Duncan Wang’s Excellent Blow-by-blow report of the (6th October 2006) Sotheby’s Hong Kong Panerai Auction: Panerai Prices for selective pieces reach a dizzy height.
For more on haute horlogerie, please visit our horomundi site.
These days, watch auctions are commonplace and regular occurrences. Typically, there are hundreds of lots of various pieces, some extraordinary and others a bit more mundane. However, every so often, there is a special auction with highly coveted watches. This is what occurred on Friday (6th October 2006) evening in Hong Kong.
Sotheby’s is one of the world’s premiere auctioneers and regularly conducts watch auctions in the United States, Europe and Asia. They have begun their autumn season with a series of auctions in Hong Kong this week, including sessions for watches, fine art and antiquities. In addition to their regular watch auction, they agreed to conduct a special session at the conclusion of the regular session.
Lot 304, a unique special edition Stainless Steel Automatic Chrongoraph wristwatch. Date and bracelet, Paneria, Panerai for Sotheby’s, 1/1, PAM 00291, Circa 2006. Estimated HK$60K to HK$86K, done at HK$125K.
This special session was exclusively for the sale of Panerai watches. As we all know, Panerai has reached a special status in the watch industry as it inspires remarkable passion from its fans and collectors. Up for sale were 42 highly sought after Panerai pieces, including 40 watches and 2 military compasses. Some of the highlights included:
Lot 305, a unique special edition Stainless Steel wristwath with GMT, 8 Days power reserve and date, Panerai, Panerai for Sotheby’s, 1/1, PAM 00290, circa 2006. Estimated HK$79.5K to HK$120K, done at HK$520K.
· Lot 305: PAM 290 – A piece unique specially made by Panerai for the auction. Similar to the PAM 233 with a special blue upper dial and made with the company’s new P.2002 calibre in-house movement.
· Lot 307: PAM 203 – A highly coveted and rare timepiece that is based upon the historic Angelus SF 240 movement.
· Lot 313: PAM 6152 – An extremely rare Radiomir Marina Militare circa 1938
· Lot 333: PAM 195 – An extremely rare watch that is made even more special by the fact that it is not engraved with the original owner’s name. Originally, all of the pieces from this edition were to be engraved and this might be one, if not the only, example without such an engraving.
Lot 306, a very fine limited edition set of three automatic wristwatches, Panerai, ‘Florence’, 8/100, PAM 00781, circa 2005. estimated HK$123K to HK$150K, done at HK$260K.
To add to the significance of the auction, the first 10 lots (Lots 301 – 310) were donated by Panerai and the proceeds of the sale of these lots would be donated to The Studer Trust, a charity that helps disadvantaged children in Burma and China. As is often the case with charitable auctions, the bidding went far beyond expected levels and the original estimates in the catalogue.
Lot 307, a very fine and rare limited edition stainless steel wristwatch with 8 days power reserve, Panerai, 8/150, PAM00203, circa 2005. estimated HK$155K to HK$170K, done at HK$600K (Jaw adds: According to Anthony Che’s posting in Paneristi, the winner of this lot is none other than the author of this report, Duncan Wang! My sincere congratulations to this very kind and generous gentleman. Please also see his major contribution to the Thai Royal Charity through his successful bidding of a unique Glashutte Original Meisen watch on the 22nd October 2006 Glashutte original Thailand auction)
The bidding was spirited as the following results clearly show:
· Lot 304: PAM 291 – Estimate was HK$60,000 – 86,000 and the final sales price was HK$125,000
· Lot 305: PAM 290 – Estimate was HK$79,500 – 120,000 and the final sales price was HK$520,000
· Lot 306: PAM 781 – Estimate was HK$123,000 – 150,000 and the final sales price was HK$260.000
· Lot 307: PAM 203 – Estimate was HK$155,000 – 170,000 and the final sales price was HK$600,000
· Lot 310: PAM 225 – Estimate was HK$75,000 – 90,000 and final sales price was HK$350,000
Ultimately, HK$2,545,000 or over US$325,000 was raised from the sale of these 10 special lots. This is a wonderful result and the money should go a long way to help some of the less fortunate children in Burma and China.
The rest of the auction seemed a little anticlimactic but still produced some interesting results nonetheless.
· Lot 313: PAM 6152 – Eastimate was HK$455,000 – 500,000 and the final sales price was HK$550,000
· Lot 322: PAM 127 – Estimate was HK$52,000 – 62,000 and the final sales price was HK$140,000
· Lot 331: PAM 813 – Estimate was HK$68,000 – 80,000 and the final sales price was HK$150,000
· Lot 333: PAM 195 – Estimate was HK$280,000 – 390,000 and the final sales price HK$190,000
· Lot 338: PAM 82 – Estimate was HK$60,000 – 70,000 and the final sales price was HK$110,000
· Lot 340: PAM 253 – Estimate was HK$50,000 – 70,000 and the final sales price was HK$110,000
The final results of the special Panerai auction totaled HK$6,187,000 or HK$7,424,400 when the 20% buyer’s commission is factored in.
The auction was well attended by collectors, both local and international. In fact, there were attendees from as far as Australia and the United States. The occasion proved to be a great opportunity for members of the Paneristi community to gather. As many of you know, the Paneristi is probably the foremost community for fans of Panerai and their enthusiasm is infectious.
One of the leading members of the Paneristi community is Mr. Anthony Che. He is not only a moderator but also a good friend, and he graciously organized a group dinner for the Paneristi members that had attended the auction. It was a great time and enabled friends, both old and new, to relax and enjoy each other’s company.
Lot 310, a very fine and rare limited edition titanium automatic chronograph wristwatch, Panerai ‘Luminor Submersible Chrono Slytech’, 8/300, PAM 00225, circa 2005, estimated HK$75K to HK$90K, done at HK$350K.
Unfortunately, there are no photographs from the auction as picture taking was not permitted. During the dinner afterwards, everyone was too busy enjoy themselves and the thought of taking of pictures was quickly forgotten.
All in all, it was a fun evening which saw some wonderful timepieces finding new homes, a lot of money raised for a good cause and a time for friends to celebrate their passion for Panerai.