Sotheby’s Record set in Hong Kong | Patek Philippe Ref. 2499

On April 25, the Patek Philippe Ref. 2499 model was sold at Sotheby’s for $7.7 million (HK$60 million at the lower limit of the estimate of 24 million). This is the result of a 6-minute clock battle between 4 possible buyers.

Fifteen years ago, the current Patek Philippe “Twenty-four Ninety-nine” in a rose gold case, produced by the famous and most prestigious Italian retailer Gobbi Milano, was put up for the first time at an open auction. In May 2007, at Christie’s auction in Geneva, the watch sold for a record 2.7 million Swiss francs, making it a world record price for the reference $2,499, a record that has been maintained for many years.

There are nine known samples of the 2nd series rose gold, including this watch. All watches are equipped with baton numerals, and this example is the only one known to have the seller’s signature on the dial. The famous Italian retailer Gobbi Milano was founded in 1842 by Raimondo Gobbi, who opened his workshop in Modena. In 1852, the Grand Duke allowed Gobbi to confirm his appointment as a “Watchmaker at the royal court.” In 1896, the company moved to Milan, opening a workshop on Corso Vittorio Emanuele II. Aldo and Gaston Gobbi, the third generation, have been working in this business since the early 1930s, which made the store the leader in Italian sales of Swiss watches, and today, with more than 170 years of history, the Gobbi company has been operating for more than six generations.

Sotheby’s is pleased to offer the market this exceptional and important watch, sold in very original condition with magnificent protrusions on the ledges and a wonderfully aged dial. In recent years, the popularity of the Patek Philippe reference 2499 model has increased significantly. With its wide case proportions and perpetual calendar chronograph movement, this watch is arguably the most collectible vintage watch anywhere in the world today.

GOBBI, MILAN, CIRCA 1941, SUISSE D’HORLOGERIE MAGAZINE, COURTESY OF TORTELLA & SONS

The reference 2499 watch, produced from 1950 to 1985, is recognized as one of the most important Patek Philippe watches. The successor of the reference 1518 and the predecessor of the reference 3970, the reference 2499 occupies a prominent place among the company’s exceptional perpetual calendar and chronograph wristwatches. In total, only 349 items were made, or an average of just nine pieces per year, making this an extremely rare piece made with the utmost attention to every detail. The Etalon 2499 has undergone four major changes over its 35-year production period. Square chronograph buttons and a tachometer dial distinguish the 1st series, produced between 1950 and 1960. The 2nd series, released in 1955-1964, features round chronograph buttons. The simple design of the dial marks the 3rd series, which Patek produced from 1960 to 1978, and the sapphire crystal highlights the 4th series, the so-called 2499/00, which was produced from 1978 to 1984.