1 / 1614 Nov 2026
77 / Patek Philippe
2526P, First-Series, “Serpico Y Laino”, Enamel Dial “Heures Lapidées” by Stern Frères, Platinum
Estimate: $1,000,000 – 2,000,000
- Brand
- Patek Philippe, Geneva
- Model
- Calatrava “Heures Lapidées”
- Retailed by
- Serpico y Laino, Caracas (Venezuela)
- Year
- Circa 1954
- Reference
- 2526P
- Movement
- 760900
- Calibre
- 12-600 AT, self-winding, 30 jewels
- Case
- 684055
- Materials
- Platinum (950)
- Bracelet
- Leather Strap
- Buckle
- Platinum pin buckle
- Dimensions
- Ø 35 mm
- Thickness
- 10 mm (approx.)
- Signature
- Dial, case and movement; dial additionally signed Serpico y Laino, Caracas
- Accessories
- Extract from the Archives, specification sheets, and small black pouch
- 2526P,
- A possibly Unique, First-Series “Heures Lapidées” Enamel Dial by Stern Frères, Double-Signed “Serpico y Laino”, Platinum
An Important Platinum Calatrava with Double-Signed “Heures Lapidées” Enamel Dial Patek Philippe's Reference 2526 occupies a defining position in the manufacture's history as its first self-winding wristwatch. Presented at the Basel Fair in 1953, it marked a significant advancement in the development of Patek Philippe's wristwatch production, introducing the celebrated Calibre 12-600 AT. The earliest known example was completed in 1952 and sold in June 1953 to the American collector J. B. Champion, establishing the reference's place among the manufacture's most historically significant post-war creations. At the heart of Reference 2526 lies the Calibre 12-600 AT, Patek Philippe's first automatic movement, protected by Swiss patent No. 289,758 in 1953. Equipped with 30 jewels and a freely rotating central rotor in 18-carat gold, decorated with a “Clous de Paris” guilloché motif, the calibre reflects the manufacture's commitment to technical innovation and traditional finishing. The current reference features the patented Gyromax balance, whose variable-inertia design permits precise regulation through adjustable weights positioned along the balance rim. Approximately 7,100 movements were produced between 1953 and circa 1960 for several references. Production of Reference 2526 continued until approximately 1960, with fewer than 3,000 watches believed to have been manufactured across all precious-metal variations. Platinum examples are particularly scarce, with production estimated at approximately 66 pieces, of which 28 have been recorded. These figures remain estimates based on historical production records and surviving examples, reflecting the considerable rarity of the reference in platinum. The present watch, manufactured in 1954, is distinguished by its platinum case, produced by Francis Baumgartner of Geneva, and its beautiful cream-toned enamel dial by Stern Frères. The dial features applied faceted white-gold hour markers, described in the manufacturer's nomenclature as “Heures Lapidées” (HL), alongside the distinguished double signature “Patek Philippe Genève” and “Serpico y Laino”. Its elegant simplicity belies the technical complexity of enamel-dial production, particularly the precise application of metallic hour markers to the enamelled surface. The association with Serpico y Laino adds a further dimension of historical importance. Established in Caracas, Venezuela, the distinguished retailer maintained significant relationships with Swiss watch manufacturers, including Patek Philippe. Its signature on the dial, together with the “S & L” marking on the case back, provides tangible evidence of the watch's original destination and its association with one of the most recognised names in Latin American watch retailing. Of particular historical interest are the surviving factory records documenting the watch's manufacture. Its platinum case belongs to a series of six delivered by Francis Baumgartner to Patek Philippe on 15 October 1954. The manufacture's ledgers record a cost price of 1,111 Swiss francs for the platinum case, compared with 168.95 francs for an equivalent yellow- or pink-gold case. Weighing 38.20 grams, the platinum case was also considerably heavier than its gold counterparts, which weighed approximately 27.65 grams. The same records provide an unusually detailed account of the watch's production costs. The complete Calibre 12-600 AT was recorded at 218 francs, while the platinum crown supplied by Boninchi of Geneva cost 13 francs and the platinum pin-buckle 75 francs. Together with the case, these documented components amounted to 1,417 francs. Serpico y Laino subsequently paid Patek Philippe 2,800 francs for the completed watch, although the price paid by its original owner remains unknown. Delivered to Serpico y Laino in Caracas on 2 December 1954, the present Ref. 2526P combines the historical significance of Patek Philippe's first automatic wristwatch with the rarity of its platinum construction and distinctive double-signed enamel dial. Its unusual configuration, documented manufacturing history and fine state of preservation distinguish it as a particularly important example of one of the manufacture's most celebrated vintage references. --
Biography
Patek Philippe, Master of all Horological Complication Patek Philippe is a prestigious Swiss watch manufacturer, renowned for its luxury watches and exceptional craftsmanship. Founded in 1839 in Geneva by Antoine Norbert de Patek (1812-1877) and François Czapek (1811-after 1869), the company quickly established its reputation as a manufacturer of superior watches. In 1844, following the National Exhibition of French Industrial Products in Paris, Antoine Norbert de Patek met Jean-Adrien Philippe (1814-1894), a young French watchmaker. In 1845, after Czapek’s departure, the two men concluded a commercial agreement and introduced numerous innovations in the field of watchmaking, notably a keyless-winding and time-setting system for which Philippe received a Bronze medal. In 1851, the company was renamed “Patek, Philippe & Cie – Fabricants à Genève”, and over the decades became synonymous with exclusivity, precision and technical perfection as evidenced by the wristwatch made for the countess Hungarian Koscowicz (1868), patents for a precision regulator (1881), a perpetual calendar mechanism (1889), a double chronograph (1902) and all the brand’s creations, whether pocket watches or watches. bracelets with horological complications. From the early 1900s until 1927, Patek Philippe introduced a unique business model. The house’s main distributor based in Rio de Janeiro in Brazil, “Gondolo & Labouriau” sold more than a third of the production at the time thanks to a cleverly orchestrated sales system. These timepieces, known as “Chronometro Gondolo”, are collector’s items famous both for their very high technical quality and for their unique history. The watches were sold at the time, exclusively to members of a very select clubs called the “Gondolo Gang” which have 180 members. Being part of these collector’s clubs was, at the beginning of the 20th century, a distinctive sign of success in Brazilian society. According to an ingenious raffle system, each member of the club agrees to buy a watch for the amount of 790 Swiss francs divided into 79 weekly instalments of 10 francs. During these 79 weeks of repayment, a weekly draw is organized where the winner is released from the balance of his debt. The first winner pays 10 francs for their watch, the second 20 francs, etc. The earlier you buy your watch, the cheaper it costs, provided you win this lottery. Echoing this episode in its history, the “Gondolo” collection was reinterpreted in 1993 with shaped watches. In 1932, Patek Philippe became a family business when the Stern family, already involved in the production of dials for the brand, bought the company. It is also the year of the launch of a model that will become the brand’s flagship collection: the “Calatrava”. Even today, it contributes to the success and reputation of the company. Among the emblematic models of Patek Philippe, we can also mention the “Ellipse” (1968) with its elliptical-shaped case, at the crossroads of the circle and the rectangle which is inspired by the “golden ratio”; the “Nautilus” (1976), a sporty and luxurious watch whose case is inspired by a porthole; or watches for women, such as the “Twenty-4” collection (1999), which combines feminine elegance with horological precision. Since its creation, the brand has been driven by a spirit of innovation. In 1989, Patek Philippe released a very complex model to celebrate its 150th anniversary. Named “Calibre 89”, the watch is equipped with 33 horological complications and its calibre is made up of 1 728 parts. Eleven years later, in order to celebrate the second millennium, the brand released the “Star Calibre 2000” model, a double-sided pocket watch with 21 horological complications. Finally, the year 2002 saw the launch of the “Sky Moon Tourbillon” model, the most complicated double-sided wristwatch ever produced by the house. Benchmark precision instruments, Patek Philippe watches are also recognized by collectors for being objects of art whose beauty reflects perfection. For many years, Patek Philippe has strived to preserve all the high craftsmanship professions linked for more than four centuries to the decoration of timepieces. This is how exceptional contemporary creations come into being – pocket watches, wristwatches, or clocks –, most often unique pieces, which highlight all these skills that are threatened with disappearance. This transmission value is essential for the brand. Patek Philippe can be proud of having filed more than 70 patents since its creation, notably for a Gyromax balance-wheel (1949), mechanical watches with time zones (1959), a mechanical movement with peripheral rotor (1964), an indicator mechanism of the date of Easter (1985), an annual calendar (1996) or even an astronomical representation mechanism (2000). These technical innovations have largely contributed to advancing the horological industry while contributing to the brand’s reputation for excellence. Today, Patek Philippe is a watch brand that continues to produce superior quality watches that are admired by watch enthusiasts around the world. -- Key Dates • 1839: foundation of “Patek, Czapek & Cie2 by Antoine Norbert de Patek and François Czapek in Geneva. • 1845: following the departure of Czapek, the company becomes “Patek & Cie”. Arrival of Jean-Adrien Philippe, a young French watchmaker who invented a keyless-winding and time-setting mechanism. • 1851: the company is now called “Patek, Philippe & Cie”. The house presented its products at the Universal Exhibition in London, the first event of its kind. • 1868: manufacture of the first wristwatch for the Hungarian Countess Koscowicz. • 1901: the company becomes a public limited company. • 1932: acquisition of a majority of shares by the Stern family, one of the manufacturers of dials for the brand. Launch of the reference 96 which will later be called “Calatrava”. • 1949: patent for the “Gyromax” balance-wheel. • 1953: launch of the self-winding “Calibre 12-600 AT”. • 1968: launch of the first “Golden Ellipse” model, the Ref. 3548. • 1976: launch of the first “Nautilus” sports watch, the Ref. 3700/1 in stainless steel. • 1989: 150th anniversary of the manufacture. Launch of various commemorative watches and the “Calibre 89”, at the time the most complicated watch ever made, with 33 horological complications. • 1996: establishment of the new factory in Plan-les-Ouates, near Geneva. • 2001: inauguration of the Patek Philippe Museum in Geneva, exhibiting a remarkable collection of antique watches, horological art and enamel (1500-1850), and Patek Philippe watches. • 2019: 180th anniversary of the manufacture. -- Iconic models and current collections • “Calatrava”: this collection is emblematic of the manufacture. These watches are distinguished by their clean and classic design, with a round case and a minimalist dial. The “Calatrava” embodies timeless elegance and represents the brand’s traditional watchmaking know-how. • “Nautilus”: this model is one of the most emblematic models of the manufacture. Designed by Gérald Genta, it is high-end sports watch recognizable by its octagonal case and its integrated bracelet. It offers a perfect balance between sportiness and elegance. • “Aquanaut”: this collection is another line of sports watches from Patek Philippe. These watches are characterized by its octagonal case and rubber strap. It offers a contemporary aesthetic and high resistance to hydrostatic pressure. • “Twenty-4”: this collection is specially designed for women. These watches combine classic elegance with contemporary style. Initially equipped with a rectangular-shaped case and offering a selection of models with diamonds and steel or gold bracelets, they are now round in shape. --