Watches with dials that bear the name of not one but two brands have been attracting more and more attention from collectors and investors.

 

Watches of Noble Birth

 

It isn't rare for children of noble birth to be given double-barrel names to acknowledge that they're descendent from two great noble dynasties. The same can also be said of watches with two brands on their dials. Not one self-respecting watch manufacturer would launch a watch that pays tribute to a little-known company.

 

The opposite also applies: no big company would approach a run-of-the-mill watch brand with zero reputation to launch a model bearing their logo. In this way, an elite members-only club is formed, where only the best of the best are granted membership.

Patek Philippe Ref. 2499, 1971. Case, dial, movement and buckle signed, dial further signed Trucchi / Sourse: www.phillips.com
Patek Philippe Ref. 2499, 1971. Case, dial, movement and buckle signed, dial further signed Trucchi / Sourse: www.phillips.com
Patek Philippe Ref. 2499, 1971. Case, dial, movement and buckle signed, dial further signed Trucchi / Sourse: www.phillips.com
Patek Philippe Ref. 2499, 1971. Case, dial, movement and buckle signed, dial further signed Trucchi / Sourse: www.phillips.com

So you could say that double-signed watches are noble timepieces which command well-earned and profound respect across the board. In November 2019, Phillips In Association with Bacs & Russo held an auction in Geneva called Double Signed: A Celebration of the Finest Partnerships of Manufacturers and Retailers.

 

The organizers managed to compile 64 lots. On the one hand, that's not a lot. On the other hand, if the hosts organized a dedicated auction for these watches, it's safe to say that they make up a sizable sector of the watch business and represent an important category for collectors.

 

Moreover, we're only talking about one of many sub-categories of double-signed watches here. Apart from limited editions made for orders placed by major retailers, these watches are also launched for orders placed by the biggest global brands, and the most interesting of them are collaborations.

Here's a quick reminder: the top lot at the Double Signed auction was a perpetual calendar chronograph called Patek Philippe Ref. 2499, which was created in 1971 for the Neapolitan retailer Trucchi (CHF 1,580,000).

 

A similar model from 1981 made for the Gübelin store with its Zürich stamp came third, achieving a final sales price of CHF 462,500. Second place went to the Patek Philippe Ref. 3652 minute repeater from 1985, which the Swiss watchmaker made for the Genevan boutique Golay Fils & Stahl (CHF 572,00).   

 

At this point, it's important to mention that great names in star lots also play a role in setting the tone for the double-signed watch segment. The leader is of course Patek Phillippe. For example, more than half of the watches at the last Double-Signed auction had dials bearing this great Genevan maison's logo.

 

Rolex was in second place, followed by the usual Vacheron Constantin, Audemars Piguet, Jaeger-LeCoultre, Omega. But the creations of independent watchmakers are yet to top this leaderboard. You can come across models launched in partner projects between microbrand watchmakers every once in a while.

 

Audemars Piguet Ref. Photo number 513, 1939. Case, dial and movement signed, dial further signed Gobbi-Milan / Sourse: www.phillips.com
Audemars Piguet Ref. Photo number 513, 1939. Case, dial and movement signed, dial further signed Gobbi-Milan / Sourse: www.phillips.com
Audemars Piguet Ref. Photo number 513, 1939. Case, dial and movement signed, dial further signed Gobbi-Milan / Sourse: www.phillips.com
Audemars Piguet Ref. Photo number 513, 1939. Case, dial and movement signed, dial further signed Gobbi-Milan / Sourse: www.phillips.com

François-Paul Journe launched a total of 66 pieces to celebrate the acclaimed gunmaker Holland & Holland. The maestro cut two gun barrels, and these pieces were then rolled out to form flat strips used to make 38 and 28 dials, respectively, each "browned" to highlight the unique patterns created during the original manufacture. But the Holland & Holland logo doesn't appear on the dial, it's engraved on the ring securing the transparent caseback made of sapphire crystal.

 

Why They Love Them

 

These watches are more than just very, very rare pieces. Watchmakers both big and small are actually very defensive of the design used for their dials, and they don't like it when even the tiniest of changes appears on them, not to mention someone else's name.

 

You can often see this on models launched by major watch manufacturers exclusively for one of their retailers, where the retailer's logo is stamped on the glass but isn't written on the dial. In other words, these watches technically belong to the double-signed family, but their dials preserve their original appearance.

Secondly, demand for these watches on the pre-owned watch market also stems from the fact that manufacturers try to give them a timeless design, which won't be threatened by market fluctuations for many years to come.

 

Oh, and another reason for the heightened attention double-signed watches are getting of late is the sensational result achieved by the Patek Philippe Nautilus Ref 5011/1A model for Tiffany. It was auctioned off by Phillips in New York a year and a half ago, where Californian collector Zach Lu acquired the first piece in the limited series of simple steel three-hand watches for a staggering USD 6.5 million.

 

This figure made such an impression on the market for luxury items that collectors and investors along with some of the newcomers cutting their teeth on the pre-owned watch market actively began trying to hunt down double-signed watches with the aim of snapping them up immediately.

 

Zach Lu and Patek Philippe Tiffany 5711/1A-018​​ / Source: www.iflwatches.com
Zach Lu and Patek Philippe Tiffany 5711/1A-018​​ / Source: www.iflwatches.com
LeBron James and Patek Philippe Tiffany 5711/1A-018​​ / Source: www.iflwatches.com
LeBron James and Patek Philippe Tiffany 5711/1A-018​​ / Source: www.iflwatches.com
Thomas J. Hilfiger and Patek Philippe Tiffany 5711/1A-018​​ / Source: www.iflwatches.com
Thomas J. Hilfiger and Patek Philippe Tiffany 5711/1A-018​​ / Source: www.iflwatches.com

American celebrities who were lucky enough to become owners of Nautilus Tiffany watches still won't be seen wearing anything else at formal events or public appearances.

 

What’s in the Name?

 

The most common type of double-signed watches are models launched by watchmakers for one of their retailers. Not only are these watches rare, they're also very interesting. This is primarily down to the history of the watchmakers and luxury retailers alike. There's a good reason why dial-making departments at big Swiss watchmakers keep the master blocks for their long-time retailers. And some of them were made over a century ago.

 

Founder Antoni Patek of the great Patek Philippe & Co. met Charles Lewis Tiffany on his tour as a traveling salesman around the United States in 1847. Tiffany's sole boutique on Fifth Avenue in New York was just ten years old at the time. Patek and Tiffany instantly hit it off and made friends. Mr. Tiffany ordered one hundred and fifty watches by Patek Czapek & Cie. from the get-go.

This would have been a colossal order back in those days. Almost thirty years later, Tiffany and the watchmaker renamed Patek, Philippe & Cie. signed an unusual contract, where not only did the American party become the exclusive retailer of the manufacture's Swiss watches throughout the North American continent, it also obliged the retailer to represent the interests of Patek Philippe as its own.

 

After all, the vast majority of America's nouveau riche didn't have the faintest idea who Patek Phillippe was. But one thing they did know was that there was virtually nothing cooler than Tiffany. All in all, the Swiss watchmaker has Tiffany to thank for much of its fame and position as the number-one most sought-after brand on the market.

 

So it's no wonder many watches for the North American market were given dials with two signatures: Patek Philippe and Tiffany. The relationship between Tiffany and Rolex developed along a similar trajectory. 

 

Rolex Cosmograph Daytona, Reference 16523, retailed by Tiffany & Co., Circa 1988 / Source: www.sothebys.com
Rolex Cosmograph Daytona, Reference 16523, retailed by Tiffany & Co., Circa 1988 / Source: www.sothebys.com
Rolex Cosmograph Daytona, Reference 16523, retailed by Tiffany & Co., Circa 1988 / Source: www.sothebys.com
Rolex Cosmograph Daytona, Reference 16523, retailed by Tiffany & Co., Circa 1988 / Source: www.sothebys.com

Precisely the same role was played by Venezuela's largest luxury watch retailer Serpico y Laino in order to promote Swiss watchmakers on the South American market almost exactly a century ago. The business was founded by two Italian émigrés in Caracas. Venezuela is one of the world's largest oil-producing countries, and was once in the top-five richest countries per capita.

 

Every Latin American macho dreamed of purchasing a watch from Serpico y Laino with the "extra" name of a Swiss manufacturer on its dial. It would be unfair to overlook another South American name: the renowned Brazilian luxury watch and jewelry retailer, Gondolo & Labouriau.

 

After all, the inscription "CHRONOMETRO GONDOLO" on many watches by Patek Philippe doesn't refer to any model whatsoever, contrary to the common misconception, it refers to the boutique in Rio de Janeiro. We should mention that this prestige was of no small importance on the European continent either.

 

European preferences would of course primarily be focused on the watch brands, but Europeans were still well aware that a Calatrava or Oyster with an additional name on its dial — such as Asprey, Astrua, Beyer, Bucherer, A. Cairelli, Gobbi, Gübelin, Guidici, Hausmann & Co., Trucchi, Türler or Wempe — would be a little better than an ordinary Calatrava or Oyster.

 

Patek Philippe Ref. 1463, 1952. Case, dial, movement and buckle signed, dial further signed Serpico y Laino / Sourse: www.phillips.com
Patek Philippe Ref. 1463, 1952. Case, dial, movement and buckle signed, dial further signed Serpico y Laino / Sourse: www.phillips.com
Patek Philippe, 1912. Case, dial, movement and buckle signed, dial further signed Chronometro Gondolo / Sourse: www.phillips.com
Patek Philippe, 1912. Case, dial, movement and buckle signed, dial further signed Chronometro Gondolo / Sourse: www.phillips.com

Models from the mid-20th century with dials marked by the brands Cartier and Hermès are of particular interest. These great French maisons scaled back their in-house watch production for a few decades for a variety of reasons, but they'd occasionally order the most interesting models from large Swiss watchmakers to fulfill their clients' wishes.

 

The double signature "Patek Philippe Cartier" would be perceived as strange now, perhaps as bizarre as "Rolex Omega", but back then it was perfectly acceptable. As a matter of fact, these types of watches were even a rare occurrence back then, which explains why they hardly ever resurface at auctions.

 

Partnerships between watchmakers and retailers sometimes lead to the birth of very special double-signed watches. One example from the previous century would be a special partnership with Asprey, the London jewelry and watch boutique once adored by Queen Victoria herself.

 

This retailer went out of its way for a loyal client, Sultan of Oman Qaboos Bin Said Al Said. Asprey ordered special models from their best Swiss partners, Audemars Piguet and Rolex, which had dials depicting the Sultanate's national emblem featuring the traditional Oman khanjar dagger. These can also be counted as double-signed watches.

 

Patek Philippe Ref. 766, 1969.  Case, dial and movement signed, dial signed Cartier, enamel signed by the artist, Madame Luce Chappaz / Sourse: www.phillips.com
Patek Philippe Ref. 766, 1969. Case, dial and movement signed, dial signed Cartier, enamel signed by the artist, Madame Luce Chappaz / Sourse: www.phillips.com
Audemars Piguet Ref. BA 14153, 1978. An extremely rare and highly attractive yellow gold wristwatch with date and bracelet, made for the Sultanate of Oman /  Sourse: www.phillips.com
Audemars Piguet Ref. BA 14153, 1978. An extremely rare and highly attractive yellow gold wristwatch with date and bracelet, made for the Sultanate of Oman / Sourse: www.phillips.com

Just Business

 

Around the mid-20th century, many large non-watch brands that had survived both the Great Depression and the Second World War began marking their anniversaries. In order to highlight the timelessness of both their brands and products, they sought to make their own watches of sorts.

 

Seeing as the most popular watches at the time were diverse variations of Rolex Oyster, the vast majority of anniversaries set out to make a deal in Bienne, the heart of the Swiss watch giant's production at the time. That's not to say that Rolex was overjoyed to be inundated with such offers.

 

In order to politely turn these offers down, Rolex would insist on compensation for having to halt the watchmaker's own production for the sake of a few hundred exclusive watches, unavoidable in such cases, and would then quote a huge price, often exceeding the cost of launching a new model from scratch... But that didn't deter companies. They were prepared to pay any price.

Especially the American companies who were hell-bent on making these watches. As a result, modern collectors are eager to hunt down models like the Rolex Pan Am, Rolex Coca Cola, Rolex Domino’s Pizza etc., which have logos of American industry giants at 6 o'clock where the inscription "Superlative Chronometer" would normally be found...

 

A company's board of directors would typically reward their most deserving veteran employees with these watches. But at the end of the day, the majority of these models end up in the collections of people who hunt down unusual varieties of Rolex Oysters. They appear at auctions from time to time. These pieces may certainly be a long way off the auction record mark, but interest in them is pretty stable.

 

Curiosities for Charity

 

As for the current trend for watches that microbrands occasionally launch in partnership, you could categorize these pieces as curiosities. There haven't been too many of them yet. They're mainly launched for charity auctions like Only Watch, where it's very desirable but expensive for small independent companies to participate because they don't generate any profit.

 

De Bethune Voutilainen Kind Of Magic
De Bethune Voutilainen Kind Of Magic

But these double-signed watches hold great potential. If nothing else, this has been shown by pieces created in partnership by hot favorites on the pre-owned market De Bethune and Finnish watchmaker Kari Voutilainen for the Only Watch auction two years ago. Their model called De Bethune x Voutilainen Kind of Magic was only estimated to raise CHF 200,000 – 250,000 but sold for CHF 1.3 million.

 

It's interesting that De Bethune provided the case and movement for the watch, while Voutilainen only developed the design for the dial and guillochéed it. However, the dial itself only sports the signature "VOUTILAINEN", and the engraving "DE BETHUNE" appears on the delta-shaped bridge over the seconds wheel on the reverse side of the swiveling case. But if we use a broader modern definition of double-signed watches, this model can still be considered one.

 

Judging by the hammer price, these kinds of collaborations are of great interest to collectors. That's why we can't wait for the next Only Watch auction in Geneva this November, where at least six collaborative models will be presented. Next month, we'll introduce you to the potential stars of that upcoming auction.

 

Credits taken from: www.phillips.comwww.sothebys.comwww.iflwatches.comwww.tiffany.com