The Watch Enthusiast October 2004
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1. Welcome to the October, 2004 issue of The Watch Enthusiast. The Watch Enthusiast is a free monthly newsletter about watch collecting. Our goal is to provide:
Original articles about the enjoyment of collecting and wearing wrist and pocket watches.
Up to date information based on reliable sources.
In this issue is my latest report on market conditions and a short article on another of the great watchmakers. Please let me know if there is a particular watch or style of watch that you would like to see discussed in future articles.
2. Market Conditions
Over the last few weeks, I’ve attended a strong regional watch auction as well as a major New York City auction that included the final (and best) part of the Time Museum. Prices were strong or astronomical in some situations. Rarity first and then condition is what appears to rule prices. At the regional auction prices were stronger than I’ve seen them in quite some time with a 14k white gold Hamilton Coronado wrist watch realizing $2,900. In pockets: two white gold-filled 23 jewel Sagamo Specials, one 17 size and the other 16 size, realizing $1,600 and $1,100 respectively and a nice, but basic, 18k 44mm Patek Philippe sold for $2,200. When making it to Sotheby’s for its regular watch auction prices increased some with similar Patek’s going for more than at the regional auction. There was clearly a recovery in price for Rolex bubblebacks – still below their high of a five years ago, but certainly considerably above what they have been the last two years. Then the Time Museum auction started and money really flowed. A basic Hamilton 21 jewel Marine Chronometer sold for $3,600 while an unusual 2-day Chronometer timed with electric contacts by Paul Ditisheim sold for $21,600. A gold Brequet wandering jump hour pocket watch fetched $12,000 while in wrist watches, a Tiffany minute repeater realized $22,800 and three early automatics, including one Harwood were sold for $2,700. The American pocket watch section was amazingly strong with the final hammer prices totaling almost 6 times the high estimate total. While I thought the estimates were low, I did not believe them to be that low. In fact, only one piece sold for within its estimate and the auctioneer quipped “the first estimate we got right” when the Elgin 8-day automobile clock hammered at $800 ($960 with the auction house premium). There were many rare American pieces which included: a silver open face pair case Goddard for $18,000; a gold Dudley number 1 for $4,800; Freeport Watch Company No. 1 (movement only) for $48,000; a McIntyre with wind indicator for $51,000, and; a gold-filled hunter case Mozart Watch Co. for $66,000. While Sotheby’s does not have the expertise on American pocket watches, they did know who to get to attend the auction as it was a real collectors’ auction.
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4. The Illinois Watch Company was founded in Springfield, Illinois in 1869 and produced its first watch in 1872. It is my opinion that Illinois was the top American watch maker from the time E. Howard was sold to Keystone (1902) to when Hamilton dismantled the Illinois factory in 1932 and shipped all remaining parts to Pennsylvania. The allure of Illinois is in its high-grade pocket watches and imaginatively designed wristwatches. I’ll feature any of the special models I acquire in the future.
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Illinois produced more 24, 25 and 26 jewel pocket watches than any American maker. Illinois produced several railroad grade watches that are legendary, the Sagamo, the Bunn Special (right) and the Abe Lincoln. It also produced some high-grade and quite decorative 12 size dress watches that more than competed with the best from Switzerland in both quality of movement and case/dial design.
Because of its numerous imaginatively designed wrist watch models together with its limited production (1915-1932) of wrist watches, Illinois wrist watches are highly sought after by collectors. While not as high-grade as their pocket watches, Illinois wrist watches were still among the top-quality wrist watches made during the period. Many of Illinois’ models were made unique as it placed the sub-second register at 9 o’clock. Quality, design and uniqueness all go toward making pieces collectible. The Illinois wrist watch combines all these features and while they have appreciated in recent times, they are still a bargain when compared to similar Swiss pieces.
5. Musings... Two issues in a row actually out during the scheduled month, amazing. I attended the preview and two of the auction sessions for the Time Museum auction and certainly failed in my attempt to get some of the American pocket watch lots, but, was successful in adding a couple of sundials to my collection. I do not want to collect what I sell as I want a clear divide between personal and business – fortunately, it is not always that clear as I enjoy wearing fun watches and an occasional piece slips from inventory to my dressing draw. Please provide your comments about this newsletter and let me know if there is any watch collecting area you would like to see explored in this newsletter. Also, if you enjoy reading this, please let all you friends know about it.
6. Helpful Resources The Illinois Watch: The Life and Times of a Great American Watch Company by Frederic J. Freidberg, recently published by Schiffer Publications. If you are into American wrist watches or Illinois wrist watches in particular, this is the book for you as it pictures almost all of Illinois’ wrist watch designs. I’m looking forward to going through it very carefully and will soon be listing actual model names for the Illinois wrist watches I have in inventory. If your collection is solely pocket watches, this book will only add a little value to your overall reference library. If you wish to find out more about Paul Ditishem, and read German or French, check out Paul Ditisheim-Chronometrier by Fritz von Osterhausen
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Thank you for reading!
If you have questions about watches or watch collecting, please forward to huck@tias.com. We will not respond to questions solely about value of a particular watch. For an estimate, discuss with watch friends, check with a local appraiser or auction houses or, on the web, try http://www.kovel.com for a price book or http://www.whatsitworthtoyou.com/tias.htm for an online appraisal.
Please e-mail Huck@Tias.com with any comments or if you would like to write a short note for this newsletter. Also, please let me know if there are any items that you would like me to search for free to forward this to a friend. To subscribe to this or other TIAS newsletters, especially The Cuff Linker for which I'm also the editor and primary author, go to http://www.tias.com/subscribe
Please let me know your thoughts on how my store or our mall can be adjusted to make finding the type of cuff links that you are searching for easier and your overall browsing experience more pleasurable!
I'm still hopeful that some of you will write in with your own collectors' creeds. If you have particular rules that you have followed to a fun collection, please write in so they can be passed on to everyone. Thank you for reading! Please feel free to forward this to a friend. Paul G. Huck email: Huck@Tias.comwebsite: http://captainhucksbooty.com
