I am introducing a new feature on my Blog called: Past Auction Killers or ‘PAK’.

I was doing some research on rare watches when I realized a few things: 1) I should have started collecting only 5 to 7 years earlier – there were some great watches being offered that are unlikely to appear at auction anytime soon again 2) The search functions of many of the auction house websites, especially Christies and Antiquorum are exceptional (Phillips watches should take note here, their search function and website is miles behind) and allows the collector to search (by reference, by brand, by quality) for exceptional watches that were once sold in public

 3) Looking at past auction results offers an interesting window to how collectors valued certain references in the past also during financial downturns. 4) Researching past auction results also allow you to constantly learn about not only the watches but also the brands: Was this a special order, why did a certain paperwork come with the watch etc.

In other words looking at past results is an excellent learning exercise for watch collectors in general.

While in hindsight we are always more clever and prices achieved in the past might seem logical now – I firmly believe the future will offer just as fantastic opportunities for collectors. But to understand the future we have to also understand what happened in the past. In this respect the new PAK series will hopefully be of interest to collectors.

Going forward it is my intention on every second Friday (when possible) to look at one watch in more detail that came up for auction in the past and illustrate why I think it is a ‘killer watch’ or PAK (past auction killer). Maybe my reason for highlighting it is simply because the watch is unique or because it is beautiful. It could also be because the price achieved caught my attention (by achieving a record result or by achieving a result that has me wishing I was the bidder). More often than not – the watch will important in terms of history as well.

Welcome to the first series of Past Auction Killers or ‘PAK’ segment – many of which will follow.

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For my first PAK segment – you better believe that I have chosen something special. VERY special.

Most collectors are very familiar with the 2526 Patek, the first automatic wristwatch for Patek that came with an Enamel dial (but also silver dial for the platinum and diamond version). It is a legendary reference that regularly comes up for auction. While doing research on a platinum example of the 2526 (that came with a silver or Enamel dial) I stumbled upon the Reference 3428 from Patek.

Reference 3428? Never heard of it? Neither have I until recently.

Patek introduced the 3428 reference in 1960 to replace the legendary 2526 (which today has a firm place in Patek’s history). The 3428 carries the improved movement 27-460 with the thinner rotor. The case remains the same size and shape at 35.5mm. From the limited research out there, 3428 was made in pink gold, gold, white gold and platinum.

What is absolutely crazy is that not much is known of the Patek 3428. It is a hyper rare reference. Try ‘Googling it‘ – you won’t come up with much information.

I then had a better idea. I tried the Christies ‘Past Lots’ section on their website (an excellent source for finding watch information by the way) – and I almost fell off my chair when I found this watch below.

Now it may not seem like much, but believe me – it is.

What your looking at is a Platinum version of the 3428 with enamel dial. To call this watch rare, is an understatement. In all my research – I have only found two ever for sale. One was with a diamond dial and the other with a fine Enamel dial, this very version.

This fine Patek was originally made in 1963 and sold in January of 1964. What is absolutely crazy is this watch seems like NOS. It not only comes with the certificate of origin, but also case opener (how ultra cool is that) and the sales tag. The watch also still retains the original waterproof sticker on the caseback. The original box of course was also part of this lot. See picture below.

It is no wonder it fetched an absolutely superb result when it came for sale in Dec 2007 selling for CHF385’000. Remember this is 10 years ago and we are talking about a time only watch. The price achieved is nothing short of spectacular. This is more expensive than a 2499 or 1518.

It is hard to say if I would have had the courage (assuming I had the funds) to bid nearly CHF 400’000 for a time only watch back in 2007. It was a very brave move on behalf of the owner and I have absolutely no doubt today it would fetch an even stronger result.

Why this is a PAK watch

I think the price paid was worth every single penny. The 3428 in platinum is extremely rare. But one that comes with the Certificate of origin, original box and even the case opener (not to mention the sticker) – I can guarantee that never in your lifetimes will another one (besides this one) come up for auction. This is a museum piece and the collector who bought it was well aware of this.

Buying this watch is like traveling back in 50 years ago and walking into the Patek Maison on Rue du Rhone in Geneva and buying one of the finest evening watches that was ever made by Patek with Enamel dial. It is that good.

What your looking at is one of the finest watches Patek ever made. Nothing more and nothing less. And ten years ago a clever collector recognized this and bid with full confidence. I tip my hat off to that collector.

This is a true grail watch.

(For the original listing of this watch sold by Christies in 2007 – please see link here).

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(All pictures credit: Christies watches).