Example 1
A request is sent in for a Patek Philippe evaluation
We have been supplied with
- Movement number: 868.747
- Case number: 2.611.725
Our research shows
- The watch is known to the market.
- It is a reference 2499J early 3rd series from 1961.
- The caliber is 13 CC with 23 jewels
- Case maker hallmark No.1
- Distance between lugs: 20 mm
The watch’s original condition when sold by Patek and as it first appeared on the auction market.
The watch as it appeared in 2002
Analysis
The original dial
The original dial with indexes, shown here, is typical for the 3rd series of reference 2499 as used from 1958 to 1964. Only 30 yellow gold 2499 3rd series made with this dial have appeared at auction. The 2nd series of 2499 was manufactured between 1955 and 1961 using a dial with Arabic numerals, and of these, 30 yellow gold 2499 2nd series were created and 14 have reappeared at auction.
This watch in original condition as sold by Patek Philippe and when it first appeared on the market in 1992
This watch appeared at an international auction in Hong Kong in May 1992 with its original dial, as shown. It sold for USD 62,300. Ten years later, in 2002, the watch reappeared at an auction in Geneva, however by this time the original dial had been removed and replaced with a silvered dial with applied Arabic numerals and English tachymeter scale - typical for a second series.
This time the watch sold for USD 716,000
How the exchanged dial affects value
The Arabic numeral dial is much more desirable for collectors and consequently higher priced. When the new owner bought this 2499 with exchanged dial in 2002, a 3rd series 2499J model with index dial was worth about USD 250,000 and a 2nd series with Arabic numerals about USD 750,000.
Therefore, as the new purchaser did not have a correct pre-evaluation of his purchase, he paid USD 500,000 more than the watch was worth.
Furthermore, the watch is now no longer 100% authentic, and will likely be very difficult to sell in the future.
Example 2
A request is sent in for a Patek Philippe evaluation
We have been supplied with
- Movement Number: 727.309
- Case Number: 309.776
Our research shows
- Your watch is known to the market.
- It is a reference 2597 J HS with applied indexes and enamel indexes, dating from1959.
- We have two different variants of reference 2597 HS: one with two dauphine hands (for hours and minutes) and one with three dauphine hands for a second time zone (see images below).
- We know that approximately 45 examples of reference 2597 HS cased in yellow gold (with two hands and this caliber) that some 45 were made from 1958 to 1964.
- 30 of these watches have reappeared at international auctions.
- We know that only approximately 18 examples of reference 2597 HS with three hands in yellow gold (with this caliber), only some 18 were made from 1962 to 1975.
- 10 of these watches have reappeared at auction.
- Caliber: 12.400 HS, 18 jewels
- Case maker hallmark No. 4
- Distance between lugs: 20 mm
The original dial
The current, changed dial
Analysis
This watch was offered at an international auction in HK in 2000, then in New York in 2000 and 2002, and again in Geneva in 2001, 2002, 2003 and 2006.
However, since October 2002 it has had a third hand.
The effect of the modified dial on value: The 3 hand version is much rarer and more complicated, and therefore more attractive to collectors and higher priced.
Today, a two-hand yellow gold 2597J watch realizes about $70,000, whereas the three-hand version sells for $140,000
As the new owner did not have our database information he paid about $70,000 too much for a modified and unoriginal watch.