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September 16, 2009

Patrizzi & Co NYC Auction Highlights

By Pardhasaradhi Gonuguntla

On Oct. 7 in New York, Patrizzi & Co Auctioneers will present “Important Pocket Watches, Wristwatches and Clocks,” highlighted by a number of exceptional timepieces from Swiss manufacturer Patek Philippe. Ushering in the fall/winter season, this auction of approximately 150 outstanding timepieces is the first in a series of auctions scheduled for Geneva, Milan and New York.

The traditional auction will be held at Patrizzi & Co, 595 Madison Avenue, Suite 605. Buyers can bid via phone, written bids, and in real time online via the company’s website, . A public preview exhibition will be held Saturday, Oct. 3, from 10 a.m. to 5 p.m., and Monday-Tuesday, Oct. 5 and 6, from 10 a.m. to 6 p.m. at the showroom. During these times, company watch experts will also be offering appraisals and taking consignments for future auctions.

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.

A number of exceptional timepieces from Patek Philippe highlight the sale. The double-faced Sky Moon Tourbillon, Ref. 5002, is the most complicated wristwatch ever produced by the Swiss manufacture. This timepiece is made of 18k yellow gold with a black dial, which is the rarest metal-dial combination. The black dial features the perpetual calendar and minute repeater with a tourbillon escapement, while the reverse presents a sky chart and sidereal time. It is estimated to sell for $1.1 million to $1.3 million. Two limited edition sets of Patek Philippe men’s watches featuring cloisonné enamel dials will also be auctioned. Only 10 sets of “Barques,” Ref. 5076, were produced in 2004. Each manual wind, platinum wristwatch depicts a different sailboat. The set of four “Birds of Paradise” wristwatches, Ref. 5075, are in 18k white gold; only 15 sets were ever produced.

“We expect significant international interest in this auction, as these are some of the most exceptional and sought-after timepieces in horology. Collectors know when they buy from us they save 20 percent or more because do not charge a buyer’s commission. For the seller, we increase profits,” said Osvaldo Patrizzi, president and CEO of Patrizzi & Co.

The complete auction catalog can be viewed and downloaded at no charge from the company website or a hardbound commemorative version may be purchased online.

Osvaldo Patrizzi founded Patrizzi & Co last year with the goal to innovate 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 it offers for sale, which is then accompanied by a fiveyear guarantee of authenticity.

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