Market
Ed. W initiates a thought-provoking discussion comparing the astronomical value of a platinum Patek Philippe Ref. 2499 at Christie's to its material worth. His post challenges collectors to consider what truly drives the price of ultra-rare vintage timepieces, beyond mere precious metal content. This article delves into the fascinating economics and emotional allure of haute horlogerie at auction.
This is an article I wrote on my blog a few days ago, just thought I'd repost and share it here. This also marks my first post on the Patek forum:
Christie's auctions have been known to offer some of the rarest and most exceptional watches. This upcoming auction is no exception. While the whole horological world seems to have their eyes set on the platinum Patek Philippe 2499 owned by Eric Clapton (estimate $2,683,456 - $4,293,529), I have my eyes set on a few other very interesting pieces being offered namely the...
Actually during the middle of this post, after researching the 2499 a bit more, the LeCoultre Reverso from 1933 and the Paul Newman Daytona and the Double Red Submariner all seem to matter a lot less than the holy grail that is the 2499. How could I not geek out about this watch?
At a basic level, the 2499 is a perpetual calendar and a chronograph cased in platinum. At the current market value (1,543 USD/oz) it's worth between 106.34 and 173.91 pounds (or 48 and 79 KG) of pure platinum. A perpetual calendar, while expensive, can be had new for around 10,000 dollars from the respectable Glashutte Original, and a column wheel chronograph from Longines starts at around 3,000 dollars retail. You could even buy this watch in yellow gold for around 300,000 at auction and have a life size platinum statue of yourself made!
Oval Buddha, Platinum plated. Takashi Murakami
So why would anyone on earth buy this instead of a statue that could inspire Shelly into writing Ozymadias? To get the absolute answer you'll probably have to find the anonymous buyer and ask him about it. I think it's fair to say that this watch is so valuable because of the rarity, the beauty, the history, and the craftsmanship - Things you will find in all exemplary watches.
P.S. if a purist here does win the auction, I beg of them to answer the why part.
Hodinkee has an excellent video about this piece over at their site.
The Patek Philippe Reference 2499 is a highly significant perpetual calendar chronograph, representing a pivotal model in the brand's history of complicated wristwatches. It succeeded the Reference 1518 and introduced a larger case diameter and updated aesthetic, establishing a design language that would influence subsequent perpetual calendar chronographs from Patek Philippe for decades. The reference was produced in four distinct series, each with subtle variations in dial layout, pusher style, and case construction.
This reference typically features a case crafted from precious metals, most commonly yellow gold, though examples in rose gold and platinum are known. The case diameter is generally 37.5mm, housing a manual-wind movement, specifically the caliber 13''' Q. This movement integrates a perpetual calendar mechanism with a chronograph function, offering indications for day, date, month, leap year, and moon phases. The crystal is typically acrylic for earlier series and sapphire for later iterations.
The 2499 is highly sought after by collectors due to its rarity, complexity, and historical importance. It is considered a benchmark for vintage complicated Patek Philippe watches and represents the evolution of the perpetual calendar chronograph from the mid-20th century. The variations between the four series provide distinct collecting opportunities, with each series possessing unique characteristics that appeal to different connoisseurs.
wear Patek 2499 on my left wrist than to carry 79 kg of platinum! It's wonderful that so much value can be squeezed to such a small package. Best, Kari
or a jug of milk in the US. It'll be interesting to see what price it reaches.
and it does not tell you the time. Best, Kari
No offense intended to Mr. Clapton, I like the him but, if only I had that choice, 3499 J and the rest in cash would do for me. I am with Ed on this one. Best, Radone
and I am really looking forward to the result :-) Thanks! Oliver
I remember the blog about that Italian banker who had a "fettish" for stainless steel Patek's. One of his was purchased for more than this I believe... Obviously it is not the metal here, I wouldnt either and agree.. But if your bank account was a few decimals to the right then what is a few million. That is the only way I can see this selling for that. And in this industry they are out there, and you only need one.
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