Auctions
Cautionary Tales & Pulling One’s Punches
Auctions
Cautionary Tales & Pulling One’s Punches
I recalled how a mutual friend of ours had bid successfully for a Girard-Perregaux “Three Bridges” tourbillon. Three months later, Interpol was banging on his door: the watch was stolen. Luckily, and in no small part because our mutual friend is notoriously litigious, AND because Interpol was involved, he recouped his £75,000.
Christie’s catalogue entry said it all:
“Patek Philippe. An exceptionally important, possibly unique and previously unknown 18k gold perpetual calendar wristwatch with sweep centre seconds, moon phases, black luminous military-style dial, luminous alpha hands, engraved case back, former property of His Majesty, king of Kings, Emperor Haile Selassie I of Ethiopia. Signed Patek Philippe, Genève, Ref. 2497, Movement no. 888’058, Case no. 679’792, Manufactured in 1954. Estimate: $520,000-1,000,000 / €460,000-920,000. This lot is offered in our Important Watches auction on 9 November at Christie’s Geneva.”
Not all last-minute cancellations involve disputed ownership or the discovery of theft. Fellows recently found itself in possession of a rather special watch from Jaeger-LeCoultre that was either worth a mere few thousand pounds, or in excess of six figures. The watch in question was withdrawn because more research was needed as to its origins, as it is an auction house’s duty – to both its clients and its shareholders – to sell a lot for as much as it can.
Fellows suspects it may be the first-ever timepiece produced by the firm after the pairing of the names Jaeger and LeCoultre. If proven to be that missing artefact, it will be one of the most historically important wristwatches in the world. And I can think of a couple of museums with deep pockets that will gird their loins – and open their financial war chests – for this particular battle.