Earliest Known Patek Philippe Grand Complication Sells For A Record $2.25 Million

The earliest and most significant example of a Patek Philippe Grand Complication sold for more than $2.25 million Tuesday at Christie’s New York Important Watches auction—well above its $1.5 million high estimate. The price represents a world auction record for a Patek Philippe Grand Complication.

The Stephen S. Palmer Patek Philippe Grand Complication No. 97912 is a minute repeating perpetual calendar split-seconds chronograph clockwatch with grande and petite sonnerie and moon phases, manufactured in 1898. It has never been seen in public and it was the first time it ever appeared on the auction block. 

The definition of Grand Complication is often debated among watch experts and collectors, but it is generally agreed that it features the following: Grand and Petite Sonnerie, Perpetual Calendar and Moon Phases, and Split-Seconds Chronograph.

Until the appearance of the 18k pink gold Palmer watch, it was broadly accepted that Patek Philippe did not make its first Grand Complication until 1910 and that the second ever made was reserved before World War I for James W. Packard in 1916, Christie’s said recently.

With all of the avid collectors of important watches, the historical watch experts, and the way that luxury watch companies maintain their historical data—how could such a rare and valuable watch be unknown? Last night I attended a panel presentation on Grand Complications at the Aaron Faber Gallery in New York and was told by two of the panelists that this type of thing does occasionally happen. Michael Friedman, an historical watch expert, explained to me that being in a private collection the watch was unknown. In addition, even if Patek Philippe has the information in its archives it would not have released it unless asked.

The watch was purchased on Oct. 3, 1900, for 6,500 Swiss francs by Stephen S. Palmer. The original certificate and presentation box were included in the sale.

The sale of 361 lots totaled nearly $8 million. 

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Website.

Breguet Sympathique Clock Sells for Record $6.8 Million

The Duc d’Orléans Breguet Sympathique clock set a new auction record for any clock and the second-highest price for any timepiece at auction when it sold for more than $6.8 million at Sotheby’s New York Important Watches & Clocks Auction on Tuesday.

The distinguished example of the exceptionally rare Sympathique clocks, which helped cement the fame and renown of French watchmaker Abraham-Louis Breguet, was last offered at auction in Sotheby’s 1999 when it sold for $5.7 million. This price has remained the auction record for any clock until Tuesday’s sale.

Invented by Breguet in 1795 and presented to the public for the first time at the Exposition Nationale des Produits de l’Industrie in 1798, the sympathique clock was a system consisting of a clock and a watch. The clock was designed to hold the watch in its cradle, where it was automatically adjusted and rewound. The term sympathique was chosen by Breguet to express the notion of harmony and concord.

The Important Watches & Clocks auction totaled more than $11.6 million marking the highest result for a various-owners sale of watches and clocks at Sotheby’s New York, the auction house said in a statement. In addition to the Sympathique, both vintage and modern wristwatches by Patek Philippe dominated the day’s top results, led by a rare 46 mm 18K Yellow Gold Center Seconds Wristwatch, 1955, Ref 2512/1 that achieved $962,500, more than five times its high estimate of $150,000.

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Web site.