Background
The HU 2523 and HU 2523-1 references are,to my eyes at least, the most beautiful vintage world time watches everproduced and certainly the most desired of all.
Launched in 1953, the 2523 referencecomprises the new two-crown system that replaces the former Ref. 1415, a singlecrown model with its bezel engraved with cities to be switched manually. With a rather large diameterof 35.5 mm for the time, the watch is fitted with superb faceted lugs that areamong Patek’s best. The dial features 41cities.
The 12-400 HU caliber comprises the world timemodule developed by Louis Cottier. It ismy understanding that Louis Cottier himself fitted the modules. This would explain why the production ofvintage world time watches is rather low.
In 1957, Patek Philippe launched a derivative model Ref. 2523-1,while carrying the same mechanism as its predecessor; there are subtledifferences in the design of its appearance. When viewed from profile,the lugs are no longer above the bezel and are slightly less raised with lessprominent multi-faceted edges comparing to the Ref. 2523, giving it a moremodern and sleek look.
The majority of the cases were in eitheryellow or rose gold. There is only onepiece in withe gold.
Dials
References2523 and 2523-1 were furthermore fitted with differing dial versions. Whereas reference 2523-1 was available withthe traditional silvered or gilt dials, reference 2523 existed also with differentenamelled versions.
The different dial iterations of are asfollows:
Plain silver
Center Black
Guilloché silver
Guilloché yellow gold
Blue translucent enamel
Cloisonné enamel
Two pieces bear the signature of Gobbi andTiffany respectively.
Two examples were fitted with integratedbracelet.
With a very large diameter of 35.5 mm forthe time, the watch was not very popular.
ProductionNumbers
Trying to know the exact number of 2523references ever produced is quite a challenge.
In the catalog of the sale of 14 May 2012,Christie's asserts that there would be fifteen 2523 / 2523-1 references: ‘ Todate, only twelve yellow gold examples have made their reappearance in public,including the present. Furthermore two in pink gold and only one in white gold,now prominently exhibited at the prestigious Patek Philippe Museum in Geneva,are known’.
Back then, I was puzzled by such statement. I was convinced that Aurel Bacs wassomehow ‘playing’ the extreme rarity of this reference. By looking in my documentation and doing someresearch on the Internet, I was able to identify with certainty nineteen references(I did publish my findings on a French Forum at the time). When I acquired the Patek Philippe MuseumComplete Catalogue, I was able to identify two additional watches bringing the productionnumber to 21. Then in October 2015, Sotheby’spresented a reference that was for the first time offered in public auction. This brings the total number of known watchesto 22 examples. One of them was nevercommercialised and is on display at the Patek Philippe Museum. It is a rose gold with a silver guilloché dialfitted with the caliber 724 315.
The table below provides the details of the 22 known pieces todate:
From the above inventory of 22 known references,21 are formally identified by their caliber number. In addition, 18 of these watches have gonethrough auction houses since 1989.
The only reference for which I do not havethe caliber number has a unique feature that I could identify on the basis ofphotos published in the magazine Patek Philippe. This is a pink gold watch with a bluetranslucent enamel dial sold at Sotheby's in February 2001. According to Christie's, there would only betwo examples of this watch and one of them bears the signature of Gobbi on thedial (i.e. the watch sold by Christie's in November 2010). The watch sold by Sotheby's does not carrythat signature. It is without a doubt the second piece.
When looking at the caliber numbers, thereare two main series i.e. the 722 7XX series and the 724 3XX series (presumablycorresponding to the 2523 and the 2523-1 series). One is tempted to believe that some missingnumbers not listed in the above inventory might belong to world time watchesand more specifically the calibers 722 701, 722 703 and 724 310.
Wen comparing the case numbers, we seethere are two specific sequences for watches with serial numbers 722 707 to 733717 and 724 309 to 724 316. It could beconcluded that the calibers 722 711, 722 714, 724 313 could also be world timewatches.
From the above and without certainty, wecould assume that there would be nine additional examples of 2523 referenceswith the following calibres: 722 701, 722 703, 722 711, 722 712, 722 713, 722714, 724 310, 724 313 and 724 314.
We can therefore still expect some verynice surprises that will delight collectors. This recently happened when the reference 724312 which was previously unknown to the public and that had beenkept in the private hands since it left the factory wasproposed for the first time at auction by Sotheby’s.
EnamelCloisonné Dials
Among the 2523 references, the examplesfitted with a cloisonné enamel dial are certainly the most iconic ones.
There are eight known 2523 / 2523-1references with cloisonné enamel dial (six yellow gold, one rose gold and onewhite gold). The maps being displayed arerespectively: Eurasia (two in yellow gold), South America (one in yellow gold)and North America (five including three in yellow gold, one in rose gold andone in white gold). Three of thesepieces are on display at the Patek Philippe Museum respectively: the references720 303 (yellow gold – Eurasia map), 722 707 (white gold – North America map)and 722 717 (rose gold – North America).
Prices
The prices realized by 2523 to dial and email cloisonné dialtranslucent enamel are very substantial. The last three sales reached respectively CHF2,771,000 for a yellow gold watch and dial set North America (Christie's, May2012), CHF 2,675,000 for a pink gold watch with a dial translucent enamel(Christie's, November 2011) and CHF 2,250,000 for a yellow gold reference witha dial representing North America (Antiquorum, April 2006).
For comparison, the latest sales of a ‘simple’ 2523 referenceachieved respectively CHF 916,204 (yellow gold and silver guilloche dial -Sotheby's in October 2015) and CHF 951,000 (Yellow Gold Silver Dial - Christie'sin November 2008).
There is a substantial premium to pay for 2523 references with enameldial.
Conclusion
The production of World Time ‘vintage’stops in the late sixties some time after the death of Louis Cottier inSeptember 1966. According the Sotheby’s,the watch that was offered at auction in October 2015 was produced in 1968 andsold on 14 April 1975. It might beassumed that Patek Philippe had in its inventory some finished 12-400 HU calibersafter Louis Cottier’s death.
The world time will be reintroduced muchlater in 2000 with the 240 based caliber 5110 reference while the world timewith cloisonné enamel dial will only reappear in 2008 with the 5131J reference.
If you want to see 2523 references in reallife, I would encourage you to visit the Patek Phillipe Museum where there areno more than four examples on display among other iconic world time watches.
As you may have guessed, the 2523 isabsolutely out of my reach. I am howeverthe lucky owner of a 5131G.
However, in my humble opinion, the 2523remains the most beautiful world time ever produced by Patek Philippe.
Books
- CompleteCatalogue of the Patek Philippe Museum - Patek Philippe Volumes I & II,Patek Philippe 2013
- J.Goldberger, Patek Philippe Steel Watches, Damiani Editions as well as the linkto the steel watches database:
[url=http://www.johngoldbergerwatches.com/References.html]http://
www.johngoldbergerwatches.com .html[/url]
- M.& A. Huber Banbery, Patek Philippe Geneva, Volume 2 Wristwatches, SecondEdition, Patek Philippe
- MichaelJ. Mehltretter, Patek Philippe - Cult Object and Investment, Schiffer, 2012
- O.Patrizzi Collecting Patek Philippe Wristwatches, 2 Volumes, First Edition,Guido Mondani 2004
- J.Reardon, Patek Philippe in America - Reference Guide, Volume 1 Men's Watches,Cefari 2010
- G. Negretti & P. De Vecchi,Patek Philippe Montres-bracelets compliquées, K?nneman, 1999
Articles
- Boutantin, Patek Philippe’sLimited Edition Watches 1989-2006, Vox Magazine, Antiquorum Editons, SummerEdition 2006, pp. 98-111
- R. Byam Shaw, Dressed in Coatsof Many Colors, Patek Philippe Magazine, Vol. I, N° 6, pp. 84-85
- F. Chicha, The World Time Watch,Vox Magazine, Antiquorum Editions, Summer Edition 2010, pp. 34-39
- T. Delfs, Tout l’éclat desvitraux, Patek Philippe Magazine, Vol. II, N° 11, pp. 78-85
- J. Faver, Patek Solar Clocks,Vox Magazine, Fall Winter 2012, pp. 50-51
- J. Gurney, Circling the Globe,Patek Philippe Magazine, Vol. I, N° 7, pp. 82-85
- T. Lips, Wheels within Wheels,Patek Philippe Magazine, Vol. I, N°12, pp. 52-59
- O. Patrizzi, Louis Cottier, AWatchmaking Genius Ahead of His Time magazine, Vox, Antiquorum Editions, Fall2002, pp. 22-25
- D. Rooney, Le Temps Universel,Patek Philippe Magazine, Vol. II, N° 4, pp. 42-47
- Le Genevois Cottier inventel’heure universelle in Patek Philippe Museum, Edition spéciale Tribunes desArts, pp. 72-73
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