Join Esquire’s watch community by signing up for About Time, our free watch newsletter.

A rare gold Patek Philippe watch, hailed as “one of the greatest watches of all time”, is being auctioned.

This watch is a Patek Philippe reference 2499 of the “first series”, a chronograph with perpetual calendar and moon phase made of red gold and a “Wenger” case.

The Ref. 2499 is one of 31 remarkable watches consigned by a single owner, representing more than 50 years of collecting experience.

The sale, entitled “Treasures of Time,” follows Sotheby’s Important Watches Sale, which will take place in Geneva this November.

The focus of the auction is on important Patek models. Rare watches from A. Lange & Söhne, Vacheron Constantin and Universal Genève are also on offer.

In total, the collection is worth £16.6 million.

The Patek Ref. 2499 was produced from 1950 to 1985, with fewer than 10 examples produced each year. A total of 349 examples are said to exist. Most of them were made of yellow gold, a few of other precious metals.

Be that as it may, they rarely appear at auctions.

The reference 2499 is also considered a milestone in the history of the brand and paved the way for its future as a master of wristwatches with grand complications.

It was produced in four separate but almost identical models, which collectors refer to as the “series.” Of the 349 pieces, only 55 were part of the “first series,” with six of these being in red gold and only one – this one – featuring a Wenger case.

Throughout its production life, the Ref. 2499 was fitted with cases from two manufacturers, both with their own peculiarities: Vichet and Wenger. Vichet’s cases were 36.2 mm in diameter, with a flat back and extended, wraparound lugs. Wenger’s cases were larger at 37.8 mm and had a curved back and shorter, straight lugs.

“The reference 2499 is part of Patek Philippe’s coveted family of perpetual calendar chronographs,” says Eric Wind, one of the world’s leading experts on vintage watches and co-founder and co-owner of Wind Vintage.

“Of Patek Philippe’s five perpetual calendar chronograph references – references 1518, 2499, 3970, 5970 and 5270 – the 2499, at around 37mm, is a sort of ‘Goldilocks’ or ‘just right’ reference with the perfect blend of vintage and modern features. The earliest series has rectangular (sometimes square) pushers similar to those of the previous reference 1518.”

Sotheby’s notes that the watch is in excellent condition and has been in the possession of the consignor, who wishes to remain anonymous, since it was purchased at Christie’s in Geneva in May 2012. The reserve price is 2,500,000 to 4,500,000 CHF (2.25 to 4.5 million pounds).

Other highlights from Patek Philippe at the “Treasures of Time” auction include:

A Ref. 1518 rose gold perpetual calendar chronograph with moon phase – one of 58 rose gold 1518 models ever made. Estimated at CHF 1,500,000-3,000,000 (£1.35-2.7 million).

A Ref. 1563, a split-seconds chronograph in yellow gold with Breguet numerals, made in 1947. This watch is one of only three known 1563s. It is signed on the back “L. Estée” – presumably by Estée Lauder. One of the other two models belonged to Duke Ellington and is on display in the Patek Philippe Museum in Geneva. It also has an estimate of 1,500,000-3,000,000 CHF (1.3-2.6 million pounds).

A Ref. 5016J, the most complicated wristwatch Patek ever made until 2001, a yellow gold minute repeater perpetual calendar with tourbillon, retrograde date, moon phase and leap year indicator. This model has a reserve price of 3,000,000-5,000,000 CHF (£2.6-4.4 million).

“The watches I love sparkle like jewelry – they are mechanical jewels,” the collector says of Sotheby’s.

“Building a collection is always an adventure – I have spent a lot of time with these watches over the years, constantly searching for them, learning about them and wearing them. They are witnesses to my journey through life and therefore each of the watches in this collection has a personal story attached to it.”

“For a treasure hunter, there is no better feeling than to come across an unexpected treasure trove of watch treasures such as the pieces in this collection,” says Mikael Wallhagen, Head of the Watch Department at Sotheby’s Geneva.

“It is not often that you can offer in one sale such prestigious references as the Patek Philippe 1563 or one of the brand’s 2499 from the first series of the 1950s, along with many others from the same owner.”

Treasures of Time will be on display at Geneva Watch Days on August 29 and 30 at Sotheby’s Rue François Diday and from September 6 to 9 at Sotheby’s New York before being exhibited at the Mandarin Oriental in Geneva prior to the auction on November 10. All 31 lots and further information can be found at sothebys.com

You might also like