Horology News: SDJB Acquires Jaeger LeCoultre Atmos Clock

San Diego Jewelry Buyers (SDJB) has recently acquired a beautiful Authentic Limited Edition Swiss Made Jaeger LeCoultre Atmos Marqueterie du Millénaire Clock with 1000 Year Calendar and Lunar Phases. Read more

Patek Philippe Watch Sold for Millions at Auction

San Diego watch enthusiasts will be glad to hear that rare timepieces continue to command top prices on the international market. A Patek Philippe perpetual calendar chronograph wristwatch went for nearly 6.26 million Swiss francs ($5.86 million) at a recent Christie’s auction. It was sold to a Swiss private museum and set a record for the highest price paid for a yellow gold watch sold at auction, according to Christie’s.

The 1943-44 watch features an avant-garde case design and was a forerunner for future generations of complicated wristwatches. It was sold as part of a 20-piece collection put up by an anonymous seller.

“I started buying watches in the 1970s, at a time when these amazing objects appealed to very few collectors and even fewer scholars were exploring this charming field. In my opinion, wristwatches are the most beautiful wearable item created in the 20th century,” Christie’s quoted the anonymous seller as saying.

Aurel Bacs, international co-head of Christie’s watch department, called it the “Mona Lisa of all watches.”

“European bidders were fiercely challenged by international collectors, especially buyers from China,” he said of the sale.

The name of the museum wasn’t revealed, but Geneva is home to a Patek Philippe museum, which contains the best pieces made by the independent watchmaker. The entire collection netted 16 million Swiss francs, making it the most expensive private collection of watches ever sold.

Consumer Alert: Online Watch Buyers Beware

San Diego watch buyers looking for deals on used watches, such as second-hand Rolexes and Patek Philippe timepieces, should proceed with caution. The North County Gazette reports that a watch enthusiast has been charged with defrauding a California man out of $100,000 by offering a nonexistent Patek Philippe watch for sale on an internet website that targets watch collectors. The man in question was charged with second-degree grand larceny, second-degree criminal possession of stolen property and first-degree scheme to defraud and faces up to 15 years in prison if convicted.

The local District Attorney gave the following warning to online watch buyers: “While online shopping offers a certain ease and convenience over traditional store shopping, consumers should always be cautious and remember the old adage, ‘buyer beware,’ because shopping online, sight unseen, can potentially pose a big risk.”

Prosecutors say the charged man used a wireless connection to gain the Internet Protocol (IP) address of a neighbor and set up an account under the name Jonathan Miller. Thereafter the defendant is alleged to have made contact with an Oscar Ho of California, regarding the sale by “Miller” and the purchase by Ho of a Patek Philippe Model 5970G watch for $100,000. After a series of negotiations, Ho allegedly sent $100,000 by wire transfer to a Bank of America account belonging to the defendant. Despite repeated requests, Ho allegedly never received the watch.