammer price for the buyer. Unlike most auction houses, this means the final sale price reflects the actual value of the timepiece.

Osvaldo Patrizzi founded Patrizzi & Co last year with the goal of innovating the horological auction market by bringing transparency at auction, fully integrating online communication with the traditional auction format, eliminating 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.

Highlights

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Lot 289
Patek Philippe split seconds chronograph, Ref. 5959P The smallest and thinnest split-seconds chronograph in the world with 60-minute register in officer-style, platinum case; sold in 2007; accompanied by original box and certificate.
Sold: $ 260,000

Lot 286
Patek Philippe perpetual calendar wristwatch, Ref. 3448 18k yellow gold self-winding wristwatch with phases of the moon, month day, date, featuring caliber 27-460Q; made in 1971. Sold with certificate and extract from the company's archives.
Sold: $ 125,000

Lot 208
Patek Philippe perpetual calendar chronograph, Ref. 3971 •18k yellow gold, round-button chronograph with perpetual calendar and phases of the moon, leap-year indications, 24-hour indicator and 30-minute register; circa 1980s.
Sold: $ 120,000

Lot 291
Rolex stainless steel Oyster Chronograph, Ref. 3525 -One of a very few remaining stainless steel Ref. 3525, known as the "Prisoner Watch," with black dial, round-button chronograph, tachometer and telemeter; made in 1943.
Sold: $ 85,000

Lot 277
Louis Audemars perpetual calendar pocket watch with independent dead seconds and quarter repeater -18k yellow gold pocket watch with hunter case made for Leroy & Fils, circa 1870; features keyless, double train with gold wheels.
Sold: $ 60,000

Lot 192
Patek Philippe stainless steel Calatrava, Ref. 530 -Very fine and extremely rare gentleman’s wristwatch with two-tone silver dial, made in 1944.
Sold: $ 65,000

Lot 167
A. Lange & Sohne platinum perpetual calendar wristwatch, Ref. 310.025 -Self-winding perpetual calendar wristwatch with moon phases, oversized date.
Sold: $ 42,000

Lot 12
Omega Pre-Professional Speedmaster, Ref. 2998-5 - Early 1960s stainless steel round-button chronograph with tachometer, 30-minute and 12-hour registers
Sold: $ 12,500

Sales Top $2.7 Million in Patrizzi & Co June 4 New York City Auction

Auction House Charges No Buyer’s Commission -Sale Price Reflects Actual Value

Highlights

Sales Top $2.7 Million
in Patrizzi & Co June 4 New York City Auction