Le Monde Edmond

June 29, 2016

Auction Alert Artcurial: Monaco vintage watch auction – July 2016 – my top picks

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Although the most important Geneva watch auctions are over – in France they are just beginning to start. Artcurial, the well known French auction house has an important watch auction coming up in July in Monte Carlo and we did some homework for you already in terms of what to look out for.

It is fair to say that Artcurial is firing on all cylinders right now. 


Not only did they sell the worlds most expensive vintage Ferrari earlier this year for €32m (see info here) and in two weeks will sell a dream 1961 Ferrari 250 SWB – see my post here – but their watch department seems to have pulled a rabbit out of their hat.

The upcoming Monaco sale of watches is quite strong led by a cool and awesome one man collection of vintage Rolex (apparently the collector is a car guy).

What is impressive is that most of the watches come with good documentation: chronometre papers, original invoices, service receipts etc. The catalogue has 400 lots. Below I pick my favourite 8 lots and also pick out one lot which I would ONLY buy well below the estimate. Lets get started.

NB: Given I have not seen any lots so far I am relying on my conference call with the auction house as well as outside expertise where needed. I will update this post when I have had a chance to see the watches personally. Any changes to this post will be communicated via my Instagram account. For more information on each lot below click on the Lot number and it will take you to the link of Artcurial and the official description of each watch below.


1. Lot 115: 1960 (?) Zenith El Primero

This 1960* Zenith chronograph is cool for several reasons.

First it is one of the first El Primero models that was made (Zenith still makes the El Primero model today). Historians of Zenith will recognize the importance of the El Primero – it was the first ever automatic chronograph ever made by any watch brand. Zenith has a long and proud history of making superb movements that are reliable and robust and Rolex used them for many years to supply their Daytonas. This watch is a very early example of Zenith El Primero movement power.

What makes this chronograph especially cool is the chocolate turned dial. The white sub registers really jump out and I cannot wait to see this watch in person.

The condition according to Artcurial is good, the case (it is a screw back case) has normal scratches. Importantly the logo is still visible on the case back. This nice Zenith carries an estimate of €3-5’ooo.

*The only odd fact is that according to the Zenith website the El Primero was first launched in 1969 as the first automatic chronograph – yet Artcurial state the watch is from 1960 which seems not to be the correct date.

115 (2)


2. Lot 227: 1940 Breitling Pulsation dial Chronograph

My next pick is this rare and unusual steel Breitling chronograph in square form from 1940.

I have to admit I am drawn to this unusual shape. I have never seen a chronograph Breitling with this shape before. What makes this manual wound watch even more rare and special is the pulsation dial.  Perhaps the first owner of this watch was a doctor. I like the warm color of the dial and registers which carry a different color (presumably the watch was born this way). The condition of the watch is strong according to the auction house and the stampings of the number on the case still good. The watch comes from a private collection.

The estimate of this rare and unusual chronograph is €8-12’ooo.

227 (1)

 


3. Lot 375: 1965 Rolex 6238 Pre – daytona

Another interesting lot is this rare 14k gold 6238 Pre – daytona from 1965.

As many of you should be aware by now the 14k gold Pre-daytona watches were made exclusively for the US market (for my in-depth report on the 6238 Pre -daytona please see my report here). The condition of the watch seems strong and the lume appears to be original on the dial. What is very pleasing is that the lume color has turned into a nice warm beige color. The case retains nice proportions (according to Artcurial) and the serial numbers are clearly legible on the case. Additionally the hands, sub dial hands are correct and exactly the way they should be.

The only noticeable flaw on the dial is the slight scratch at A and P of Chronograph.

What makes this watch further appealing is the instruction manual that comes with the watch how to read the tachymeter scale and use the chronograph. It is a very rare document. 

The estimate of this watch is high at €80-120’000 and if the buyer can get the watch at the lower end it probably would be a good buy.

375 (2)


4. Lot 378: 1958 Rolex 6542 GMT Master

Readers of my blog should not be surprised to know that GMT master is my favourite reference. 

This 6542 GMT Master is the first model Rolex GMT ever made with the fragile Bakelite bezel. Overall the watch seems to be a good example. The bakelite seems all intact and I can see only minor discolorations. The bakelite seems partially chiped at 8, 10, and 12 part on the bakelite numbers but at least there are no cracks visible. The dial seems fine, not perfect but all correct. The hands seem to match the lume on the watch.

What is great with this example is that the watch comes with all the documents and papers imaginable. While the official guarantee is nice to have and this watch has that, much rarer is are the chronometer papers that are correct with serial number of the watch matching the papers. The original invoice is also part of this watch – extremely rare to find. Finally the GMT booklet – which is very rare to find for the 6542 – is also included with this watch. This watch comes from the same private collector as the previous Rolex lot I have discussed.

This GMT, with all its papers, carries an estimate of €30-50’ooo. Any purchase within this range would represent a fair buyers price. It is very rare to have a 6542 with a full set of papers – especially the chronometer papers.


5. Lot 380: 1958 Rolex 6542 GMT Master

The next lot is the exact same model as the previous lot. It is even from the same year. It is only 330 serial numbers apart.

There is one major important difference. This watch has a Tiffany signed dial and also has turned into a fabulous chocolate brown. See the picture below.

380 (1)

The bakelite bezel seems be in tact with no major cracks visible and it is just slightly chipped at 16 and 4. This watch carries the correct white seconds hand something the previous GMT did not. As to the Tiffany signature being correct? Hard to say and there is no evidence to support the watch came from Tiffany – the watch only carries a certificate of ‘origin’ but no mention of Tiffany.

The problem with Tiffany signed dials unless it is a Daytona (this is my understanding at least) is that there is no way to prove it actually came from Tiffany without a letter to prove it. With many Daytona’s destined for the US market and where Tiffany put their name on it – you can at least see the proof with ROW stamped on the movement  – the ROW was a code by Rolex required by the US stamped on the movement*. At least then you knew that it was a US market watch and that Tiffany was most likely correct. 

Not so with other models (at least not that I am aware of).

I think the main asset of the watch is also the nice coloured chocolate dial which seems uniform in color. See picture below.

(*Thank you Nicolas B for the insight).

380 (1)

The watch carries an estimate of €50- 70’000. Although it might seem conservative – there is no evidence to support that the watch was born with a Tiffany dial and thus I would not advise a buyer to pay any premium for it. 

Whenever I see a Tiffany signed Rolex dial and no evidence to prove it – I am very sceptical. But that is me. 

The chocolate dial is superb and this for sure deserves a premium which is why this watch is priced at the low end of €50k versus the previous GMT that has all the papers and is priced at the high end of €50k.

Although I still have to inspect the watches personally – my gut instinct tells me that the other GMT, lot 378 might offer more value for the GMT collector. This watch comes from a private collector and the same collector who owns the previous GMT model (lot 378).


6. Lot 385: 1954 Rolex 6202 Turnograph

The turnograph is one of the first sports models from Rolex and is in my opinion completely undervalued still.

This turnograph looks great, the dial nice and original with signs of spotting from the radium. The hands matches the dial nicely and the lume seems all intact and correct. This sports watch has an estimate of €8-12’ooo and any purchase within this price range will prove to be a good buy for the collector. This watch comes from the same private collection.


7. Lot 390: 1961 Rolex 1675 GMT

This GMT Rolex is one of the earliest 1675 ever made coming from 1961.

As you would expect of an early 1675 – the watch comes with pointed crown guards (incorrectly termed eagle beak by the auction house – although if you look closely it does resemble the 5512 Submariner Eagle beak crown guard) and a swiss only dial. What makes this watch appealing is once again the paperwork (like has been the case with many watches in this auction). It comes with the chronometer papers, the official guarantee (which indicates it was purchased in Zurich) and a factory service guarantee from 1967 which is quite rare (I personally have never seen a factory or service guarantee from the 1960s in this layout).

The watch carries an estimate of €20-30’000 which strikes me as relatively high. Any purchase towards the lower end of the estimate would represent a good buy in my opinion. This watch like many other models comes form a long term private collector.

390 (2)

 

 


8. Lot 400: 1969 Rolex 6238 Pre – daytona

This lot is interesting because it has exceptional film provenance. 

This is the only 6238 pre-daytona seen in a James Bond film and worn by Lazenby in the film OHMSS (on her majesties secret service). A unique attribute to this watch was that it has a red chronograph timing hand. This watch was sold by Christies in 2003 for the price of USD 39’900 at the time.  

ADD COPYRIGHT

(credit: Artcurial, EON Productions).

What is absolutely awesome is that the watch comes with the original invoice from Bucherer Interlaken in 1968 purchased by EON productions for an amount of CHF 790. (Notice the CHF 1.20 that was added for postage – after the buyer just paid CHF 790. Very embarrassing indeed and typically Swiss I might add).

doc 400 james bond

(Credit: Artcurial).

Furthermore what is interesting to note is the following: Sometime between 2003 and today the watch was owned by Miami based dealer Matthew Bain who listed the watch here.

To comment briefly on the dial of the watch: The subdial hands appear to be unique to this watch because normally the hands are not two different colors like on this watch. Also the hour hand is extended over the outer scale – something I wrote in detail about here.

The estimate is by request only but I would not be surprised if this sets new world record for any steel pre-daytona with silver dial. The provenance of this watch is just so strong!

400 (4)


Caution Advised: Lot 394 Rolex 5512 Square Crown guards

The Submariner 5512 square crown guards is a very rare beast.

As many of you know now the 5512 was the first Rolex submariner with crown guards and it went through different versions /series. For an-depth review of the 5512 see my report here.

The first batch of ref 5512 had square crown guards like this watch on offer.

The serial number should be in the 4xxx xxx as this watch is and the year is of course also correct in being 1959. It estimated that only 300 exist of these watches together with the Eagle beak which came right after. This watch is also part of the Rolex collection of this one collector and originally came from a well known Italian dealer based in Rome. 

However I advise caution with this watch for several reasons.

First I suspect the dial may be later than 1959. Again I don’t know for sure but I suspect it. I say that because the printing on the watch strikes me as too white including the submariner script (again I am not 100% certain as I have not seen the watch yet  – but am relying on my instinct and feedback from several 5512 Square crown guard owners). Also the depth writing below in silver/white print gives me reason to be concerned. It seems the number ‘2’ was damaged and some-one tried to correct it by reprinting it but they an exceptionally lousy job. The 660 feet also bothers me slightly. Furthermore given the watch is 1959, so right within the gilt era – the hands should be gilt and not silver – like on this watch owned by an Asian collector here.* Or like this example belonging to another Asian collector.** Having said that the lume seems fine (caution advised as I have not personally seen the watch yet) and so does the Rolex coronet shape which is typical for the 5512 square crown guard. The bezel insert also seems correct and is very nice.

Regarding the case on this square crown guard: it seems to have been exposed to some polishing and the square crown guard is not as square in form as it should be but seems rather rounded – for a correct square form please see this example here

The estimate of this watch is €80-120’000 which is normally correct given the rarity of this reference.

However I would try and get the watch well below the estimate given the concerns I have outlined above.

(Credit: *Kkevall, **Silas).

For more information on the Artcurial sale please see their catalogue here.

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