A rare platinum pocket watch once owned by infamous mob boss Al Capone will headline the “Important Watches” auction at Sotheby’s New York on June 10. The Patek Philippe timepiece, which dates back to the 1920s, is expected to draw significant interest from collectors and history enthusiasts alike.
The open-faced watch features a patina fading to rich brown along the edge and a case back adorned with Capone’s monogram spelled out in 90 diamonds. Despite missing its minute hand and being non-functional at the time, the watch previously sold for $229,900 at a Witherell’s auction in 2021—far surpassing its modest pre-sale estimate of $25,000 to $50,000.
That sale was made by a direct descendant of Capone, who inherited the watch through the family line—from Capone’s son, Sonny, to his granddaughters following his death in 2004. The piece was included in a broader estate auction.
Sotheby’s appears more confident in its current valuation, assigning the watch an estimate of $80,000 to $160,000 for the upcoming sale.
While Capone’s timepiece brings a strong narrative element to the auction, the top price is expected to go to more technically and historically significant watches, particularly among six Patek Philippe minute repeaters. Leading the pack is the only known example of a double-signed pink gold second series Reference 2499, retailed by Gobbi Milan.
Top Lots at the Sotheby’s Important Watches Auction
Patek Philippe Reference 2499 ‘Second Series’ – Estimate: $3 million to $5 million
The star of the auction is a 1957 pink gold Patek Philippe Reference 2499, a perpetual calendar chronograph co-signed by the esteemed retailer Gobbi Milan. This rare 37.5mm model is estimated to sell for between $3 million and $5 million.
Patek Philippe Reference 25241, Co-Signed by Gübelin – Estimate: $1.25 million to $2.5 million
Another standout piece is the Reference 25241, a 34mm pink gold minute repeater also from the 1950s. Co-signed by Swiss retailer Gübelin, the watch features a three-part case by Emile Vichet, a caliber 12”’ movement from Fritz Piguet, and a silvered opaline dial made by Stern Frères.
Patek Philippe Reference 5531R-012 World Time ‘Rare Handcrafts’ – Estimate: $550,000 to $1.1 million
From Patek Philippe’s modern lineup, the 5531R-012 World Time Rare Handcrafts minute repeater is another auction highlight. Released in 2021, the 40mm pink gold watch showcases a cloisonné enamel dial depicting Lake Geneva. Though it does not carry the Manhattan skyline of the ten 2017 originals, it still commands a robust estimate.
Shifting Market Dynamics
This season, market dynamics may favor U.S.-based collectors, as ongoing tariff uncertainties are making American-sourced watches more attractive than imported ones.
“The U.S. already represents the single most important market for both modern and vintage watches—and this season, U.S. buyers are uniquely positioned: they’ll have access to non-tariffed watches at the very top of the market. Quite simply, they’re getting the best of the best, at exactly the right moment,” a Sotheby’s spokesperson noted.
The auction at Sotheby’s New York promises to be a showcase not only of exquisite horology but also of storied provenance, with watches spanning a century of craftsmanship and culture—from underworld legend to haute horlogerie masterpiece.
