AuctionsMay 14, 2025
Custom Rolex Pulled From Sotheby’s SaleAuctionsJun 12, 2025
Vintage Patek Philippe From the ‘50s Sells for $4M at Sotheby’s
Al Capone’s pocket watch also found a buyer, though it went for less than half of what it did at auction four years ago.
This pink gold Patek Philippe perpetual calendar chronograph Ref. 2499 was the top lot in Sotheby’s “Important Watches: Take a Minute” auction, held Tuesday in New York. A buyer paid $4.3 million for the watch, which was made in 1957 and features the retailer’s name (Gobbi Milano) beneath the moon phase complication. (Photo courtesy of Sotheby’s)
New York—Vintage Patek Philippe watches from the mid-1950s through the mid-1990s comprised five of the top 10 lots in a recent Sotheby’s watch auction, with the top lot going for more than $4 million.
“Important Watches: Take a Minute” took place Tuesday in New York and was led by a Patek Philippe perpetual calendar chronograph Ref. 2499 in pink gold, a watch believed to be the only one of its kind.
Made in 1957 and sold by Gobbi Milano, the watch is one of only nine second series Ref. 2499 watches cased in pink gold. Of those nine, it’s the only one that has a retailer’s signature on the dial, seen below the moon phase.
A private collector paid $4.3 million for the timepiece, which had a pre-sale estimate of $3 million to $5 million.
It is the most expensive wristwatch Sotheby’s has sold so far this year.
The second highest-grossing lot of the sale was also a Patek Philippe watch from the 1950s, a pink gold Ref. 2524/1 minute repeater manufactured in 1954 and sold by Gübelin.
A private collector paid $1.6 million for the timepiece, coming in at the lower end of its estimated sale range of $1.3 to $2.5 million.
“Important Watches: Take a Minute” took place Tuesday in New York and was led by a Patek Philippe perpetual calendar chronograph Ref. 2499 in pink gold, a watch believed to be the only one of its kind.
Made in 1957 and sold by Gobbi Milano, the watch is one of only nine second series Ref. 2499 watches cased in pink gold. Of those nine, it’s the only one that has a retailer’s signature on the dial, seen below the moon phase.
A private collector paid $4.3 million for the timepiece, which had a pre-sale estimate of $3 million to $5 million.
It is the most expensive wristwatch Sotheby’s has sold so far this year.
The second highest-grossing lot of the sale was also a Patek Philippe watch from the 1950s, a pink gold Ref. 2524/1 minute repeater manufactured in 1954 and sold by Gübelin.
A private collector paid $1.6 million for the timepiece, coming in at the lower end of its estimated sale range of $1.3 to $2.5 million.
This Patek Philippe Ref. 2524/1 minute repeater was made in 1954. A private collector paid $1.6 million for it at Sotheby’s recent watch auction in New York. (Photo courtesy of Sotheby’s)
This “Paul Newman” Rolex Daytona from 1968 with “tropical” sub-dials sold for more than $900,000, topping its highest pre-sale estimate of $800,000. (Photo courtesy of Sotheby’s)
Sold for $787,400, this Patek Philippe Ref. 5531R-012 World Time has a cloisonné enamel motif of Lake Geneva on its dial. (Photo courtesy of Sotheby’s)
This “Paul Newman” Rolex Daytona, a Ref. 6263 “Panda” model from 1969, sold for $762,000. (Photo courtesy of Sotheby’s)
The third highest-grossing lot in the sale was another vintage wristwatch, this one a “Paul Newman” Rolex Daytona from 1968.
The Ref. 6241 features what are known as “tropical” subsidiary dials, sub-dials that have faded over time from black to a rich brown.
Five bidders competed for the piece, which eventually sold to a private collector from the Middle East for $914,400, topping its pre-sale estimate of $400,000 to $800,000 and becoming the most expensive example of its kind ever sold at auction.
Rounding out the sale’s top five were a Patek Philippe Ref. 5531R-012 World Time “Rare Handcrafts” from 2021, which sold for $787,400, and another “Paul Newman” Rolex Daytona, this one a Ref. 6263 “Panda Paul Newman” from 1969.
A member of the European trade paid $762,000 for it.
In 2021, a buyer paid $229,900 for this Patek Philippe pocket watch that belonged to Al Capone but got only $92,250 for it at Sotheby’s on Tuesday. (Photo courtesy of Sotheby’s)
While buyers at the Sotheby’s sale showed appreciation for vintage timepieces, there was one older watch, a circa 1919 timepiece, that depreciated in value since its last sale.
As part of Tuesday’s auction, Sotheby’s offered a Patek Philippe pocket watch that once belonged to Alphonse Gabriel Capone, the notorious mobster better known as Al Capone.
According to Sotheby’s, Capone’s family does not know where he purchased the watch, but it is known that he discarded the original case in favor of having a custom one made in solid platinum.
The watch also has a snap-on case back featuring the letters “AC” set with 90 single-cut diamonds (0.02 carats each, E-F color, VS clarity), and a signed dial and movement.
The pocket watch sold for $92,250.
That is within the range Sotheby’s estimated, $80,000 to $160,000, but is less than half what the seller paid for it four years ago at Witherell’s auction house in Sacramento, California.
Then part of a larger sale of Capone’s possessions offered by his descendants, the pocket watch went for $229,900 in 2021.
All told, “Important Watches: Take a Minute” totaled $20.4 million, the second-highest total for a Sotheby’s watch auction held in New York.
Of the 112 lots offered, 110 sold for a sell-through rate of 98 percent, the highest watch sale sell-through rate for the auction house since 2012.
“The results of this sale speak volumes, not only to the strength of the market, but about the enduring emotional power of truly great watches,” Geoff Hess, global head of Sotheby’s watches, said.
“The sale of these trophy watches marks a clear resurgence in vintage collecting, grounded in scholarship and emerging after a period dominated by modern pieces. As we celebrate today’s results, one thing is undeniable: passion—not speculation—is driving the market. True connoisseurs are leading the way, while speculators remain on the sidelines.”
To sell the full results of the sale, visit the Sotheby’s website.
The auction house has another watch sale, “Fine Watches,” going on now through June 17 online.
More on Auctions
The Latest
CrimeJun 18, 2025
7 Men Indicted in $100M Brinks Jewelry HeistThe heist happened in Lebec, California, in 2022 when a Brinks truck was transporting goods from one show in California to another.
EditorsJun 18, 2025
Q&A: Caryl Capeci Dives Into Cruise Jewelry ShoppingThe Starboard Cruises SVP discusses who is shopping for jewelry on ships, how much they’re spending, and why brands should get on board.
CollectionsJun 18, 2025
Kirk Kara Celebrates 135 Years With New JewelsTo mark the milestone, the brand is introducing new non-bridal fine jewelry designs for the first time in two decades.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
SourcingJun 18, 2025
Gemfields Sells 36-Carat Rough RubyThe gemstone is the third most valuable ruby to come out of the Montepuez mine, Gemfields said.
Weekly QuizJun 12, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TechnologyJun 18, 2025
Alex Brown Named President of Smithee GroupFounder and longtime CEO Ben Smithee will stay with the agency, transitioning into the role of founding partner and strategic advisor.
EditorsJun 17, 2025
The Best New Jewelry from Couture 2025, Part 1Associate Editor Natalie Francisco shares 20 of her favorite pieces from the jewelry collections that debuted at Couture.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
ColumnistsJun 17, 2025
Peter Smith: Is Your Comp Plan a Hiring Hindrance?If you want to attract good salespeople and generate a stream of “sleeping money” for your jewelry store, then you are going to have to pay.
AuctionsJun 17, 2025
Colored Gemstones, Signed Jewels Shine in Sotheby’s High Jewelry SaleThe top lot was a colorless Graff diamond, followed by a Burmese ruby necklace by Marcus & Co.
MajorsJun 17, 2025
Amanda Gizzi Gets a Promotion at JAGizzi, who has been in the industry since 2001, is now Jewelers of America’s senior vice president of corporate affairs.
MajorsJun 17, 2025
Kering Names Automotive Exec as Its New CEOLuca de Meo, a 30-year veteran of the auto industry, will succeed longtime CEO François-Henri Pinault.
EditorsJun 16, 2025
Q&A: Bogolo Joy Kenewendo on Mining, Tariffs, and the Energy of Las VegasFollowing visits to Vegas and New York, Botswana’s minerals minister sat down with Michelle Graff to discuss the state of the diamond market.
IndependentsJun 16, 2025
Greenwich St. Jewelers Launches Commitment Campaign Celebrating LGBTQ+ CouplesThe “Your Love Has the Perfect Ring” campaign showcases the strength of love and need for inclusivity and representation, the jeweler said.
MajorsJun 16, 2025
Ivette Nersesyan-Stephanopoulos Joins Tiffany & Co.The former De Beers executive is the jewelry house’s new director of high jewelry for the Americas.
MajorsJun 16, 2025
Catbird Names WNBA Star Nyara Sabally as Its New Brand AmbassadorThe New York Liberty forward is the first athlete to represent the Brooklyn-based jewelry brand.
CollectionsJun 13, 2025
Piece of the Week: Robinson Pelham’s Pear EarringsTake a bite out of the 14-karat yellow gold “Fruits of Love Pear” earrings featuring peridots, diamond stems, and tsavorite leaves.
Events & AwardsJun 13, 2025
AGA to Host ‘Diamonds From Mine to Market’ Education ConferenceThe one-day virtual event will feature speakers from De Beers, GIA, and Gemworld International.
EditorsJun 12, 2025
15 Questions With Jewelry Photographer Ella SophieThe California-based creative talks jewelry photography in the modern era and tackles FAQs about working with a pro for the first time.
Events & AwardsJun 12, 2025
Gabriel Love Foundation Introduces Scholarship Honoring Elias GabrielThe foundation has also expanded its “Stronger Together” initiative with Jewelers for Children.
AuctionsJun 12, 2025
Former De Beers Exec Celine Assimon Joins BonhamsAssimon is the auction house’s new chief commercial officer.
EditorsJun 11, 2025
Q&A: Al Cook on Differentiating Natural Diamonds, Traceability, and TariffsThe De Beers Group CEO discusses the company’s new “beacon” program, the likelihood diamonds will be exempt from tariffs, and “Origin.”
MajorsJun 11, 2025
Pandora Bets on Las Vegas for First North American FlagshipThe Danish jewelry giant hosted its grand opening last weekend, complete with a Pandora pink roulette wheel.
GradingJun 11, 2025
Tiffany Stevens Exits IGI, Lab Appoints New Board LeaderIndustry veteran Anoop Mehta is the new chairman and independent director of the IGI board.
Events & AwardsJun 11, 2025
Kering Announces Winners of Sustainability-Focused AwardThe winners of the inaugural “Kering Generation Award x Jewelry” are student Lee Min Seo and China-based startup Ianyan.
SourcingJun 10, 2025
De Beers Turns to Brown, Yellow Diamonds for New ‘Beacon’“Ombré Desert Diamonds” will emphasize cream-, champagne-, and brown-colored diamonds, shades that set natural stones apart from lab grown.
AuctionsJun 10, 2025
Noonans to Auction 16th-Century Signet RingIt's one of the “Gresham grasshopper” rings English financier Sir Thomas Gresham was known to gift to acquaintances or business associates.
