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Watchmaking Masterpieces Garner $6.2 Million In Patrizzi Auction Antiques and the Arts Online

22.12.09

:After a month of very active Internet research by watch collectors and aficionados — with on average just over 3,500 visitors per day to the firm's online catalog, the October 25 auction by Patrizzi & Co. took place at the Mandarin Oriental Hotel.

Some 60 watch enthusiasts were present in the auction room, 45 participated online and there was determined and rigorous telephone bidding which, while ensuring very good solid results, advanced cautiously in small increments. The auction was conducted in two sessions — one in the morning and one in the afternoon. A total of 70 percent of the 253 lots were sold, achieving more than $6.2 million.

"We have seen a change take place in the market," said Osvaldo Patrizzi. "There was a huge amount of enthusiasm in the auction room and this manifested itself in excellent results; evidently confidence is beginning to return."

Those in the auction room had come from all around the world — Asia, Middle East, Europe and America — to be present for the event. Brands that sold particularly well were Cartier, Rolex, Panerai and, of course, Patek Philippe, proving once again that there is always a market for top quality. Of the modern pieces in the auction, Ulysse Nardin and TAG Heuer sold very well.

The historic pieces in the auction were much sought-after, and, after energetic bidding, achieved excellent prices — typically, the Cartier Art Deco table clock, the Cartier "chinoiserie" travel clock, the probably unique Cartier mystery barometer, a Piguet & Capt automaton musical spyglass and a rare complete set of lady's savonette-form watch, fob, brooch earrings, ring and matching chain from 1860.

An observatory tourbillon Patek Philippe 18K yellow gold, keyless, "Extra" pocket chronometer with one-minute tourbillon regulator, adjusted by master adjuster François Modoux, awarded First Prize at the Geneva Observatory Timing Contest of 1929, accompanied by an Extract from the Archives was the sale's top lot at $304,000.

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