Patek Philippe Calatrava 5196 White Gold (5196G-001)

Patek Philippe - Eric Clapton's 2499

HODINKEE - 17 October 2012

The most hackneyed term used by any watch journalist, dealer, or auction house expert is "important." To us, everything is important. Whether it be because of the technical firsts it represents, or the general rarity, or who owned it, you could make the case that just about any watch is "important." But some watches are more important than others, and Eric Clapton's Patek Philippe 2499 in platinum is undoubtedly incredibly important. More so than just about any other watch made in the last 25 years, and in this in-depth post, we'll tell you why, and include tons of live photos that we captured when Mr. Clapton's watch paid a visit to NY this weekend. We'll also tell you how this rare bird came to be, how it ended up in the very slow hands of Eric and what it means to the world of watch collecting.

Understanding the 2499

First things first, let's talk about just what the 2499 is. One must understand the importance of this particular reference calendar chronograph, in production from 1951 - replacing the 1518 - until 1986, when it was succeeded by the smaller 3970. But over those 35 years, only 349 of them were made, or about ten per year. That's not exactly a lot, is it? And, the vast majority of the 2499's produced were cased in yellow gold. In fact, only four rose gold 2499s have ever appeared at auction, and the last one - which we showed you here - sold for $2,750,760. Christie's estimates that less than 10% of the 349 2499's were made in rose gold, and they are already something so rare and special that the existence of the legendary 2499 in platinum is, quite literally, something of watch collecting lore. 

But why is the 2499 so special? It is, according to most Patek Philippe collectors, the quintessential reference from the quintessential manufacture. The case proportions, the dial design, the incredible complication, and the perfect execution, on top of the larger (37.5mm vs the 1518's 35mm and 3970's 36mm) case size make it the watch to own, regardless of metal. 

Two For Us, None For Them

If the 2499 is such a special watch, why was it never made in white gold? That is unclear, but what we do know is that in 1987 - a year after the last yellow gold 2499 was cased - Philippe Stern decided to take the two remaining 2499 movements and have them put into special platinum cases. The watches were destined to be the centerpieces of Patek's Geneva museum. What is interesting to note is that complicated vintage Pateks in platinum are incredibly rare. In fact, only 25 of them are known to exist and half of them are in the hands of Patek Philippe themselves. So when Mr. Stern decided to case the two 2499's in the holiest of metals, he was creating, instantly, two fantastically special watches - two watches that the world thought would never become available for sale. Until one did.

The 150th Anniversary of Patek Philippe

In 1989, Patek Philippe celebrated the 150th anniversary of its founding. This occasion can be described as a turning point in the history of Patek Philippe, the auction market, and even the entire industry. It was in 1989 that Patek released their first limited edition watch - the 3960, a Calatrava with hunter-style hinged caseback and anniversary engraving, with onion crown. The 3960 is considered by many to be the first truly limited edition, anniversary watch, something we see just about every other minute these days. 1989 also saw the first "thematic" auction, when Antiquorum decided to host "The Art of Patek Philippe" auction in Geneva on April 9th.

This sale, consisting of only Patek Philippe watches, would go on to catapult Patek into the stratosphere of second-hand prices, of which it continues to own almost singularly. And it was at this sale that the lot to which we are dedicating this lengthy post first hit the open market.

So, it was for 1989s "The Art of Patek Philippe" auction that Philippe Stern decided to part with one of his two platinum 2499s, and the original Patek Philippe archive indicates that this watch was sold on April 7th, 1989 (the Friday before the Sunday auction) by the Patek Philippe Museum directly. The final sales price of this 2499 back in 1989 was SFr. 418,000, or about $253,300 at the time. Adjusted for inflation, that's about $513,688, so, even back then, the world understood how special this watch was. 

The Clapton Years

While the original purchaser of this watch was a large private collector, it was not Eric Clapton. Eric purchased this watch from an intermediary owner within the last ten years. While little is known about the details of that transaction, it was known within the watch-collecting community that Eric owned it, and with that, the legend simply grew. Again, the 2499 is the holiest of references to Patek collectors, and this example, the only example in a white metal (that white metal being platinum, at that) in private hands belonging to one of the most famous rock stars on the planet, who also happened to be a vintage watch collector of some note, added an entirely new element to the already perfect provenance of the piece.

And it was Eric's ownership of this watch that made its appearance on the public stage almost impossible. You see, the watch collecting world is a small one, even at the highest levels. Doing what we do for a living, traveling as much as we do to the handful of horological epicenters around the world, we tend to come across people at cocktail parties, dinners, and various events who own watches you simply wouldn't believe. If there is an amazing watch out there on this planet, you can be sure that sooner or later, someone from HODINKEE or our rag-tag group of watch-loving friends from around the web would come across it. But the rarest of rare Patek Philippes, owned by ERIC CLAPTON? He's not exactly someone we expected to come across on the boats at SIHH or eating Schnitzel in Basel.

Lot No. 151 At Christie's Geneva

And then I heard the news. It was a phone call from someone equally as obsessed as I am. He said "If you asked 1000 of the biggest Patek collectors in the world what their ultimate watch would be - that's the watch that Christie's has". And I knew right away what it was. It was Clapton's platinum 2499.

Offered in Christie's (enormous and monstrously impressive) November 12th Important Watches sale in Geneva, lot number 151 has pre-sale estimate of $2,700,000 to $4,200,000. The provenance is clearly documented and the watch is in fantastic condition, though one would not call it new old stock. This of course leads me to wonder, just when would Eric Clapton, or its previous owner, deem it appropriate to wear this watch out, and with what? Did Clapton wear it to the Grammy's? Or to an intimate family gathering? We simply don't know, but this watch has definitely been worn. And that is awesome, because this is a watch (like ALL wristwatches) that should be worn. 

Did I mention how much I enjoyed playing with it when visiting Christie's on Friday? It was a dream. The watch just plain gorgeous, objectively (loose translation of what "objectively" means). Patek perpetual calendar chronographs are arguably my favorite watches on the planet (no, I don't own one, but this ain't bad for now?). The fact that it's a vintage reference, in a white metal, with rock-star provenance is just so, so good. And then when you actually strap the watch on (which I did!), it sits perfectly. The case size of 37.5mm might be my ideal size - larger than the 3970's 36mm, but smaller than the 5970's 39mm, with round pump-pushers, and as someone recently pointed out to me, just the most gorgeous "J" I've ever seen. 

Does Christie's know how special this watch is? Absolutely. And while I was there filming on Friday, they were fielding press inquiries from everyone from ABC, NBC, and CBS to the NY Post and Forbes. This sale is a huge deal for them, for us as journalists, and for the entire collecting world. Could this watch become the most expensive wristwatch to ever be sold publicly? It certainly could, though I don't think it will be - and it doesn't matter anyway. This is the watch I've been dreaming about since I first learned of its existence, and now I can say that I've gotten to see it, wear it, and experience it. 

The Patek Phlippe Reference 2499/100 perpetual calendar chronograph in platinum, currently belonging to Eric Clapton will be sold on November 12th in Geneva by Christie's.  More information may be found here.