Patrizzi & Co First Auction Nets Good Results, Despite Technical Glitches

Despite experiencing some difficulties with its Internet bidding system, Patrizzi & Co achieved a respectable SFr 6,635,290 at its first auction on Thursday, with  47% of the 1,100 pieces offered being sold.  According to Patrizzi & Co., the sales figure is an accurate total, because the company does not take commissions from buyers.  

Highlights of the auction included a Patek Philippe Ref. 5013P minute repeater perpetual calendar, which sold for SFr. 550,000, a rare Vacheron Constantin mono-push chronograph from 1930 which attained SFr. 115,000, and a Rolex Submariner from 1953, which sold for SFr. 110,000.  A selection of exceptional antique Swiss and German pocket watches also achieved excellent results, most notably Lot 388--the "General Yermoloff" Breguet from 1817; the historic gold pocket watch with moonphase, equation of time, and manual perpetual calendar was acquired by a private Swiss museum at an impressive SFr. 1,100,000.  

Patrizzi & Co conducted the sale in four simultaneous sessions, which brought an attendance of more than 200 individuals.  While comments from participants were extremely positive, there were apparently a significant number of attendees who were less interested in bidding, than in seeing the new Internet bidding system in action.  The company also experienced some technical issues with the system itself.  

“We had thought the technology was capable of helping the auctioneer manage the auction,” said Osvaldo Patrizzi.  "We found that in this case it imprisoned the auctioneer and that created several problems for us during the sale. I believe that we now have to rebuild our Internet bidding platform."

In order to carry out the necessary improvements to its Internet bidding functions, Patrizzi & Co will be postponing the sale of Davide Blei's Vintage Rolex Collection.  This auction will be held on March 22, 2009, at the Grand Hotel et de Milan, in Milan, Italy.