Press Release Geneva

For immediate distribution

Geneva | Marie-Béatrice Morin | marie-beatrice.morin@sothebys.com | +41 22 908 48
14
London | Matthew Weigman | matthew.weigman@sothebys.com

Five Centuries of Watch History

attract collector enthusiasm from around the world
as Sotheby’s Geneva 15th May Sale of Important Watches brings CHF 7,754,000 ($8,7
53,568)

Strong Prices for 19th Century Pieces

made for the Chinese, Turkish and Indian markets

A rare Chronograph Patek Philippe ref. 2499 sold for CHF 722.500 ($815.637)
An 18K Gold and enamel scent flacon made for the Chinese market by Piguet & Capt
circa 1807 fetched CHF 242,500 ($273,761)

SOTHEBY’S GENEVA, 15th May 2011 – Sotheby’s sale of Important Watches this evening wa
s led by a highly rare Patek Philippe chronograph which fetched CHF 722,500 ($8
15,637) and one of the most exclusive examples of a stainless steel Rolex Dayton
a “Paul Newman” with inverted lines, which realised CHF 206,500 ($233,150). Cover
ing five centuries of watchmaking history, from 1580 to the present day, the
280-lot sale realised CHF
7,754,000 ($8,753,568). With strong prices for pieces made for the Chinese, Turk
ish and Indian markets, the sale attracted buyers from around the world and more
than 300 clients had registered to participate.

Commenting tonight’s results, Geoffroy Ader, Sotheby’s European Head of Watches, sai
d: “The solid results achieved tonight both for rare models of big brands and un
ique historical timepieces reflect the continued broadening of the market to wi
der geographical areas and a new generation of sophisticated collectors. This sa
le had been put together to present the quintessence of watch production over ce
nturies and continents and to contribute to the rediscovery of
sometimes overlooked pages of watch history. We are delighted that it has met
with so much enthusiasm from international connoisseurs.”

A highly rare Patek Philippe chronograph takes centre stage, selling for CHF 722
,500 ($815,637)

The highest selling lot of the evening was lot 185, an extremely rare yellow go
ld chronograph wristwatch Patek
Philippe with perpetual calendar, moon phases and Tachometer scale (ref. 2499 MV
T 868757 CASE
2621545). First sold on 18 December 1962 and this evening estimated at CH
F 600,000-1,000,000 ($665,000-1,100,000), this fine example of Patek Philippe c
raftsmanship received applause when it sold for CHF
722,500 ($815,637) (illustrated p.1).

Strong results for Pocket watches

The subject of an ever-increasing interest in recent Sotheby’s sales, tonight pock

et watches secured strong bids, bringing the combined total for this category to
CHF 2,970,000 ($3,352,863), above the pre-sale estimate of CHF 1,935,000-2,882
,000 million ($2,2-3.3 million).

Among the key pieces were antique pocket watches, headlined by lot 73 – a rare sil
ver open-faced pocket chronometer made by Breguet & Fils circa 1809 (no. 158)
which realised CHF 110,500 ($124,745), more than nine times its pre-sale estima
te of CHF 12,000-18,000 ($13,300-
19,900) (illustrated right) and lot 61 – a fine and rare gold enamel and pearl-set
montre à tact watch made by Le Roy circa 1820. Estimated at CHF 30,000-50,000 ($3
3,200-55,500), this very fine example of “montre à tact” realised CHF 56,250 ($63,501)
.

Antique timepieces soar above estimate

A further testament to the strong interest of world collectors for timepieces

of historical significance and important provenance was seen in the results achi
eved for an eminent single owner collection of historical watches – Property of an
Estate (Part
1) – which eclipsed its pre-sale estimate of CHF 337,000-510,000 ($373,900-
565,600) to sell for a combined total of CHF 586,875 ($662,528).

Among the highlights of this collection charting the evolution of pocket watches
from
1580 until 1900 were two exceptionally rare automaton watches which exceeded th
eir pre-sale estimates. The first – lot 57, one of a dozen "Kitchen" automata kno
wn today - proved irresistible to
many bidders who pursued it to a final price of CHF 92,500 ($104,424), more than
doubling the high estimate (est. CHF 30,000-50,000/$33,200-55,500, illustrated
p.2). Dating from circa 1820, this gold enamel watch with a magnificent automato
n scene depicting a lady at the spinning-wheel sitting by a fire with a child, a
cat and two dogs was attributed to the Geneva watchmaker Pierre Simon Gounouilh
ou (1779-1847), one of the only makers alongside Dubois & Fils who produced this
form of automaton.

The second, lot 71 – a Swiss gold and enamel musical and automaton watch, dating c
irca 1820 and featuring two putti on a swing and one playing the drum also rose
above its pre-sale estimate of CHF 30,000-50,000 ($33,200-
55,500) to sell for CHF 130,000 ($146,758) (illustrated left).

Strong competition for enamel timepieces made for the Chinese, Turkish and India
n markets

Following the success, in Sotheby’s Geneva November 2010 sale, of a group of anti
que timepieces made for the Chinese and Turkish markets, tonight enamel timepiec
es attracted strong competition, with high prices fuelled by bidding from Asia,
India and the Middle East. Bearing witness to the extraordinary craftsmanship in
corporated in ornamental pieces made for the Chinese market, a fine and rare 18K
Gold and enamel scent flacon made by Piguet & Capt circa 1807 fetched CH
F 242,500 ($273,761). Estimated at CHF 200,000-300,000 ($221,000-332,000), t
he present lot, n. 124, is one of two musical flacons of nearly identical constr
uction. The second piece, also by Piguet & Capt, was formerly in the King Farou
k collection.

Other highlights included a group of “Rajah watches”, luxurious pocket watches made
in Geneva for Indian dignitaries in the 19th century. Estimated at CHF 20,000-
30,000 ($22,100-33,200), lot 110 - a gold, enamel and minute repeating watch
dating from circa 1920 and featuring a painted portrait of His Highness Maharaj
a Bhupinder Singh (1891-1938), the ruler of the princely state of Patiala in Pun
jab from 1900 to 1938 - realised CHF 122,500 ($138,291) (illustrated right), whe
reas lot 109 - a rare gold, enamel ruby and diamond-set watch with a painted por
trait of His Highness Sawai Mahendra Sir Pratahsing Bahadeer, Maharaja of Orchha
, Tikamgarh, Bundelkhand, signed Graff, circa 1890 - sold for CHF 74,500 ($84,10
4) against an estimate of CHF 20,000-30,00 ($22,100-33,200).

Pocket watches were also widely represented in the Patek Philippe section: lot 1
79, a fine and rare 18k yellow gold open-faced minute repeating perpetual calend
ar split second chronograph watch with moon-phases (ref. 767, MVT 198106, case
687006) achieved CHF 242,500 ($273,761). Estimated at CHF 200,000-300,000/
($221,000-300,000), this was a very rare example of a highly complicated pocket
watch whose production began in 1927 and was completed in 1957.

Rare models of Rolexes perform extremely well

Tonight’s sale was spearheaded by an outstanding group of Rolexes which pe
rformed extremely well. Estimated between CHF 1.8 and 2.4 million ($2-2.7 mil
lion), the selection of Rolex watch soared to realise a combined total of CHF
2,038,500 ($2,301,284).

Following the world record achieved last November for a Daytona “Paul Newman” with b
rown dial (sold for CHF 464,500 - six times its high estimate), lot 280 - an ext
remely rare Oyster Cosmograph Daytona “Paul Newman” with inverted lines dating from
circa 1967 sold for CHF 206,500 ($233,120), comfortably exceeding
the pre-sale estimate of CHF 100,000-150,000 ($111,000-166,000). The enthusiasm
of collectors was with no doubt sparked by the rarity of the “Paul Newman” dial, the
unusual signature featuring the “Oyster” on the third line after “Rolex” and “Cosmograph”
nd the fact that the watch came with an original presentation case and guarante
e.

Among the various Daytona vintage models of the Rolex section, covering all di
fferent references and dial combinations, lot 108 – a unique version of the gold
cosmograph wristwatch (ref. 16528) with a variant ‘13’ on the dial instead of the
15 minutes indication realised CHF 122,500 ($138,291). Estimated at CHF 80,000-
120,000 ($88,500-
133,000), the “Daytona 13” was accompanied by a letter from Rolex Chairman Heiniger
confirming the printing error on the 13 indication marker (illustrated left).

Among the top prices for modern wristwatches were the CHF 302,500 ($341,495) ac
hieved for lot 222, a Greubel Forsey no. 77 platinum tourbillon, circa 2007, and
the CHF 170,500 ($192,479) for lot 269, an Audemars Pigue alacrite and titani
um manual winding wristwatch, circa 2002.
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* Pre-sale estimates do not include buyer’s premium