'Antiques Roadshow' seller couldn't believe it after his family watch was later sold for $2 million
“Antiques Roadshow” experts make all the difference for people who walk in with items that they've held on to all their lives, without being aware of their true value. But sometimes people aren't satisfied with the appraisal, and it turns out that the valuations by experts could be off by a huge margin. Items becoming 10 times more valuable after decades is not unheard of, but an item valued at $250,000 by an "Antiques Roadshow" expert in 2002, fetched a stunning $2 million just four years later.
Paul Hartquist was the expert at the time, and he was in awe upon seeing a watch that a guest brought. It was unlike anything he had ever seen. It was made in 1914 in Geneva, Switzerland, by Patek Philippe, and the guest had even brought a photocopy of the warranty agreement. “This watch was handed down from my great-grandfather, and he was the owner of the St. Paul Pioneer Press and Dispatch back in 1914 when he received this watch,” the guest had said. The watch looked incredible from the front and had some unique features, but perhaps the more impressive part of it was at the back. There were dials for day, date, month, and even the moon phase. The expert had also revealed that the clock could work as a calendar, even adjusting for a leap year. This kind of mechanism in 1914 was incredible. “It’s a very complicated watch,” Hartquist had said.
He had then appraised the watch at $250,000. This was a lot of money in 2002, and it still is even today. The guest was left in disbelief at the time. “This is one incredible watch. I’ve never held a watch like this in my hands,” the expert added. “What? You’re kidding,” the guest said, still smiling and in utter disbelief at what he had just heard. He did not sell the watch then, but waited for years. When he did, he contacted the show for some help. "The owner decided to sell it, so we contacted Patek Philippe, and they went through their archives researching the serial number and similar watches that may exist. I thought there would be a run of about five watches, however, we determined that there was only one watch made. It is a unique watch made by Patek Philippe,” Hartquist revealed, according to a report in MSN.
The expert then put the former guest in contact with Sotheby’s, and the 1914 Patek Philippe watch went up at auction in the city where it was made, Geneva. However, it was the price at which it was sold that surprised everyone. “I appraised the watch at $250,000. Sotheby's appraised it at slightly more than that, but I believe everyone was surprised when it was bought for $ 1.54 million, including the buyer's premium,” Hartquist said.
"I'm not sure who purchased it, but I do know that it is on display in the Patek Philippe museum. I've spoken with several other watch experts, and that watch today is worth, we estimate, at least $2 million and possibly $3 million,” he added.
