Well, it is official. AQ put any talk of a market slowdown to rest with a strong turnout yesterday in NYC. They did almost 6 million in sales and have solidified their standing as the "World's Premier Watch Auctioneer".
I was in the Lincoln Tunnel when I was called to bid on the first lot and I was out bid before I saw the light of Manhattan. This was a sign of what was to come as the day progressed. I was very under the weather as Jo and James have been fighting some kind of bug, but Rolex held strong in the first session with these highlights:
Lot 104 Tiffany 16550 Cream w/bill of sale @ $17.4k hammer + commission
Lot 106 6263 w/RC dial @ $54k hammer + commission
Lots 107-110 were strong for current pieces
Lot 205 6262 was right @ $21.6k hammer + commission
Lot 207 6263 Fuerza @ $46.8k hammer + commission
Lot 208 16520 "patrizzi" went wild @ $36k hammer + commission
and so on...
Patek and other non Rolex "heavy" watches were very strong across the board. The McQueen stuff was unreal with the highest prices paid for a Heuer and 5512 !
OK, now that the stats are in the book, let's talk about the unmentionables. As you all know I have been leaning closer to the auction world lately for various reasons. Having been at both Patrizzi and AQ over the last week i have to say there was a definite "buzz" in the AQ room that was not present at P & Co. Look, my job is to be as honest and impartial as possible. Even though I have associated myself with P & Co. as their "Rolex expert", AQ drew far more people and brought higher numbers. True, AQ had 125 more lots than P & Co. but AQ pulled strong Rolex numbers where P & Co did not. Now we all know P & Co. is a new house, but OP himself is leading the charge and quite frankly I believed his presence would create the aura of "the new AQ". Not yet, maybe next time.
This AQ auction along with Christies and Bonhams have made it quite clear that the high end watch market is strong, as long as you sell in a room full of maniacs with the same common goal. Vintage has a real draw for many of us, but also the heavy non Rolex market is doing quite well.
I think we will buy well over the next few months and as I already predicted, the bottom of the market will be here by September. Right September. We are not out of the woods yet. Just look at the stuff available online and how good some of the pricing is. I see good deals on 47th street regularly, but real buyers are not easy to find so we go to the auction houses.
I think we need to still be careful and buy right. Modern stuff has stabilized, but vintage is all based on condition and pricing.
This summer will be a great time to buy, so load up and buy right!
JB
Friday, June 12, 2009
Friday, June 5, 2009
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
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
Wednesday, June 3, 2009
LOT 198 is pulled from the sale, Patrizzi stands behind quality.
As many have seen after reading my previous post, I was a little unsure if P & Co were really going to do things differently or if it would be just "more of the same". Well, I have to say they are really committed to weeding out anything bad or questionable in order to provide ONLY high quality stuff for those who are interested.
Case in point, lot 198.
This was a really wild story, as I posted below. I did not see this watch for some reason when I was doing the regular inspection. In going through a watch sleeve, I noticed a bad bracelet and subsequently, a fake DRSD. For me, it was so painfully obvious that it was a complete "Vietnam" fake with nothing real but the 1570 movement. When I pointed this out to the staff, Osvaldo was overseas so I took the piece over to Ed Faber at his location to show him. While it was apparent the dial was fake, I kind of got the feeling that Ed was not convinced the case and the rest was wrong. I left it in his hands. Last week the catalog came out and I was not surprised it was still in there, taking up 2 pages! If you check, I posted about it on May 19th and knew the catalog was already at the printer so I figured I would alert anyone who would see it and tell them to stay away! Well, when I went over to check out the preview yesterday Osvaldo himself walked up to me and sincerely thanked me as everyone had handled that watch and did not catch on. He then told me that when he was made aware, he personally examined the watch again and weighed the components, only to confirm the case was counterfeit. I know, some of you are saying "how did this get past everyone"?? Well, as I stated, auction houses are in the business to sell watches and as I am sure when you look at other houses many bad pieces get in mainly because they do not have qualified people (or interested people) willing to stand up and say something is wrong. Think about it, this watch WILL sell for $25k and up, and these places work on commission...need I say more?
NOT THE CASE HERE!!!
The watch is off the block and will be returned to it's owner who may or may not know it was counterfeit when they submitted it. I really feel as though Patrizzi & Co could have gone either way, maybe just say the dial is refinished and let it run and take the money, but that is not the case. OP and I spoke for a good while about honesty and transparency. I truly believe this company is going to set a high standard.
I really feel better about this whole thing.
Yes, there are a still some differences between tuscanyrose and P & Co, but I feel all of this can be worked out.
lol! By this I mean Philip Poniz introduced himself to me (he is a really nice person) and, lot 198 in hand, asked me to show him (and one of their "watch experts") how I can tell so quickly that it is fake.
ARE YOU SERIOUS?
Professor TUSCANYROSE????
I don't think so. Not yet, if you know what I mean. Many of you know me and know I do what I do for many reasons. I was asked to help, and I did. You all also know me as a raging capitalist!!! Get my drift???
So let's just say they were blessed on this auction. We will be discussing my future "position" after the auctions end this spring.
Will I really "pick sides"? I do not know, but I will say I like that these folks are truly serious about making P & Co. the biggest watch auctioneers in the world. They can and will take it to AQ, which will only be good for collectors and dealers alike.
Tomorrow is the big auction and I am feeling comfortable.
This is a good thing.
News at 11...
JB
Case in point, lot 198.
This was a really wild story, as I posted below. I did not see this watch for some reason when I was doing the regular inspection. In going through a watch sleeve, I noticed a bad bracelet and subsequently, a fake DRSD. For me, it was so painfully obvious that it was a complete "Vietnam" fake with nothing real but the 1570 movement. When I pointed this out to the staff, Osvaldo was overseas so I took the piece over to Ed Faber at his location to show him. While it was apparent the dial was fake, I kind of got the feeling that Ed was not convinced the case and the rest was wrong. I left it in his hands. Last week the catalog came out and I was not surprised it was still in there, taking up 2 pages! If you check, I posted about it on May 19th and knew the catalog was already at the printer so I figured I would alert anyone who would see it and tell them to stay away! Well, when I went over to check out the preview yesterday Osvaldo himself walked up to me and sincerely thanked me as everyone had handled that watch and did not catch on. He then told me that when he was made aware, he personally examined the watch again and weighed the components, only to confirm the case was counterfeit. I know, some of you are saying "how did this get past everyone"?? Well, as I stated, auction houses are in the business to sell watches and as I am sure when you look at other houses many bad pieces get in mainly because they do not have qualified people (or interested people) willing to stand up and say something is wrong. Think about it, this watch WILL sell for $25k and up, and these places work on commission...need I say more?
NOT THE CASE HERE!!!
The watch is off the block and will be returned to it's owner who may or may not know it was counterfeit when they submitted it. I really feel as though Patrizzi & Co could have gone either way, maybe just say the dial is refinished and let it run and take the money, but that is not the case. OP and I spoke for a good while about honesty and transparency. I truly believe this company is going to set a high standard.
I really feel better about this whole thing.
Yes, there are a still some differences between tuscanyrose and P & Co, but I feel all of this can be worked out.
lol! By this I mean Philip Poniz introduced himself to me (he is a really nice person) and, lot 198 in hand, asked me to show him (and one of their "watch experts") how I can tell so quickly that it is fake.
ARE YOU SERIOUS?
Professor TUSCANYROSE????
I don't think so. Not yet, if you know what I mean. Many of you know me and know I do what I do for many reasons. I was asked to help, and I did. You all also know me as a raging capitalist!!! Get my drift???
So let's just say they were blessed on this auction. We will be discussing my future "position" after the auctions end this spring.
Will I really "pick sides"? I do not know, but I will say I like that these folks are truly serious about making P & Co. the biggest watch auctioneers in the world. They can and will take it to AQ, which will only be good for collectors and dealers alike.
Tomorrow is the big auction and I am feeling comfortable.
This is a good thing.
News at 11...
JB
Friday, May 29, 2009
Resting before the big week...
I am taking the last few days off to rest as I have developed a nasty cold/sinus infection/whatever. I have to say I am not the least bit happy with the Patrizzi catalog. In addition to not using using some of the insight I provided on certain lots, many of the photographs are not really allowing said items to shine. There are many things I need to get straightened out with them before I "jump on board". I don't know. it just seems there is a conflict of interest in that auction houses need to sell stuff but I am a real nit picky person who looks at descriptions and EXPECTS to get all the relevant information before i place a bid. I know I am being kind of hard but I guess that is just me. Lot 200 is a pointed gilt 5512 which I specifically mentioned that they need to note the "underline" dial, and sure enough, the catalog does not even mention it. In addition, it says the watch is from 1967 with an 8xxxxx serial number. Geez. Also, the picture is so bad you can barely make out it has an underline so where is this watch going?
Lot 264 is my 16550 w/rail dial, which is not mentioned. My Tudor Saudi w/box and papers does not show the box which has a rare Saudi plastic seal. Little things which would really make certain watches pop that are not mentioned.
I have to say, the jury is out on all this. If they do not care to take this as seriously as I do, then they can do it themselves.
Very frustrating...
Lot 264 is my 16550 w/rail dial, which is not mentioned. My Tudor Saudi w/box and papers does not show the box which has a rare Saudi plastic seal. Little things which would really make certain watches pop that are not mentioned.
I have to say, the jury is out on all this. If they do not care to take this as seriously as I do, then they can do it themselves.
Very frustrating...
Friday, May 22, 2009
Here it is...lot 199
OK. 5513, HEV, 1.3 serial, sloppy relume, gnarley engraving on caseback.
Did not come in as a COMEX, as there are no shots of the HEV. I have more scans but I believe this is really an early prototype or something special. I will post scans in a minute but please discuss and lets see what comes of it. They want honesty and transparency so here it is!!!!!
The HEV is CORRECT, the numbers look right and I really think it is special.
JB
Tuesday, May 19, 2009
Fakes and auctions...
Wow. Just a little update.
Just discovered a DRSD fake which almost made it to auction. I did not see one group of watches during my inspection and BAM, sure enough, here is a fake. Crazy.
This had everything fake but for the movement, dial, hands, case, etc. Not for anything, the case was not too bad. These counterfeiters are really getting better and better.
I do not know if this was photographed but if you see a fake in the catalog don't yell at me. It will obviously not be sold but it is a little frightening.
I am glad I am doing this. It is painstaking and stressful, but in the end I want an auction house that people can trust 100%.
This watch supposedly was consigned by a collector overseas. Whether they knew is anyones guess, but auction houses have a difficult position where they make money selling stuff and with each piece that is rejected, their profit is lowered. Now can everyone see why there are so many fakes sold?
My new found calling is really a "work in progress". I can only inspect if I see the piece and I believe I have now seen all the rolex/tudor, but I am going in again to review one more time so when this begins on June 4th there are no questions and people can bid with confidence.
Oh yeah, I will be posting some pics of that "special piece" next week. There is a whole lot of protocol so I have to keep mum, but I promise it will be worth it. There are a few really nice pieces including my famous DRSD tropical dial! Yeah, I am cleaning house and will start over this summer. I actually bought a few pieces including a blue MC, 16520 S serial B & P, Tudor Sub, 5513 maxi.
Well, gotta wait for FEDEX then get on my horse. The damn pool heater is not working and I have a bunch of people coming over the weekend so I am stressed.
Never a dull moment at the "ponderosa"...
JB
Tuesday, May 12, 2009
Fun, Fun, Fun...
For everyone who has not heard I am going to be inspecting all the Rolex watches going up for sale at Patrizzi & C0. Yup, little old me and some of the biggest guns in the world of high end watches. Nope, I am not crazy. No, I don't have a political death wish. I am just looking to align myself with a strong auction house that will be HONEST when selling their goods. I can help them as I handle alot of collectible watches and being that I am on 47th street, I also know all the tricks when it comes to fakes.
Simple formula, isn't it? For some time I have been telling all who will listen that the only way to really get the highest price for your stuff is to sell at auction. The only problem with that was many of the other auction houses are really not too sharp when it comes to watches, ESPECIALLY vintage Rolex. I am not saying they sell bad or problematic stuff intentionally, it is just that they do not have the proper staff who really know the ins and outs of vintage Rolex. You have to admit, vintage Rolex is not like vintage Patek!!! There are no "archives" to refer to. The only archives are the old photos in my old hard drive and the 4 -5 active brain cells in my head! lol!!
Seriously, having seen the way AQ has really stepped it up (as I reported a while back) with a quality check list, it is only natural the other houses follow suit. Patrizzi & Co. took it to another level as they asked me to personally assist by letting them utilize my main watchmaker (Rolex certified/trained master watchmaker, 2nd generation) and also allow me to personally inspect all Rolex BEFORE they are sold.
Pretty cool, huh? I mean, you all know me and know I will not allow any fake or questionable crap to be sold to some poor unsuspecting person.
No way, no how. In my findings today there was not much except one really special piece, which I discovered quite innocently. You might ask, what will Buckley spot that the great OP & Co. cannot? Anyone who asks that has never seen the inner workings of a big auction house during a watch sale preparation. It is the same way I would miss something obvious because there is so much else going on. Well, my "fresh" eyes picked up on something really special. It will be described properly and hopefully sell for BIG money to some really lucky person. Nah, I am not going to say which piece yet. I will wait until I'm finished with the rest of the catalogue, but this was A MONSTER FIND. What can it be?
Soon my faithful readers, soon.
In any event, I am really proud to be associated with Patrizzi & Co. I believe the only other "real" watch auction house is Antiquorum, which has done really well having sold another (yes, another) MILLION DOLLAR Patek. Can you believe that? Well done and hats off to AQ and it's chairman BM. I can only hope that P & Co will be the one to sell the first million dollar Rolex!Well, that is it for now. Please understand that my new found calling with P & Co. does not mean I am not doing my usual "thang-thang" at 37 west, it just means call me or the store/office/cell frst if you want to make sure I can be there to greet you.
I am looking forward to June and all the fun it will bring...JB
Simple formula, isn't it? For some time I have been telling all who will listen that the only way to really get the highest price for your stuff is to sell at auction. The only problem with that was many of the other auction houses are really not too sharp when it comes to watches, ESPECIALLY vintage Rolex. I am not saying they sell bad or problematic stuff intentionally, it is just that they do not have the proper staff who really know the ins and outs of vintage Rolex. You have to admit, vintage Rolex is not like vintage Patek!!! There are no "archives" to refer to. The only archives are the old photos in my old hard drive and the 4 -5 active brain cells in my head! lol!!
Seriously, having seen the way AQ has really stepped it up (as I reported a while back) with a quality check list, it is only natural the other houses follow suit. Patrizzi & Co. took it to another level as they asked me to personally assist by letting them utilize my main watchmaker (Rolex certified/trained master watchmaker, 2nd generation) and also allow me to personally inspect all Rolex BEFORE they are sold.
Pretty cool, huh? I mean, you all know me and know I will not allow any fake or questionable crap to be sold to some poor unsuspecting person.
No way, no how. In my findings today there was not much except one really special piece, which I discovered quite innocently. You might ask, what will Buckley spot that the great OP & Co. cannot? Anyone who asks that has never seen the inner workings of a big auction house during a watch sale preparation. It is the same way I would miss something obvious because there is so much else going on. Well, my "fresh" eyes picked up on something really special. It will be described properly and hopefully sell for BIG money to some really lucky person. Nah, I am not going to say which piece yet. I will wait until I'm finished with the rest of the catalogue, but this was A MONSTER FIND. What can it be?
Soon my faithful readers, soon.
In any event, I am really proud to be associated with Patrizzi & Co. I believe the only other "real" watch auction house is Antiquorum, which has done really well having sold another (yes, another) MILLION DOLLAR Patek. Can you believe that? Well done and hats off to AQ and it's chairman BM. I can only hope that P & Co will be the one to sell the first million dollar Rolex!Well, that is it for now. Please understand that my new found calling with P & Co. does not mean I am not doing my usual "thang-thang" at 37 west, it just means call me or the store/office/cell frst if you want to make sure I can be there to greet you.
I am looking forward to June and all the fun it will bring...JB
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