Hold onto your seats, watch enthusiasts, because the luxury timepiece world just witnessed a seismic shift! The Audemars Piguet 'Grosse Pièce' No. 16869 has shattered records, becoming the most expensive Audemars Piguet ever sold at a staggering $7,736,000. But here's where it gets even more fascinating: this sale dwarfed the previous non-charity AP record by over $5 million, leaving collectors and experts alike in awe.
This monumental sale unfolded at Sotheby's New York auction, where the 'Grosse Pièce' blew past its conservative $500,000 to $1,000,000 estimate in a flurry of early-morning bidding. This triumph comes hot on the heels of another record-breaker—Francis Ford Coppola's personal F.P. Journe FFC prototype, which fetched $10.755 million at Phillips New York Watch Auction XIII just days earlier.
While the 'Grosse Pièce' may not have grabbed the same headlines as other watches from the Olmsted collection, particularly the previously unknown Patek Philippe pieces, its significance cannot be overstated. And this is the part most people miss: Auction prices above $4 million are typically the domain of Patek Philippe and Rolex, with Patek Philippe dominating the pocket watch category. So, why did this AP pocket watch defy the odds?
In an in-depth article, we explored the fascinating history of this Swiss-made masterpiece, crafted for the English market. Its location had been a mystery to all but a select few until now. What sets it apart? It’s tied with AP’s 'Universelle' as the brand’s most complicated pocket watch of its era, featuring a celestial complication and the only known tourbillon in an AP watch. This unique combination of rarity and craftsmanship fueled intense bidding, pushing the hammer price to $6.3 million and the all-in total to $7,736,000.
The auction room was electric, with significant action kicking off early. A fresh-to-market ten-day silver and gold two-train Presse-Papier desk clock, cherished by Robert Olmsted, sold for $2,734,000. The momentum continued with Patek Philippe’s John Motley Morehead Double Movement Minute Repeating Split Seconds chronograph, which soared to $3,710,000. Another previously unknown double-movement Patek, with a minute repeater and dual hour/minute hands, fetched $2,490,000—a testament to the enduring allure of these brands.
After a brief pause, the 'Grosse Pièce' took center stage, with half a dozen phone bidders and a few room bidders driving the price past $2 million, then $3 million. Sotheby's specialist Rich Fordon, formerly of Hodinkee, flexed his expertise, placing a $5 million bid for a client—beating out another bidder by a millisecond. Davide Parmegiani added a touch of humor, bidding $5.1 million with a laugh, “so we don’t have a problem.” The battle narrowed to two phone bidders and Parmegiani, who occasionally doubled the bidding intervals, skipping $100,000 increments for $200,000. Yet, Fordon’s client remained undeterred, and the three bidders fought until the very end.
As auctioneer Clara Kessi prepared to bring down the hammer at $6.3 million, she quipped, “No regrets.” “A lot,” replied Parmegiani, as Fordon’s client secured the win with paddle 847.
This sale eclipses the previous AP record of $5.2 million for the 'Black Panther' concept watch, though that was a charity auction, often dismissed by collectors as a true record. The next highest non-charity sale was Gerald Genta’s personal Royal Oak, which Sotheby's sold in 2022 for $2.1 million.
But here’s the controversial part: This result isn’t just a win for Audemars Piguet—it’s a watershed moment for early AP pocket watches, a category that rarely reaches such heights, even for Patek Philippe. Does this signal a shift in the market, or is it a one-off anomaly? We’ll leave that for you to debate.
What do you think? Is the 'Grosse Pièce' worth its record-breaking price, or is the market overvaluing rarity? Let us know in the comments—we’re eager to hear your thoughts!
