Yasuharu Abe's Patek Theory - No. 135 - November 6th/7th [CHRISTIE'S] in Geneva "Legendary and Unique Watches" "Rare Watches"

Good evening everyone.

This time, just like last time, we would like to report on the results of the auction held in Geneva by CHRISTIE'S on November 6th for " Legendary and Unique Watches " and on the 7th for " Rare Watches " .

In the results from PHILLIPS, the "Perpetual Calendar Chronograph" Ref.3970, Ref.5970, and Ref.5004, all of which are equipped with Lemania-based movements, were particularly noteworthy, but what about the results from CHRISTIE'S? Let's take a look at the movements of the Nautilus, which has been experiencing an abnormal market sentiment since the beginning of the year.

*The amount paid to the auction company will be the successful bid price plus a separate commission (26%).
*The Japanese yen rate is based on the most recent exchange rate at the time of publication. *CHF ( Swiss Franc) = 147.73 yen *All images are based on [CHRISTIES]

November 6th《Legendary and Unique Watches》

[Lot.2058]
"Perpetual Calendar Chronograph" 18KYG
"Ref.3970E"

Sold for CHF 138,600 (JPY 20,475,378)

This is the 2nd series of the third generation "Ref. 3970" "Perpetual Calendar Chronograph" equipped with a Lemania-based movement, and is a popular model with a combination of screw back, bar index, and leaf hands that create a classical atmosphere. The hallmark is engraved on the lug side, and there are few units produced in the 2nd series, so it seems that there are many people looking for it. It is a rare model that comes with all the accessories, and the back cover is a sapphire crystal back, which is seen in the later 2nd series, and a replacement closed back (back cover). Looking at the winning bid price, I think it was a good deal.

[Lot.2059]
"Perpetual Calendar Split Second Chronograph" 18KYG
"Ref.5004"

Sold for CHF 390,600 (JPY 57,703,338)

The "Ref.5004" is a perpetual calendar chronograph with a split second and a Lemania-based movement. It was manufactured from 1994 to 2010, but the number of units manufactured per year was small, so it is a model that is rarely seen on the market. The large crown with split button, the thick and sturdy lugs, the combination of Arabic indexes and leaf hands, the design of the sub-dial, everything is perfect. This watch was manufactured in 1997 and came with a warranty, a replacement back cover, adjustment pins, and a special inner box. Judging from the image, the lugs are slightly rounded due to polishing, but the price is significantly higher than the winning bid of [PHILLIPS]. It's nice to be appreciated, but it's also a little lonely as it becomes more and more distant. (laughs)

November 7th《Rare Watches》

[Lot.34]
"Nautilus" "TIFFANY & CO." SS
"Ref.5711/1A-018"

Sold for CHF 3,174,000 (JPY 468,895,020)

Last winter, leaked information spread at the same time as the announcement of the auction at PHILLIPS, and the existence of the double-name model "Ref. 5711/1A-018" became clear, which is fitting to celebrate the long-standing and good partnership between Tiffany & Co. and Patek Philippe. It is a luxurious collaboration announced to decorate the finale of the SS (stainless steel) case, automatic winding, three-hand model "Ref. 5711/1A", which is arguably the most popular among "Nautilus". It is extremely limited to 170 pieces, and it seems to have been sold only at Tiffany & Co. boutiques in New York, Beverly Hills, and San Francisco. At the time of its release at the PHILLIPS charity auction, the winning bid was an astonishing amount of "approximately 737.5 million yen in Japanese yen," but this time it was also a high bid of "approximately 470 million yen" considering the current market conditions. It is a dream watch that I would like to handle someday.

[Lot.36]
"Nautilus" 18KWG
"Ref.5719/1G-001"

Sold for CHF 327,600 (JPY 48,396,348)

This is an extremely luxurious Nautilus with a full pavé case (approximately 8.68 carats) made of 18KWG (white gold) and set with 1,675 diamonds. The dial, case, and bracelet are lavishly set with diamonds, making it a spectacular sight. Am I the only one who thinks the winning bid of under 50 million yen seems reasonable? (lol)

[Lot.83]
"Perpetual Calendar Chronograph" 18KWG
"Ref.5270G-014"

Sold for CHF 138,600 (JPY 20,475,378)

The fourth generation of the "Perpetual Calendar Chronograph" "Ref. 5270" was released in 2011. The movement is the Lemania-based "CH 27-70 Q" to the fully in-house manufactured "CH 29-535 PS Q". For several years after its release, it was only available in 18KWG (white gold). The dial design can be classified into the first, second, and third generations, and this is the second generation model, characterized by a design in which the 6 o'clock value on the outer circumference of the tachymeter bulges downward. A silver dial is also available with a different branch number, but it was a short-lived model with a production period of only one year, and the blue dial is especially popular.

[Lot.85]
"World Time Cloisonné" PT
"Ref.5131/1P-001"

Sold for CHF 189,000 (JPY JPY 27,920,970)

Based on the second-generation Ref. 5130, the modern World Time, this Ref. 5131 with cloisonné finish was released with different dials for all case materials (YG, RG, WG, PT). The final platinum model released in 2017 features a world map as seen from the North Pole. There are very few of these in circulation, and this one also exceeded the winning bid of PHILLIPS. I have a special attachment to the World Time Cloisonné series, and while I'm happy to see it gaining popularity, it's also becoming more and more distant... (laughs) If you have one, we look forward to hearing from you soon!

[Lot.86]
"Minute Repeater Perpetual Calendar" PT
"Ref.5074P-001"

Sold for CHF 756,000 (JPY 111,683,880)

The Ref. 5074P-001 is a minute repeater with a perpetual calendar, and has a powerful 42mm case diameter for a Patek Philippe, made of solid platinum (PT). The combination with the flawless black dial gives it an incredible presence. There is a reason why I am so proud of this model, as we at Commit Ginza have been fortunate enough to have handled it before. There is no end to the stories from the past, but the selling price at that time was about half of the amount paid this time. The sound of the minute repeater played by the cathedral gong is simply beautiful, and it is a very cool model.

[Lot.87]
"Perpetual Calendar" 18KYG
"Ref.3940J-028"

Sold for CHF 132,300 (JPY 19,544,679)

The long-selling model "Ref. 3940" was manufactured for over 20 years from 1985 to 2006.
It is available in four materials: PT (platinum), WG (white gold), RG (rose gold), and YG (yellow gold). I had the impression that it was relatively common on the market in the past, but I think it has become much less common recently. Most models seem to be made of 18KYG (yellow gold), and I have seen a few dials with regular printed Roman indexes in the past, but this is the first time I have seen the black dial on offer. Furthermore, in addition to the fact that it has never existed as a regular model, I am surprised that it was manufactured in 2018. Considering its uniqueness, I think this was also a reasonable winning bid.

[Lot.88]
"Perpetual Calendar Chronograph" 18KRG
"Ref.3990R-010"

Sold for CHF 403,200 (JPY 59,564,736)

The "Ref.3990" is equipped with a baguette-cut diamond bezel on the "Ref.3970" which is the third generation of the "Perpetual Calendar Chronograph" and is equipped with a Lemania-based movement. In the past, I have seen PT (platinum) and 18KWG (white gold) cases, but this one is in 18KRG (rose gold). The indexes on the elegant gray dial are set with 11 diamonds, giving it a gorgeous yet calm impression. By the way, this is one of only four known to exist, and it is extremely rare. The winning bid was almost 60 million yen in Japanese yen. Considering its rarity, it may be reasonable. The successor model to this is the "Ref.5971", but in fact the "Ref.3990" was the first model to set jewels in a complication model.

[Lot.92]
"Perpetual Calendar Chronograph" 18KYG
"Ref.1518"

Sold for CHF 2,214,000 (JPY 327,074,220)

The last model we will introduce is the first Patek Philippe "Perpetual Calendar Chronograph" model "Ref.1518" released in the 1940s. It is said that only 281 pieces were produced, and it is a dream model to see. Most of them are said to have 18KYG (yellow gold) cases, and regardless of the material, they record high winning bids when offered at overseas watch auctions. However, the one being offered this time is not just a "Ref.1518", but an extremely rare double-name model with the letters "CARTIER" engraved on the subdial at the 6 o'clock position. In 2002, it was certified as a double-name model with "CARTIER", and looking at the images, the condition of the dial and case seems to be good. The engravings seen on double-name models can also be clearly seen on the back of the lugs. The enamel on the dial is still firmly intact, the hallmark is clearly visible, and the edges of the case are very sharp, making this one in very good condition, but it sold for over 300 million yen in Japanese yen, which is a reasonable price.

summary

What did you think.

Perhaps following the successful bid for the PHILLIPS, the winning bids for the World Time Cloisonné, Perpetual Calendar, and Perpetual Calendar Chronograph, especially those with Lemania-based movements, seemed to have gone up. Of course, there were also multiple Nautilus and Aquanaut models on offer, and this was once again a very instructive opportunity to see the current state of the watch market. The auction is still on, with the Hong Kong auction coming up! We will keep you updated as clearly as possible, so please look forward to it!

see you!