Two one-of-a-kind watches have sold at Swiss watch auctions in November 2023. The prices, one in the millions, show that Patek Philippe remains the most precious watch brand, with a huge premium on unique examples.
Both watches are “double signed”. They bear the branding of Patek Philippe, their maker, but also of the jeweler Gübelin, which retailed them.
The news of the sale sparked an international bidding war.
The first watch, a 1978 Patek Philippe Nautilus Jumbo Ref. 3700/1 realised CHF 2.54 million (£2,282,502). It’s a 42mm platinum example, believed to be the only one signed on the dial by both Patek Philippe and Gübelin.
The double-signed Ref 1599.
A Ref. 1599 realized a value of CHF 387,500 (around £350,000) at a separate auction. It is double signed, and is believed to be the only Ref. 1599 ever produced. The unusually large two-tone silver dial is double signed, and Patek Philippe archives confirm its 1944 sale to Gübelin.
Patek Philippe and the House of Gübelin have been partners for over a century. The Patek name is very valuable in its own right. Allowing another brand to put their name on a Patek is a sign of genuine trust.
The secondary watch market can be highly volatile. At the very top end of the market record after record is being set at auctions. Patek Philippe remains the most valuable and most sought after maker in this category .
