Vacheron Constantin 1972 Cambree Silvered Dial Ladies Watch 25515/000R-9254

Following Sotheby's landmark sale of the George Daniels Horological Collection last week in London1, Sotheby's Geneva sale of Important Watches concluded today with a b result of CHF7,950,900 ($8,373,411 ) (est. CHF 6,1-8,9 million), bringing this year's total for watch sales in Europe to $30,305,493.The two-session sale was led by rare models of vintage and modern wristwatches, including a most probably unique example of Patek Philippe reference 2524/1 retailed by Tiffany & Co, which doubled pre-sale expectations and sold for CHF 542,500 ($571,328). The sale was sold 83.4% by lot and 87.4% by value.

Commenting on this autumn's results, Geoffroy Ader, Head of Watches, Sotheby's Europe declared: "Today's b results demonstrate that the market is driven by exceptional pieces. The prices achieved by our two top lots - two minute-repeating wristwatches by Patek Philippe and Vacheron Constantin - are a further testimony to the collectors' twin desires for rarity and high quality. Made by the most important watchmakers in Geneva in the 1940s and 1950s, one of the richest periods in modern Swiss horological history, these watches encapsulate the essence of vintage wristwatches: the style and elegance".
VINTAGE WRISTWATCHES
PATEK PHILIPPE
The sale was distinguished by a group of vintage wristwatches by Patek Philippe which achieved some of today's best prices. An exceptional example of Patek Philippe's Reference 2524/1 retailed by Tiffany & Co was sought by several collectors and finally won by a telephone bidder for CHF 542,500 ($571,328), more than doubling pre-sale expectations (lot 158, est. CHF 250,000-350,000/ $267,000- 374,000). Most certainly the only known piece with a dial bearing "Tiffany & Co", this specially ordered 18 carat yellow gold wristwatch features a movement made in 1954 and cased in 1961.
A very rare Reference 2438-1 (lot 156), the first water-resistant type perpetual calendar wristwatch produced in series by any company achieved CHF 278,500 ($293,299), surpassing the pre-sale estimate of CHF 200,000-300,000 ($214,000-321,000). Made in 1958, this fine centre second 18 carat yellow gold wristwatch with moon phases was retailed by Tiffany & Co.

Other highlights in this section included a fine Patek Philippe Reference 530 in 18 carat yellow gold dating from circa 1940 (lot 256) which made nearly three times its pre-sale estimate and sold for CHF 278,500 ($293,299) (est. CHF 100,000-150,000/ $107,000-161,000) and a Reference 3448 in white gold made in 1977 (lot 257) which achieved CHF 242,500 ($255,386), against a pre-sale estimate of CHF 180,000-250,000 ($193,000-267,000).
Probably one of the most appealing examples of Reference 3450 coming to the market in recent years, a very fine yellow gold automatic perpetual calendar wristwatch dating from circa 1985 (lot 157) in virtually unworn condition realised CHF182,500 ($192,198), just above its high estimate of CHF 120,000- 180,000 ($129,000-193,000).
VACHERON CONSTANTIN
One of the oldest manufacturers of fine watches, Vacheron Constantin was represented in the sale by important vintage wristwatches. Minute repeaters are considered the pinnacle of the production of complicated wristwatches by Vacheron Constantin and the sale included the first model of the celebrated Reference 4261 ever produced by the Geneva firm. Manufactured in 1943, this very rare 18 carat pink gold minute-repeating wristwatch (lot 248) was bought for CHF 242,500 ($255,386), far beyond pre-sale expectations (est. CHF 130,000-150,000/ $139,000-161,000).
ROLEX
Rolex performed extremely well today, confirming the b demand for rare vintage models by the prestigious brand. A rare model of Daytona "Paul Newman", circa 1970 (lot 241) more than doubled its pre-sale estimate to achieve CHF 140,500 ($147,966) (CHF 60,000-80,000/ $64,500-85,500). Produced circa 1958, a rare stainless steel "Milgauss" (lot 40) - a model originally designed to be used by scientists exposed to high magnetic fields - more than doubled its low estimate of CHF 60,000- 80,000 ($64,500-85,500) to achieve CHF 134,500 ($141,647).
OTHER VINTAGE HIGHLIGHTS
Considered to be one of the rarest military wristwatches ever made, an oversized stainless steel chronograph wristwatch by Universal (ref. 38 "A. Cairelli"), circa 1945 (lot 72) sold for CHF 122,500 ($129,010), three times its low estimate of CHF 40,000-60,000 ($42,700-64,500). Delivered to the Italian Military Air Force just after WWII in few examples, this watch came to auction from the descendants of its original owner.
Another example of a vintage military wristwatch with b appeal was a rare Panerai Reference 3646 with case and movement signed by Rolex (lot 226) which tripled its pre-sale low estimate (est. CHF 30,000-50,000/ $32,100-53,500), selling for CHF 92,500 ($97,415). Made circa 1940, this was one of the series of Radiomir watches - water and pressure resistant - that the Italian Navy ordered from Panerai for their secret unit the "1a Flottiglia MAS" (1st MAS Fleet).
MODERN WRISTWATCHES
Modern wristwatches realised b results, led by models by Patek Philippe were on demand, with prices often surpassing high expectations.
Testament to Patek Philippe's extraordinary craftsmanship and pioneering approach, a 2006 model of the Reference 5004 in platinum (lot 311) - a reference which has been hailed as "the most ambitious creation" of the "Grand Complications" - achieved CHF 242,500 ($255,386), exceeding the pre-sale expectations of CHF 150,000-200,000 ($161,000-214,000).
Dating from circa 2006, an extremely rare example in 18 carat white gold of the Patek Philippe 'Celestial' (ref. 5102) (lot 312) realised CHF 188,500 ($198,517) (est. CHF 160,000-220,000/ $171,000- 235,000), while a fine Reference 5270G in 18 carat white gold by the prestigious brand (lot 313) fetched CHF 158,500 ($166,923) (est.CHF 115,000-165,000/ $123,000-177,000).
International Watch Co. also featured in the sale with a model of a "Destriero Scafusia" in 18 carat pink gold produced circa 2001 (lot 231) which sold for CHF 164,500 ($173,242) (est. CHF 140,000- 160,000/ $ 150,000-171,000 ). The "Destriero Scafusia" was made in a limited edition of only 125 examples from 1993 to 2001 to celebrate the 125th Anniversary of IWC in Schaffhausen.
POCKET WATCHES
Reflecting the continued demand for complicated pocket watches, a rare 18 carat pink gold hunting cased minute repeating perpetual calendar chronograph watch with moon-phases made by Vacheron Constantin in 1916 sold for CHF110,500 ($116,372) (lot 212, est. CHF 80,000-120,000/ $85,500-129,000).
Once again, international collectors also responded with enthusiasm to the offering of antique pocket watches. Designed as a strawberry and dating from circa 1810, a fine and rare gold, enamel, pearl and diamond-set pendant watch (lot 102) fetched CHF 40,000 ($42,126), five times its pre-sale estimate of CHF 8,000-12,000 ($8,600-12,900).