Bidding Open: Top Lots in Monaco Legend Groups’ Fall Auction – Part 1
- Oliver Knop
- 7. Okt. 2025
- 8 Min. Lesezeit
Especially vintage fans are looking forward to the catalogue of Monaco Legend Group (MLG). After a long summer without many watches, MLG open the European auction season with their October 18-19th sale in the Principality. Meanwhile they go on tour with a preview too, so that I already had a chance to take a look.
To me, the trip to Geneva during the recent ‘Watch Days’ was very worthwhile, as you could possibly tell by my earlier article on Mondani’s Moon phases Rolex with Black Diamond Dial. By now, the full catalogue is online and I tried to structure my thoughts a little more clearly. There too many amazing watches in the sale not to make – inevitably subjective - choices. Part 1 is a lot about Patek Philippes, part 2 will discuss more Rolexes, Cartiers and other beautiful watches.
‘Foret Vierge’ Cloisonné Dial, Stern Frères & Marguerite Koch for Patek Philippe Model 2481
Speaking to the second title lot is a ‘must do’, even though it appeals to just a thin league of true connoisseurs who are fully able to appreciate the beauty of the timepiece. The watch is a work of art in the literal sense.
During the 1950’s most of the top Swiss watch makers sourced dials from Cadrans Stern Frères of Geneva. The company had earlier been separated from the entity that is still entrusted with the leadership of Patek Philippe today and it was led by different members of the family back then. This independence allowed the firm to service customers ranging from the likes of Rolex or Vacheron Constantin to of course Patek Philipp itself, without risking conflicts of interest.
The top end of the range were handmade enamel dials that would fall under Patek’s ‘Rare Handcrafts’ program today. The technique used for the dial in Lot 270 is called cloisonné. Little gold wires are first applied to outline the motive. The resulting segments are then filled with colored, yet translucent enamel powder and subsequently heated in the oven. Because of the high temperatures, the substrates were usually made of precious metal.
The results achieved by the artists of Stern were spectacular. The ‘Foret Vierge’ design and its execution are attributed to Marguerite Koch, who drew her inspiration from post-impressionist Paul Gaugin’s Tahitian Forest paintings. The dials show amazing depth, putting the mountains on the horizon to the far back, while the fruits in the foreground pop out in 3D. Its colors are lively and yet not pedestrian at all.
It is believed that the ‘Foret Vierge’ batch consisted of less than 30 similar dials. Each time, one comes up at auction, it fetches astronomical prices, especially when considering the dials once came for less than 200 Swiss Francs, or today’s equivalent of just below 1.000 Francs from Stern Frères.
The watch itself bears the coveted center seconds movement 27 SC and it is built into a generous 36.5 mm yellow gold case attributed to C&B Dubois of Le Locle. Its provenance is well documented and the extract from the archives proves, the watch and the dial were conceived in one. MLG is going to great lengths to support the estimate of CHF 400-800 k with evidence from earlier sales. But in fact, much less outstanding watches went for over a million in the recent past.
Patek Philippe Chronograph with Perpetual Calendar and Phases of the Moon, Model 1518
In my recent article about the legendary steel chronograph with perpetual calendar and phases of the moon display model 1518, I alluded to the significance of this reference in the history of the maker, turning each single example into an important watch per se. Lots 170 and 220 are yellow gold versions and both appear to be in a very attractive condition. The first up watch (Lot 170) is ‘fresh to the market’ that features transitional dial graphics with a reduced Brand signature, yet using the ‘old’ type face. It comes directly from the family of the first owner so that it surprises its estimate would be lower than that of lot 220. However, condition of lot 220 is explicitly praised in the catalogue, so prospective bidders are advised to bring a loupe!
The sister model to reference 1518, perpetual calendar reference 1526, based on in-house caliber 12-120 is also represented in the sale in lot number 41, in rose gold with a very pretty Milanaise bracelet. The estimate is moderate for a piece like that as the dial and the bracelet were post-added, but the parts are period correct – an opportunity for enthusiasts.
Patek Philippe 'Grande Complications'
Chronographs with perpetual calendar were the point of departure for Patek Philippes’ Grand Complications’ product line. This configuration continues to be at the heart of the collection today. Model 1518 was replaced in the mid-fifties by reference 2499 in a modernized case design but still with the Valjoux-based caliber 13’’’QC. The 2499 was superseded by the 3970 in 1986. By then, Valjoux discontinued the delivery of column wheel chronograph movements, so Nouvelle Lémania stepped in with the exclusive base caliber 27-70. By that time, however, Patek Philippe was no longer the sole producer of chronographs with perpetual calendar. To reaffirm its reign over complicated wristwatches, Patek launched model 5004 in 1994. It was based on the same movement as the 3970 but went one step further as it was not just a simple chronograph but a split-seconds one. Production lasted until 2012. Over the years, Ref. 5004 was made available in yellow gold, in white gold and in rose gold cases by master case maker Guillod & Cie. The most often seen variant today, is model 5004 P in platinum as in lot 259. The rarest case metal is stainless steel (model 5004 A) as in lot 20. Produced towards the end of the series, only a few examples have resurfaced to date. They were never advertised in Patek’s catalogue.
From 2011, the Nouvelle Lémania caliber was replaced by a completely proprietary movement and more complicated watches with and without chronograph function were added to the range since. Among the most difficult complications to make are minute repeaters, due to the additional role of the small watch cases as resonating body for the sound. Model 5208 (lot 213) is a minute repeating chronograph with instantaneous perpetual calendar, phases of the moon and leap year indication. In addition, the movement is automatically wound. It consists of no fewer than 719 parts (63 Jewels) in a - still realistically sized - 42-millimeter case, produced inhouse.
Another masterpiece is lot number 73. Again, a minute repeater with perpetual calendar, phases of the moon, leap year, daytime-nighttime indication and a tourbillon to top it all off. No other manufacturer can produce such timepieces serially, as they require an enormous amount of manual work that can only be handled by master watchmakers. Patek Philippe trains and employs more such highly qualified individuals than any company else.
F.P. Journe, Invenit et Fecit, the ‘Astronomic Souverain’ Uberwatch
It should be mentioned, however, that a new league of independent watchmakers has increasingly left its mark over the past 20 years by creating one-of-a-kind timepieces that live up to the highest standards too. Francois Paul Journe is inspired by George Daniels, the perhaps most respected watchmaker of the past century, who himself felt in the tradition of the great Abraham Louis Breguet. Journe came up with award winning inventions like the ‘Chronometre a Resonance’ (lot 81) or the ‘Tourbillon à Remontoir d’Egalité’ and, importantly, he developed a recognizable design language as well. His early creations achieve record prices today and the most complicated watch in this auction is an FP Journe too. The ‘Astronomic Souverain’ (lot 152) combines no less than 18 different functions and complications. Its caliber 1619 consists of 758 parts (68 Jewels), hence outdoing Patek Philippes’ reference 5208 from lot 213. One cannot help noticing closeness of the figures.
Just Beautiful: 'Simple’ Chronographs Patek Philippe Model 130, Vacheron Constantin Model 4072 and Rolex Model 2811
Patek Philippe’s legendary 1518 would not have been possible without the 1934 chronograph model 130. And because of that the 130 was probably the best chronograph of its time. Certainly, it continues to be one of the most sought-after vintage Patek’s’ in the collectors’ market today. The watch was launched just after the invention of the 2 pusher start/ stop, reset configuration that has been the market standard since. It was housed in a Calatrava type case design that has been the inspiration of countless others since its inception with the legendary model 96. Most importantly however, its movement was based on Valjoux’s caliber 13’’’, the near consistent choice of the top Maisons up to the 1960’s. This movement was further refined by Patek to standards achieved by no other maker, exactly because it was deemed to become the base mechanism for reference 1518 later on.
Lot 10 is a most charming example of model 130, cased in yellow gold. Its striking feature is the two-tone sector dial that has developed a wonderful patina overtime, rendering the watch a unique and valuable collectors’ piece.
Lot 125 is a similar model from the 1940’s, produced by Vacheron Constantin. Reference 4072 used the same Valjoux base caliber and, as one would expect, the movement was upgraded in the ateliers of Vacheron too. But the value of this watch is driven by its stunning dial, that features pulsation, respiration and tachymeter scales, the latter of which is snail shaped. The rose gold case of Vacheron’s ref. 4072 is a little larger than Patek’s model 130 and it is in a very attractive condition. An opportunity not to miss for admirers of high-end gentleman chronographs. A steel version is in the auction too (lot 243), possibly because of its rarity it is estimated even above the doctor’s chronograph.
Lot 46 fits the bill of early civilian chronographs as well, but it is still more remarkable. This Rolex chronograph model 2811 bears a case number that would suggest, it predates both the Patek and the Vacheron described above. It features a similar case design, but there are two differences. The bezel is wide and the pushers are still olive shaped, underscoring the Art Deco heritage of the steel case, attributed to Favre Perret of Le Locle. The movement is based on the same ebauche as that of the Patek and the Vacheron. It is again the dial that sets this Rolex apart. The ivory and light copper combination, consistent with the hands, contradicts the sober clarity of the steel case, hence resulting in a piece of amazing charisma even though the watch is little (33 millimeters). The dial features the snail shaped tachymeter scale too, this time in combination with an outer telemeter ring. The ‘Verga’ dealer inscription is an unexpected cherry on the cake, given the pre-war genesis of the watch.
More Rolexes and other beautiful timepieces will be covered in Part 2, scheduled for the weekend - stay tuned!
