PANERAI - Grimoldi's Collection Antiquorum NY (Lot 108-Lot 114)

17 september 2005

ANTIQUORUM 28th September 2005 New York USA Lot 108-Lot 114

All Text, Materials, Photos are the properties of www.Antiquorum.com Auction Highlights for Antiquorum New York September 28th, 2005 Sale For the Panerai enthusiast, there is a selection of fine and rare vintage watches and military instruments, made by Panerai, from the exceptional “Grimoldi Collection” including the only known example of the vintage left-handed Marina Militare wristwatch.

LOT 108 OFFICINE PANERAI FIRENZE 5218-207/A Mattricola: 077 “Sly Tech Daylight” Officine Panerai, Firenze, “Luminor Daylight - Sly Tech Panerai”, No 077/200, Ref. 5218-207/a. Made in a limited edition of 200 examples in 1995 in collaboration with Sylvester Stallone. Fine, large and extremely rare, water-resistant, stainless steel military diver’s wristwatch with a large stainless steel Panerai buckle. C. Three-body, polished, screwed-down case back with Sylvester Stallone's autograph, winding crown with security lever, sapphire crystal. D. White soft enamel with black Arabic numerals, outer minute divisions with Arabic 5-minute markers, subsidiary seconds dial at 9. Tritium-coated "bâton" hands. M. Cal 13''', 21 jewels, straight line lever escapement, monometallic balance, shock-absorber, self -compensating flat balance spring. Dial, case and movement signed. Dim. 44 x 44 mm. Thickness 14 mm. Estimate: 12,000 USD - 16,000 USD - Estimate: 10,000 EUR - 13,000 EUR

The History of Officine Panerai, Florence. In 1860, in Florence, Giovanni Panerai (1825-1897) set up a small workshop for precision mechanical instruments on the "Ponte alle Grazie". By 1870, the company had become an official supplier to the Royal Italian Navy. Giovanni’s successor Guido Panerai (1873-1934) continued to develop high-precision instruments. Named "Orologeria Svizzera" in the early 1900s, the company sold Rolex and Patek Philippe watches while also delivering optical and mechanical precision instruments to the Defence Ministry. Developing the business and extending the line of military products, the company continued as "Officine Panerai". Special products included luminous firing and aiming devices. Maria and Giuseppe continued their father's retail business while strengthening their position as suppliers to the Italian Navy. In 1935 the first wrist-worn depth gauges and compasses were developed, and in 1936/38, a "Radiomir" watch prototype was produced. 1943 saw the birth of the "Mare Nostrum" and for the first time a safety lever and bridge device was fitted to the "Radiomir". This was a revolutionary and distinctive design, which not only fitted the crown tightly against the case, but also allowed for winding the watch while under water. A patent was granted in 1949 for the luminous material "Luminor"; another for the "Tight Seal Device" was filed in Italy on Nov. 26, 1956. (Ser. No. 624,234) and later in other countries. "Officine Panerai" continued to be a specialized manufacturer of military instruments. Panerai & Rolex The linking of the two companies of Panerai and Rolex has always been the subject of speculation and fascination amongst watch collectors. Officine Panerai of Florence was known for making precision instruments - watches were just one of their product lines. It is probable that Panerai first turned to Rolex in the mid-1930’s due to their history of making completely waterproof watches. Panerai had suffered from unsatisfactory waterproofing of their watches and the fitting of waterproof crowns made by Rolex was a logical step to make. Of course, the reputation of the Rolex watch movement was widely known and Rolex agreed to supply Panerai with both the crowns and movements. The movement calibre 618 (16 ‘’’) was used and proved to be very satisfactory. In 1935, at the request of the Submariner Group of the Italian Navy, the permanent Commission studied a project for a special luminescent diver’s wristwatch. The Commission suggested a few models already available on the Market, but none of them were satisfactory in terms of luminescence, water resistance and pressure. In March 1936, the Commission delivered a Radiomir wristwatch by Officine Panerai of Florence, which, after being tested at sea at night and by day, turned out to be perfect. Ten examples of this model were immediately ordered and used during important manoeuvres, where they obtained excellent results. According to the Navy, the above events occurred in 1936, but experts and collectors believe that the first watches of this type appeared in 1938. Some illustrations of designs made by Panerai are dated 30 October 1938 and show a waterproof case containing an ordinary watch. That same year, according to a famous collector of military watches, another prototype was produced, but for presentation only; it bore a dodecagonal bezel with the inscription “Officine Panerai Brevettato” and a transparent back showing the movement. Was it made in 1936 as the Navy says, or in 1938, as stated by numerous experts and the Officine Panerai ? Both are probably right since, given the political-military situation at that time, Panerai, after having created the first prototype, may very well have suspended their research, and destroyed or set aside the designs, only to take up the project two years later by launching the actual production for the Navy, which required more watches. Thus, it could be that Panerai made a prototype in 1936, and actual production was launched two years later, with some modifications. We may therefore consider that the first model was produced in 1938. It was the large waterproof model we know today, but featured an anonymous black dial with luminescent Roman and Arabic numerals as well as indexes. The movement was a Cortébert “ébauche”, signed Rolex, mechanical with manual winding, and the glass was in perspex, similar to that of compasses and bathometers. The bracelet was a large leather belt which was greased before being fixed to the watch. Throughout the 1940’s and 1950’s Rolex continued to be the main supplier of watch movements and cases to the Officine Panerai Company who would then fit their patented dials and crown guards, these watches bore the case references 6150 through 6155 and were fitted with either calibre A.196 or 16’’’ movements. Some of these cases were also retro fitted by Panerai with Angelus 8-day movements. After this period Panerai made watches entirely under their own name but their association with Rolex could never be forgotten and in 1997 they reissued a replica version of the first Panerai of 1938, a limited edition of 60 pieces with a period Rolex movement. The combination of Panerai design and the use of the Rolex Watch Company movements, crowns, and Panerai designed cases from the earliest production models of their watches have ensured Officine Panerai’s iconic status in the pantheon of classic vintage wristwatches.

LOT 109 GUISEPPE PANERAI 3646 California No. 1009551 So-called "Rolex Panerai" Officine Panerai, No. 1009551, Ref. 3646, first generation. Made in 1940. Very fine and extremely rare, large, cushion-shaped, water-resistant, stainless steel military diver's wristwatch with Panerai buckle. C. Signed Oyster Watch Co, three-body, polished and brushed, screwed-down case back and crown, wire lugs. D. Black with radium-coated mixed Arabic, Roman, bâton and triangular indexes. Radium-coated blued steel "bâton" hands. M. Cal. 15 3/4''', signed Rolex, rhodium-plated, "fausses côtes" decoration, 17 jewels, straight line lever escapement, monometallic balance, Breguet balance-spring. Dim. 47 x 47 mm. Thickness: 15 mm. Estimate: 40,000 USD - 50,000 USD - Estimate: 33,000 EUR - 40,000 EUR

LOT 110 GUISEPPE PANERAI 3646 California No. 261097 So-called "Rolex Panerai" Officine Panerai, No. 261097, Ref. 3646, first generation. Made in 1943. Very fine and extremely rare, large, cushion-shaped, water-resistant, stainless steel military diver's wristwatch. C. Three-body, polished and brushed, screwed-down case back and crown, wire lugs. D. Black with radium-coated mixed Arabic, Roman, bâton and triangular indexes. Radium-coated blued steel "bâton" hands. M. Cal. 15 3/4''', signed Rolex, rhodium-plated, "fausses côtes" decoration, 17 jewels, straight line lever escapement, monometallic balance, Breguet balance-spring. Dim. 47 x 47 mm. Thickness: 15 mm. Estimate: 40,000 USD - 50,000 USD - Estimate: 33,000 EUR - 40,000 EUR

LOT 111 GUISEPPE PANERAI 3646 California No. 260519 So-called "Rolex Panerai" Officine Panerai, No. 260519, Ref. 3646, first generation. Made in 1943. Very fine and extremely rare, large, cushion-shaped, water-resistant, stainless steel military diver's wristwatch. C. Signed Rolex, three-body, polished and brushed, screwed-down case back and crown, wire lugs. D. Black with radium-coated mixed Arabic, Roman, bâton and triangular indexes. Radium-coated blued steel "bâton" hands. M. Cal. 15 3/4''', signed Rolex, rhodium-plated, "fausses côtes" decoration, 17 jewels, straight line lever escapement, monometallic balance, Breguet balance-spring. Dim. 47 x 47 mm. Thickness: 15 mm. Estimate: 40,000 USD - 50,000 USD - Estimate: 33,000 EUR - 40,000 EUR

LOT 112 GIUSEPPE PANERAI 6154 8-Days Angelus “Pre-Patent Marina Militare” Officine Panerai, “Marina Militare” Ref 6154. Made in 1953. Very rare, large, cushion-shaped, water-resistant, 8-day going, stainless steel military diver’s wristwatch with original water-repellent leather band and buckle. C. Signed Rolex, three-body, polished and brushed, straight lugs, winding-crown with security lever. D Two plate; Black upper plate with pierced Arabic numerals and indexes over a luminous-coated lower plate, subsidiary seconds at 9. Radium-coated "bâton" hands. M. Cal. 16''', signed Angelus, rhodium-plated, “fausses côtes” decoration, 15 jewels, lever escapement, monometallic balance, shock-absorber, self-compensating flat balance spring. Dim. 47 x 47 mm Thickness 18 mm. Estimate: ON REQUEST Pre Patent This watch is amongst the earliest examples of a Panerai watch with the Officine Panerai security lever on the winding crown. This device was patented in Italy as No. 344027 on the 21st of November 1956 (see LOT 114 for the patent extract) however as shown by the “1950”released as a limited edition in 2002 this device was used much earlier by the company. The “Pre-Patent” watches are exceptionally rare and the fact that this watch utilizes the eight-day going Angelus movement three years before the “Egyptian Commando” adds to its rarity.

LOT 113 GIUSEPPE PANERAI 6152-1 Rolex “The Only Vintage Left-handed Marina Militare” Officine Panerai, “Marina Militare”, Ref. 6152-1. Made in 1953 for the Italian Navy. Unique and fine, large, cushion-shaped, water-resistant, left-handed, stainless steel military diver’s wristwatch. C. Signed Rolex, three-body, polished and brushed, screwed-down case back, straight lugs, winding-crown with pre-patent security lever on the left side of the case to be worn on the right arm, anti-magnetic dust-cap. D. Two plate; black upper plate with pierced Arabic numerals and indexes over a luminous-coated lower plate. Radium-coated "bâton" hands. M. Cal. 15 3/4''', signed Rolex, rhodium-plated, "fausses côtes" decoration, 15 jewels, straight line lever escapement, monometallic balance, self-compensating Breguet balance-spring. Dim. 47 x 47 mm. Thickness 18 mm. Estimate: ON REQUEST Left handed This watch is the only known example of a left-handed vintage Officine Panerai. This watch is very unusual due to the fact that military equipment was, until recently, not made for left-handed users as it was common practice for left handed people to be “retrained” to use their right hands at school until the last half of the 20th century. With this in mind we have removed the dial of this watch and attempted to refit it as a right-handed watch, this was not possible due to the position of the dial feet confirming that the dial was made for use on this watch in a left-handed orientation. In the late 1990 The Officine Panerai produced at least on titanium Marina Militare (see LOT 268, Antiquorum New York, September 25th 2002) with a left handed orientation and have launched a limited edition of 1000 examples of the Marina Militare this year in stainless steel for left handed wearers. This watch also bears a “pre-patent” security lever, which, if possible, adds to the desirability of this already unique piece of The Officine Panerai history. For a note on “Pre-patent” watches see LOT 112.

LOT 114 GIUSEPPE PANERAI 6152-1 Rolex "Luminor” Officine Panerai, “Luminor”, Ref. 6152-1. Made in the late 1950s for the Italian Navy. Fine and very rare, large, cushion-shaped, water-resistant, stainless steel military diver’s wristwatch with Panerai buckle. C. Signed Rolex, three-body, polished and brushed, screwed-down case back, straight lugs, winding-crown with security lever, anti-magnetic dust-cap. D. Two plate; black upper plate with pierced Arabic numerals and indexes over a luminous-coated lower plate. Radium-coated "bâton" hands. M. Cal. 15 3/4''', signed Rolex, rhodium-plated, "fausses côtes" decoration, 15 jewels, straight line lever escapement, monometallic balance, self-compensating Breguet balance-spring. Dial signed Panerai; case and movement signed Rolex. Dim. 47 x 47 mm. Thickness 18 mm. Estimate: 40,000 USD - 50,000 USD - Estimate: 33,000 EUR - 40,000 EUR

Grimoldi's Collection Antiquorum New York September 29, 2005