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Patrizzi Auction

Overview.

Patrizzi & Co. held a "Heuer Only" auction in Saturday, November 28, in Milan, Italy. The auction included approximately 100 Heuer chronographs from a single collector.

This auction was notable within the community of vintage Heuer collectors as the first major "Heuer Only" to be held. The auction was also notable for the fact that the printed auction catalog (which was printed approximately two weeks before the auction) included 129 watches; shortly after this catalog was printed, Patrizzi & Co. withdrew 25 of the watches from the auction, in that they were suspected to be "fakes" (comprised of elements (such as cases and dials) not made by Heuer) or "frankens" (watches comprised of elements assembled from various Heuer models, for example, a Montreal dial in an Autavia case). Of the approximately 100 watches that remained in the auction, the community of vinatge collectors -- primarily through discussion forums -- had issues with many of the watches, primarily because of concerns about what appeared to be refinished dials or mismatched hands, etc.

Results.

The auction achieved surprisingly good results. Comparing the prices achieved in the auction with prices prevailing in the market (dealers and online auctions), many watches sold at substantial premiums in the auction.

Jeffrey M. Stein
December 15, 2009

For purposes of the following table:

  • Lot refers to the lot number in the Patrizzi & Co catalog, issued for the auction
  • Watch -- we have used the short-hand descriptions used in the OnTheDash / Chronocentric community, rather than the titles used in the Patrizzi & Co auction catalog
  • Estimate (Euro) is taken from the auction catalog, and is stated in Euro
  • Sale Price (Euro) is taken from a list [provided by Patrizzi]; note that there were no buyers commissions paid in this auction
  • Sale Price (USD) -- we have converted the Sales Price (Euro) into US Dollars, based on a rate of 1.50 dollars per 1.00 Euro, the prevailing rate on November 28, 2009
  • Comments represent opinions on the watch or the sales price, with these comments provided by Mark Moss ("MM"); Fabrizio Rabella ("FR"); and Jeff Stein (JS).

Lot

Watch

Estimate
(Euro)
Sale
Price
(Euro)
Sale
Price
(USD)

Comments

1

Autavia Calibre 15

1800 / 2200

1700

2

Autavia -- first execution; two register

1400 / 1800

2200

$3,200

JS: strong price for two-register version of the first execution Autavia, in view of incorrect hands and bezel

3

Autavia 11630 GMT

2500 / 3000

2600

4

Autavia 2446

1500 / 2000

1500

5

Autavia 11630P -- decompression bezel

1900 / 2300

3000

$4,500

JS: price may have been discounted, due to possible refinished dial (white markers, rather than lume); fully-correct, this one should fetch $5,000 on original bracelet

6

Autavia Turler

1800 / 2200

2800

7

Autavia 2446 GMT

3000 / 3500

2400

$3,600

JS: strong price for what appears to be refinished dial; should be all original, and near mint, to attract this kind of price

8

Autavia 11063 GMT

1400 /1800

1800

9

Autavia 11063V PVD

1400 / 1800

1400

$2,100

FR: A nice example with most intact PVD and in the rarest of three colors; a fair price for a rare watch in medium condition overall. JS: Catalog lists as 11063V, but the only olive drab Autavias were the 111.603; custom watch or typo in the catalog?

10

Autavia 2446

1400 / 1800

2000

11

Autavia 15630 Silver

1800 / 2200

1800

12

Autavia 2446

1800 / 2200

2000

13

Autavia 1163 Black

1900 / 2300

2000

14

Autavia 1163 “Orange Boy”

2000 / 2400

passed

15

Autavia 73663

2000 / 2400

1800

16

Autavia 1163

1400 / 1800

passed

17

withdrawn

18

Autavia 1163 Siffert

2000 / 2400

1700

$2,550

JS: with correct "Sifferts" breaking the $5,000 mark, this "parts watch" sold at a 50% discount; such watches typically sell for far less; mismatch of case, hands and bezel; appears to have been a "project" watch.

19

Solunar

1900 / 2300

1800

20

Solunar

1600 / 2000

1600

21

A&F Seafarer -- 2443 (Early) Version

2500 / 3000

2000

$3,000

JS: rare early version, but price constrained by concerns that dial may have been refinished; fully-original, and in excellent condition, this one should sell for $5,000

22

A&F Seafarer -- 2447 (Carrera) Style Case

3000 / 3500

4800

$7,200

JS: this very rare version of the Seafarer was one of the major surprises of the auction, on the upside; due to scarcity, there are few "comparables" among recent sales; still, this is a huge price; perhaps well-deserved.

23

Mareographe

2000 / 2500

1900

$2,850

JS: the question remains -- did Heuer ever produce a Mareographe in this case or was it a dial refinisher who made this one into a Mareographe? sales price seems to reflect this question.

24

Monaco 1133B

3000 / 3500

4200

$6,300

JS: something looked funny about the color of this one; maybe a little too green; lume dots seem too fresh, too regular (round); price for entry level 1133B

25

Monaco 1533G

2500 / 3000

3200

$4,800

JS: Probably a fair price for an average to weak looking sample

26

Monaco 1133G (Gray / Black)

2500 / 3000

3500

$5,250

JS: Considerable loss of paint on the dial, especially around the markers; a surprisingly high price, for a watch in this condition

27

Monaco 1533B

2400 / 2800

2800

$4,200

JS: Heavy damage along the edges and corners of this dial; sold at two-thirds the price of a good sample, and that seems high

28

Monaco 73633G (Bucherer)

3000 / 3500

2800

$4,200

JS: "Poor Man's" Monaco, with only the name "Bucherer" on the dial; painted markers and economy hands; condition seemed OK, but price seemed high.

29

Monaco 73633G

3000 / 3500

2400

30

Monaco 73633G

2500 / 3000

2400

31

Monaco 73633B (painted markers)

2500 / 3000

2200

$3,300

JS: with a very poor quality refinished dial, I am surprised that this one reached 2200 Euro; I had expected it to sell for the price of the case and movement; troubling that the catalog described this dial as being "very good, slight stains"

32

Monaco 1133B

2500 / 3000

5400

$8,100

JS: the highest price acheived for any watch in the auction; some of the Monacos in this auction seemed to have "funny" dial colors; this one looked right, and the price also looked right.

33

Kentucky Quartz

350 / 400

500

34

Kentucky LCD

300 / 350

350

35

Kentucky Automatic

1400 / 1800

1200

36

Kentucky 750.703

1600 / 2000

1600

37

Kentucky 750.703

1400 / 1800

1300

38

Carrera 1965

1900 / 2300

2500

39

Carrera 73453 (Silver / Black)

1800 / 2200

2000

$3,000

MM: A very strong price for a manual wind second generation Carrera, higher than three 1153s and two 1553s, where the manual models usually trade at a discount to the automatics. Price is not due to exceptional condition, as dial is only "good" with some spotting.

40

withdrawn

41

Heuer 1964

1900 / 2300

2800

42

Carrera Ref 3647 S (for Turler)

1600 / 2000

2200

$3,300

MM: This Türler-branded but otherwise ordinary series Carrera 45 made 2200 Euros despite several signs of water ingress; browning between plexi and inner bezel, corroded main hands, rust on the 45 minute register and blackened lume. This puts it well above market price for a watch in "fair" condition.

43

Carrera 18k Gold

3500 / 4000

3000

44

withdrawn

45

Carrera 2447

1400 / 1800

1800

46

Carrera 1153 N

1400 / 1800

1700

$2,550

MM: This achieved somewhat ahead of market price despite several problems with condition. The 12 hour chrono needle is incorrect, but the major issue with this one is the polished case, which has been done to such an extent that an estimated 15% of the case material has been removed.

47

WITHDRAWN

48

Carrera 3147

1900 / 2300

2400

49

Carrera 1153S

1600 / 2000

1500

50

Carrera Barrel Cal. 15

1600 / 2000

1500

51

Carrera 3467 N (Black)

1600 / 2000

2600

$3,900

MM: First generation black-dialled Carreras genreally do attract high prices, but 2600 Euros seems on the high side for one with some signs of dial refinishing and poor reluming of dial and hands. JS: far above market, in view of possble refinishing and strange looking lume dots (perfectly round; even colored).

52

Carrera 1553 N (Deep Blue)

1400 / 1800

1400

$2,100

MM: Again, the case finish and shape has been lost through excessive polishing, though not to quite the extent of lot 46 - perhaps around 5% of case material lost in this instance.. Watches in better condition are available in the market for the 1400 Euro hammer price.

53

Carrera Barrel Cal. 12

1400 / 1800

1200

54

Carrera 3647

1400 / 1800

2000

55

Carrera 1153 (Blue dial, black registers, orange accents)

1800 / 2000

1800

$2,700

MM: This watch made 1800 Euros despite a poor redial; there are extensive problems including the size of text and numerals, the colour of markings and the positioning of numerals, markings and the “yachting” 5 minute indications. JS: Given the poor quality redial, this represents twice prevailing market price

56

Carrera Valjoux 72

1200 / 1500

1200

57

Carrera (Ref 510.523)

1600 / 2000

1400

$2,100

FR: strong price for one of the rarest Lemania 5100-powered Heuers, in decent condition overall, but with wrong bracelet, service crown and unusual red hour chrono hand. JS: a "full price" for the 5100-powered Carrera, with mismatched "grains of rice" bracelet

58

Carrera 1553S

1400 / 1800

1400

59

Skipper 1564

1600 / 2000

1400

60

Skipper 15640

1200 / 1500

1100

61

Skipper 1564

1400 / 1800

1300

62

Moon Phase

2000 / 2500

2700

63

Gold Calendar

3500 / 4000

3400

64

withdrawn

65

Silver Calendar

3000 / 3500

3200

66

Yellow Gold Calendar

3500 / 4000

3400

67

Carrera 12 Dato -- Early Version ("Fat Lugs")

3500 / 4000

3400

$5,100

JS: described in the catalog as "Silver Full Calendar", this was a very high price for early version of Carrera 12 Dato ("fat lugs") in poor condition

68

Triple Calendar (Ref. TBA)

3000 / 3500

2800

$4,200

JS: described as a "Champagne Calendar", this price seems very high for what appeared to be a refinished dial; these triple calendars usually struggle to make $3,000, with original dials

69

1000 Series -- Pewter (Ref. 510.503)

1400 / 1800

1200

$1,800

FR: A very nice example, but might need service, as chrono hands do not seem to reset perfectly; a rare find nowadays that finally settled on a fair price for its condition. JS: a "full price" for Pewter version of the Series 1000 chronograph; estimate was overly optimistic

70

"Non-Pasedena" (Ref. 750.501)

1200 / 1500

1100

$1,650

FR: A strong price for a no-name Pasadena w/o original bracelet; nice colour on the lume and a gently aged black PVD (better than usual) may have helped raise the final hammer price. JS: a strong price for a "Non-Pasadena" Psaadena; which carried an unrealistic estimate

71

Chronograph

1200 / 1500

1400

72

Chronograph

1400 / 1800

1200

73

Chronograph

1200 / 1500

1200

74

Chronograph

1400 / 1800

1400

75

Chronograph

1600 / 2000

1600

76

Easy Rider

450 / 500

500

77

Easy Rider Black

450 / 500

500

78

Easy Rider Blue

450 / 500

500

79

Cortina White

1400 / 1800

1300

80

Cortina Blue

1400 / 1800

1200

81

Montreal 110.503B

1800 / 2200

1500

82

withdrawn

83

Montreal 110.503N

1800 / 2200

1800

84

Calculator Cal. 12

2400 / 2800

2000

85

Calculator Cal. 15

1600 / 2000

1400

86

WITHDRAWN

87

WITHDRAWN

88

Camaro

1400 / 1800

1400

89

Camaro 7743

1400 / 1800

1300

90

Jarama Gold

1400 / 1800

1400

91

Verona

1200 / 1500

1000

92

withdrawn

93

withdrawn

94

Silverstone Fume

2500 / 3000

3400

$5,100

JS: the Fume tends to be the "poor cousin" of the Caliber 12 powered Silverstones, but this one did well to achieve 3,400 Euro; center of the dial seemed to have some discoloration, toward blue tones.

95

Silverstone Blue

2500 / 3000

3800

$5,700

JS: in the Silverstones, blue is often the choice of the collectors, so we might have expected that this one would achieve the top price; excellent sample.

96

Silverstone Red (Bordeaux)

2400 / 2800

3000

$4,500

JS: Caliber 12 Silverstones come in exactly three colors -- blue, fume and red -- so calling this one "Bordeaux" may have raised some questions; the photo had a strange purple tone to it; based on all this, surprising that it made 3000 Euro

97

AMI Lemania

3000 / 3500

2400

$3,600

FR: a fair (or even slightly low) price for a very nice (and arre) AMI with perfect dial, nice hands and not-so-scarred, but consistently 'lived', case; on a rather scruffy later original but not correct bracelet.

98

Military

2000 / 2500

2700

99

1000 Series 510.500

1400 / 1800

1300

100

Bund

3300 / 3800

2800

$4,200

JS: around 50% above the prevailing market price.

101

Bund

3300 / 3800

2800

$4,200

JS: around 50% above the prevailing market price.

102

Forcas Armadas

3000 / 3500

2600

103

Forcas Armadas

3000 / 3500

2400

104

Daytona 110.203B

4000 / 4500

3200

$4,800

JS: Along with the companion Daytona, sold as Lot 105, the price of this Daytona defies explanation (other than two bidders, unaware of market prices, wanting to win at any price); we see these struggling to break 1500 Euro; there is no good explanation for this one selling at 3200 Euro.

105

Daytona 110.203B

3000 / 3500

2800

$4,200

JS: This was the shocker of the entire auction, on the upside. Daytonas are either blue or fume (smoke), but this one was described as having a "two-tone" dial, or "dark blue with gilt halo"; broken markers add to the mystery; we are accustomed to seeing the blue Daytonas show some copper / brown tone, as the paint degrades; we are also accustomed to seeing these distressed ones sell for $1,200, not $4,200.

Additional notes to be added.

Additional notes to be added.

 

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