Dear Friends,
Here we are again, for our annual rendez-vous, where I have the opportunity to present to you the 2003 auction results and where we take a look at the general situation of the horological collector’s market. It is a healthy market, constantly and steadily on the rise, sometimes erupting unexpectedly, sometimes climbing slowly. If we compare the numbers within this economical environment with ot
her forms of investments, we realize that there are many financial advisors today who consider collecting horology, not just a hobby, but a serious alternative to classic investments and money hedging.
In 2001, when we reached SFr. 81,000,000, I thought it such a fantastic year that it would never be repeated. Then in 2002, with the phenomenal sales in Geneva that April and Hong Kong’s June sale, we produced a legendary SFr. 148,600,000; this was not only an exceptional financial year, but in particular, exceptional for the quality of the pieces which came to the auction block. It is evident that the numbers realized are tied to the value of the merchandise offered, and because of the exceptional coincidences, 2002 will be a tough year to repeat.

In 2003, despite the war, the problem of global insecurity as a result of continued terrorism, and consequently economic instability, our market has proven to be active on a worldwide level. With a little more than SFr. 90,000,000 turnover – the equivalent of US $70,500,000, of which $56,500,000 was achieved at auction, and $14,000,000 by private treaty sale, 2003 takes second place in the entire history of Antiquorum.

This year was great for individual successes – many very special single lots, repeated world records, and individual projects, such as the private collection of Theodor Beyer, and shortly thereafter, the collection of Peter Lin.

This was also a special year for other reasons. Antiquorum Geneva expanded its offices, allowing us to increase our administrative staff assuring better service and better organization. We have strengthened our team with the arrival of Brandon Thomas, opened Antiquorum Moscow, and initiated the C2C auction online.

We are preparing the agenda for the 30 year anniversary of Antiquorum which we will
celebrate with events and surprises that in many ways will prove to be a true festival!

So, I hope you enjoy reading this edition of our VOX, and we all wish you happy holidays and a happy New Year!

SPRING 2004


Osvaldo Patrizzi
Chairman
Horological Expert
Osvaldo Patrizzi
Chairman’s Overview
Antiquorum Online
©2003
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