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Vintage Rolex auction nets more than $3.7 million

March 25, 2009

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The top seller at Patrizzi and Co.'s March 22 auction was this 1953 stainless steel Rolex Oyster Perpetual, which sold for $268,637.

Milan, Italy--Patrizzi and Co.'s March 22 auction of the David Blei Vintage Rolex Collection has brought in more than $3.7 million, with all but one of 114 Rolexes in the collection selling.

Some 200 bidders attended the Milan auction, with almost 100 participating online.

Bidding was strong, the auction house said in a media release, with written bids coming in right up to the last minute, and the sales results demonstrating that there is an active, strong demand and enthusiasm for fine timepieces.

The top lot of the sale was a stainless steel Rolex Oyster Perpetual made in 1953 and fetching $268,637. A pink gold Stelline sold for $204,597, and a pink gold Oyster Chronograph made in 1950 sold for $105,042, almost double its estimate.

According to the auction house, the David Blei collection was considered one of the most important collections of vintage Rolexes, particularly in terms of quality and aesthetic appeal. Each of the 114 watches were of exceptional quality and rarity, the auction house said. The one watch left unsold was due to an Internet buyer exceeding his limit.

Founded last year, Patrizzi and Co. operates headquarters in Geneva, and offices in Milan and New York. The auction house does not charge a buyer's commission, so all figures reflect the hammer price.
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