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Friday, March 24, 2017

Four Watches Found In Vault After 40 Years Being Sold At Charity Auction

Patek Philippe Ref. 3514 18k gold automatic watch. Photo by Heritage Auctions

Four watches forgotten in a vault owned by the Horological Society of New York for 40 years have been rediscovered and are now being sold at a charity auction. 

Bidding for the four timepieces has already begun online on the Heritage Auctions website, which is partnering with HSNY for the auction. Final bids will be conducted live during the HSNY’s 151st annual Gala & Charity Auction, being held April 3 at the General Society Library in New York. 

The four watches are: a Patek Philippe Ref. 3514 18k gold automatic watch; an Audemars Piguet 18k gold ultra-thin pocket watch Signed Tiffany & Co., circa 1959; an Audemars Piguet 18k Gold Square watch, Ref. 5128BA, signed Tiffany & Co. circa 1960; and a Piaget $20 Saint Gaudens Gold Coin Pocket Watch signed Cartier. There’s also an enamel HSNY pin that was not in the vault with the four timepieces but is one of the few remaining vintage enamel pins from the society.

They are expected to fetch $10,000 with proceeds going toward HSNY's educational programs and endowment fund.

HSNY said the board “rediscovered” these watches and decided to use them to fund a new annual charity auction tradition. 

“It’s a remarkable find,” said Michael Fossner, Heritage Auctions watch expert. “These great watches … were of modest value when donated to the Society, where they were consigned to a vault and forgotten, oblivious to the skyrocketing market outside.” 

All five items are offered without a buyer’s premium and online bidding will take place until the day of the HSNY’s gala and charity auction. The auction will conclude with final bidding commencing live during the Gala, which begins at 6 p.m. 

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