Patek Philippe
Reference 2524/1 | Retailed by Gübelin: A pink gold minute repeating wristwatch, Made in 1954
Dial: silvered Caliber: cal. 12"' mechanical, 29 jewels Movement number: 861'245 Case: 18k pink gold, snap on case back Case number: 690'961 Closure: 18k pink gold Patek Philippe buckle Size: 34 mm diameter Signed: case and movement signed by maker, dial signed by maker and retailer Box: no Papers: no Accessories: fascimile copy of build records and Patek Philippe Extract from the Archives confirming the date of sale on May 2nd, 1956Patek Philippe, founded in 1839, swiftly established a reputation for technical excellence and innovation in haute horology. That very year, the firm was commissioned to create its first quarter repeater, and by 1845, it had introduced its first minute repeater—marking the beginning of a legacy in acoustic complications that would define the manufacture for generations. Throughout the 19th and early 20th centuries, Patek Philippe honed its mastery in miniaturizing chiming mechanisms, particularly through the production of ladies’ pendant and wristwatches. This foundational knowledge culminated in the creation of the world’s first ladies’ five-minute repeater wristwatch in 1916, and by 1924, the first true minute-repeating wristwatch followed—famously sold to the blind inventor Ralph Teetor, known for developing cruise control. In the decades that followed, minute-repeating wristwatches remained a niche but celebrated complication within Patek Philippe’s repertoire. Between 1925 and 1942, it is estimated that only a dozen such pieces were made, and even during the golden age of watchmaking in the post-war era, fewer than 30 examples were produced up until the late 1950s. The present watch, reference 2524R, is a crown jewel of this rarefied lineage. Introduced in 1952, reference 2524 marked the final evolution of Patek Philippe’s vintage minute repeaters before their temporary discontinuation in the 1960s. The model features a three-part case with snap-on bezel and back, crafted by the esteemed case maker Emile Vichet, whose hallmark "9" is stamped within the case back. The movement, caliber 12’’’ RM, was supplied by Fritz Piguet—an independent Geneva-based movement maker active in the 19th century. The dial, in silvered opaline, was made by Stern Frères and features applied gold hour markers, a pearled outer minute scale, and an engraved enamel signature. Fewer than 50 examples of reference 2524 and its sub-references were produced in total, with nearly all encased in yellow gold. Two are known in platinum. This example—case number 690'961—is one of only two known to have been made in pink gold, and the only one in this metal bearing a double signature. Patek Philippe’s 18K pink gold alloy is composed of 75% pure gold, 9% silver, and 16% copper. Not only does this formulation create a richly warm hue prized by collectors, but it is also widely regarded as the most acoustically resonant metal for repeating mechanisms. Throughout the post-war era, pink gold versions of flagship references—such as the 1518R, 2499R, and 2523R—have consistently commanded the highest interest and values among discerning collectors. Adding to the current watch’s rarity is the retailer’s stamp located above the running seconds on the dial. The highly prestigious retailer Gübelin of Lucerne has remained in family ownership since its founding in 1854 and has maintained a relationship with Patek Philippe for over 170 years. Over time, Patek Philippe watches bearing the Gübelin signature on the dial have become some of the most coveted and sought after by collectors. The present watch made its first and only prior public appearance at the legendary April 9, 1989 sale The Art of Patek Philippe – Legendary Watches by Habsburg, Feldman in Geneva. Held to commemorate Patek Philippe’s 150th anniversary, this landmark event redefined the thematic auction format. Among the watches offered were pieces from the personal collection of Philippe Stern, including one of only two known platinum 2499s, one of three known Ref. 3449s, and the groundbreaking Calibre 89, which achieved a record-breaking $3.2 million. Sotheby’s is honored to offer this historically significant, unique, and acoustically exceptional minute-repeating wristwatch for only the second time at public auction.
