Last Chinese emperor’s luxury watch expected to fetch $3 million

[BNA/LION]

The Over/Under on this watch is $3M. Let the games begin...


A wristwatch once owned by China’s last emperor, Aisin-Gioro Puyi, is expected to fetch over $3 million when it goes on sale in Hong Kong this month.

The eye-watering valuation is partly due to the rarity of the Patek Philippe Reference 96 Quantieme Lune, one of just eight known to exist. But according to Phillips auction house, which is handling the sale, the seven-figure estimate is also down to the 86-year-old watch’s remarkable history — one that saw it taken to Siberia during the former ruler’s five-year imprisonment in the USSR.

The 1.2-inch-diameter platinum timepiece features an Arabic numeral dial, pink gold hands and a “moon phase” function that shows how visible the moon is from Earth at any given time. Some of its internal mechanisms date to 1929, though the model was not sold by Patek Philippe — a Swiss watchmaker known for fitting complicated movements into slim cases — until 1937.

It is not known how Puyi acquired the timepiece, though records show it was initially sold via a luxury store in Paris. Phillips added that historical documents prove the former emperor took it with him to a Soviet prison camp in Khabarovsk. He later gifted it to Georgy Permyakov, a fluent Mandarin speaker who served as his tutor and Russian translator during his time in detention.

Puyi, whose life formed the basis of the Oscar-winning 1987 movie “The Last Emperor,” ascended the throne as a mere toddler in 1908. He was forced to abdicate less than four years later when a republican revolt overthrew the Qing dynasty, though he was permitted to continue living in the imperial palace in Beijing (and was briefly reinstated as emperor in 1917).

In 1924, he fled Beijing and formed an alliance with Japan, which later installed him as the emperor of its puppet state, Manchukuo, in northeast China’s Manchuria region. After Japan’s defeat in World War II, Puyi was captured by Soviet forces and held as a prisoner of war. According to Phillips, he gave the watch to Permyakov in 1950, just before the former emperor returned to China to face trial for war crimes.

According to a press release, Phillips spent three years researching the object’s history and confirming its provenance — a process that Thomas Perazzi, the auction house’s head of watches for Asia, described in a statement as an “unprecedented research project with a worldwide team of watch specialists, historians, journalists and scientists.”

In its catalog listing, Phillips cites Puyi’s nephew Yuyan (who was incarcerated alongside him) recalling in his memoirs that his uncle wore the watch “day to day” while in Manchukuo. The catalog also says that Puyi had previously gifted the watch to his nephew, but later asked for it back in order to give it to Permyakov.

Almost a decade after returning to China, Puyi was pardoned and lived as a civilian in Beijing until his death in 1967. Permyakov, meanwhile, kept the watch until he died in 2005, after which it was passed to his heirs before being consigned to Phillips by its current owner in 2019. The timepiece has already been displayed in New York, Singapore, London and Taipei, and will travel on to Geneva before returning to Hong Kong, where it will go on sale at Phillips’ new Asia headquarters on May 23.

The watch is being offered alongside several other of Puyi’s former possessions. Among them are 15 watercolors, attributed to Puyi’s brother-in-law Gobulo Runqi, and a red paper fan also given to Permyakov, featuring a poem inscribed by the former emperor.

One of Puyi’s manuscript notebooks, which Phillips says “provides a never-before-seen glimpse into (his) mind,” is also being sold alongside his copy of Confucius’ “The Analects,” with the two items expected to together fetch over $25,000.

The sale will be followed by a two-day watch auction at Phillips featuring some 240 timepieces. Among the historically notable items featured is a limited-edition Omega Speedmaster Apollo XI 1969 once presented to NASA astronaut Charles “Pete” Conrad Jr., the third person ever to walk on the moon.

[Ichiran]

When I first read about the background of this watch, my initial estimate was that it will go beyond U$10m due to the special provenance. Phillips has also spent significant marketing effort on this special Patek and that will help. I hope this watch ends up in a museum for the public to view. Who knows, maybe Thierry will make a bid.

[HMHM]

Originally Posted by Ichiran

When I first read about the background of this watch, my initial estimate was that it will go beyond U$10m due to the special provenance. Phillips has also spent significant marketing effort on this special Patek and that will help. I hope this watch ends up in a museum for the public to view. Who knows, maybe Thierry will make a bid.

I think it will be closer to your estimate than the current 3M quoted… If Patek themselves are involved it might even be higher than that.

[DonLee]

It is a very special watch, and the uniquely ruined dial seems to give it more character.

However, for people who knew what kind of an emperor Puyi was, the watch becomes less appealing imo. They market the watch as the watch of "the last emperor". Yeah he was the last emperor for many good reasons. He was no emperor, and he worked for the invading Japanese who committed genocide on his own people.

[8bc8]

Originally Posted by DonLee

It is a very special watch, and the uniquely ruined dial seems to give it more character.

However, for people who knew what kind of an emperor Puyi was, the watch becomes less appealing imo. They market the watch as the watch of "the last emperor". Yeah he was the last emperor for many good reasons. He was no emperor, and he worked for the invading Japanese who committed genocide on his own people.

Agreed. I also find it a bit tone deaf that they’re marketing it to folks in Greater China. Feel like the watch would be perceived as having bad mojo given the history.

Does anyone have any insight on how legitimacy of the watch’s provenance? With recent exposés on some unicorns at auction, not sure how well this will realistically do at auction if the provenance is shaky

Curious to hear what others think too!


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[HMHM]

Originally Posted by 8bc8

Agreed. I also find it a bit tone deaf that they’re marketing it to folks in Greater China. Feel like the watch would be perceived as having bad mojo given the history.

Does anyone have any insight on how legitimacy of the watch’s provenance? With recent exposés on some unicorns at auction, not sure how well this will realistically do at auction if the provenance is shaky

Curious to hear what others think too!


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While it’s bad history, it’s still a part of history after all. Would not be surprised if it fetches pretty good value. The auction houses are targeting Greater China because that’s where the money is. See the recently sold Tropical Dial Speedmaster with questionable provenance for example. While the older generation may be superstitious considering the watch is associated with the falling of an empire/emperor, the younger generation would probably know nothing about it other than the bragging rights of acquiring the piece for X millions of dollars.

Regarding its provenance, there’s no guarantee these days even with big name auction houses. A.B in association with P has been pretty dodgy recently. Ch**tie’s HK was also caught mis-representing an Oyster Sotto PN that offered up for auction by a famous HK actor, who then made a video defending the Frankenstein PN. Video link: https://youtu.be/sTQaCD2b9TQ

The less said about AntiQ the better in terms of questionable watches.

So unless buyers have absolute knowledge themselves, buying vintage is a high risk high reward game. Those in the know already know beforehand which pieces to avoid. They look after each other but don’t mind screwing an outsider.

[8bc8]

Originally Posted by HMHM

While it’s bad history, it’s still a part of history after all. Would not be surprised if it fetches pretty good value. The auction houses are targeting Greater China because that’s where the money is. See the recently sold Tropical Dial Speedmaster with questionable provenance for example. While the older generation may be superstitious considering the watch is associated with the falling of an empire/emperor, the younger generation would probably know nothing about it other than the bragging rights of acquiring the piece for X millions of dollars.

Regarding its provenance, there’s no guarantee these days even with big name auction houses. A.B in association with P has been pretty dodgy recently. Ch**tie’s HK was also caught mis-representing an Oyster Sotto PN that offered up for auction by a famous HK actor, who then made a video defending the Frankenstein PN. Video link: https://youtu.be/sTQaCD2b9TQ

The less said about AntiQ the better in terms of questionable watches.

I’d be surprised if the younger generation has no knowledge about the history… I’m in my early 20s myself haha. It is a nice looking piece but I’m still struggling to comprehend the astronomical estimates.

And yeah, I’m surprised no one’s spoken up about the Frankenstein 6265. Makes me really question whether auction houses actually do in depth DD or if they just fake it til they make it.

Auction season will be exciting nevertheless


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[DonLee]

Originally Posted by HMHM

While it’s bad history, it’s still a part of history after all. Would not be surprised if it fetches pretty good value.

I'm sure Philips has done a great job and the watch will fetch a decent amount. But to say history is still history. Imagine if someone marketed a watch coming to auction. "The watch of Hitler". do you think it would fetch a particularly higher price than similar models?

[HMHM]

Originally Posted by DonLee

I'm sure Philips has done a great job and the watch will fetch a decent amount. But to say history is still history. Imagine if someone marketed a watch coming to auction. "The watch of Hitler". do you think it would fetch a particularly higher price than similar models?

We will cross the bridge when that day arrives!

[scurfa]

Originally Posted by HMHM

We will cross the bridge when that day arrives!

That ship has sailed!

https://www.smithsonianmag.com/smart...ion-180980523/

[DonLee]

Originally Posted by scurfa

That ship has sailed!

https://www.smithsonianmag.com/smart...ion-180980523/

Damn, of course. There are haters, but there are also admirers. I was totally wrong.

[l_chissle]

Originally Posted by DonLee

Damn, of course. There are haters, but there are also admirers. I was totally wrong.

I was going to say that it would probably fetch even more of a premium today. He is more a part of world history than Puyi.

[HMHM]

Just saw the auction for the particular watch. Overall, the watch did beat the estimate at 40M HKD, but seems like the sentiment for the watch was lukewarm at best.

Also, the fact that A.B himself wasn’t doing the auction for this watch may suggest that there were signs early on that key players weren’t too keen on this piece. The auctioneer was also buying time more than usual, hoping someone to up the bid beyond 40M HKD. Looks like the piece wasn’t that strong after all as I thought it would be.

[Nicof]

Originally Posted by HMHM

Just saw the auction for the particular watch. Overall, the watch did beat the estimate at 40M HKD, but seems like the sentiment for the watch was lukewarm at best.

Also, the fact that A.B himself wasn’t doing the auction for this watch may suggest that there were signs early on that key players weren’t too keen on this piece. The auctioneer was also buying time more than usual, hoping someone to up the bid beyond 40M HKD. Looks like the piece wasn’t that strong after all as I thought it would be.

Also worth mentioning that the bidding was stuck at 30 until the winning bidder decided to jump straight to 40 for whatever reason.


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[DonLee]

Originally Posted by HMHM

Just saw the auction for the particular watch. Overall, the watch did beat the estimate at 40M HKD, but seems like the sentiment for the watch was lukewarm at best.

Also, the fact that A.B himself wasn’t doing the auction for this watch may suggest that there were signs early on that key players weren’t too keen on this piece. The auctioneer was also buying time more than usual, hoping someone to up the bid beyond 40M HKD. Looks like the piece wasn’t that strong after all as I thought it would be.

40M is already quite a lot, some times these things can go in any direction.

I recall seeing an auction of the large jade seal of arguably the greatest emperor of the last millenium. It fetched for 145 mill hkd, no small amount, but was nothing compared a jpeg nft which sold for $69 million usd. =/

[HMHM]

Originally Posted by DonLee

40M is already quite a lot, some times these things can go in any direction.

I recall seeing an auction of the large jade seal of arguably the greatest emperor of the last millenium. It fetched for 145 mill hkd, no small amount, but was nothing compared a jpeg nft which sold for $69 million usd. =/

Yeah. I mean the sum is big and 40M is a lot of money. But I was expecting closer to 6-7M tbh. One of 8 reference 96 with a moon phase I believe? That alone is one hell of a rare watch, combined with its history (though a less than positive one like you pointed out), I thought it would have gone higher. The auction itself felt very forced. No one was really keen to really put a good bid. Like Nicof noted, even the last increment between 30M to 40M took a lot of time while the auctioneer was trying to stall time. Also, most of the key, high profile auctions were conducted by Mr Bacs himself such as the PN Daytona (2017) and the 5270T auction in for children. The fact that this was done by his sidekick suggests that even Phillips themselves were not too optimistic of the outcome.

The estimates were set at 3M as the article above pointed out, but classically estimates are always kept to the lowest minimum so that any outcome will make the auction house look good. It would look like a complete disaster if any watch did not meet the estimate.

[Ichiran]

The watch went for HKD 48,850,000 (U$6.2m) including commission. Not too bad.

[scurfa]

My least favourite Patek, ever!

[bp1000]

Overpolished 2bh.

[1William]

Interesting watch and auction.

[INC]

[sensui]

Originally Posted by INC

Thanks for sharing. Great relic of history.

[GGGMT]

Extraordinary


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