A family in the United Kingdom was surprised to learn just how much this rare stainless steel Patek Philippe “Calatrava” watch was worth. The timepiece sold for about $80,000 at a Hansons Cornwall auction on Aug. 25.
Penzance, England—A woman in the United Kingdom found a real treasure when looking through her late mother’s jewelry box.
The woman’s mother, who lived in Camborne, had told her daughter that she had an expensive watch tucked away, even noting it in her diary in a 2011 entry.
When Darren Ashley, senior valuer at auction house Hansons Cornwall, examined the watch, it became clear the woman was not exaggerating.
The watch turned out to be a rare Patek Philippe & Co. Calatrava Ref. 448, circa the 1930s, with serial number 822731 and case number 610667.
The dial is inscribed “Patek Philippe & Co Geneva” and has a subsidiary seconds dial. The jeweled movement is signed and numbered by the watchmaker.
“When I finally had the watch in my hands and was able to examine it properly, I knew we had something extremely rare,” said Darren Ashley, senior valuer at auction house Hansons Cornwall.
The case is stainless steel, a rarity for Patek Philippe that made it of special interest to collectors, said Ashley.
“When I finally had the watch in my hands and was able to examine it properly, I knew we had something extremely rare,” he said.
“But one of the things I loved most was its mechanical perfection. This was a watch dating back around 90 years that had spent decades within the same Cornish family and, when it was placed in my hands, it was still finely ticking away.”
The family put the watch up for sale at Hansons Cornwall’s “The Cornwall Antiques Sale” with a pre-sale estimate of £5,000-£10,000 ($6,800 to $13,600).
The auction was held Aug. 25, and buyers sprung up from around the world, including the United States, Japan, China, and Saudi Arabia.
After an intense bidding battle, a telephone bidder in Hong Kong won with a final bid of £59,000 ($79,892), more than six times its high estimate.
“The pre-sale interest was phenomenal. We had interest from serious collectors across the world, but nothing quite prepares you for watching that level of bidding unfold in the room,” said Darren.
Three members of the late woman’s family were in the audience, while others followed along at home.
“It is one of those results that reminds you why this business is so exciting. Something extraordinary can still be sitting quietly in a jewelry box just a few miles away,” said Ashley.
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The circa 1930s Patek Philippe originally belonged to the woman’s grandfather, who lived in Wadebridge and worked as a solicitor’s clerk in Bodmin.
He passed it on to his daughter, who kept it safe all those years.
The woman’s family thinks the watch may have been gifted to their grandfather by their grandmother, who loved to spend money on designer clothing and luxury items, they said.
Charles Hanson, owner of Hansons Auctioneers, said the family’s good fortune shows how important it is to seek expert advice on inherited items.
“What a wonderful result and a wonderful story. This little watch had passed quietly through generations of a Cornish family, its late owner knowing she had something valuable but perhaps never imagining quite how sought-after it would become,” he said.
“Patek Philippe represents the pinnacle of fine watchmaking and, when rarity, quality, and provenance come together, the results can be spectacular.”
