Yasuharu Abe's Patek Theory - No. 109 - [Sotheby's] Auction in Geneva 2022.05.10-11

Good evening everyone.

Today, May 10th (Tuesday) and 11th (Wednesday) were held in Geneva. I would like to talk about this based on the results of the Sotheby's auction. I personally feel that the results of this auction are close to the current realistic market value. If you compare them with the watches in stock at Commit Ginza (hereafter referred to as our store), you will find some models that you may think are worth buying, which I think will be very helpful. Please enjoy until the end.

*The price is the winning auction price plus a commission fee (26%).
*The exchange rate for Japanese yen will be based on the rate immediately prior to the auction.
*CHF (Swiss Franc) = 131.87 yen *All images are from Sotheby's

Lot.1
"Calatrava" SS
"Ref.6007A-001"
CHF 63,000 (JPY 8,307,810)

To commemorate the completion of Patek Philippe's new factory in Geneva in 2019, the Calatrava "Ref. 6007A-001" was released in a limited edition of 1,000 pieces.

At first glance, you may think of the "Ref.6006", but the movement is not the micro rotor "Cal.240 PS C", but the center rotor "Cal.324 SC". The case is made of stainless steel (SS) and is 1mm larger at 40mm. The dial is made of blue-gray brass, and the center is decorated with a carbon pattern. The center of the sapphire skeleton back features the Calatrava cross emblem, with "NEW MANUFACTURE" written at the top and "2019" written at the bottom. This model also comes with an ATTESTATION (limited edition certificate), which shows that it is a special model. In fact, we have not yet handled this model in our store, and I am really hoping that it will arrive in stock. The winning bid price seemed a little reasonable, so to be honest, I wanted to win it.

Lot.8
『Chronograph』 Platinum
"Ref.5070P-001"
CHF 189,000 (JPY 24,923,430)

The popular two-counter chronograph "Ref. 5070P-001" is equipped with the Lemania base movement "Cal. CH 27-70".

This Platinum model was released during the Lehman Shock in 2008, and because it was produced for only a short period of time, about a year, the number of units produced was small, and by the time we noticed, it had become a premium price even in the secondary market. The model being offered for sale this time does not come with a box, but I think the winning bid price was incredibly reasonable. In any case, the beauty of the blue dial stands out and it is a cool model. Incidentally, this has been one of the models I have wanted to carry since the establishment of our store. And this year, it is finally in stock for the first time! However, we received many inquiries and it was sold early... It's great, but it flew off so quickly, so it's a bit sad (laughs).

Lot.9
『Chronograph』18KRG
"Ref.5070R-001"
CHF 81,900 (JPY 10,800,153)

Next up is the 18KRG (rose gold) model "Ref. 5070R-001" of the "Ref. 5070", which is equipped with a base movement made by Lemania.

I think it was probably sold at the same time as the 18KWG (white gold) model. I have seen a few so far, but the 18KRG (rose gold) model seems to be very rare. The "Ref.5070", "Ref.3970", "Ref.5970", and "Ref.5004" models equipped with Lemania base movements are likely to become even more scarce in the future and prices will rise, so I recommend getting one as soon as possible. I think the winning bid price was also a reasonable amount.

Lot.99
"Nautilus Petit Complication" SS
"Ref.5712/1A-001"
CHF 163,800 (JPY 21,600,306)

The "Ref. 5712/1A-001" was released in 2006 to commemorate the 30th anniversary of the Nautilus.

Although there have been minor changes, such as changing the bracelet links from screw-type to pin-type, this is a long-selling model that is still listed in the catalog. Many people may have felt that the winning bid price was high considering the age of the model, but of course there is a reason for this. The movements of the models manufactured in the relatively short period from the time of release (2006) to around 2009 are engraved with the "Geneva Seal," and this is definitely one of them. The warranty date of 2006 indicates that this is an early model. This is just my personal opinion, but of the many Nautilus models, I prefer this one the most in terms of practicality.

Lot.126
"Nautilus Perpetual Calendar" SS
"Ref.5740/1G-001"
CHF 302,400 (JPY 39,877,488)

The perpetual calendar model "Ref. 5740/1G-001" was announced as a new model for 2018 with an 18KWG (white gold) case.

What's amazing about this watch is that it's only 8.42mm thick, despite being equipped with a perpetual calendar in a 40mm case diameter. This is truly a display of Patek Philippe's high level of technology. The dial color is blue sunburst, the same as the chronograph model "Ref. 5976G-001" and the three-hand model "Ref. 5711/1P-001," which were released in limited quantities to commemorate the 40th anniversary of the birth of the Nautilus. It seems that there are very few of these in stock at domestic authorized dealers, and there are very few in circulation on the secondary market. Of course, it's not cheap, but considering the selling prices both domestically and overseas, I think this was also a good price to win.

Lot.128
"Nautilus Chronograph" SS
"Ref.5980/1A-001"
CHF 138,600 (JPY 18,277,182)

The Ref. 5980/1A-001 was the first Nautilus model equipped with a chronograph, and was released in 2006 to commemorate the 30th anniversary of the Nautilus.

We introduced this same model in our previous Patek Philippe article, so please see that article for details on the model. ( Click here for the previous Patek Philippe article .) If you simply look at the winning bid price, it seems cheaper than our stock items, but if you win at an auction, you will need to pay taxes and other fees when you receive it in Japan. In that case, the actual price is in the early 19 million yen range. Our product is cheaper!!! However, to be honest, I think this winning bid price is a great deal when you consider the domestic and international sales prices.

Lot.129
"Nautilus Chronograph" 40th Anniversary 18KWG
"Ref.5976/1G-001"
CHF 630,000 (JPY 83,078,100)

In 2016, the "Ref. 5796/1G-001" was released to commemorate the 40th anniversary of the Nautilus, with a worldwide limited edition of 1,300 pieces, featuring an 18KWG (white gold) case and bracelet.

This model is the only Nautilus with a 44mm case, baguette-cut diamond indexes, and the engraving 1976-40-2016, making it a special model for the 40th anniversary. It does not seem to have come with a box, but it is a reasonable price considering the low circulation on the market. Our shop also had this model, and it was in good condition with all the accessories, so we sold it immediately. It shows how much attention it has attracted, and it is a model we would like to handle again if we have the opportunity.

Lot.130
"Nautilus" SS
"Ref.5711/1A-014"
CHF 529,200 (JPY 69,785,604)

When it was announced as a new model in 2021, the three-hand model "Ref. 5711/1A-014" with a stainless steel case and a sunburst olive green dial became a hot topic.

The number of units sold at authorized domestic retailers was extremely small, with perhaps fewer than 50 units sold. The "Ref. 5711/1300A-011" with a baguette-cut diamond bezel, which was sold at the same time, was even smaller, with around 10 units sold. The Nautilus and Aquanaut models were selling slowly on the market, but this one sold for a high price.

Lot.138
"Perpetual Calendar Chronograph" Platinum
"Ref.5270P-001"
CHF 226,800 (JPY 29,908,116)

The 5th generation of the Perpetual Calendar Chronograph model, the Ref. 5270, was released in 2011. Then, 7 years later in 2018, the long-awaited Platinum case model, the Ref. 5270P-001, was released.

The dial of the previous "Ref. 5270" had bar indexes from 10 o'clock to 2 o'clock, but the "Ref. 5270P-001" has Arabic numerals applied to it. Furthermore, it is equipped with a dial called "salmon pink" or "copper", which has been used in classical and special models, so you can tell at a glance that it is a special model. With the timing of this year's new release, production will unfortunately end, and it seems that it will become even more difficult to obtain and will become more popular in the future. The other day, we received a new stock in our store for the first time in a long time, and we received many inquiries, so we decided to sell it early.

Lot.142
"Perpetual Calendar Chronograph" Platinum
"Ref.5970P-001"
CHF 315,000 (JPY 41,539,050)

The fourth generation of the "Perpetual Calendar Chronograph" "Ref. 5970" was released in 2004. Five years later, in 2009, the long-awaited Platinum case model "Ref. 5970P-001" was released.

This is the only watch in the series with a black dial, and the calendar display, sub-dials, and tachymeter scale are all drawn in white, even the chronograph hand is white, making it a very cool and stylish watch. This model is equipped with the famous "Cal. CH 27-70 Q," which is an ebauche of the chronograph movement "Cal. 2310" made by Lemania, which I highly recommend. The watch being offered for auction this time is "double sealed," with both the sleeve-like paper box and the plastic packaging containing the watch unopened. Considering the condition, I expected it to sell for a higher price, but I envy the successful bidder! (laughs)

summary

What did you think.

As I mentioned at the beginning, I think you'll notice that the results this time are close to the actual market price at the moment.

Our store operates under the motto of "cheaper than anywhere else," and when it comes to overseas auctions, they are the furthest thing from us, with many items sold at premium prices. However, as you can see, the results this time were similar to the prices we have recently sold at and are currently selling at, which was very interesting.

Overseas auctions are very important indicators for interpreting future price changes and trends. Of course, there are many rare and expensive watches, so you can enjoy them purely for fun, so please feel free to have a look.

Although it will be on an irregular basis, I will continue to write about the auction results from time to time.

see you!