Patrizzi and Co. auction nets over $6.7 million

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Patrizzi and Co. auction nets over $6.7 million

April 22, 2009

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Patek Philippe's Ref. 3974, a minute-repeating, self-winding wristwatch with perpetual calendar and moon phases in 18-karat yellow gold, fetched the highest amount in the Patrizzi and Co. April auction, about $349,787.

Geneva--Patrizzi and Co.'s April 19 horological auction has brought in more than $6.7 million, with three commemorative-edition Patek Philippes fetching the top prices.

An 18-karat yellow gold Patek Philippe Ref. 3974 minute repeater with perpetual calendar and moon phases led the pack, selling for CHF 410,000, about $349,787. The wristwatch was produced in a small series in 1989 to celebrate Patek's 150th anniversary.

Ref. 5029, a Patek "Officer's style" minute repeater chronometer wristwatch, sold for CHF 390,000, about $332,724. The timepiece was made in 1997 as one of 10 watches in 18-karat yellow gold to commemorate the new company headquarters just outside of Geneva.

Finally, the brand's Ref. 5079, a minute repeater wristwatch produced in 2004 as one of five to mark the 50th anniversary of George Pragnell Jewellers in London, sold for CHF 370,000, about $315,718.

Patrizzi and Co. said in a media release that in addition to the enthusiasm for Patek Philippe, bidding was competitive for several Vacheron Constantin and Panerai wristwatches, as well as for a Hublot "Big Bang Tourbillon Solo Bang," which nearly doubled its estimate.

Also selling well were a Breguet "souscription" watch in 18-karat gold that was originally sold to Prince Ferdinand in 1812; a Louis Audemars No. 12131 circa 1875; and a Patek Philippe and Cie yellow gold keyless "World Time" gentleman's dress watch with a cloisonne enamel map of North America. The timepieces sold for about $36,142, $77,457 and $79,178, respectively.

Of the 263 total lots, 80 percent sold, the auction house said, with about 100 people attending the sale at Geneva's Mandarin Oriental Hotel, 208 bidding online and others bidding by phone.

Since Patrizzi and Co. does not charge a buyer's commission, the sales figures represent the actual amount bid.

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