Clearly the highlight of Antiquorum’s Geneva auction of May 13, 2012, the Patek Philippe World Time (Ref. 2523) with guilloche gold center you see here hammered for an impressive 990,000 CHF (about $1.05 million at current f/x).  The extremely fine and extremely rare Patek Philippe watch was made in 1953 and sold on October 10, 1956 by famed French Patek retailer Jean Guillermin.  The watch remained in the original owner’s family until being offered at auction last week.  As you can see from the close-up photos below, the piece remained in amazing unpolished condition for 55 years.  In particular note the sharp and well defined lugs and the deep and clearly visible hallmarks (see photos below for more info).  The piece was overhauled by Patek in May 2011 under very specific instruction from the owner that the watch should only have the movement serviced to ensure good timekeeping but to leave the case in its original untouched condition.   An amazing Patek Philippe and collector’s piece!  Read on for more details and photos.

Patek Philippe Ref 2523 Worldtime

sold at auction for 990,000 CHF (Antiquorum May 13, 2012)

“World Time”, 36mm 18K yellow gold case with two crowns and guilloche dial with an 18K yellow gold Patek Philippe buckle

The lugs still exhibit their sharp definition and angles as they would have had upon original sale in 1956:

The hallmark on the left is on the lug;  on the right we see the caseback hallmarks:  two owls representing the gold importation hallmark for 18k and “JG”, denoting Jean Guillermin, the famed French Patek Philippe retailer:

According to Antiquorum’s research, there has only ever been one other yellow gold 2523 with gold guilloche center bearing the movement number 722700 (only 2 numbers from this example) sold at Antiquorum (lot 410, 15th December 1990).  This leads them to further conclude that the gold Guilloche center examples are the rarest, found less often than both the cloisonne and regular silver dial versions.

In the latest edition of FORBES magazine, widely-published watch journalist Jack Forster, in his multi-faceted article Time Bandits (pages 156-160 of the May 7, 2012 issue), resurrects the story of the now infamous “Howard Hughes” Patek Philippe watch which sold at auction in June 2010 for $254,500.  Unfortunately (though unintentionally), Perpetuelle was not credited for the brief mention that the story received in FORBES.   Yes, while “infamous” is perhaps a bit strong to describe the notoriety of this event, the Curious Case of the “Howard Hughes” Patek Philippe was a story that originated here at Perpetuelle.com, and for those of you who missed it the first time around, follow me now as I recount the saga.  This is one interesting story!

It started in June 2010 with a Patek Philippe Ref. 1463 watch to be auctioned by Christie’s — the watch was purportedly of great provenance, a gift to a Mr. Donald Woolbright from the late billionaire, investor, aviator, & film producer-turned philanthropist Howard Hughes.  What a watch to own, eh?!  Christie’s was certainly not shy in playing up the Howard Hughes connection of the watch.  Naturally, I featured the watch on Perpetuelle on June 3, 2010, expressing admiration for Hughes and excitement for the auction.  Not so fast, though — an unsolicited and completely out-of-the-blue comment by one Paul B. Winn on my article Howard Hughes Patek Philippe Ref. 1463 Up At Auction turned my world upside down and launched a tantalizing story of mystery, stonewalling and deceit.  It unfolded over the next two weeks on Perpetuelle.com.

You see, Paul B. Winn, as I soon learned, was a former personal secretary to Howard Hughes — one of the rare men in the notoriously secretive Hughes’ “inner circle” on a day-to-day basis.  In his comment on Perpetuelle.com, Winn was highly skeptical that the watch (nay, any watch) was in fact gifted to Woolbright by Hughes.  Upon receiving Winn’s comment (you can read his remarks here), I exchanged emails with, and then proceeded to speak at length with him.  Based upon these conversations and my further investigation of Donald Woolbright (who I learned had recently passed away), I was increasingly convinced that Paul Winn, a man who I could see having no horse in this race, was right — the Patek Philippe Ref 1463 was NOT gifted by Howard Hughes to Donald Woolbright.  Empowered by the facts of my investigation, I was determined to bring the truth into the light.  I was confident that Christie’s would act honorably and pull the watch from the auction lineup.  I was wrong — dead wrong.

My investigative research revealed that Donald Woolbright, among other things, was a street-hustler with 26 arrests on charges ranging from burglary to fencing and assault to carrying a concealed weapon.  He had only a faint (and unseemly) connection to Howard Hughes.  Indeed, Woolbright’s only documented connection to Howard Hughes was for his involvement in “Hughesgate” which resulted in Woolbright’s indictment for receiving stolen property and attempting to extort a $1 million ransom for papers that were stolen from Hughes’ Romain Street offices.  Clearly a man whose credibility could be considered lacking.  And certainly not the type of person upon whom Howard Hughes would bestow a Patek Philippe watch.  At least that’s the only logical conclusion that I could arrive at.

With this information in hand, my next call was to Christie’s auction house.  Upon my inquiry as to the provenance of the watch, my suspicion was even further heightened.   It was clear that I caught Christie’s flat-footed.  Once Christie’s learned I was questioning the provenance of the watch, they began to stonewall.  First, the watch department passed me to the press department.  Then, days later, a terse statement was issued (…the auction will go on!).  Unwilling to back down given the litany of information in support of my case, I persisted.  Still, Christie’s press representatives refused to return my repeated phone calls — even though they were fully aware that I had raised serious, legitimate doubts as to the provenance of their “Howard Hughes” watch.  Far from asking for the world, I had only a few simple questions which would easily put the dubious story of the watch to rest.  Who told Christie’s the story of Donald Woolbright and this watch? Did Christie’s independently corroborate this story (i.e. that the watch was given by Hughes to Woolbright)? Is there any tangible/physical evidence to support the notion that this watch has any association with Howard Hughes (e.g. the handwritten note)? If so, has the authenticity of the tangible/physical items been corroborated?  Either willfully ignorant or completely clueless, it did not look good for Christie’s.

Undeterred, I decided to publish an Open Letter to the Christie’s Watch and Press Department, just one day before the watch was to be sold at auction.  Clearly, my message was that Christie’s should pull the watch from the auction, pending further research given the Patek’s dubious and undocumented association.  Alas I was not persuasive enough.  Nor did the public support of Geoff Schumacher — Las Vegas writer, author of “Howard Hughes: Power, Paranoia & Palace Intrigue” (Stephens Press, 2008) and proprietor of The Howard Hughes Blog — bear any credence with Christie’s.

On June 16, 2010, the so-called “Howard Hughes” Patek Philippe Ref 1463 sold for a whopping $254,500. 

And that is where the story ended.  To this day, Christie’s has not provided me with ANY information or documentation which supports the purported provenance of the “Howard Hughes” Patek Philippe.  Christie’s is, to me, the most disappointing actor in this entire saga.  The power was theirs to stop the auction in the face of an overwhelming case that the watch’s provenance was not as it was purported to be.  The onus was on them.  Money and hubris are not easily given up, unfortunately.

If you’ve read this far, I thank you and I hope you’ve enjoyed the report.  Though I had put this series of events well behind me, the FORBES mention brought it vividly roaring back to the present and I felt compelled to recount the story.  My hope is that the purchaser of the “Howard Hughes” Patek Philipe Ref 1463 might one day find my writings here, and the two of us might engage in a delightful conversation on the topic.  For those who want more, I suggest reading my series of blog posts in reverse-chronological order in order to experience the saga as it unfolded on Perpetuelle.  As always I welcome your comments.

Kyle Stults, Perpetuelle Editor-In-Chief

THE CURIOUS CASE OF THE HOWARD HUGHES PATEK PHILIPPE

by Kyle Stults, Perpetuelle.com

Howard Hughes Patek Philippe Ref. 1463 Up At Auction, June 3, 2010

The Curious Case of the “Howard Hughes” Patek Philippe Ref 1463, June 14, 2010

The Curious Case of the “Howard Hughes” Patek Philippe Ref 1463, Continued, June 15, 2010

“Howard Hughes” Patek Philippe Ref 1463 Sells Amid Controversy, June 16, 2010

Closing Details on the “Howard Hughes” Patek Philippe, June 18, 2010

Yesterday I posted a wonderful photo set taken by A. Lange & Sohne in the Ore Mountains of Germany. And while I am on the subject of watch photography, today I wanted to share a magnificent photo of a Patek Philippe 5980 Nautilus Chronograph, by New York City photographer Mike Mellia. Mr. Mellia is an advertising & fine art photographer who recently contacted me and was kind enough introduce his work to me. And now I introduce it to you. I plan to showcase a few more of Mike’s watch photos over the next couple weeks — he’s got some great ones to show! And because I am always glad to use the global reach of Perpetuelle to highlight people who do good work in the watch industry, let me just add that Mike is available for hire (past clients include Christie’s and others); you can check out all his work at www.mikemellia.com.

PATEK PHILIPPE 5980 NAUTILUS CHRONOGRAPH

by Mike Mellia Photography (c)

Introduced last month at Baselworld 2012, the Patek Philippe Ref. 5204 Grand Complication  is a split seconds chronograph with perpetual calendar, based on Patek Philippe’s in-house CH 29 movement.    For me, the aesthetics of this piece lean a bit too much towards the “busier” end of the spectrum (more of a Nautilus type, I am), but this said there is much to like about this piece — it is a Patek Grande Complication with platinum case, after all.   The movement in this piece is also impressive, as one would expect from Patek.  The Patek CH 29-535 PS Q builds on the CH29 movement used the ref. 5170J and the ref. 5270G, and it is technically and visually magnificent.  Here’s a few looks…

Patek Philippe Ref 5204 Grande Complication

 40mm platinum case (14.19mm thick), manual wind mechanical movement (See Below for specs), alligator strap with matching platinum clasp

 Patek Philippe Chronograph Caliber CH 29-535 PS

with six patented innovations

manual wind mechanical movement, 65 hour power reserve, 32mm x 8.7mm thick (perpetual calendar mechanism 1.65mm, 1.7mm split mechanism), 496 components (182 for perpetual calendar, 42 for flyback), Patek Philippe seal

Baselworld 2012:  Patek Philippe Nautilus White Dial (Ref 5711/1A-011) — a very interesting change-up for the Nautilus! Amazing what a difference a dial color change can make.    There is an annual calendar white dial model I will also show (Ref 5726/A).   How about this new white dial Nautilus…like it?

Retail $26,700

Patek Philippe Nautilus White Dial (Ref 5711)

Silvery-white dial, gold applied hour markers with luminescent coating, Steel bracelet with Nautilus fold-over clasp, Screw-down crown, Sapphire-crystal case back, mechanical self-winding movement with date Caliber 324 S C (Patek Seal)

Baselworld 2012: If you were to imagine a grand complication that would tantalize the eye of a lady, what would it look like? Answer: Ask Patek Philippe.

Ladies have always had a penchant for perpetuity and lasting value. They are fond of jewelry and especially in the past ten years have professed a growing interest in complicated mechanical calibers.

The new Ref. 7140 Ladies First Perpetual Calender is an ultra-thin (diameter of 35.1 mm and a height of 8.8 mm) self-winding mechanical wristwatch featuring a calendar mechanism that automatically knows the number of days in each month and also correctly displays the 29th of February in leap years. The precious array of flawless Top Wesselton diamonds (bezel with 68 diamonds totaling approx. 0.68 ct., clasp with 27 diamonds totaling approx. 0.20 ct.) as well as the lasting value of complicated Patek Philippe watches make this charismatic gem for the feminine wrist a treasured possession that will retain its contemporary allure for generations to come.

Personally, I like the 7140. Patek Philippe has done with this watch what they manage to do with all of their complicated timepieces: turn complicated in to simplicity. The dial, while busy, is easy to read. The 7140 is highly attractive.

This past Friday I visited my friends at Dorfman, a jeweler located on Newbury Street in Boston, Massachusetts. Dorfman is foremost a jewelry store, but they are an authorized dealer for one of the elite brands from Switzerland: Patek Philippe.

Most recently a watch that was released during Baselworld 2011 arrived at the store and fresh out of the box I got a look at the 5496P-001. It is a men’s grand complication featuring a retrograde date hand, perpetual calender, moon phases, and day, month, leap year in apertures.

Zoom of the dial

The window directly above ‘Patek Philippe’ tells the leap year.

Patek Philippe fitted the 5496P  with 324 S QR caliber. The movement has a 45 hour power reserve and vibrates per hour at 28,800. 361 parts make up the movement.

Unfortunately, my pictures do not do this splendid watch justice. The 5496P is highly attractive and the future owner of this watch will have difficulty keeping his or her eyes off it.

I just noticed this morning that Patek Philippe has redesigned its website.   It looks very good, a nice improvement from the prior version (which itself was not all that bad).  Just in time for Baselworld 2012!!

Click through and check out the new Patek Philippe Website:

Superlative…

Patek Philippe introduces the Ref. 3670A, an extraordinary new watch model.  Patek Philippe also tells a fascinating story of provenance behind the Ref. 3670A — reprinted it in its entirety below.  In short, the Patek Philippe Ref. 3670A rises from the discovery of 16 magnificent column-wheel chronograph movements, Caliber 13-130, originally assembled and adjusted by Patek Philippe in the middle of the 20th Century.  Because the Caliber 13-130 was integrated in the regular production schedule at Patek Philippe and for about 30 years and is coveted by serious collectors, the rediscovery of 16 of these calibers (resting peacefully in a drawer inside the Patek Philippe historical building on Rue du Rhône) and their flawless condition is thus an extraordinary occurrence.  From the new Patek Manufactory in Plan-les-Ouates, the 16 calibers were subsequently disassembled, restored and reassembled.  Patek then chose to bring the movements to life from within Patek’s stainless steel, cushion-shaped cases…and the rest, as they say, is history…

The Patek Ref. 3670A is sold only through the Patek Philippe Salons Geneva.  The Ref. 3670A price is 240,000 Swiss Francs.

Patek Philippe Ref 3670A Column Wheel Chronograph

Limited Edition 16 Pieces

37mm x 45mm stainless steel case, manual-wind Patek Caliber 13-130 (crafted in 1955 from a Valjoux ébauche modified especially for Patek Philippe); matte black alligator strap with grey hand-stitching (21x16mm), stainless steel prong buckle

Dial – Anthracite brushed dial center, circular brushed counters and dial periphery with gold applied hour markers, sand brushed white gold hands, white chronograph and 30’ counter hand
hours, minutes, chronograph with 30′ semi-instantaneous counter at 3 o’clock, seconds subdial at 9 o’clock, sweep chronograph hand

Patek Caliber 13-130
Diameter: 29.5 mm; Height: 5.95 mm; Jewels: 23;  Power reserve: min. 39 hours; Balance: Glucydur with screws; Frequency: 18’000 semi-oscillations/hour (2.5 Hz); Balance spring: Breguet

Story of the Patek Philippe Ref. 3670A Column Wheel Chronograph, as told by Patek Philippe:

The story of the Reference 3670A begins like a fairy tale in which a long-lost treasure is discovered. In 1996, Patek Philippe began to prepare the move from its historic domicile on Rue du Rhône in Geneva. On this occasion, an old wooden chest – long stowed away unheeded in a corner on the fifth floor – attracted attention. When it was opened, curiosity turned into enchantment: Apart from many other precious artifacts, one of the numerous drawers also contained sixteen caliber 13-130 chronograph movements that had been assembled and adjusted in 1955!

For collectors and watchmaking enthusiasts, the manually wound caliber 13-130 with column-wheel control ranks among the manufacture’s technical jewels and is also regarded as a milestone in the history of chronographs. The movement is based on a 13-ligne Valjoux ébauche (diameter approx. 28 mm) that was modified explicitly for Patek Philippe. Salient features of this elegant high-performance caliber include the S-shaped clutch lever, the lovely escape-wheel and driving-wheel bridges, the whiplash index adjuster, and the very special shape of the three-armed chronograph bridge.

In 1938, the movement was integrated in the regular production schedule at Patek Philippe and for about 30 years constituted the heart of those timepieces that have always been most coveted by connoisseurs and aficionados of rare watches.

The rediscovery of 16 of these calibers crafted in 1955 and their flawless condition is thus an extraordinary occurrence. To commemorate the lucky find, Patek Philippe has created a limited special edition of chronographs in which the precious mechanical movements spring back to life: the Reference 3670A.

With great passion and true to horological traditions, the caliber 13-130 movements discovered in the wooden chest were totally disassembled, restored, and reassembled by Patek Philippe master watchmakers. Additionally, they were readjusted to the strict accuracy requirements that apply to all Patek Philippe watches. Even though they do not fully match the rate accuracy of modern mechanical movements, they now tick with a degree of precision unheard of in the era during which they were manufactured.

To do justice to these aesthetically appealing technical masterpieces, Patek Philippe chose a cushion-shaped case originally launched in 2010; it was inspired by the first Patek Philippe wrist chronographs of the 1920s and features subtle art deco accents. Rectangular pushers, also adopted from historic timepieces, add the finishing touch to the retro-contemporary style. The watch has a sweep chronograph hand, a seconds subdial at 9 o’clock, and a semi-instantaneous 30-minute counter at 3 o’clock. It has a power reserve of 39 hours.

Crafted in a limited edition of sixteen watches, the Reference 3670A in stainless steel is a beautiful fusion of the past and the present in a timepiece that like all Patek Philippe watches is intended to endure the passage of time and the succession of generations.

Another Patek “First”…

This the new Patek Philippe Ref 5235, a Regulator with Annual Calendar — and it’s a real “WOW” watch, no doubt about it.  Like the Patek Ref 3939 I showed you yesterday, the Patek 5235 is another Patek “first”.  The “first” being the use of a “regulator” dial — which I briefly explain, below.  In somewhat of an interesting twist, the Patek 5235 Regulator has not been *officially* announced by Patek, but word came to me through cyberspace after the watch was spied in the latest edition of the Patek Philippe magazine (Vol. 3 No. 4).   Official images when I get them, but for now…here ya go:

Patek Philippe Ref. 5235 Regulator Annual Calendar (Spy Shots)

40.5 mm white gold case, (new) Patek Caliber 31-260 (2.53mm thin!!) with micro-rotor, 60 hour power reserve

As a quick refresher — in watchmaking tradition, “regulator” watches were special pendulum clocks, used by watchmakers in their workshops to set the exact time and therefore to test the precision of smaller watches.  In order to achieve optimum readability of the time, the hands were positioned on different axes of the dial.  Case in point — as you can see above — there is a sole central hand, dominating the dial as it marks the minutes.  The subsidiary dials — seconds at 6 o’clock and hour dial at  12 o’clock round out the standard timekeeping “trio”.

Patek has also very tastefully incorporated day of week, month, and date windows, thus completing the watch with Annual Calendar capability.

Note also the ultra-thin (2.53mm) micro-rotor powered movement — the new Patek Caliber 31-260.

What else to say but WOW!