THIS 19-CENTURY Breguet Tourbillon was crafted for Don Antonio, brother of the king of Spain.

MOSES IS part of the collection at the Patek Philippe museum.

Provenance determines the acquisition strategy of a certain type of collector, just as the attraction of a specific brand or watch category might attract the fancy of others. “Fine antique pocket watches with significant provenance have always been sought after as a specialty by knowledgeable collectors,” says Osvaldo Patrizzi, CEO of Antiquorum Auctioneers. “Now the prices on these pieces are rising as more new people enter the market.”

The most intriguing period for these watches was the mid-18th to mid-19th centuries, a time when well-known watchmakers such as Breguet did a large portion of their business at European courts. The most desired brands from this period read like a Who’s Who: Vacheron Constantin, Patek Philippe and Cartier, manufacturers that continue to do business today, as well as those whose doors have closed, such as LeRoy and Piguet & Meylan.

THIS PRICELESS pocket timepiece was made in Geneva by Breguet for a Russian aristocrat.

SecondHand Goods
Many factors may complicate our efforts to invest in pedigreed watches. The premium for such ownership can vary widely, and other aspects, such as the condition and overall importance of a piece, can affect the value as well. Royal ownership may double a watch’s worth, but only when these other factors are optimal.

For example, a Vacheron Constantin pocket watch with 15 complications last sold in 1994 for $891,341. This piece would be superlative by any standard, and the provenance—the company crafted the watch for King Farouk of Egypt—is estimated by Antiquorum Auctioneers to account for 50 percent of the final price, but only because of the watch’s other important qualities.

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.

VALUE JUDGMENT Timepieces with important provenance—those commissioned by royalty or other significant historical figures—command top dollar on the collector market. Though extremely rare and often difficult to authenticate, these watches may offer an irresistible mix of past glory and future investment appreciation.

Today the market is enjoying a period of appreciation, due in part to aggressive collecting by several watch company museums. Breguet, Vacheron Constantin and Patek Philippe, three of the most important manufacturers for royal and elite customers, actively acquire their own pieces for top market prices. Swatch Group chairman Nicholas Hayek is known as the most important collector of vintage Breguets (Swatch is now the parent company of Breguet).
 
Dealer’s Advantage
Watch companies have a considerable advantage when competing to acquire royal timepieces: their own records. They learn of important pieces about to come on the market when the owners seek to verify provenance. The manufacturers can tender offers at that point, avoiding the risk and added expense of an auction.

“We have put together a list of certain pocket watches that we would like to see come on the market,” says Arnaud Tellier, who curates and acquires pieces for the Patek Philippe museum. “Sometimes when we find a watch that was sold to a well-known person, we will buy it for that reason. We are very lucky to have access to the information from the records; it is not the kind of information we give to everybody.”

Supporting documentation for a royal timepiece is nearly as essential to its value as the watch itself: its purported provenance means nothing if not backed by credible records. Watch companies still in operation keep careful records, and documentation for the now-defunct LeRoy is available. Sometimes these research efforts can pay off handsomely. In a highly unusual case last year, a Patek Philippe pocket watch jumped in value from $3,500 to $135,000 when a photo was found confirming that it had once belonged to King Oscar II of Sweden.

Ironically, scrupulous record keeping is one reason the most famous royal watch—the so-called Marie-Antionette by Breguet—might never be seen again. Made to order for the French queen, the company built the watch with multiple complications over the course of several years, but could not deliver it before her execution in 1793. The watch passed through the hands of a number of collectors, finally alighting with Sir David Salomons. He donated it to the L.A. Mayer Institute for Islamic Art in Jerusalem in the early 1960s. In 1979, thieves made off with it, along with a large portion of Salomons’ collection. “The watch is both highly documented and highly recognizable—virtually unsellable in today’s market,” says Jean-Claude Sabrier, a special consultant for the Breguet museum. “It probably resides as an illicit part of somebody’s collection.”

While there are a very limited number of such royal pieces in existence, newly discovered watches of provenance do turn up from time to time. Experienced collectors look to unearth these items at watch shows, enthusiasts’ meetings and with the help of pickers—dealers who comb estates or foreign markets for items of interest. All these methods require significant time and research. “You have to do your homework,” says Korda. “This means finding retailers who will show you their records, or working with town historians.” Even using these techniques, the prospect of finding watches of truly exceptional history is akin to discovering buried treasure, and the investments we make to cull out dead ends, forgeries and less-than-ideal pieces require an enthusiast’s full dedication. 

Additional Information
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