A rare watch discovered tucked away in a late mother’s jewellery box in Cornwall has stunned a family by selling for £59,000 after bidders from across the world fought to own it.
The 1930s Patek Philippe wristwatch had been quietly sitting among jewellery in a house in Camborne before it was discovered during a house clearance.
Its late owner had always told her daughter she possessed a valuable watch – and had even made a note in her 2011 diary referring to an expensive timepiece she owned.
But few could have predicted quite how valuable it would prove to be.
The rare Patek Philippe & Co Calatrava Reference 448 was entered into Hansons Cornwall’s August auction with an estimate of £5,000-£10,000.
On August 25, following phenomenal international interest, it soared past its guide to hammer at an astonishing £59,000.
Three members of the family were in the saleroom to witness the drama unfold and were thrilled as the bids climbed ever higher.
Meanwhile, other family members were following the auction live on laptops and mobile phones while at work – watching in disbelief as a watch which had spent years tucked away in a jewellery box raced through £20,000, £30,000, £40,000 and ultimately £50,000.
A Cornish family treasure
The watch’s story stretches back generations.
It had belonged to the vendor’s grandfather, who lived in Wadebridge and worked as a solicitor’s clerk in Bodmin. It subsequently passed to his daughter and remained safely tucked away for many years.
Following further conversations since the discovery, the family believe there is also a possibility the watch was originally purchased by their grandmother.
She was known for her love of spending money on designer clothing and luxury items, leading the family to wonder whether the Patek Philippe may once have been a special gift from her to her husband.
The precise answer may now be lost to history, but its journey through the family gives the watch a wonderful Cornish provenance – from Wadebridge and Bodmin to a jewellery box in Camborne, and ultimately the auction room.
It was there that Darren Ashley, senior valuer at Hansons Cornwall, first had the opportunity to properly examine it.
He immediately realised the family had brought him something exceptional.
The 28mm Patek Philippe & Co Calatrava Reference 448 dates from circa the 1930s and bears serial number 822731 and case number 610667.
Its dial is inscribed ‘Patek Philippe & Co Geneva’ and features a subsidiary seconds dial, while the jewelled movement is signed and numbered by the celebrated Swiss watchmaker.
Crucially for collectors, its case is stainless steel – an important factor in the extraordinary international interest it generated.
Darren 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.”
Bidders across the world
Interest quickly spread far beyond Cornwall.
Potential buyers emerged from America, Japan, China, Saudi Arabia and the UK, among other countries, with serious collectors recognising the rarity of the opportunity.
Two international telephone bidders booked lines for the sale, including a major watch collector in New York and a bidder in China.
The New York bidder remained in contention until around £52,000.
Then came the final battle.
A determined internet bidder in Japan competed against the Chinese telephone bidder as the price climbed towards £60,000.
Eventually, the telephone bidder prevailed.
The hammer fell at £59,000 – almost six times the £10,000 upper estimate and nearly 12 times the £5,000 lower guide.
The watch is now set to leave Cornwall for its new home in Hong Kong.
Darren said: “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 £59,000 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 jewellery box just a few miles away.”
‘Never overlook what is tucked away at home’
Charles Hanson, owner of Hansons Auctioneers, said the remarkable result demonstrated why inherited possessions should never be dismissed without expert advice.
He said: “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 jewellery 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.
“I am delighted for the family and immensely proud of Darren and our Hansons Cornwall team. A watch which had been treasured in Cornwall for generations will now begin an entirely new chapter thousands of miles away in Hong Kong.”
The watch was Lot 15 in The Cornwall Antiques Sale including Silver, Jewellery and Watches with Collectors at Hansons Cornwall on August 25.
Estimated at £5,000-£10,000, it sold for a hammer price of £59,000.
