“Don Pancho”-The Unicorn by Vacheron Constantin
You might think that, for those who have been collecting fine vintage watches for decades, feeling strong emotions for just one watch is impossible.
This doubt immediately disappears when an object comes to light that we could undoubtedly call a “unicorn”. In fact, this name refers to special unique pieces produced by the most prominent watchmaking houses.
The Vacheron Constantin “Don Pancho” rightfully falls into this category, which will be sold by Phillips in Geneva, in the usual May auction weekend, whose name derives from the first owner Francisco Martinez Llano, called by his friends Don Pancho.
This watch certainly represents one of the most important vintages in history and, perhaps, the most important ever for Vacheron Constantin.
The first time this timepiece made headlines was in 1992, when a book entitled “L’Univers de Vacheron Constantin Geneve” published a black and white photo portraying a watch with a tonneau case, crown at 12 o’clock, date retrograde, calendar, minute repeater and signature on the dial from the Brooking dealer in Madrid.
The enthusiasm and amazement were then fueled by the fact that the “Don Pancho” was the first watch in history to combine a retrograde date and a minute repeater.
From that moment, and for the following 27 years, the piece remained completely shrouded in mystery, as neither the location nor whether the watch still existed was known, which was not to be taken for granted given that the timepiece lived through the Second World War.
Precisely due to the lack of information, it was customary to refer to the watch with the number with which it was cataloged in the book, i.e. 3620.
The turning point came in 2011
The year in which Alex Ghotbi, current Watch Specialist and Head of Sale at Phillips, received a color photo of the timepiece, which attested to its current existence but above all resolved one of the biggest questions for collectors, namely the material of the case.
However, the excitement ended in the bud, as the anonymous source disappeared as soon as he perceived the uproar created by the photo. A few years later Ghotbi contacted one of Francisco Martinez Llano’s descendants again, managing to get a meeting, to which he went accompanied by the legendary Phillips batsman, Aurel Bacs.
The first color photo received from Alex Ghotbi
At the sight of the watch the two certainly breathed a sigh of relief seeing that the case appeared in good condition and without any sign of polishing, which could have altered both its shape and the engraving on the case back, bearing Llano’s initials.
The immediate next step was to contact Vacheron to communicate the news and to find as much information as possible about the history of “Don Pancho”. This was only possible thanks to the care with which the manufacturer has preserved the notebooks over the years, where each watch sold and the information relating to it is noted.
From the papers preserved in the archives a story emerged with a flavor of times gone by and full of charm.
The watch was commissioned in 1936 from the Geneva house by a Spanish businessman, living in Chile at the time, the aforementioned Francisco Martinez Llano, who wanted to have a wristwatch that incorporated the typical functions of complicated pocket watches and that put readability first.
It took Vacheron a fair amount of time to create what was at the time one of the most complicated wristwatches ever made. In fact, the timepiece was only delivered in 1940, including 6 straps and an additional black dial with Breguet numerals, and remained in Llano’s hands until his death in 1947.
The price also represented a record for this watch, as it cost 3,750 Swiss francs, an enormous sum for the time.
After the death of the buyer, the watch remained locked in the family safe for about 60 years, before seeing the light of day again.
Unfortunately, the cassette was not insulated from external humidity which, over time, damaged the dial and movement.
In this regard, Phillips had to face another delicate question, namely who to entrust the watch to restore it to its former glory. In the end the choice, which also in our opinion appears to be the most natural, was to bring the watch back “home” after almost 80 years.
Vacheron Constantin did an excellent job of completely restoring the movement, even using the original tools available in the 1940s.
As regards the dial, a different and very intelligent solution was opted for
Alongside the original dial, which shows clear signs of humidity but which, in pure vintage style, cannot be touched, a faithful copy has been reproduced in every respect. By doing so, the lucky winner will be able to decide which of the two dials to mount, based on his tastes.
Phillips’ estimate for the sale of “Don Pancho” ranges from 400,000 to 800,000 Swiss francs (€352,000-704,00）。 However, since the major international collectors will be battling it out, the hammer price could increase significantly. In any case, it is highly likely that we will not see this timepiece on the market again for a long time to come, as it represents a point of arrival for any high-end vintage collection.