You may have noticed that there has been a period of inactivity in recent months. This is due to the fact that the Swiss Judge made me promise not to discuss any details of this ongoing case, and I wish to respect this request. However, since the 2nd anniversary of my departure is upon me, I am at liberty to analyze the financial revenues of the leading auction houses specializing in horology, and to compare and see who has benefitted since my departure from Antiquorum, two years ago come August 2nd.
The auction market totaled approx. ChF 230 -240 million in 2007-2008, and remained stable throughout this period. It is too early to forecast the outcome of 2009, since we have just passed the halfway mark, and it would seem that the market is not changing dramatically, since the auctions are often strongest in the Fall. The figures indicate that the overall turnover from recent years was still very much the same, but the importance of the players changed drastically.
Prices in Millions of Swiss Francs
2006 2007 2008 2009
Christies' N/A 98.376 110.036 29.433
Sotheby's N/A 40.115 46.360 9.727
Antiquorum 119.568 95.092 74.153 34.638
P&Co non-existent non-existent 6.635 18.931
In regard to these figures above, there are 2 comments that I would like to bring to your attention, so that a proper comparison can be made:
Please note that I, Osvaldo Patrizzi, was the managing director of Antiquorum until August 2nd, 2007. After my departure, Antiquorum's turnover tumbled by more than 20%, and in 2008, its turnover dropped by more than 40%.
Also note that Patrizzi & Co. had only one auction in 2008, and the increase for the first 6 months of 2009 shows such a strong incline, that I am confident that we will soon retake our leadership position in the market.
It is obvious that the company who benefitted the most from this saga was Christies, who was able to capitalize on the confusion created in the market by Zimmerman, Tsukahara, and their accomplice, De Kalbermatten, and for a brief period of time and to a smaller degree, Sotheby's as well.
After the devastating shock of this act of piracy in 2007, it took me quite a while to understand the real objective of this act, to prepare my defense and to start a new company. Now the battles will also be fought on the market.
Happy Anniversary Evan and Friends!
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