Welcome Back (I Left Hodinkee)

A completely incomplete and only mildly offensive Geneva auction preview

Highlights from Geneva auctions this week include this trio from Sotheby’s “Treasures of Time,” including one of only three known Patek 1563 split seconds chronographs (center).

November 1 was my last day at Hodinkee. Surely I’ll get all introspective and reflective in the next couple of weeks and have more to say on what’s next soon. One thing I can promise: This newsletter will become more frequent; but again, more on that to come.

But this little newsletter has always been about the watches, and I distracted myself from the anxiety of Election Day by flipping through the hundreds on offer at the big Geneva sales this week.¹ Everyone talks highlights and that’s fine, but let’s find a few juicy stories no one’s talking about, shall we? 

In this issue: Antiquorum, Blancpain, Breguet, Bubblebacks, Christie’s, F.P. Journe, the Geneva Freeport, Patek Philippe, Phillips, Rolex, Sotheby’s, Patek Philippe, and more. 

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What’s Going On With Gordon Bethune’s Poor ‘Stelline’ 6062?

Two Rolex 6062s at auction this week, including one that’s too famous for its own good: (L) the Bethune 6062 at Christie’s (again); (R) the “dagger” 6062 at Phillips.

When I saw the first Rolex 6062 again, I could only think, “that poor Stelline,” getting passed around like a bong at a frat party. 

To recap: The Rolex ref. 6062 moonphase is, by my personal but entirely objective assessment, the most beautiful Rolex ever made. So awe-inspiring is the 6062 that I wrote 3,800 words and documented every publicly sold example I could find last year (more on this in a moment). This pink gold 6062 was owned by Gordon Bethune, the super collector, former Continental Airlines CEO, and surely the inspiration for an antagonist in a ‘90s rom-com starring Julia Roberts.²

For those not keeping score, Bethune sold this 6062 at Christie’s in 2012 ($590,500). Then, it sold at Phillips in 2019 (CHF 1.9 million). Then, it sold again last year in auction of Mohammad Zaman’s collection (CHF 2.2 million). 

As I covered for Hodinkee then, most of that sale was guaranteed by a jewelry finance fund based in the States.³

As we probably should’ve expected, those guaranteed watches are now being slowly re-sold. A few appeared in the spring, and this time around the Bethune 6062 is the big one (it was the third-highest result in the Zaman sale). 

It all makes me sad because this poor, breathtakingly beautiful watch is probably holed up in the Geneva Freeport wondering what it did wrong – a few doors down from Lennon’s Patek 2499, perhaps? – with only its tax-free status as solace. 

I say this only because I care so deeply: You did nothing wrong, Bethune 6062! Here’s the pink gold Bethune 6062, est. CHF 1.2–2.2 million. For the guarantor, it’s as much a financial instrument as it is a watch, and surely it’s already come out ahead in that respect.   

And A ‘Dagger’ Rolex 6062 Right Through My Heart

Phillips also has a Rolex 6062, this one in yellow gold and fresh to market. As mentioned, last year I wrote that in-depth piece cataloging as many 6062s as I could find. 

So I was thrilled to read in Phillips’ catalog that “Today, about 110 examples overall have appeared on the market and the total production is estimated to be between 500 and 1000 pieces.” It’s a familiar number considering my little database has – checks notes – 108 examples in it! 

As Phillips rightly points out, these dagger indices are actually the rarest to find on 6062s (those sexy star indices being the most common). But rarity aside, the daggers aren’t my favorite. More importantly, though, this example looks to be in good condition, and Phillips said it was discovered in Bologna, explaining the Italian calendar. Estimate: CHF 400–800k.

Reloaded: A Not-So-Secret Secret

The first Journe wristwatch ever sold. Perhaps the best watch of the week – this or the Patek 1563 split (above).

I also enjoyed previewing Phillips’ “Reloaded: The Rebirth of Mechanical Watchmaking, 1980-1999” in Geneva a couple of months ago. The F.P Journe Tourbillon Souverain, the first wristwatch Journe ever sold, is perhaps the most impressive watch of the entire season. It feels beautifully raw and handmade, the early work of a master (estimate: “in excess of CHF 2 million”). 

It’s no secret among those who know that many of the neo-vintage watches in this sale were on display as part of Alfredo Paramico’s collection in Miami earlier this year. Ebel, Breguet, Blancpain, Ulysse Nardin, and so on. 

I point this out not as shade to anyone; in fact, perhaps the opposite. This might be a better way to sell a big chunk of a collection than what Zaman did last year, even if it is a clear attempt to make a market. Sometimes ego-driven collectors seem to demand single-owner sales, and we saw how that went with Zaman and OAK last year. But Phillips’ Reloaded feels like a better strategy. First, this collection is focused, and Phillips sourced many other watches – including the headliners – to fill out the catalog. Then, they did a good job marketing and telling the story of an entire era of watchmaking. 

That’s because the watchmaking will almost always be a more compelling story than that of a collector with more money than taste.

Here are a few other watches in the Phillips sale from when I saw them in January in Miami – the Blancpain Worldtimer prototype is still a personal favorite: 

Clockwise: A unique prototype Blancpain Worldtimer from the 1990s. According to Phillips, J.C. Biver confirmed it's the only of its type (est: CHF 15–30,000). (2) A Breguet ref. 3237 chronograph with Onyx inlay outer track (est: CHF 25–50k); (3) a unique minute repeater perpetual calendar made by Svend Andersen for the president of Shellman & Co in 1988, based on a vintage Patek for Tiffany & Co. pocket watch caliber (est: CHF 80–160k); (4) two complicated Blancpains from the early days – minute repeater and chronograph QPs, respectively.

Build-A-MilSub

When two MilSubs love each other very much...

Finally, there’s this Rolex MilSub with a long and winding story. It’s actually the story of two MilSubs the consignor bought at Bonham’s last year:

• First, they acquired this MilSub in February 2023 (for £44,400), with inside caseback 5339749 but serial 5339667 between the lugs. 

• Then in September they acquired this MilSub in September 2023 (for £82,950), with inside caseback 5339667 but serial 5339749 between the lugs.  

The casebacks for these two watches could’ve been inadvertently swapped during a service. But after the consignor bought both watches, they were able to do an ole switcheroo to match the caseback with the case. Now Phillips is selling MilSub, serial 5339749, with its matching inside caseback. 

But take another look at those two Bonham’s watches and you’ll see both were still missing a few key parts that make a MilSub a MilSub. So the consignor sourced a military bezel insert, Maxi dial, and had the sword hands relumed to match the dial. This is all documented and disclosed by Phillips (well done!), and it’s also offering the accessories from the other MilSub with this lot. 

More vintage watches than we realize probably come together in more or less the same way (and I’ve got a good story about one of these coming soon!), but because MilSubs are so rare and specific, we can see how this one was pieced together. The build-a-MilSub has an estimate of CHF 100–200,000.

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Bringing Back The Bubbleback

A collector’s guide to the Rolex Bubbleback: 1930s-40s Rolex at its best.

A few weeks ago I wrote about the Rolex Bubbleback and this era of Rolex more broadly. Some of the best watch designs come from this era and I’ve found the up-and-down collectability of the Bubbleback fascinating, so it was fun to speak with Ken Jacobs and Justin Gruenberg about 1930s-40s Rolex. It’s a tough corner of collecting and I wouldn’t necessarily recommend it for everyone. The watches are small, hard to service, and most have been messed with over the years.

Antiquorum often feels more like a yard sale than an international auction house, but that’s part of the fun. It literally tosses watches in cabinets, jarring but refreshing compared to the refined treatment that “rare and possibly unique” watches might get at a Christie’s preview at the Four Seasons. Landmines are everywhere, but there are also more than a few gems among the 677 lots in this sale. For example:

Lot 282 Rolex Royal ref. 1873 and Lot 592 Rolex Zerographe at Antiquorum. While these are “flatbacks” with manual movements, they’re some of the best watches from this era of Rolex.

The Rolex Royal ref. 1873 has a salmon “dot dial.” In researching that Bubbleback piece, I only saw a few dials like this; here and here, for example (est: CHF 8–12,000).

Meanwhile, Antiquorum says its Zerographe is new old stock, with some of its original stickers still on the case. It’s similar to the Zerographe I featured in that Bubbleback article:

The Rolex Zerographe was the first "chronograph" to use an Oyster case – the extra pusher at 2 o'clock operates a stop-seconds, flyback function. Only a dozen or so have appeared, and both of these examples are in pristine condition. Est. CHF 150–250,000.

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Finally, I’m co-hosting a watch event (free whiskey!) on Saturday, November 16 in Chicago. RSVP here, and I’d love to see you there!

As always, if you’ve made it this far just tap that “heart” – this newsletter should return to a weekly format over the next few weeks. But I’ll talk more about the future of the newsletter and my personal experiences over the past few years in an upcoming issue.

Happy bidding,

Tony

1. If only we could always do this…

2. To be clear, when Bethune sold his collection in 2012, proceeds from the biggest lots went to charity and it seems he was an all-around good guy, liked and respected by his employees.

3. A month or so after that auction, I got a chuckle upon realizing the name of the fund on everyone’s lanyard as a major sponsor of the Miami Beach Antique Show.