View all newsletters
Latest in Luxury - Sign up to our weekly newsletter
  1. Travel
  2. Travel News
June 17, 2009updated Feb 07, 2013

Sales Top $2.7 Million in Patrizzi & Co. Auction

By Pardhasaradhi Gonuguntla

Davide Blei Vintage Rolex CollectionPatrizzi & 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 $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, president and chief executive officer ofPatrizzi & 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 top seller, at $260,000, was a Patek Philippe Ref. 5959, a split-seconds chronograph in a platinum officer’s-style case with the thinnest split-seconds column-wheel chronograph movement ever made. A stainless steel Omega Pre-Professional Speedmaster from the early 1960s fetched more than $12,500 – three times its estimate – and a 1943 Rolex stainless steel Oyster Chronograph,Ref. 3525, a round-button chronograph with black dial, sold for $85,000.

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.

Content from our partners
Sky High Gourmet: Qatar Executive's Impressive Dining
The Best Family-friendly Vacation Destinations in Spain
W New York - Times Square: "We Do Things Differently"

Topics in this article : ,
Select and enter your email address Be the first to know about the latest in luxury lifestyle. Get the latest news on hotel openings and in-depth travel guides. Get insider access to exclusive promotions and special offers from our luxury partners.
Visit our privacy Policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thank you for subscribing to Elite Traveler.

Websites in our network