Well, Antiquorum had another MONSTER auction, bringing in over $9 million. $9 million.
It is really good to see the big players stepping up to buy top shelf pieces. It shows they are looking for sound investments and by the looks of these results, they have found them. While Rolex was not in the top 5 highest lots, there were some pretty impressive hammer prices like:
lot 233 @ $182k
This "pre Daytona" 6234 was pristine and it brought in big money for a non oyster.
while the 6238 "pre daytona" lot 232 only brought in $24k, mainly due to the refinished dial.
Lot 226 Milgauss 6541 was respectable even with it's aftermarket hands @ $45k
Parts were strong with lot 206, james bond bezel w/insert sold for $6k, which is about right for a red triangle.
Lot 98 Texas dialed 6263 Paul Newman came in at $70k. Do I say something? Ok, I will say something:
While I have been the one of the "more vocal" dealers speaking out on the texas dial regarding it's status as a "non original" part, these things keep selling and selling for strong money.
It appears people do not really care, so I am taking a back seat and watching the parade! The $10k reward is still up for the taking, and even though I guarantee no one will ever claim it, I am kind of liking these dials these days and would not have a problem wearing one...or dealing one. People know their history and are still paying up, though maybe not as much as a "non texas" Newman dial, so I am backing off.
That said, AQ really took it to the limit with the big Patek lot going $1.2 million w/hammer. Amazing. Big up to Evan, Bob and the crew, and especially Courtney who got my bids in through online problems and all, allowing me to win the 2 lots I wanted most. The bad weather prohibited me from getting to NYC and thanks the great AQ staff (Heather too) my bidding was seamless.
Patrizzi is also shaking things up. While they are setting up for a big payday of their own on Monday, they have a new "silent auction" process which is really going to change the way the big auction houses look at sales. here's how:
During the 3-4 day preview, sellers are allowed to place lots in for an authentic "silent auction". I personally placed 8 pieces with low reserves which will be sold or returned on Monday.
This will allow sellers to circumvent the 3 month turnaround time from drop off to payoff which is a real hassle for guys like me who sell fast and cheap. If it works and pieces sell, it will revolutionize the big auction game and allow more people to join and pull "retail" like prices from their stock. I think Patrizzi has the right idea and even though we have butted heads in the past, I like what they're doing and support them 100%.
I look forward to personally watching the action on 57th Monday. This is a big auction for Patrizzi and I really hope they do well.
news at 11, on Monday that is!
Friday, December 11, 2009
Sunday, November 22, 2009
The Strange, Strange Market...
What else can I call it? Strange is the only way I can describe a market where big auction houses are pulling crazy prices and mid level ($10-$30k) watches sit on forums. I have seen nice items sit, and crap sell in a heartbeat. It seems with the lack of a strong buying presence (end users) in the USA, we all are shopping our goods overseas. Overseas buyers are paying up, but not at the rate of 2007/8 and thus there is a glut of items on the market which sit above the "entry level" price point. Let's look at plastic daytonas. What is the buy in? I say $20-23k for screw downs, papers add $1-2k depending on package? Well, you cannot buy one. There are some papered ones on the market from known dealers for $28k and they are sitting. Interesting.
Tropical subs are losing steam also. Well, not losing steam but they MUST be priced right to sell. The big matzoh ball is what does "priced right" mean? I cannot tell you. It has to do with a buyers need, as always, but many US dealers are treading very cautiously after getting stuck with lots of overpriced stuff last year before the crash. They will never admit to a crash though. they will point to auction results and justify crazy numbers. What does the buyer make of this? Well, for starters you need to buy very carefully. Gold is continuing to rise and the dollar is dumping, unemployment is at 10% and we hear that business is good. But it is good, very good for certain pieces. If you can buy right and buy what is moving there is money to be made, just not the kind of money many US and EU dealers were making 2 years ago. It is puzzling, but yet we still buy. can this market spike again, as it did in 2007/8? I say no. many disagree, but those are people sitting on millions of dead overpriced stock. OK, not dead stock, just overpriced. The US buyer/end user is tight on funds. disposable income is scarce thus everything has to sell overseas where many of these boys have been collecting for years and have plenty of :"collectables". See my point?
We hear the common person who watches the DOW thinking it is a barometer for the state of the US economy saying "look, it is getting better", not realizing how the market works and who it really affects.
I have not pointed out any examples of high auction sales because may who read this know what I am talking about. many here also can see this "two tier" market continue to spread w/more area in between than ever.
What do we make of it? Are the auction houses "shilling", driving up their prices with fake bids in order to "project" a stronger market? I say no. I could see if it were one auction that was high/unrealistic but all houses are pulling strong numbers so it is unlikely there is any shenanigans. So why are auctions pulling strong numbers and privates cannot sell at the same level?
Maybe it is the following. Auctions historically have appealed to many rich people who get together and bid against each other and against their own egos...see what I mean?
It looks like something I said long ago is happening and that is the auction houses are where to go in order to bring the highest price for any special piece, and any piece in general. They have a following and are trusted. In a couple of weeks P & Co, along with AQ will have their NYC sales and I promise there will be heavy numbers on the buy side.
We just have to look within and see what all this means to the "lower tier"...
Tropical subs are losing steam also. Well, not losing steam but they MUST be priced right to sell. The big matzoh ball is what does "priced right" mean? I cannot tell you. It has to do with a buyers need, as always, but many US dealers are treading very cautiously after getting stuck with lots of overpriced stuff last year before the crash. They will never admit to a crash though. they will point to auction results and justify crazy numbers. What does the buyer make of this? Well, for starters you need to buy very carefully. Gold is continuing to rise and the dollar is dumping, unemployment is at 10% and we hear that business is good. But it is good, very good for certain pieces. If you can buy right and buy what is moving there is money to be made, just not the kind of money many US and EU dealers were making 2 years ago. It is puzzling, but yet we still buy. can this market spike again, as it did in 2007/8? I say no. many disagree, but those are people sitting on millions of dead overpriced stock. OK, not dead stock, just overpriced. The US buyer/end user is tight on funds. disposable income is scarce thus everything has to sell overseas where many of these boys have been collecting for years and have plenty of :"collectables". See my point?
We hear the common person who watches the DOW thinking it is a barometer for the state of the US economy saying "look, it is getting better", not realizing how the market works and who it really affects.
I have not pointed out any examples of high auction sales because may who read this know what I am talking about. many here also can see this "two tier" market continue to spread w/more area in between than ever.
What do we make of it? Are the auction houses "shilling", driving up their prices with fake bids in order to "project" a stronger market? I say no. I could see if it were one auction that was high/unrealistic but all houses are pulling strong numbers so it is unlikely there is any shenanigans. So why are auctions pulling strong numbers and privates cannot sell at the same level?
Maybe it is the following. Auctions historically have appealed to many rich people who get together and bid against each other and against their own egos...see what I mean?
It looks like something I said long ago is happening and that is the auction houses are where to go in order to bring the highest price for any special piece, and any piece in general. They have a following and are trusted. In a couple of weeks P & Co, along with AQ will have their NYC sales and I promise there will be heavy numbers on the buy side.
We just have to look within and see what all this means to the "lower tier"...
Friday, October 30, 2009
IWJG NYC Show Report
As many of you know and have read here, I was not confident going into this show. Having been through the routine of dealer to dealer based shows, I felt there would be nothing priced to buy for resale. Boy, was I wrong.
This show was a total rush from start to finish. I set up in the front, across from Aaron Faber/Patrizzi, left of Bob Wingate, feet away from Robert Maron Watches/AQ. From my first steps around the room, I knew this was going to be a good one. The dealers were buzzing and pricing seemed to be adjusted (for some) and buyers were abundant.
Let's dissect: From a selling standpoint parts were HUGE. I moved more parts at this show than I did since the 2008 Orlando IWJG show. many many foreign buyers looking for anything and everything, paying what I feel to be fair prices. Some strange things sold like newer model dials, old refinished plates, date wheels, and little things. My usual "small ball", high volume sales.
I was buying anything plastic and in the $5k range. I scored many times only to have a buyer offer me more five minutes after I bought it. This went on both days. Flipping is my business and I honestly could have came with nothing but a checkbook and left with the same only with a bigger balance. NICE!!!
Big Patek seemed sluggish with some of the "big boys" bringing home what they brought with them. Well, Brinks had a good day!
Lower end and mid level stuff in and around the $10k price point were moving quickly. I did see many dealers who were overpriced sitting, looking a bit confused as to why they did not sell anything the whole show, and there were a few of them!
Now I am not saying big pieces did not sell (I sold two over $30k, one of them modern) but there were many a dealer who went home with the same olastic Daytona priced between $25-35k. All the big boys had plenty of plastic chronos and they did not sell. the big Newman boys saw the same lack of action. I am not sure if it was the asking price but one BIG dealer said there was alot of lookers, not enough buyers. No worries, these will all sell at auction, where they BELONG!!!
The big part of this show which contributed to the smaller pieces selling was the new IWJG policy which let members invite guests. I has 11 people and some of my regular NY boys come and they all spent, but think about it: these "new dollars" walked in as "CASH ONLY" buyers so how much and which pieces do you think they bought? Corectamundo, the smaller pieces. It was a blessing to have these people bringing in money loosening up the dealers and it was a HUGE success. I have spoken with Olga Bullock, owner of IWJG and she has given me permission to invite as many VRF/TBR (the Buckley Report) readers free of charge to any and all US based shows including Vegas, Miami, Orlando, etc. What a great perk!
This is a sign of the market my faithful readers. not much disposable income so people are going smaller. Many of the big perfect pieces just sat, as well as some way overpriced "tropical" watches.
Patrizzi and Antiquorum were consigning and appeared to do well. Great thing! Look for big pieces to sell swiftly at the right venue, a room full of rich buyers, not dealers looking to turn a profit.
This my take on the show and of course there will be many who disagree. remember,even though I am a dealer, i am telling it like it was for me. remember the motivation of others who may WANT TO SEE IT DIFFERENTLY.
It was my pleasure to attend and if anyone wants to get free admission to any IWJG show, please email me.
JB
This show was a total rush from start to finish. I set up in the front, across from Aaron Faber/Patrizzi, left of Bob Wingate, feet away from Robert Maron Watches/AQ. From my first steps around the room, I knew this was going to be a good one. The dealers were buzzing and pricing seemed to be adjusted (for some) and buyers were abundant.
Let's dissect: From a selling standpoint parts were HUGE. I moved more parts at this show than I did since the 2008 Orlando IWJG show. many many foreign buyers looking for anything and everything, paying what I feel to be fair prices. Some strange things sold like newer model dials, old refinished plates, date wheels, and little things. My usual "small ball", high volume sales.
I was buying anything plastic and in the $5k range. I scored many times only to have a buyer offer me more five minutes after I bought it. This went on both days. Flipping is my business and I honestly could have came with nothing but a checkbook and left with the same only with a bigger balance. NICE!!!
Big Patek seemed sluggish with some of the "big boys" bringing home what they brought with them. Well, Brinks had a good day!
Lower end and mid level stuff in and around the $10k price point were moving quickly. I did see many dealers who were overpriced sitting, looking a bit confused as to why they did not sell anything the whole show, and there were a few of them!
Now I am not saying big pieces did not sell (I sold two over $30k, one of them modern) but there were many a dealer who went home with the same olastic Daytona priced between $25-35k. All the big boys had plenty of plastic chronos and they did not sell. the big Newman boys saw the same lack of action. I am not sure if it was the asking price but one BIG dealer said there was alot of lookers, not enough buyers. No worries, these will all sell at auction, where they BELONG!!!
The big part of this show which contributed to the smaller pieces selling was the new IWJG policy which let members invite guests. I has 11 people and some of my regular NY boys come and they all spent, but think about it: these "new dollars" walked in as "CASH ONLY" buyers so how much and which pieces do you think they bought? Corectamundo, the smaller pieces. It was a blessing to have these people bringing in money loosening up the dealers and it was a HUGE success. I have spoken with Olga Bullock, owner of IWJG and she has given me permission to invite as many VRF/TBR (the Buckley Report) readers free of charge to any and all US based shows including Vegas, Miami, Orlando, etc. What a great perk!
This is a sign of the market my faithful readers. not much disposable income so people are going smaller. Many of the big perfect pieces just sat, as well as some way overpriced "tropical" watches.
Patrizzi and Antiquorum were consigning and appeared to do well. Great thing! Look for big pieces to sell swiftly at the right venue, a room full of rich buyers, not dealers looking to turn a profit.
This my take on the show and of course there will be many who disagree. remember,even though I am a dealer, i am telling it like it was for me. remember the motivation of others who may WANT TO SEE IT DIFFERENTLY.
It was my pleasure to attend and if anyone wants to get free admission to any IWJG show, please email me.
JB
Wednesday, October 21, 2009
As October Winds Down (or up)...
October is usually a strong month in the watch world. Modern dealers are stocking up for the holidays and many times, people are thinking year end bonus and what to do with it. Last October was pitiful, with all that "stock market fallout" stuff and the wild economy. This October is more stable with the auction houses getting much of the big vintage action, meaning heavy pieces.
Most of the stuff I am seeing is smaller under $20k goods which are much easier to move in troubled times. By working on small margin, there is swift action thus good profit. The dealers who are having problems are the guys who are holding on for the last dollar on the table, looking for an end user who may or may not have much knowledge and thus will pay up. These sellers are hoping the market shoots up and are pricing based on these assumptions. In most cases, they will just sit on dead inventory. I personally cannot see the point of holding merch that was bought during the peak of the market with cheap money. I hear over and over "I paid this or that", but ultimately, the CASH is worth more now, even if you are losing a few points-10/20%. It makes no sense to me. With prices very sketchy it seems only dealers are buying. Many end users are not in the game due to the bad US/EU economy. Asia is pumping but it seems it is all dealers. The US end user is not prevalent in this game and therefore all roads lead to overseas buyers. This is key in terms of market price decline. Remember, the US buyer fueled the "watch bull run" of 2006-8. These guys borrowed cheap money from their HELOC and bought stuff be it new cars, new bathrooms or vintage/new watches. With these players out of the game, there is a dynamic missing and thus, prices are softening. regardless, dealers are holding on, keeping prices up thus keeping new players out. The buzz in the USA for new end users is not a good one. The pieces moving are in the $5k range, entry level stuff. This is good, but with everyone knowing about vintage subs, GMTs and the like, no dealer can buy them right enough to make a decent profit. Think about it, with ebay flashing nutty "buy it nows", civilians search and know how much stuff is worth to the last dollar, many times unrealistically, but they have a database.
On 47th there are so many hawks we never see a fresh piece, and when we do the seller has "educated" themselves and there is no/very little profit. I am still buying as it is better to make a tiny profit than none at all, but it takes alot of pieces to make it worthwhile.
The IWJG show will be very telling. With all the hullabaloo after the Vegas show it will be interesting if there is anything to buy. Understand, these sellers are all online, ebayed and Muniched so what is the point of selling to another dealer when their real customer and profit is a FEDEX or flight away? Who knows. I will be there regardless, cash/checkbook in hand ready for the one deal to make a show. There's always ONE!!!
I look forward to seeing everyone in NYC and al the best...
Most of the stuff I am seeing is smaller under $20k goods which are much easier to move in troubled times. By working on small margin, there is swift action thus good profit. The dealers who are having problems are the guys who are holding on for the last dollar on the table, looking for an end user who may or may not have much knowledge and thus will pay up. These sellers are hoping the market shoots up and are pricing based on these assumptions. In most cases, they will just sit on dead inventory. I personally cannot see the point of holding merch that was bought during the peak of the market with cheap money. I hear over and over "I paid this or that", but ultimately, the CASH is worth more now, even if you are losing a few points-10/20%. It makes no sense to me. With prices very sketchy it seems only dealers are buying. Many end users are not in the game due to the bad US/EU economy. Asia is pumping but it seems it is all dealers. The US end user is not prevalent in this game and therefore all roads lead to overseas buyers. This is key in terms of market price decline. Remember, the US buyer fueled the "watch bull run" of 2006-8. These guys borrowed cheap money from their HELOC and bought stuff be it new cars, new bathrooms or vintage/new watches. With these players out of the game, there is a dynamic missing and thus, prices are softening. regardless, dealers are holding on, keeping prices up thus keeping new players out. The buzz in the USA for new end users is not a good one. The pieces moving are in the $5k range, entry level stuff. This is good, but with everyone knowing about vintage subs, GMTs and the like, no dealer can buy them right enough to make a decent profit. Think about it, with ebay flashing nutty "buy it nows", civilians search and know how much stuff is worth to the last dollar, many times unrealistically, but they have a database.
On 47th there are so many hawks we never see a fresh piece, and when we do the seller has "educated" themselves and there is no/very little profit. I am still buying as it is better to make a tiny profit than none at all, but it takes alot of pieces to make it worthwhile.
The IWJG show will be very telling. With all the hullabaloo after the Vegas show it will be interesting if there is anything to buy. Understand, these sellers are all online, ebayed and Muniched so what is the point of selling to another dealer when their real customer and profit is a FEDEX or flight away? Who knows. I will be there regardless, cash/checkbook in hand ready for the one deal to make a show. There's always ONE!!!
I look forward to seeing everyone in NYC and al the best...
Saturday, October 17, 2009
Buckley responds:
First, I was personally asked by Ed Faber to review any vintage Rolex that came in for sale due to the many fakes that have been sold by auction houses over the years. It was a friendly agreement, with me never asking for money, just a "blip in the catalogue" as a courtesy. Fortunately, I was present before lot 198 made it to the block for the June 7th NYC sale. That watch has a $30k or so reserve. FAKE. Experts missed it. Your "experts" have now overlooked an even MORE obvious fake in lot 169 of the current catalogue. Does anyone see a pattern of your "experts" no spotting the vintage rolex fakes? I mean, 169 was spotted by an associate by viewing the catalogue, never having held the watch. When I saw it, I agreed it was a BAD fake red dial from early 2000 Vietnamese made.
Our "agreement" was out of friendship and our mutual desire to not have P & Co. be like some of the other houses which are looked at with not much respect. John Buckley/tuscanyrose has always backed the right horse and has never been afraid to point out bad/questionable stuff. It was an agreement and everyone who was anyone via the online forum world knew it and was glad I was assisting.
Let's get back to the "texas" dial. Obviously whoever you are within P & Co organization you may or may not know that I have personally put up a $10,000.00 reward for anyone who can show me a Rolex catalogue or auction catalogue showing a "texas" dial prior to 1994. I take that stuff seriously. Osvaldo and I spoke at great length in Miami this past January and I believed he was on the same page. Personally speaking, I am sure Osvaldo does not get to inspect all the watches coming for sale. Even if he did, frankly he is not up on the many variations and levels of fake stuff that has come about over the years. It is no fault of his own but he is not a "street dealer" who has the advantage of seeing the full spectrum of watches. Many times auction houses receive watches cherry picked from someone's safe, or in the case of many fakes, constructed to "fool the experts' of any given house.
Regarding your "experts", where are they? They are certainly not in NYC. Anyone in NYC knows to come see me if they have any questionable watches or dials and I will always give them courtesy.
My own personal watchmaker was asked to work for P & Co. and quite frankly, even with his 20 + years at Rolex is not up on fakes like I am.
This leaves you with a small problem which is only going to become bigger. How does a lot 169 get by your experts? Mistakes? Te err is human? Tell that to the poor soul who trusts the auction house and buys it, only to be duped (unintentionally), but no matter. Collectors do not forget buying fake stuff. Collectors trust their own.
Please understand I offered my expertise freely and unconditionally. I attached my good name and stellar reputation out of friendship and quite honestly "a blip in the catalogue". Though I never got the blip, it was not as important as me seeing the Rolex inventory and making sure it was clean. When I received calls last week from associates and online dealers/collectors asking what an obvious fake (169) is doing in the catalogue I was quite disturbed. The most disturbing part is there is obviously no one on hand to spot the obvious fakes so what will happen when a really good one comes in?
Oh yeah, the 5 year return policy. My services were offered unconditionally/free of charge and by not taking my services or expertise seriously, another bad fake graces your catalogue for all the watch world to see. All you had to do is send some scans. I was not asking for anything but even after the lot 198 debacle, no one believes they need assistance.
You folks do not have anyone qualified to spot this kind of stuff. PERIOD. Not many of the big houses do. That is why it was important to me for P & Co to be different, standing behind quality.
Ita, I would love to take you up on your invite to the Geneva HQ, have some coffee and examine some watches. It is not my intention to offend anyone as I am quite fond of Ed, Philip and Osvaldo but your your house will not be taken seriously by the real collectors until you get a handle on this obvious problem. 30 years experience on a watchmakers bench sometimes does not mean anything when a very well made 'dangerous" fake is constructed with the express purpose of fooling someone.
I care about quality and hate the idea of someone buying a bad watch. I believe the auction houses are in the right place at the right time for buyers/collectors and can be very successful, but only if there is a very strict counterfeit protection policy.
I harbor no ill feelings and still offer my services and expertise at no charge to your organization as I feel it is important P & Co have someone who can spot these fakes.
best regards...
Our "agreement" was out of friendship and our mutual desire to not have P & Co. be like some of the other houses which are looked at with not much respect. John Buckley/tuscanyrose has always backed the right horse and has never been afraid to point out bad/questionable stuff. It was an agreement and everyone who was anyone via the online forum world knew it and was glad I was assisting.
Let's get back to the "texas" dial. Obviously whoever you are within P & Co organization you may or may not know that I have personally put up a $10,000.00 reward for anyone who can show me a Rolex catalogue or auction catalogue showing a "texas" dial prior to 1994. I take that stuff seriously. Osvaldo and I spoke at great length in Miami this past January and I believed he was on the same page. Personally speaking, I am sure Osvaldo does not get to inspect all the watches coming for sale. Even if he did, frankly he is not up on the many variations and levels of fake stuff that has come about over the years. It is no fault of his own but he is not a "street dealer" who has the advantage of seeing the full spectrum of watches. Many times auction houses receive watches cherry picked from someone's safe, or in the case of many fakes, constructed to "fool the experts' of any given house.
Regarding your "experts", where are they? They are certainly not in NYC. Anyone in NYC knows to come see me if they have any questionable watches or dials and I will always give them courtesy.
My own personal watchmaker was asked to work for P & Co. and quite frankly, even with his 20 + years at Rolex is not up on fakes like I am.
This leaves you with a small problem which is only going to become bigger. How does a lot 169 get by your experts? Mistakes? Te err is human? Tell that to the poor soul who trusts the auction house and buys it, only to be duped (unintentionally), but no matter. Collectors do not forget buying fake stuff. Collectors trust their own.
Please understand I offered my expertise freely and unconditionally. I attached my good name and stellar reputation out of friendship and quite honestly "a blip in the catalogue". Though I never got the blip, it was not as important as me seeing the Rolex inventory and making sure it was clean. When I received calls last week from associates and online dealers/collectors asking what an obvious fake (169) is doing in the catalogue I was quite disturbed. The most disturbing part is there is obviously no one on hand to spot the obvious fakes so what will happen when a really good one comes in?
Oh yeah, the 5 year return policy. My services were offered unconditionally/free of charge and by not taking my services or expertise seriously, another bad fake graces your catalogue for all the watch world to see. All you had to do is send some scans. I was not asking for anything but even after the lot 198 debacle, no one believes they need assistance.
You folks do not have anyone qualified to spot this kind of stuff. PERIOD. Not many of the big houses do. That is why it was important to me for P & Co to be different, standing behind quality.
Ita, I would love to take you up on your invite to the Geneva HQ, have some coffee and examine some watches. It is not my intention to offend anyone as I am quite fond of Ed, Philip and Osvaldo but your your house will not be taken seriously by the real collectors until you get a handle on this obvious problem. 30 years experience on a watchmakers bench sometimes does not mean anything when a very well made 'dangerous" fake is constructed with the express purpose of fooling someone.
I care about quality and hate the idea of someone buying a bad watch. I believe the auction houses are in the right place at the right time for buyers/collectors and can be very successful, but only if there is a very strict counterfeit protection policy.
I harbor no ill feelings and still offer my services and expertise at no charge to your organization as I feel it is important P & Co have someone who can spot these fakes.
best regards...
Patrizzi responds...
For those who did not see, there is a comment at the bottom of my previous post. I will respond shortly...
Ita said...
As a regular reader of your blog I was surprised to read your comments in your Thursday October 15 blog and feel I should respond. Probably it is best that I give my comments in the order that you made yours…
1. “Listing a Texas dial PN and calling it correct.”
Being in the watch business yourself, I’m sure you are aware that one expert’s “texas” dial is another expert’s Rolex dial and that the discussions on this could go on forever and ever (as you would know if you were ever present in our watchroom when our experts are writing a catalog) but, at the end of the day, it all boils down to whether you like the piece and want to buy it or not. Added to which, at Patrizzi & Co we offer you the added reassurance that we give a 5-year guarantee on all our watches.
Given the fact that between our auctions and private treaty business we see more than 2,500 timepieces pass through our hands each year (watches, clocks, scientific instruments, automatons, musical clocks and watchmaking tools – all dating from the 15th century to the present day) – I do hope you will forgive us if we make an occasional error – after all to err is human – to forgive (they say) is divine! I know you love Rolex, but horological works are not only Rolex but the whole spectrum of watches and mechanical masterpieces.
2. “my thoughts are I am going to meet with them and sever our agreement.”
I have to say that we are unaware of any agreement you may have with Patrizzi & Co – I have asked my colleagues here, in New York and in Milan, and of course Osvaldo Patrizzi, and no one is aware of any current agreement we may have with you. So I am not sure how you will be able to break an agreement that does not exist.
3. “I cannot have them leaving the catalog to inexperienced people they have on their staff and my name being associated with them.” (For the last part of your comment see my response no. 2 – to the best of my knowledge your name is not associated with us and ours is not associated with yours…)
Our experts who write our catalogs are very experienced (each with more than 30 years of watchmaking experience) – and yes, we naturally have trainee experts learning their trade with us – but these work alongside our watchmakers and senior watch experts – all working together, exchanging information and physically checking the watches together. I would be very happy to invite you to our Geneva HQ to see for yourself the next catalog being produced and to enjoy the debate and reexamination of watches it occasions.
Ita McCobb, Patrizzi & Co
October 17, 2009 6:32 AM
Ita said...
As a regular reader of your blog I was surprised to read your comments in your Thursday October 15 blog and feel I should respond. Probably it is best that I give my comments in the order that you made yours…
1. “Listing a Texas dial PN and calling it correct.”
Being in the watch business yourself, I’m sure you are aware that one expert’s “texas” dial is another expert’s Rolex dial and that the discussions on this could go on forever and ever (as you would know if you were ever present in our watchroom when our experts are writing a catalog) but, at the end of the day, it all boils down to whether you like the piece and want to buy it or not. Added to which, at Patrizzi & Co we offer you the added reassurance that we give a 5-year guarantee on all our watches.
Given the fact that between our auctions and private treaty business we see more than 2,500 timepieces pass through our hands each year (watches, clocks, scientific instruments, automatons, musical clocks and watchmaking tools – all dating from the 15th century to the present day) – I do hope you will forgive us if we make an occasional error – after all to err is human – to forgive (they say) is divine! I know you love Rolex, but horological works are not only Rolex but the whole spectrum of watches and mechanical masterpieces.
2. “my thoughts are I am going to meet with them and sever our agreement.”
I have to say that we are unaware of any agreement you may have with Patrizzi & Co – I have asked my colleagues here, in New York and in Milan, and of course Osvaldo Patrizzi, and no one is aware of any current agreement we may have with you. So I am not sure how you will be able to break an agreement that does not exist.
3. “I cannot have them leaving the catalog to inexperienced people they have on their staff and my name being associated with them.” (For the last part of your comment see my response no. 2 – to the best of my knowledge your name is not associated with us and ours is not associated with yours…)
Our experts who write our catalogs are very experienced (each with more than 30 years of watchmaking experience) – and yes, we naturally have trainee experts learning their trade with us – but these work alongside our watchmakers and senior watch experts – all working together, exchanging information and physically checking the watches together. I would be very happy to invite you to our Geneva HQ to see for yourself the next catalog being produced and to enjoy the debate and reexamination of watches it occasions.
Ita McCobb, Patrizzi & Co
October 17, 2009 6:32 AM
Thursday, October 15, 2009
Patrizzi & Co. need to shape up...
Well, it did not take long for P & Co to follow along with the other houses by listing a "texas" dial PN and calling it correct. No surprise. As I write this, my thoughts are I am going to meet with them and sever our agreement. I cannot have them leaving the catalog to the inexperienced people they have on staff and my name being associated with them. Lot 169 is just so blatant an oversight I can barely stand it. This is what happens when you get "experts" who learn their craft by reading books and on the internet. There is no way around it, you MUST handle watches, and not just watches people bring for auction, lots of them on a daily basis in order to understand the differences between real and fake.
While I am flabbergasted I am also glad to be on the path of my real choosing: being the watchdog of auction houses and pointing out all the discrepancies. Troubleshooter, I like to call it! lol
My God, what are these people thinking?
While I am flabbergasted I am also glad to be on the path of my real choosing: being the watchdog of auction houses and pointing out all the discrepancies. Troubleshooter, I like to call it! lol
My God, what are these people thinking?
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