Pocket Watches Dominate Sotheby’s New york Auction, Olmsted Collection Soars
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Pocket watches were teh main driver of value at Sotheby’s New York auction that just concluded today. The four most valuable lots of the sale were three pocket watches adn one clock, totalling over US$16 million with fees.
Notably, all four were accrued by the late Robert M. Olmsted over more than six decades, along with numerous other pocket watches in the sale. In all the Olmsted Collection brought over US$20 million, underlining the late Olmsted’s discerning eye.
The top lot was the most complex watch ever made by Audemars Piguet, dubbed “Grosse Pièce” for its size. The oversized watch set a record for the brand, selling for just over US$7.7 million including fees.
It seemed a rising tide lifted all boats as many other pocket watches in the sale, including those from brands with little cachet today, blew past their high estimates.
The big results included a 1930s school watch with a flying tourbillon by German watchmaker Heinz Eberhard that sold for US$355,600 and an oversized tourbillon clockwatch by Charles Frodsham that sold for US$1.12 million. Interestingly, many of these pocket watches went to the same paddle.
Patek Philippe
The “Grosse Pièce” wasn’t the first timepiece in the sale to clear seven figures. That distinction went to lot 32, a previously unknown Patek Philippe paperweight desk clock made for Thomas Emery, which sold for US$2.73 million.
It is indeed one of only three known Patek Philippe desk clocks of this type, with the other two – made for Henry Graves jr and James Ward Packard – in the Patek Philippe Museum. Coincidentally, Patek Philippe launched a modern equivalent earlier this year that costs half as much as Emery’s clock, making the latter something of a bargain in comparison.
[Image of Patek Philippe Thomas Emery Desk clock at Sotheby’s]
Stronger still were the results for a pair of dual movement watches made by Patek Philippe for John M. Morehead III, both with matching doré dials. The dynamic duo both have a minute repeating base movement and a secondary three-hand movement on the dial side; larger of the two also includes a split-seconds chronograph.
The importance of the pair was evident. Not only were there more than half a dozen bidders for each of them, key players in the world of vintage Patek Philippe were all in on the bidding.
Audemars Piguet Grosse Pièce Pocket Watch Sells for $7.736 Million at Sotheby’s
An exceptionally rare and importent Audemars Piguet pocket watch, known as the “Grosse Pièce,” achieved a remarkable $7.736 million (US$6.3 million hammer price plus fees) at a Sotheby’s auction. This sale establishes a new world record for an Audemars Piguet timepiece,surpassing the previous high of $5.2 million for a Royal Oak Concept “Black Panther” sold in 2021. https://watchesbysjx.com/2023/12/audemars-piguet-grosse-piece-sothebys-auction-result.html
A Masterpiece of Horological complexity
The Grosse Pièce is considered by many to be Audemars Piguet’s equivalent to Patek Philippe’s legendary Henry Graves Supercomplication, a benchmark of extreme watchmaking. The watch is renowned for its intricate and complex movement, showcasing the pinnacle of 19th-century horological skill. Details regarding the specific complications and construction of the Grosse Pièce are limited in the provided source, but its status as a “Grosse Pièce” (meaning “large piece” in French) indicates a significant and technically ambitious creation.
Intense Bidding War
The auction witnessed a rapid and competitive bidding process, quickly exceeding its initial estimate of over $1 million. A fierce contest unfolded between two phone bidders and Davide Parmegiani, a prominent dealer in vintage timepieces who was present at the auction. https://watchesbysjx.com/2023/12/audemars-piguet-grosse-piece-sothebys-auction-result.html
Ultimately, the winning bid of $6.3 million (hammer price) was placed by a phone bidder represented by Rich Fordon of Sotheby’s new York, bringing the total price, including fees, to $7.736 million.
Meaning of the Sale
This record-breaking sale underscores the growing demand and value of remarkable vintage timepieces, particularly those from prestigious brands like Audemars Piguet.It highlights the Grosse Pièce’s importance within the history of watchmaking and its appeal to serious collectors and investors.The auction result also demonstrates the continued strength of the luxury watch market, even amidst broader economic uncertainties.
Looking Ahead
The sale of the Grosse Pièce is likely to further fuel interest in rare and historically significant Audemars piguet timepieces. Collectors will be keenly watching future auctions for opportunities to acquire similar examples of horological artistry. The increasing prices achieved for these pieces suggest that the market for high-end vintage watches will remain robust in the years to come.