Accompanied by an Extract from the Patek Philippe Archives confirming the date of manufacture as 1950 and its subsequent sale on June 13th of the same year.
According to our research the present watch has never before appeared at auction.
Edward (Ted) Wallerstein was the founding CEO of Columbia Records. In 1938 he persuaded then CBS President William S. Paley to purchase the American Record Corporation which controlled Columbia Records. The transaction was completed in 1939 and Wallerstein was named president. Ted as he was known to friends and colleagues is noted with expanding the record label name signing on the New York Philharmonic, Cleveland Orchestra and pop artists Benny Goodman and Frank Sinatra to name a few. He continued to oversee the growth of Columbia Records until his retirement in 1951.
One of Wallerstein's proudest achievements was working with a team of engineers to develop the long playing record (LP). It was his dream to be able to listen to an entire symphony movement on one side of an album. Early records had technical flaws and broke as well as having a limited play time of only a few minutes. The team worked over the next 9 years and finally introduced the long playing record which had a play time of 17 minutes. The first demonstration of the LP took place at the Waldorf-Astoria in New York on June 20, 1948. It is interesting to note that Columbia Records only patented the name LP however today it is part of the common lexicon.
The present watch was given to Ted Wallerstein upon his retirement from Columbia Records and has remained in the family until today.