Osvaldo Patrizzi Responds

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I have the pleasure to present to all of my supporters the following press release, which will explain my new business concept.  It was officially announced to an enthusiastic crowd last night of approx. 60 journalists and approx. 40 collectors, dealers, and watch manufacturers. (Presented April 8th, 2008)

Osvaldo PATRIZZI founds PATRIZZI & Co AUCTIONEERS revolutionizing the world of auctioneering.


The internationally acclaimed horological expert, Osvaldo PATRIZZI, creates a new auction house
specializing in horology. PATRIZZI & Co AUCTIONEERS is changing the approach to auctioneering
with an innovative concept which offers new advantages to collectors. PATRIZZI & Co’s first
auctions will take place in Geneva, in the fall of 2008.
GENEVA, APRIL 8, 2008 – The innovative concept of PATRIZZI & Co AUCTIONEERS uses today’s e-based
solutions and new IT technologies, while at the same time, keeping the characteristics ofmore traditional
auction methods. It has been designed to improve certain shortcomings frequently associated with online
auctions and online bidding during classic auction sales.
Osvaldo PATRIZZI comments his vision as follows: “The PATRIZZI & Co method is the result of several
decades of experience in antique and collector’s timepieces. It reflects my insights into current market
needs and collector’s expectations.”
The auctions of PATRIZZI & Co will allow the public to participate on multi-screens in an auction that is
conducted in several, simultaneous sessions, either in the comfort of an auction roomor online at home.
This will allow a greater number of lots, and thereby a greater variety of choice, to be auctioned off in a
considerably shorter amount of time, compared to the classic auctions today. Thus, in one day, PATRIZZI
& Co will be able to auction up to 1,500 lots, as compared to an average 400 to 500 lots per day at
current auctions. The multi-screen innovation will make PATRIZZI & Co auctions more dynamic and
exciting, while preserving the magic of traditional sales. Clients will be free to concentrate on a particular
session which proposes the watch or the thematic lots of their choice, while following parallel
sessions if they so desire.
The approach of PATRIZZI & Co AUCTIONEERS will revolutionize auctioneering in other aspects as well;
the four major innovations of the new concept are as follows:


 Zero Buyer’s Commission — This represents a considerable savings to the buyer, since the current
commission at the top houses range between 20–25% of the hammer price. These ever-increasing
buyer’s commissions are due to the increasing costs of organization and catalogue expenses. PATRIZZI
& Co’s commercial strategy is going against this trend and will abolish this long — time tradition.
Buyers will pay only for the price of the object they purchase, with no sacrifice to service or expertise.
Finally!


 Five Year Guarantee of Authenticity—This guarantee, associated with the P&Co. Grading System™,
an evaluation method of the condition and overall quality of a watch conceived by Osvaldo PATRIZZI,
as well as the accurate and very detailed description of each lot in the sales catalogue will offer buyers
an unprecedented and most welcome assurance of what they are buying. The guarantee eliminates
what is perceived by many, to be the “risk factor” in buying important pieces via the Internet at auctions
today.


 Printed Catalogue to be replaced by an Electronic Version on the websitewww.patrizziauction.com
will overcome inherent limitations of traditional paper catalogues in terms of updating and available
space. As a result, more detailed and even better documented descriptions will pay tribute to the
timepiece.
Clients will have the possibility to download the online catalogue onto their computer or the new generation
of e-Books. They will have the possibility to define and print a personalized copy by using the
interactive options of the website. The digitalization of the catalogue will also enable customers to
better follow the auction, as the approximate time of sale will be constantly updated and indicated.
Finally, alarm signals can be set to alert them either on their mobile phone or on the computer screen
of the imminent sale of a specific lot, or lots.


 Aquiring Timepieces for Auction —PATRIZZI & Co AUCTIONEERS will use two methods of acquiring
watches. The first is to directly purchase the watches from the vendor via an independent financial
company. In this case, these lots will be offered for sale at the purchase cost. The second is for
the vendor to consign the pieces for sale. In the latter case, PATRIZZI & Co will offer the items at a
reserve price, which is marked in the catalogue and will share with the vendor the amount between
the reserve price and the hammer price. These two options give the seller a choice between an instant
sale, and the chance to participate in the profit at the time of the auction. In either case, the sale of
the lot will be carried out in complete transparency, the bidding to start at the “purchased price” or
at the agreed “reserve price”.


PATRIZZI & Co AUCTIONEERS will be headquartered in Geneva, with offices in New York and Hong
Kong as well as representative offices in Milan, Shanghai and, as of 2009, London. The company expects
a turnover of 50 million Swiss Francs in its first year and counts several key players as part of its founding
team: In New York Philip PONIZ and Edward FABER, highly regarded horological experts, each with
over thirty years of US market experience; Mark SCHUMACHER (COO), Leo VERHOEVEN (CFO) and
Alex COHENDET (Accounting Manager).


PATRIZZI & Co’s first multi-screen auctions will take place in Geneva, in the fall of 2008. Four to
six auctions are planned annually, between Geneva, New York and Hong Kong. All auctions will be
preceded by traveling exhibitions.
Traditional, thematic or event auctions, for which Osvaldo PATRIZZI has earned international distinction,
will also be organized.

P & Co Management Team
Osvaldo PATRIZZI, PRESIDENT & CHIEF EXECUTIVE OFFICER
Osvaldo Patrizzi began his career in watches at thirteen when he worked for a watch and clock restorer
in Milan. Sixteen years later, in 1974, he established an auction house devoted to watches, clocks, and
objects of vertu. He quickly became a leading expert in watches, and from 1987 his firm Antiquorum
became the leading auction house for timepieces. Many famous people in the world of horology have
been associated at one time or another with him. Patrizzi has an ever innovative approach to the art of
watch auctions. He is without a doubt responsible for the development of wristwatch collecting — he
was the first to introduce wristwatches at auctions in 1980 and the first to introduce thematic auctions
in the field of horology starting with “The Art of Patek Philippe” in 1989. Osvaldo Patrizzi also opened
the watch collectors’ market in Asian by holding the first auction in Hong Kong as early as 1979. He was
also the first to have a website and online auctions, and the first to have developed a system of live interactive
online bidding simultaneously with classic, live auctions. He is responsible for selling over 75%
of all the watches ever sold for over one million dollars. He has also created the “Grading System” which
is the most reliable tool available today to help collectors evaluate the condition of the watch they are
interested in, with just the catalogue in hand. Osvaldo has shared his passion for horology in numerous
articles and is the author of many books on the world’s most prestigious watch brands which have
become references for collectors and museums alike. In 2000, he was named by American journalists
to be amongst the twenty most influential personalities in the field of horology of the 20th century.


Philip PONIZ, HOROLOGICAL EXPERT
Philip Poniz’s interest in horology dates back to the early 1960s. During his college years, he worked
restoring old timepieces for the Watch and Clock Museum of Warsaw. In 1968 he completed his first
watch and ever since made numerous high complication watches. After moving to the U.S., he
finished his studies with a Masters degree in Mathematics and went for a PhD in Computer Science. Subsequently,
he established Computer Consultants. In 1975, he founded the European Watch and Case
Co., a restoration company, which has become a well-known institution among collectors and watchmakers.
He often lectures to horological groups and has conducted historical discourses, as well as more
technical instructions for Sotheby’s. His research into Patek Philippe & Cie. has changed the image of the
early years of the company. He is considered one of the foremost experts on Patek Philippe watches,
along with Breguet and Cartier. He is just about to complete a book on watch and clock fakes, a field he
has studied for years. He has been collecting detailed information ever since and today, his horological
electronic library has no match — its index has reached one-million mark. From 1989 to 2000 he worked
for Sotheby’s as a Watch and Clock Consultant and joined Antiquorum in July of 2000 as a watch
expert, where he was responsible for much of the historical and technical analysis and the catalogue
descriptions. Since 2005, he is CEO of Horological Investments Inc., a branch of FineArt Investments.


Edward FABER, HOROLOGICAL EXPERT
Edward Faber is the author of “American Wristwatches: Five Decades of Style and Design”, presently in
its third printing and the definitive text on collecting American vintage watches. He founded Aaron Faber
Gallery in 1974, now at 666 Fifth Avenue in New York City, as a showcase for artist made jewelry
presented in the studio jewelry section — for which the gallery is world-famous and 20th century
estate jewelry. In 1980, Edward began collecting and presenting vintage watches and timepieces, and
now this personal passion has grown into a formidable part of the gallery’s design collection. In the “Best
of New York”, New York magazine noted, “He’s a picky curator with a critical eye, and his shop’s 1000-
or-so offerings range from incredible one-of-a-kind pieces to a huge stash of sought-after brands.”
Edward Faber is a member of the National Association of Watch and Clock Collectors; he is a founding
member of the International Watch and Jewelry Guild; the American Society of Jewelry Historians and
Jewelers of America. He is a frequent lecturer on the history and value of timepieces and jewelry, with
appearances on the Today and the Comcast Morning Show and the Food Network’s “Fine Living”; he
has been featured in the Wall Street Journal, the New York Times, numerous watch magazines, the Cigar
Aficionado and Departures and recently in on-line blogs relating to the field of watch collecting. He received
a degree in art history from Rutgers College.


Mark SCHUMACHER, CHIEF OPERATING OFFICER
After studies in Economics and a Master’s Degree in Marketing & Sales, Mark joined the Swatch Group
where he held from 1986 until 1996 various international management positions of growing responsibilities.
Mark Schumacher was Swatch’s Olympic Project Manager for the 1996 Atlanta Olympic Games.
Then, he joined during seven years the leading luxury group Moët Hennessy — Louis Vuitton (LVMH)
were he became first CEO of Champagne Veuve Clicquot before he was promoted Country General
Manager of the Group’s Perfumes & Cosmetics Division. Since 2003, Mark worked as freelance Transition
& Turn-around Manager for various companies such as Swiss Tourism, MCI, Nestlé and Zurmont
Madison Private Equity Group and joined Antiquorum in early 2007 as COO. Mark Schumacher is
47 years old, Swiss citizen and has extensive working experience in Spain, France and the USA and
presently lives in Geneva.


Leo VERHOEVEN, CHIEF FINANCIAL OFFICER
After his studies in Finance & Accounting in the Netherlands, where he grew up, Leo held increasingly
important senior management positions in various European companies advancing steadily.
In 1997 he joined Habsburg Holdings where he became soon CFO, a position he hold during eight years.
At Habsburg he became acquainted with Antiquorum as Habsburg Holdings was a 80% shareholder
of the auction house. Eventually, he became among others of his functions the fiscal controller of
Antiquorum on Habsburg’s behalf. In 2005 he definitely joined Antiquorum Group in Geneva following
its sale to Artist House Holdings, Tokyo, to become in 2006 the companies’ CFO. Leo is 47 years old and
lives with his family in Geneva.
GENEVA, APRIL 8, 2008
For further information and/or complementary documentation please contact:
Mark SCHUMACHER, +41 (0)76 200 18 05, m.schumacher@patrizziauction.com

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