Patek Philippe

• cal. 12-600AT automatic movement stamped twice with the seal of Geneva, 30 jewels, 18k gold rotor • enamel dial, applied pink gold Arabic 9, 12 and 3, bullet indexes, dauphine hands, subsidiary seconds • chamfered raised bezel, screw back, 'PP' crown • case and dial signed by maker and retailer, movement signed by maker • 18k pink gold Patek Philippe bracelet, further stamped S & L for Serpico y Laino and GF for Gay Frères • Extract from the Archives confirming sale with bracelet 29 March 1958 • box

A beautiful example. The movement is running at the time of cataloguing, however it may require service soon. There are three very faint hairlines to the dial, particularly from 9 o'clock around to 12 o'clock, in the center to the right of 9 o'clock and to the pearl outside of the 5 o'clock baton, along with an extremely faint hairline that runs from the subsidiary dial diagonally to that pearl. These are invisible to the naked eye, and are only noticeable under a high-power loupe or microscope. The case shows some surface scuffs, but appears unpolished. The S & L and 18k stamp to the case back are quite clear. Similarly, the Patek Philippe, GF and S&L stamps on the clasp are very clear. It is further stamped 2 57 on the clasp, indicating the second quarter of 57.
"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."

Patek Philippe launched Ref. 2526, its first automatic model, in 1953 and ceased production in 1960. It is an iconic reference and highly sought after by collectors for its understated elegance.

The present example stands out as an extraordinary piece within the reference. According to our research, it is the only example to come to the market with the combination of unusual Arabic hours dial, pink gold case and Serpico Y Laino retailer's marks. Sotheby's is pleased to offer this watch for the first time at auction.

The applied Arabic numerals at 9, 12 and 3 o'clock require that the enamel dial be fitted specifically for this configuration, as the index 'feet' are laid out before the enamel is heated and set. According to our research, only two other examples of Ref. 2526 with Arabic hours have come to the market. One of these is cased in yellow gold and is on display at the Patek Philippe Museum in Geneva.

The Arabic numeral and baton configuration featured on the present lot is one of the rarest options that were available for the dials of Ref. 2526. Other exotic variations included Breguet numerals, diamond indexes, black dials as well as the 'Do Unto Others' dial. While all highly sought after by collectors for their rarity and unusual looks, our research indicates that examples featuring Arabic numerals have come to the market in the smallest quantities.  

The Serpico Y Laino retailer's marks on the present example are clearly visible on the dial, case and bracelet. This esteemed Venezuelan retailer sold some of the finest watches by Patek Philippe in the 1940s and 1950s. Pink gold watches were frequently made for the Latin American market, thus it is fitting that the present lot was created for the elite of Caracas. It is estimated that pink gold pieces account for only one in six of the total production for Ref. 2526.

Ref. 2526 features the 12-600AT movement, an engineering marvel which made its debut at the 1953 Basel Fair. As the first automatic movement made by the firm, its debut was delayed until Rolex's 1933 patent for a full-rotation self-winding movement expired. At the time of its release, it was one of the most highly-jeweled calibers for a time-only watch produced by Patek Philippe, or indeed any firm.

Examples of Ref. 2526 are illustrated in Huber, M. & Banbery, A., Patek Philippe Wristwatches, pp. 213 and 216-7. Cal. 12-600 is illustrated on p. 214 of the same text.

For examples of various Gay Frères bracelets on Ref. 2526 watches, see Reardon, J., Patek Philippe in America, pp. 168-169.