Editor’s note: With the arrival of the holidays, The Hot Bid shifts its focus to world auction records.
What you see: The Henry Graves Jr. Supercomplication pocket watch, commissioned by Graves from Patek Philippe. The Swiss company finished the timepiece in 1932 and delivered it in 1933. It is the most valuable timepiece of any kind sold at auction, and has been for almost two decades. It fetched a then-record $11 million at Sotheby’s in 1999, and commanded $24 million at Sotheby’s in 2014.
So American banker Henry Graves Jr., approaches Patek Philippe to create this timepiece in 1925. How serious a challenge is this project? Is it akin to the moon shot–America devoting itself to sending astronauts to the moon in the 1960s? “In the watch world, yes,” says Daryn Schnipper, chairman of Sotheby’s international watch division. “Patek Philippe would not do it again until 1989.”
Why did Patek Philippe wait until 1989 to do something like this again, with the Calibre 89? “Probably, they didn’t have a commission,” she says. “1989 was an anniversary year for Patek Philippe. They were talking about how to celebrate a very important anniversary [Patek Philippe’s 150th]. They decided to replicate the Graves, but then said, ‘Let’s not stop there, let’s surpass it.’ The people involved said it was not possible. They used computer assistance. One reason the Graves couldn’t be replicated was those who worked on it were dead by 1989.”
Didn’t the people who worked on the Henry Graves Patek Philippe Supercomplication pocket watch leave behind technical drawings of the timepiece? “When they developed a one-off, it was in the watchmaker’s head,” she says, noting that a team of twelve was assembled for the Henry Graves Supercomplication project, and they worked on it for seven years. “I know it sounds crazy, but I didn’t see a drawing [for it] except what was done afterward.”
How does the Henry Graves Patek Philippe Supercomplication pocket watch differ from the Calibre 89? “The Graves had 24 complications and was 74 mm (almost three inches) in diameter. It was never done before. When they did the Calibre 89, [which had 33 complications], it was significantly bigger. It almost didn’t seem like a watch,” she says. “The Graves is not crazy big like the Calibre 89, which weighs almost two and a half pounds. The Graves is one pound, three ounces. They [the Calibre 89 team] couldn’t come close at all. The Graves is a tour-de-force. I think it shows you really can’t replace people with machines.”
Did Henry Graves require Patek Philippe to include any specific complications? “He probably asked for the night-time sky,” she says. “The timepiece that Patek Philippe made for James Ward Packard [Graves’s rival in watch-commissioning] had the night-time sky over Cleveland. Graves wanted one with the sky over New York. At that time, you only saw it on three watches. The Graves timepiece shows the night sky with the Milky Way and various stars. It’s mesmerizing, and it’s done to the latitude and longitude of Henry Graves’s home near Central Park at 834 5th Avenue.”
What was the hardest complication for the Patek Philippe team to integrate? “Making sure they [the 24 complications] worked with each other. Just to sync everything together and make sure it works accurately,” she says, noting that the Graves timepiece is less than an inch and a half thick. “It’s organic. It works together as a system. It’s very complex. If it doesn’t all sync together and work accurately, it’s a failed idea.”
Why do watch-heads love the Henry Graves Patek Philippe Supercomplication pocket watch? “Because it’s everything. It’s a technical tour-de-force,” she says. “It’s the fact that it’s the Supercomplication, the whole ball of wax, and the fact that it was entirely handmade–no use of any computer technology.”
The Henry Graves Supercomplication set a world auction record when it sold at Sotheby’s in 1999 for $11 million. When Sotheby’s sold it again in 2014, it set the record anew by fetching $24 million. You were present for both records. Could you talk about what they were like? “The first time, we didn’t know what to expect, because it had never sold at auction before,” she says, noting that Sotheby’s put an unusually high $3 million to $4 million estimate on the Henry Graves Supercomplication in 1999. “The second time, there was a lot more writing on it. ‘Will it break the record?’ ‘Will it find a buyer?’ I knew the consigner was sad to sell it but wanted to pass it along. There was a lot of emotion involved. It was a roller coaster, those few days. There was so much more emphasis on it. It was a big, big deal.”
How did you experience both auctions? “The first time, I was in a state of shock as it exceeded five million. It was very exciting, and I remember holding my breath until the hammer went down,” she says. “The second time, it was exciting because it was all in the room. It came down to two people. It was still exciting for me to watch, it was just a different environment.”
What is the Henry Graves Patek Philippe Supercomplication pocket watch like in person? “It feels good. It feels right. It feels high-quality. It’s a perfect kind of watch,” she says, and launches into a memory that compares aspects of the two auctions. “In 1999, we hand-carried it from Rockford, Illinois, to Sotheby’s in New York City. [We thought] If it sold for $3 million to $5 million, that’s a lot. Once it went for $11 million and beyond–we had estimated it [the second time] at $17 million to $20 million–we no longer hand-carried it. We had armed guards. We were still handling it, but yeah. As important as it was the first time, it was that much more important the second time. Its value was greater, and its fame was greater.”
How long do you think the record will stand? “I don’t know. So far, it’s been three years,” she says. “Aside from something like the Paul Newman wristwatch, which was about provenance, you know, records are meant to be broken. The fact that it held the record from 1999 to 2014 was something, but with that Paul Newman bringing $18 million, who knows? It’s kind of hard to speculate. Anything’s possible.”
Might one of the four Calibre 89 timepieces challenge it? “Not even close,” Schnipper says. “The Calibre 89 is very important, but it’s not the same. They made more, they had engineers, they had computer-assisted design–it’s just different.” [Editor’s note: The yellow-gold version of the Calibre 89 was consigned to Christie’s in 2016 for $11 million and went unsold. Sotheby’s offered it in May 2017 with an estimate of about $6.4 million to $9.9 million, and it went unsold again. Also, Vacheron Constantin has since claimed the ‘most complicated watch ever made’ title with the 2015 release of the Reference 57260. It measured almost four inches across, weighed just over two pounds, and boasted 57 complications.]
Why will the Henry Graves Supercomplication stick in your memory? “It was the most important watch known in private hands at that time , and it’s still in private hands,” she says. “It’s like selling the Mona Lisa. How do you get your head around that? That’s kind of where it is for me.”
You can watch Daryn Schnipper talk about the Henry Graves Supercomplication in this 2014 Sotheby’s video.
Image is courtesy of Sotheby’s.
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