The rarest Ref. 2523 model depicting Eurasia will be available for purchase in May.
World Time watches are one of Patek Philippe's showpieces and a much loved model among collectors. The design is instantly recognizable: the main dial in the center has a 24-hour scale and day/night indication around the edge, inscribed with the names of cities around the world.
Its roots can be traced back to Louis Cottier (1884-1966), who invented a clock that could tell what time it was anywhere in the world back in 1930. The Patek Philippe manufacture bought his invention and began producing series of models for travelers with HU calibers (Heures Universelles) at the end of the decade. The company's name has been associated with this complication ever since. These models share many of the kinds of characteristics that experts value so highly.
The exclusiveness of these limited edition models makes them even more valuable, which are often limited to only a handful of pieces. The star of the show at the forthcoming Phillips in Association with Bacs & Russo auction in Geneva this May will be the Patek Philippe Ref. 2523 model featuring a map of the Eurasian landmass.
This is a truly rare model, which was only recently discovered in a private collection. Experts are certain it'll be a long time before it resurfaces at another auction. So don't miss your chance! The estimate is steep however, with the watch expected to fetch at least CHF 3.5 million. There were a number of Ref. 2523 models produced with cloisonné enamel dials depicting different continents.
Only eleven pieces are known to have been made: five with North America, three with South America, and three with Eurasia. The geographical theme isn't the only distinctive feature these watches share, the choice of case material also sets them apart. Out of the three known Eurasian pieces, one in yellow gold is housed in the Patek Philippe Museum, another belongs to a private collection, and the third piece has finally been pinned down.
Now it's time for this watch to find a new owner. The Ref. 2523 model debuted in Patek Philippe's collections in 1953, when the novelty with two winding crowns arrived to replace the 1415 which had one crown and the names of cities inscribed on the dial instead of the outer dial ring. Another thing that was different about the 2523 was that it expanded to 35.5 mm in diameter.
You only need to take a look at the results in watch auction archives to see the heights that have already achieved by the Ref. 2523. In May 2012, a Patek Philippe made in 1955 depicting the North American continent was sold at Christie's for CHF 2,771,000, which had been expected to fetch at least 1.6 million.
In 2006, Patek Philippe's North American watch went under the hammer at Antiquorum for CHF 2,250,000. If the estimates for the yellow-gold model to be auctioned off in May are anything to go by, we can expect to see a new record.