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| Watches |
The Court's Appeal
James D. Malcolmson
08/02/2004
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As might be expected when dealing with aristocracy, there are
delineations between what is royal and what is truly royal. “Many of the watches
purchased in the 18th and 19th centuries by royal customers were meant for
presentation rather than personal use,” says pocket watch collector and author
Michael Korda. “Although [presentation watches] may bear a royal coat of arms,
the value of their provenance is much less, perhaps 10 or 15 percent of the
overall value. The quality of the royal decoration, such as enamel miniature
portraiture on the watch cover, can increase this to a certain extent.”
The
historical importance of a member of royalty also influences the value of his or
her personal timepiece. A carriage clock by Breguet, presented to Napoleon 10
days before he left for his Egyptian campaign, sold in 1991 for 800,000 Swiss
francs, 20 percent of which might be attributable to provenance. A Breguet
watch, belonging to Napoleon’s sister Caroline, queen of Naples, is less highly
treasured for its provenance, because she apparently kept it only for a few
days. Consequently, the premium for Caroline’s ownership may only be 10 percent
of the overall value. “Ultimately, it comes down to who wants to buy the watch,”
explains Korda. “A royal or celebrity owner who is appealing to one collector
may mean nothing to another, and this imposes a limit on how much extra value
the previous ownership can bring.”
Because this market is relatively small,
the individual activities of important collectors can have a noticeable effect
on values. Voracious collectors actively seeking new pieces will cause prices to
appreciate. “Many of the important collectors know one another, and bidding
sometimes occurs only to make a statement as to who is more powerful,” Patrizzi
observes.
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