Lot 158
  • 158

Patek Philippe

250,000 - 350,000 CHF
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  • 18k gold
  • diameter 34 mm thickness 19.5 mm
• cal 12''' manual winding nickel lever movement stamped with "HOX", 29 jewels, repeating on two hammer gongs • silvered dial, black painted applied gold baton indexes and dauphine hands, outer pearled minute divisions, engraved enamel signature • band fitted with slide to activate the minute repeater, round polished and brushed case, snap on case back • case and movement signed, dial signed by maker and retailer


Movement is running and minute repeating is perfectly striking at the time of cataloguing, however it may require a service in the near future to be well preserved. Dial in good condition. Glass with scuffs. Case with few scuffs throughout, clear hallmark to the lug and case. Overall this is an exceptional piece first time seen on the market.
"In response to your inquiry, we are pleased to provide you with a general report of the condition of the property described above. All dimensions in catalogue descriptions are approximate. Condition reports may not specify mechanical replacements or imperfections to the movement, case, dial, pendulum, separate base(s) or dome. Watches in water-resistant cases have been opened to examine movements but no warranties are made that the watches are currently water-resistant. Please note that we do not guarantee the authenticity of any individual component parts, such as wheels, hands, crowns, crystals, screws, bracelets and leather bands, since subsequent repairs and restoration work may have resulted in the replacement of original parts. Since we are not professional conservators or restorers, we urge you to consult with a restorer or conservator of your choice who will be better able to provide a detailed, professional report. Prospective buyers should inspect each lot to satisfy themselves as to condition and must understand that any statement made by Sotheby's is merely a subjective, qualified opinion. Prospective buyers should also refer to any Important Notices regarding this sale, which are printed in the Sale Catalogue. In particular, please note it is the purchaser's responsibility to comply with any applicable import and export matters, particularly in relation to lots incorporating materials from endangered species.NOTWITHSTANDING THIS REPORT OR ANY DISCUSSIONS CONCERNING A LOT, ALL LOTS ARE OFFERED AND SOLD AS IS" IN ACCORDANCE WITH THE CONDITIONS OF BUSINESS PRINTED IN THE SALE CATALOGUE."

**Please be advised that bands made of materials derived from endangered or otherwise protected species (i.e. alligator and crocodile) are not sold with the watches and are for display purposes only. We reserve the right to remove these bands prior to shipping.

Important Notice regarding importation into the United States of Rolex watches
Sotheby's cannot arrange for the delivery of Rolex watches to the United States because U.S. laws restricts the import of Rolex watches. The buyer or a designated agent may collect the property in the country of sale."

Catalogue Note

This example of 2524/1 minute repeater is the first of the reference known retailed and personalized by Tiffany & Co and the first of the reference fitted with an oversized repeater slide. Ordered by a prominent New York businessman in the 1960’s, via Tiffany & Co., the watch was apparently used as a secondary Patek Philippe minute repeater while his primary wristwatch, a unique Ref. 2419 Patek Philippe minute repeating wristwatch with oversized slide and black markers retailed by Cartier New York, was being serviced in Geneva. This model follows many key aspects of the Ref. 2419 such as black painted markers and an over-sized repeater slide, as would have been required by a discerning wealthy gentleman in his advanced years; it is interesting to note that the two watches were ordered by prominent, probably rivalling, New York jewellers.
Reference 2524-1 was launched in 1955 and was produced until the late 1960’s. It was originally manufactured with subsidiary seconds but some supplied with smaller hunter case calibres were produced with simple time only display. According to our research no more than 50 watches were made through these 13 years of time. Today, it is the 5th reference 2524-1 made without subsidiary seconds known to the market out of 12-15 pieces and the first and only known with the above mentioned unique characteristics.

12’’’ movements were usually especially made for this reference or used from pendant watches, re-cased or never cased before. It is notable that at the time small calibres such as the present one were highly expensive to realize and could cost up to almost twice the price of a 17’’’ calibre. Three part cases were made by the best case maker of the time: Emile Vichet (Geneva key 9) and dials were made by the well renowned Stern Frères, usually silvered opalin on gold. The movement of this watch is stamped HOX to the balance bridge indicating that it was imported into the USA by the Henry Stern Watch Agency in New York.

Examples of Patek Philippe watches with black-painted gold markers on gold dial can be found during the same era, however after a closer look it is our opinion that the markers on this watch were originally painted by the Stern Freres manufactory to provide a more visible dial, he also requested to enlarge the slide to simplify the activation of the minute-repeating function.

According to the best of our knowledge this is the first example of a Ref.2524 known to the market with a dial bearing “Tiffany & Co”. The combination of rarity, pristine overall condition and provenance render the present lot one of truly rare finds for most sophisticated collectors of exceptional highly complicated vintage wristwatches.

Minute repeater watches are illustrated in “Patek Philippe Wristwatches” by M. Huber et A. Banbery 1998, pp. 317-379 and minute repeating calibers by Patek Philippe are illustrated in the same book pp. 314-32.



In an effort to identify watches made for the American market during the 1940s and 1950s, the marks PXP and HOX were stamped on Patek Philippe movements. The marks identify the country in which the watches were to be sold and the information was shared with the customs officials in the country of ultimate delivery. Many Swiss watch brands had their own import mark: Vacheron Constantin used VXN, Audemars Piguet used AYP and Rolex used ROW.