The Watchlist | Lennon's 2499 (Chapter 113), A Fresh Patek Calatrava 565, & An Original Aquanaut

A bonus edition with more vintage Patek chatter than usual and the latest on the world's most valuable watch.

Ref. 565 – more below.

I promise this newsletter won’t always be so Patek-heavy, but (1) I’ve been following the story of John Lennon’s Patek 2499 closely for more than a year, and (2) I was able to get hands-on with a couple of my favorite vintage Patek references last week. Let’s get to it.

Also, I know a lot of you want me to say a lot more about the state of watch media – I promise, that’s coming. I have a few great vintage watches to feature next week, so the great big What’s Wrong With Watch Media newsletter will probably come the week after. Stay subscribed.

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Just Like Starting Over

The Swiss Supreme Court has given its final ruling that the Patek Philippe 2499 Yoko Ono gave to John Lennon on his 40th birthday is legally Ono’s, and should be returned to her, as reported by Bloomberg and elsewhere.

Meanwhile, the Italian dealers behind the lawsuit, led by patriarch Maurizio DiSimone, have responded in true 21st-century fashion: with a YouTube tell-all (part 1). If you’ve lost in the legal court, you can always try the court of public opinion.

At least the DiSimones’ YouTube video gave us another look at Lennon’s pristine 2499.

For those unfamiliar with the story of Lennon’s 2499, here’s Jay Fielden’s New Yorker story on the Patek, my coverage of the lawsuit for Hodinkee, and the conversation Jay and I had on Hodinkee Radio. In short: Ono’s long-time driver stole the watch from her when he was deported to Turkey, and it passed through a few hands before ending up with Italian dealer Maurizio DiSimone.

DiSimone bought the watch from now-bankrupt German auctioneer Auctionata in 2014 after Auctionata had acquired the 2499.

While the DiSimones’ video expresses surprise about Ono’s claim to the watch, they shouldn’t have been caught off guard. According to the previous Swiss court ruling, the agreement DiSimone signed when acquiring Lennon’s 2499 was explicit about the unclear chain of custody. That agreement said:

The sale [of Lennon’s 2499] is subject to written acceptance by the current owner…The sales contract will be signed by [Auctionata] and the buyer and will contain more detailed information about the transaction and the watch itself, specifically that [Ono] has not confirmed the provenance of the watch, a fact known to all parties involved in this transaction."

In other words, DiSimone signed an agreement acknowledging that Ono might claim ownership of the 2499. Still, he acquired the watch from Auctionata for €600,000, also agreeing to sell more watches through Auctionata in the future.

That same agreement also said DiSimone would try to contact Ono to confirm the chain of custody. If obtained, DiSimone agreed to auction Lennon’s 2499 via Auctionata at a guaranteed reserve price of €800,000.

Through this agreement, DiSimone seems to explicitly take on the risk of the watch’s unclear title. If he’s able to clear custody with Ono, Auctionata will sell the watch, and with a higher reserve than what DiSimone had already paid for it.

And if DiSimone can’t clear the title? It means he doesn’t actually own the watch, and that’s the downside risk of the deal he made.

Just three months after acquiring Lennons’s 2499, DiSimone went to Christie’s “to have its value appraised,” according to court documents.

However, the DiSimones say they went to Christie’s not to sell or appraise the watch, but “to get in contact with Yoko Ono.” I suppose when you’re trying to clear title one man’s “get in contact” is another’s “get it appraised.” Perhaps DiSimone was using a friendly intermediary to contact Ono. For DiSimone, a happy byproduct must’ve been crossing the Swiss border to take advantage of those famously discreet, secure, and private banking laws. No better place than Geneva to hide the most valuable watch in the world.

Anyway, after arriving at Christie’s doorstep in June, it’s not until September of 2014 that Ono’s lawyer was informed of the whereabouts of Lennon’s 2499. It’s hard to believe it took Ono and her lawyer three months to pick up the phone, especially if that was the entire reason DiSimone went to Christie’s.

According to Ono and the court, this is when she first realized the watch was stolen The DiSimones say they were shocked (shocked!) to hear that it took Ono 40 years to realize the watch had been missing. I’ll grant that this is the hardest part of Ono’s version of events to square, though it requires fewer leaps in logic than the DiSimones’.

After Ono claimed ownership of the watch, the DiSimones sued her.

Shortly after that, the parties, along with Christie’s, entered into an agreement under which the DiSimones’ lawyer was to hold the watch until its ownership had been determined. Now, the top Swiss court has determined Ono owns the watch.

Importantly, this would indicate that the DiSimones’ lawyer still holds the Lennon 2499. Based on the video the DiSimones have posted in the hours since the final judgment, it doesn’t seem like they’re just going to hand it over.

As Fielden and I discuss on the podcast, the story of Lennon’s Patek 2499 has been a long and winding road. There’s every reason to believe this last chapter, getting it back into Ono’s hands, might be just as complicated.

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THE WATCHLIST

Patek Calatrava 565 - Fresh to Market

Tomorrow morning, Hindman is hosting its Watches auction in New York. Chicago’s Hindman was acquired by Freeman’s, based in Philadelphia last year, forming something of a larger mid-tier house here in the States. Hindman hosts a couple of watch sales every year, and I always appreciate that specialist Reg Brack brings the watches to Chicago for a few days leading up to the sale.

The most interesting watch for collectors in this sale is this Patek Calatrava ref. 565. Introduced in 1938, the 565 was the first large, waterproof Calatrava from Patek Philippe. Taubert/Borgel, one of my favorite casemakers, made the monobloc, water-resistant case. The 565 is a design that feels unstitched in time, that just as easily could be from 2049 as 1949 (as this example is) — something I wouldn’t say about many designs.¹

This yellow gold Patek 565 comes from the family of the original owner, and its caseback engraving starts to hint at the story behind the watch:

I always love a good caseback engraving.

The watch is in all original condition. It’s a two-tone dial with a contrasting outer track that I didn’t quite appreciate until seeing the watch in person. The long “Patek, Philippe & Co.” signature is fully intact with its raised enamel – so often these lose delicate portions of that signature like the top of the “A” or the comma after “Patek.” The dial may have been cleaned, but it’s in good condition.

Meanwhile, the case has been polished, but still has soft hallmarks on the lug and midcase. So much of the 565’s case is in its angular, muscular case and thick, square lugs. Some of that shape is gone here, but it still looks nice.

Hallmarks still visible on the midcase and lug.

Here’s a really solid 565 case that sold at Phillips earlier this year if you want to compare.

The gold bracelet isn’t from Patek, but Hindman says that’s how the owner wore it. I don’t mind it, but it’d look better on a strap or period-appropriate Gay Freres.

There seems to be a lot of interest in this ref. 565. All original, honest but good condition, fresh-to-market, and at a midsize auction house — this is what collectors want nowadays and is often the recipe for a strong result. If this popped up at one of the bigger houses, collectors might shrug their shoulders and keep scrolling. But something about it coming to market here feels more fun and honest.

This Patek Calatrava ref. 565 has a conservative estimate of $15-25,000, but I think it’ll pass that. See lot 11 here.

Patek Aquanaut 5060A Retailed by Tiffany & Co.

Now, for the other side of Patek. In 1997, Patek introduced the Aquanaut ref. 5060A. It doesn’t say so on the dial, but this example was retailed by Tiffany & Co. and still has its box and papers. Even better, the strap is uncut (and even comes with an extra uncut strap!). That wide bezel has a few lovely scratches but I prefer it that way, with its original lines and shape.

These original Aquanauts also have another lovely small detail: the clasp is signed “Nautilus,” indicating the origins of the Aquanaut as part of Patek’s other aquatically-inspired collection.

I love the serif font on the date window of these early Aquanauts; in later references (and on service parts), Patek switches to a more boring sans serif font that might as well be Comic Sans.

The market for these seems to be around $30,000 right now. Phillips just sold one for slightly more, and Tropical Watch has a 5060A listed at $32k. Take a look at that last example and you’ll see the date wheel has a bolder, sans serif font. I believe this indicates a later and/or service part, and the thin, serif font seen on the example here is the original date wheel.

Again, Hindman has a conservative estimate of $15-20,000 on this 5060A.

There are plenty of other auctions in the week – Dr. Crott’s is probably the most notable – but sadly, not enough time to cover them all! I’ll be back next week with more vintage watches.

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Finally, here’s the Hodinkee podcast episode I hosted with Tania Edwards, co-founder of Collectability with John Reardon. Tania’s an absolute legend, who started working at Patek USA in the 1990s. We discuss that era of Patek, working with then-president Philippe Stern, and what the brand looks like now. Apple link above, and here’s Spotify.

Thanks for reading and see you next week,

Tony

1. Watches like the Heuer Carrera 2447, Paul Newman Daytona, and Royal Oak also come to mind — what do you think?