Auctions

Vintage Patek Philippe From the ‘50s Sells for $4M at Sotheby’s

AuctionsJun 12, 2025

Vintage Patek Philippe From the ‘50s Sells for $4M at Sotheby’s

Al Capone’s pocket watch also found a buyer, though it went for less than half of what it did at auction four years ago.

A pink gold Patek Philippe perpetual calendar chronograph Ref. 2499
This pink gold Patek Philippe perpetual calendar chronograph Ref. 2499 was the top lot in Sotheby’s “Important Watches: Take a Minute” auction, held Tuesday in New York. A buyer paid $4.3 million for the watch, which was made in 1957 and features the retailer’s name (Gobbi Milano) beneath the moon phase complication. (Photo courtesy of Sotheby’s)
New York—Vintage Patek Philippe watches from the mid-1950s through the mid-1990s comprised five of the top 10 lots in a recent Sotheby’s watch auction, with the top lot going for more than $4 million.

“Important Watches: Take a Minute” took place Tuesday in New York and was led by a Patek Philippe perpetual calendar chronograph Ref. 2499 in pink gold, a watch believed to be the only one of its kind. 

Made in 1957 and sold by Gobbi Milano, the watch is one of only nine second series Ref. 2499 watches cased in pink gold. Of those nine, it’s the only one that has a retailer’s signature on the dial, seen below the moon phase. 

A private collector paid $4.3 million for the timepiece, which had a pre-sale estimate of $3 million to $5 million. 

It is the most expensive wristwatch Sotheby’s has sold so far this year.

The second highest-grossing lot of the sale was also a Patek Philippe watch from the 1950s, a pink gold Ref. 2524/1 minute repeater manufactured in 1954 and sold by Gübelin.

A private collector paid $1.6 million for the timepiece, coming in at the lower end of its estimated sale range of $1.3 to $2.5 million.


The third highest-grossing lot in the sale was another vintage wristwatch, this one a “Paul Newman” Rolex Daytona from 1968.

The Ref. 6241 features what are known as “tropical” subsidiary dials, sub-dials that have faded over time from black to a rich brown.

Five bidders competed for the piece, which eventually sold to a private collector from the Middle East for $914,400, topping its pre-sale estimate of $400,000 to $800,000 and becoming the most expensive example of its kind ever sold at auction.

Rounding out the sale’s top five were a Patek Philippe Ref. 5531R-012 World Time “Rare Handcrafts” from 2021, which sold for $787,400, and another “Paul Newman” Rolex Daytona, this one a Ref. 6263 “Panda Paul Newman” from 1969.

A member of the European trade paid $762,000 for it.

Al Capone Patek Philippe pocket watch
In 2021, a buyer paid $229,900 for this Patek Philippe pocket watch that belonged to Al Capone but got only $92,250 for it at Sotheby’s on Tuesday. (Photo courtesy of Sotheby’s)


While buyers at the Sotheby’s sale showed appreciation for vintage timepieces, there was one older watch, a circa 1919 timepiece, that depreciated in value since its last sale.

As part of Tuesday’s auction, Sotheby’s offered a Patek Philippe pocket watch that once belonged to Alphonse Gabriel Capone, the notorious mobster better known as Al Capone.

According to Sotheby’s, Capone’s family does not know where he purchased the watch, but it is known that he discarded the original case in favor of having a custom one made in solid platinum.

The watch also has a snap-on case back featuring the letters “AC” set with 90 single-cut diamonds (0.02 carats each, E-F color, VS clarity), and a signed dial and movement.

The pocket watch sold for $92,250.

That is within the range Sotheby’s estimated, $80,000 to $160,000, but is less than half what the seller paid for it four years ago at Witherell’s auction house in Sacramento, California.

Then part of a larger sale of Capone’s possessions offered by his descendants, the pocket watch went for $229,900 in 2021. 

 Related stories will be right here … 

All told, “Important Watches: Take a Minute” totaled $20.4 million, the second-highest total for a Sotheby’s watch auction held in New York.

Of the 112 lots offered, 110 sold for a sell-through rate of 98 percent, the highest watch sale sell-through rate for the auction house since 2012.

“The results of this sale speak volumes, not only to the strength of the market, but about the enduring emotional power of truly great watches,” Geoff Hess, global head of Sotheby’s watches, said.

“The sale of these trophy watches marks a clear resurgence in vintage collecting, grounded in scholarship and emerging after a period dominated by modern pieces. As we celebrate today’s results, one thing is undeniable: passion—not speculation—is driving the market. True connoisseurs are leading the way, while speculators remain on the sidelines.”

To sell the full results of the sale, visit the Sotheby’s website.

The auction house has another watch sale, “Fine Watches,” going on now through June 17 online.

The Latest

Douriean Fletcher Messenger Collection
Events & AwardsOct 21, 2025
‘Douriean Fletcher: Jewelry of the Afrofuture’ Opens at MAD

The Museum of Arts and Design's new exhibition features 75 pieces by the designer, best known for her work in the “Black Panther” films.

2025_Gemfields logo.jpg
SourcingOct 20, 2025
2 Mozambique Police Officers Killed at Gemfields’ Ruby Mine

They were attacked on Oct. 15, as approximately 40 miners without licenses marched on the mine’s gate.

Empress Eugénie’s pearl and diamond tiara
CrimeOct 20, 2025
See the ‘Priceless’ Jewels Stolen During Daytime Heist at the Louvre

It took the masked thieves less than 10 minutes to steal eight irreplaceable jewels from two display cases in the museum’s Apollo Gallery.

LIM-401 2024 National Jeweler Supplier Bulletin- iD100 Web and Eblast FINAL (2) (1).jpg
Brought to you by
Protect Your Customers and Your Business

You deserve to know what you are selling–to protect your customers as well as your business and your reputation.

Lauren Gayda
SourcingOct 20, 2025
Pristine Gems Names New Director of European Sales

Gemologist Lauren Gayda has previously worked at The Clear Cut, Taylor & Hart, and Effy Jewelry.

Weekly QuizOct 16, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Charles London, Mayer and Fran Udell, Mark and Candy Udell
IndependentsOct 17, 2025
From the Jazz Age to the Information Age: London Jewelers Turns 100

In 2026, the jewelry retailer will celebrate a milestone only a small percentage of family-owned businesses survive to see.

The Edit – A Gallery of Italian Jewelry Masterpieces Graphic
Events & AwardsOct 17, 2025
An Edit of Italian Jewels Is Coming to NYC

The new showcase dedicated to Italian jewelry design is set for Oct. 29-30.

ja_fall_2024_by_headshot_stories_6824.jpg
Brought to you by
JA New York Fall Is Right Around the Corner

The upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.

Judi Powers Jewelry Stella Earrings
TrendsOct 17, 2025
Piece of the Week: Judi Powers Jewelry’s ‘Stella’ Earrings

Take a gaze at the sky with this pair of platinum diamond-set star earrings with blue lace agate drops.

Jeffrey Zimmer Reeds Jewelers
IndependentsOct 16, 2025
Retailer Hall of Fame 2025: Jeffrey Zimmer

Jeffrey Zimmer's decades of leadership at Reeds Jewelers are defined by integrity, a love of sourcing gemstones, and a heart for community.

Oscar Heyman 2025 Holiday Catalog Cover
MajorsOct 16, 2025
Oscar Heyman’s Holiday Catalog Is Out, and It’s Spectacular

The holiday catalog for 2025 features never-before-seen images of more than 100 one-of-a-kind masterpieces.

Foundrae United in Love Campaign Imagery
CollectionsOct 16, 2025
Foundrae Adds To ‘United in Love’ Collection

The brand has released a second installment of its collection of traditional and non-traditional commitment heirlooms.

Kathy Corey
IndependentsOct 15, 2025
Retailer Hall of Fame 2025: Kathy Corey

Corey rescued New England chain Day’s Jewelers, preserving its legacy with strong people skills, pragmatism, and a “get-it-done” attitude.

Colorado jeweler Peter Damian Arguello
CrimeOct 15, 2025
Men Receive Lengthy Prison Sentences for 2023 Murder of Colorado Jeweler

Charles Robinson Shay was sentenced to life in prison plus 120 years while his accomplice, Michael James McCormack, got 75 years.

Logo for Timepieces at Luxury
Events & AwardsOct 15, 2025
JCK, Luxury to Debut New Watch Section in Vegas Next Year

Timepieces at Luxury will take place at The Venetian and, like Luxury, will be invitation-only for the first two days.

Max Fawcett Claibourne Poindexter
AuctionsOct 15, 2025
Christie's Announces New Jewelry Department Leadership

The auction house named a new global head of jewelry, as well as a new head of the jewelry department for the Americas.

Schwanke-Kasten Jewelers, Tom Dixon
IndependentsOct 14, 2025
Retailer Hall of Fame 2025: Tom Dixon

As chairman of Schwanke-Kasten Jewelers, Tom Dixon has been tasked with honoring the past and shaping the future of the family-run store.

Katty Villapando Lyte and Mica Rencher of Shimmer LLC
Events & AwardsOct 14, 2025
Here Are the Winners of the BIJC, JA ‘Emerging Jewelers’ Grant

Katty Villapando Lyte and Mica Rencher received a $10,000 grant for their business, Shimmer Culture LLC.

Cooper Flagg family at Day’s Jewelers
IndependentsOct 14, 2025
Day’s Jewelers Crafts Custom Jewelry for No.1 NBA Draft Pick Cooper Flagg

The parents of the Dallas Mavericks rookie bought their engagement ring at a Day’s store in Bangor, Maine, in 1997.

Pragnell Kitulo Garnet collection
SourcingOct 14, 2025
Pragnell Debuts Kitulo Garnet Jewelry

The UK-based brand sourced the gemstones, which are fully traceable, from an artisanal mining community in Tanzania.

Astrid & Miyu 2025 12-Day, 24-Day, Solid Gold Advent Calendars
CollectionsOct 10, 2025
Count Down to the Holidays With Astrid & Miyu’s Advent Calendars

The trio of Advent calendars include a version with 18-karat gold and lab-grown diamond jewelry in a red lacquer jewelry box.

Front of Marla Aaron porcelain Nymphenburg Lock
CollectionsOct 10, 2025
Piece of the Week: Marla Aaron’s ‘Nymphenburg Lock’

Created in collaboration with Nymphenburg Porcelain, the lock is part of a four-piece collection that took two years to bring to fruition.

Alisa Bunger Frederick Goldman
MajorsOct 10, 2025
Frederick Goldman Names New VP of Sales

Jewelry industry veteran Alisa Bunger has taken on the role.

Feriel Zerouki, De Beers Chief Trade and Industry Officer
SourcingOct 09, 2025
Feriel Zerouki Is Leaving De Beers

The company and industry leader’s two-decade tenure with De Beers will come to a close at the end of the month.

Fabergé Imperial Winter Egg
AuctionsOct 09, 2025
This Fabergé Egg Could Crack $27M At Auction

“The Winter Egg” set the world auction record for a Fabergé piece twice at previous Christie’s sales.

Kessler watch battery recycling program
MajorsOct 09, 2025
Sy Kessler Buying Watch Batteries as Silver Hits Record High

The company will pay 1.5x silver’s current spot price for each pound of silver oxide batteries submitted.

Katkim Men’s Collection Shadow Pendant Necklace and Anerise Signet Band
CollectionsOct 09, 2025
Katkim Launches First Men’s Collection

The line includes a “Shadow” series crafted exclusively for the new men’s offering and reimagined styles from the brand’s core collections.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy