Tuesday 28 March 2023

Lot 167

Patek Philippe. An automatic calendar bracelet watch made circa 1968Ref. 3565/1J IOS, Case No....

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Lot 167

Patek Philippe. An automatic calendar bracelet watch made circa 1968
Ref. 3565/1J IOS, Case No....

Price Realised: £7,410

Estimate: £3,000 - £5,000

Price realised is hammer price plus fees (30% Buyers Premium inclusive of VAT).

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Lot 167


Patek Philippe. An automatic calendar bracelet watch made circa 1968
Ref. 3565/1J IOS, Case No.  2673845 , Movement number 1128010, stamped 750, Circa 1968
Automatic 27-460M movement, champagne dial with printed black Roman numerals and IOS signature, calendar aperture at 3, integrated Patek smooth link bracelet with Patek seatbelt buckle, together with service letter from 2018, Case, dial and movement signed 
35mm. diameter 

Made just between1968 to 1971, the yellow gold ref. 3565/1 was produced by Patek Philippe especially for the financier Bernie Cornfeld and his company, ' Investors Overseas Service (IOS') as a corporate incentive gift for his associates when they hit $1 million in sales.  The production number has never officially been disclosed, but is thought to be around 1500 watches making this reference one of the largest corporate orders in Patek Philippe’s history. Cornfeld was eventually tried and acquitted for mismanagement of the Investors Overseas Services, which was essentially a pyramid scheme. 

Buyer's Premium

The buyer shall pay the hammer price together with a premium thereon of 26% up to £20,000 (31.2% inclusive of VAT), 25% from £20,001 - £500,000 (30% inclusive of VAT), 20% from £500,001 thereafter (24% inclusive of VAT). The premium price is subject to VAT at the standard rate.

VAT is not charged on the hammer price unless it is stated that there is 'VAT applicable on the hammer price at the end of the description. Buyer's premium is subject to VAT.

Qualifying living artists and the descendants of artists deceased within the last 70 years are entitled to receive a re-sale royalty each time their work is bought through an auction house or art market professional.

It applies to lots with hammer value over £1,000 as follows:
0 to £50,000 - 4%
£50,000.01 to £200,000 - 3%
£200,000.01 to £350,000 - 1%
£350,000.01 to £500,000 - 0.5%
Exceeding £500,000 - 0.25%
ARR is capped at £12,500

Please note ARR is calculated in euros. Auctioneers will apply current exchange rates.

Export of goods

Buyers intending to export goods should ascertain whether an export licence is required before bidding. Export licences are issued by Arts Council England and application forms can be obtained from its Export Licensing Unit. Details can be found on the ACE website www.artscouncil.org.uk or by phoning ACE on 020 7973 5188. The need for import licences varies from country to country and you should acquaint yourself with all relevant local requirements and provisions before bidding. The refusal of any such licences shall not permit the cancelling of any sale nor allow any delay in making full payment for the lot.

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