Rare Patek Philippe watch found in jewelry box sells for nearly $80,000

By Ed Chatterton

A rare vintage Swiss watch discovered hidden away in a late mother's jewelry box during a house clearance has sold for $78,765 at auction.

The 1930s Patek Philippe wristwatch smashed expectations after experts originally valued it at just $6,675.

The stainless steel timepiece had been sitting among old jewelry for years before it was found at a property in Camborne, Cornwall.

The owner's daughter remembers her mom once told her she possessed an expensive watch but never really knew its true value.

But she said nobody expected the treasured family heirloom to be worth almost 12 times its estimate.

The watch, believed to be more than 90 years old, sold for $78,765 at Hansons Auctioneers in Penzance on Tuesday, Aug. 25.

Darren Ashley, senior valuer at Hansons Cornwall, said: "When I finally had the watch in my hands and was able to examine it properly, I knew we had something extremely rare.

"Patek Philippe produced very few stainless steel watches during this period and that rarity makes surviving examples incredibly desirable to collectors.

"But one of the things I loved most was its mechanical perfection.

"This was a watch dating back around 90 years which had spent decades within the same Cornish family and, when it was placed in my hands, it was still finely ticking away.

"Combined with its wonderful provenance, it was an absolute pleasure to be entrusted with selling such an incredible timepiece."

The rare Patek Philippe & Co Calatrava Reference 448 belonged to the vendor's grandfather, who passed it to his daughter.

More from this section

What she thought was allergies was actually rare blood cancer

Amateur golfer birdies 8 of his last 9 holes in ‘1 in 323 billion’ feat

Why 3 in 4 parents struggle to get their kids to eat breakfast

It is believed their grandmother, who had a love for designer clothes and luxury items, bought it as a gift for her husband decades ago.

Potential buyers emerged from America, Japan, China, Saudi Arabia and the UK before the watch was sold to a phone bidder in Hong Kong.

Darren added: "The pre-sale interest was phenomenal. We had interest from serious collectors across the world, but nothing quite prepares you for watching that level of bidding unfold in the room.

"Having three members of the family there made it even more special. They were absolutely thrilled, while other members of their family were following the auction live from work on their laptops and phones and couldn't believe what they were seeing.

"The final battle between Japan and China was incredibly exciting. To see the hammer finally fall at $78,765 was a fantastic moment for the family and for Hansons Cornwall.

"It is one of those results that reminds you why this business is so exciting.

"Something extraordinary can still be sitting quietly in a jewelry box just a few miles away."

'Never overlook what is tucked away at home'

Charles Hanson, owner of Hansons Auctioneers, added: "What a wonderful result and a wonderful story.

"This little watch had passed quietly through generations of a Cornish family, its late owner knowing she had something valuable but perhaps never imagining quite how sought-after it would become.

"Then, decades later, it emerged from a jewelry box in Camborne and attracted collectors from across the globe.

"To see bidders in America, Japan and China competing for something discovered in a Cornish family home is the magic of auction.

"Patek Philippe represents the pinnacle of fine watchmaking and, when rarity, quality and provenance come together, the results can be spectacular.

"A watch which had been treasured in Cornwall for generations will now begin an entirely new chapter thousands of miles away in Hong Kong."