Patrizzi & Co Auctioneers – revolutionizing the world of auctioneering
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 of more 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 on 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 enable the public to participate in an auction that is conducted in simultaneous sessions, either in the setting of a traditional auction room, or alternatively online from the comfort of their own home. This innovation makes Patrizzi & Co auctions more dynamic and exciting while still preserving the magic of traditional sales. Clients are free to concentrate on a particular session that includes the watch or thematic lot(s) of their choice, while following parallel sessions if they so desire.
The approach of Patrizzi & Co Auctioneers revolutionizes auctioneering in other aspects as well:
No buyer’s commission: This represents the saving to buyers of between 20–25% of the hammer price, which most other major auction houses currently charge.
Five-year guarantee of authenticity: This guarantee eliminates what is often perceived to be the “risk factor” in buying important pieces via the Internet and includes an accurate and very detailed description of the quality of the piece(s) being purchased.
A choice of catalogs: Clients have a choice of purchasing a special commemorative catalog in full color or downloading their own personalized version of the online catalog onto their personal computer or new generation e-Book.
Acquisition of Timepieces for Auction: Patrizzi & Co Auctioneers use two methods of acquiring watches: The first is to directly purchase 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 the reserve price (which is marked in the catalogue) and shares 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 is carried out in complete transparency, the bidding to start at the “price purchased” or at the agreed “reserve price”.
Patrizzi & Co Auctioneers is headquartered in Geneva with offices in New York, Milan and Hong Kong. Nine to ten auctions are planned annually between Geneva, New York and Hong Kong. All auctions are preceded by traveling exhibitions. Traditional, thematic or event auctions, for which Osvaldo Patrizzi has earned international distinction, are also being organized.
Traditional, thematic or event auctions, for which Osvaldo Patrizzi has earned international distinction, are also being organized.