Patrizzi Auction June 4th, 2009

As you all now, the Patrizzi & Co auction was held in NYC for the very first time. There was a good vibe in the room when I arrived by lot 15. I was told upon entering, the Omega were doing really well and pulling strong numbers. I had faith that Rolex would do the same. I was very wrong.
While some benchmark Patek like the 5070 in white did well in the low-mid $50's, many Rolex lots pulled lower than expected numbers. Here are some low lights, I mean highlights!
Lot 99 18k Yachtmaster w/MOP ruby dial @ $10.5
Lot 156 bakalite GMT did not sell for $20k
Tudor was lower across the board, except for the turn-o-graph day date.
Lot 200 pointed 5512 w/4 line underline swiss dial sold for $12k
Lot 217 1655 orange hand did not sell for $11k
Lot 154 my DRSD did not sell @ $30k...THANK GOD!!!!!!
and so on and so forth.
What did sell were no name chronographs, Omega and Patek.
I am a little concerned that P & Co. did not pull much out of their rolex. It may be that there was really not much to get excited over but that said, there were 2 Newmans that sold for $50k and a little over $50k.
The days of Rolex flying out are not here, at least not on 57th and Madison. I am really serious to see what happens next week at the Antiquorum sale. They have some nice stuff and if numbers are down for Rolex then we are in for a long summer.
There were some "flukes" like an 18k 1675 w/papers which sold for $30k and a 1601 in solid gold @ $4700.00
Crazy!!! I cannot say if this a real sign that the US economy is starting to tighten it's grip but overseas auctions seemed to pull stronger numbers.
I will say it was nice to know there were no fakes being sold "by mistake". I bought a really nice Patek and while I did bid on many Rolex, I was not comfortable going too high as this market is a little "strange".
next week I will be back for Christies but more important AQ which will really tell us what we have to look forward to...or dread!

JB