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Lot Essay
Produced between 1954 and 1960, reference 2551 is one of Patek Philippe’s elegant automatic wristwatches of the period. Made predominantly in yellow and pink gold, the reference is considerably rarer in white gold and platinum. More than 1,000 examples are believed to have been produced in total, of which only approximately 24 were cased in white gold, with merely nine examples known to have appeared on the market.
Reference 2551 is powered by the celebrated automatic calibre 12-600 AT, the same movement used in the legendary reference 2526 and widely regarded as one of Patek Philippe’s finest early self-winding calibres. Its two-piece case with screw-down caseback was manufactured by Wenger, identified by Geneva Master case maker key 1, and is complemented by the characteristic double ‘PP’ crown associated with Patek Philippe’s automatic wristwatches of the period. The present Stern Frères dial is particularly striking, featuring nine brilliant-cut and three baguette-cut diamond-set hour markers, further enhancing the rarity and elegance of this white gold example.
The significance of the present timepiece is considerably heightened by its exceptional provenance. It was originally retailed by Serpico y Laino, Patek Philippe’s celebrated agent in Caracas, Venezuela. In accordance with the retailer’s practice, the exterior of the caseback bears the characteristic ‘S&L’ and ‘18K’ stamps. Most remarkably, the present timepiece is the only known example of reference 2551 in white gold retailed by Serpico y Laino, making it an exceptionally rare configuration of an already elusive reference.
Serpico y Laino
Serpico y Laino was founded in Caracas in the late 1920s by Italian immigrants Leopoldo Serpico and Vicente Laino, the latter a young goldsmith. Initially specialising in jewelry, the company expanded into watches following a meeting with Rolex founder Hans Wilsdorf in Geneva during the early 1930s, eventually becoming the sole authorised distributor of Rolex in Venezuela. Shortly thereafter, Serpico y Laino also became the sole authorised Venezuelan distributor of Patek Philippe.
Over the following decades, the retailer established itself as one of the most prestigious names in Venezuelan watchmaking and jewellery. Watches bearing its distinctive ‘S&L’ markings have since become particularly appreciated by collectors for their rarity and historical association. Serpico y Laino ultimately closed its doors in 1966, bringing to an end almost four decades as one of Caracas’s foremost luxury watch retailers.
Reference 2551 is powered by the celebrated automatic calibre 12-600 AT, the same movement used in the legendary reference 2526 and widely regarded as one of Patek Philippe’s finest early self-winding calibres. Its two-piece case with screw-down caseback was manufactured by Wenger, identified by Geneva Master case maker key 1, and is complemented by the characteristic double ‘PP’ crown associated with Patek Philippe’s automatic wristwatches of the period. The present Stern Frères dial is particularly striking, featuring nine brilliant-cut and three baguette-cut diamond-set hour markers, further enhancing the rarity and elegance of this white gold example.
The significance of the present timepiece is considerably heightened by its exceptional provenance. It was originally retailed by Serpico y Laino, Patek Philippe’s celebrated agent in Caracas, Venezuela. In accordance with the retailer’s practice, the exterior of the caseback bears the characteristic ‘S&L’ and ‘18K’ stamps. Most remarkably, the present timepiece is the only known example of reference 2551 in white gold retailed by Serpico y Laino, making it an exceptionally rare configuration of an already elusive reference.
Serpico y Laino
Serpico y Laino was founded in Caracas in the late 1920s by Italian immigrants Leopoldo Serpico and Vicente Laino, the latter a young goldsmith. Initially specialising in jewelry, the company expanded into watches following a meeting with Rolex founder Hans Wilsdorf in Geneva during the early 1930s, eventually becoming the sole authorised distributor of Rolex in Venezuela. Shortly thereafter, Serpico y Laino also became the sole authorised Venezuelan distributor of Patek Philippe.
Over the following decades, the retailer established itself as one of the most prestigious names in Venezuelan watchmaking and jewellery. Watches bearing its distinctive ‘S&L’ markings have since become particularly appreciated by collectors for their rarity and historical association. Serpico y Laino ultimately closed its doors in 1966, bringing to an end almost four decades as one of Caracas’s foremost luxury watch retailers.