Its Friday and time for another Episode of PAK watches.

This PAK watch was relatively easy to consider given that it has all the qualities of greatness. An iconic form & function (Reverso), a rare case and dial (white gold with black dial), famous retailer (Gübelin) and last but not least a superb brand, Patek Philippe & Co (when it still used the long signature).

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Back in the 1930s Patek made several square or rectangular shaped watches. What is much less well known is that Patek also made 8 Reverso watches.

Patek made those Reverso watches under license from Jaeger Le Coultre and Mr. Trey who owned the rights to the brand name ‘Reverso’.

According to the Patek Philippe Museum book, eight Reverso cases were sold to Patek Philippe in 1931-32 with the approval of Cesar de Trey (who had registered and owned the brand name) and Jacques Davide Le Coultre (who also sat on the board of Patek Philippe)*.  Jacques David Le Coultre was the managing director of Jaeger Le Coultre at the time. Out of the Eight watches: Four were in white gold and four where in yellow and white gold mixed.**

Both men Mr. Trey and David Le Coultre were clever businessmen and did the following: They set up a distribution company called Spécialités Horlogères and bought the rights to the Reverso name. They allowed many great firms such as Patek, Vacheron, Cartier to sell Reverso watches under their own brand. Thus it is not unusual to find a Cartier Reverso or Vacheron Reverso (something I was not aware of).

Of the 8 Reverso Patek made, I am going to highlight one of those watches: An 18k white gold, Reverso black dial retailed by Gübelin in 1934.

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You are looking at nothing less – than the King of all Reverso watches in my opinion. What is unusual about the watch above is the following:

Most of the Reverso that were supplied to Patek were cased in gold or white gold mixed with gold. I could only find this example that is cased in white gold. There are apparently two other white gold Patek’s that were made (case Nr 609430 and Nr 609480), but both have never appeared in public before. In addition there is one lady’s white gold Reverso watch. Which leaves this watch as the only known white gold example of a Reverso with black dial.

The case of this particular watch was made by the celebrated Geneva firm Wenger according to Christies. The movement is signed Patek.

What is most interesting to note is that the case is also signed by Gübelin, the retailer, something that is extremely rare and unusual (see picture here). It is interesting to note that the sister watch to this watch and only two cases away, case Nr 609483, was sold at auction in 2010 and the case was also signed Gübelin. More on the sister Patek Reverso Case Nr 609483 in Gold see here.

Now, we all know that black dials irrespective of period are often sought after by collectors. But imagine in 1934 when most of Reverso’s production (I would say 98% as an educated guess) was made in steel or yellow gold – to find a white gold Reverso case with black dial is exceptionally rare. 

Combine that rare white gold case with black dial and of course this watch becomes a rarity – most probably a unique piece (I don’t know what color dials the other eight Reverso watches are). This piece was sold by Gübelin which only adds to the exclusivity on this watch. The Gübelin signature is not present on the dial  but it is present on the case: Signed E Gübelin.

Another nice attribute of this watch is that it was engraved on the back most likely in by the owner who originally bought it.

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Why this is a PAK watch.

I already mentioned it above – this watch has all the attributes of making it a ‘Past Auction Killer’. 

• Rarity – most likely a unique piece with black dial and 18k white gold case.
• Patek only made 8 Reverso watches under license from Jaeger Le Coultre. A Patek Reverso is a trophy asset.
• Killer black dial with long signature (and most likely Retailer signature on the case)
• Best period of Art deco design and early Reverso production in 1934

I don’t believe that a price of a watch tells you about the significance of the watch in general. It can, but often it cannot. In this case though it probably does. 

Back in 2000 a collector paid an astonishing CHF 333’000 for this watch. For a time only watch (!).

This is substantially more money than most complications like the 2499 and 1518 (both chronograph perpetual calendars) at the time. The estimate of this watch was already a very strong CHF 100 – 150’000 – presumably due to its rarity. The amount of CHF 333’000 would be a huge amount even today – but we are talking about 17 years ago.

The price is a phenomenal one to be sure. But what to make of it?

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Indeed, it is at first glance, hard to tell wether this purchase price makes sense or not.

On one hand it is quite irrational to pay this staggering amount for a time only watch. But on the other hand I can see the allure of owning such a rare and stunning timepiece. I have to admit when I first saw this Patek Reverso in white gold with black dial – my reaction was: Wow! A black dial Reverso Patek – in 18k white gold case – what a killer watch. That is definitely something I had never seen before.

In my opinion a watch collection should not be about rationality but rather about dreaming and about emotions.

In this sense – I think owning a unique piece, like this Patek Reverso, is worth a very large amount. Just how large, is of course subjective, but let me put it this way: Today I think I would bid up for such a rare beast. This is a museum piece for sure. Back in 2000 though the decision might have been more difficult. Three hundred and thirty thousand Swiss Francs could buy you a lot of nice watches back in 2000 (I am thinking a 3448 white gold perpetual calendar with rare dial configuration or a perfect 1518 in pink gold).

At the end of the day however – the collector who bought this Reverso – has arguably the king of all Reverso. And a unique piece at that. Heck – I think I would have bid for it in 2000 as well upon further thought (assuming I had the knowledge AND the funds back then)!

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Which brings me to the next point: who was the brave collector who bid up strongly for this watch?

My assumption would have been immediately the Patek museum. It would fit perfectly in their collection. However after doing some research – it seems a private collector owns this particular Reverso Nr. 823421, case No. 609481. This is what the Christies research seems to indicate on their Lot notes for the sister watch.

Maybe it was a fight between the Patek Museum and the private collector and if indeed this was the case – I strongly applaud this collector for winning. 

So here you have a Reverso (can you think of a more iconic model line), in white gold (hyper rare) that is made by Patek and signed by Gübelin on the case – with a black dial.

This is indeed my definition of a trophy watch. And all of you should know by now. You can never pay too much for a trophy asset.

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*(Credit: Patek Philippe Museum Book Volume II page 208) ** (Credit: Christies Lot Notes). 

For the original listing of the watch – please see here .