(Fig. 1 - on the wrist)
Introduction
The 565 is an iconic reference by Patek and especially sought after in steel by collectors. The subject of this writing is quite interesting and extremely rare. What makes it so rare is the limited production known of 565 steel in general since their release in 1938 and the fact that this particular example is double signed and was sold by the presigious Uruguayan retailer, Freccero.
A bit about Freccero
Freccero was a South American retailer, located in Monteviedo Uruguay, founded in 1868 and in business until 2019 (Fig. 2). They were a storied and premier retailer of Patek Philippe. Much has been written about their history by others, including this post below by @drjuanola.
Interestingly and likely a reflection of clientele tastes at the time, many of the Patek references they sold came in rose gold cases with a variety of unique and rare silver, rose, pink and black dials known. The frequent expression of rose gold content seems to be a unique observation pertaining to Freccero among the Patek retailers of the era. Today a vintage Patek that bears this retailer signature on the lower portion of the dial is quite prized among collectors.
(Fig.2)
Double signed and “Acuatic”
In addition to having their name printed on the lower portion of Patek dials, a very few references included the term “Acuatic” at the six o’clock position on the dial. Thought to be a nod to the famed FB/Taubert screwback, water resistant case types that were a premier design providing protection from water and other elements for several decades. In conversation with @drjuanola, he surmised the wording of Acuatic may have been a play between the English term “Aquatic” and the Spanish term “Acuatico”. Perhaps the “o” was dropped to enhance interest by well-heeled Southamerican clientele or Europeans who migrated there during WW2, finding it more chic and international sounding than the purely Spanish “Acuatico”, but that is purely conjecture musing according to my exchanges with @drjuanola. This interesting and rare combination has been seen on just up to 11 examples among references 565, 2509 and *2451 (including one apparently mis-labeled 96 from Pandolfini auction house) that I have been able to discover as of this writing. The common factor among all examples, is Freccero being the only retailer known to have their signature on the dial in addition to the Acuatic print.
From my own research of major and secondary auction databases, private sales and collector conversations, I’ve been able to locate a total of seven 565 reference examples known at present bearing both the Freccero signature and Acuatic reference on the dial. Three of such rare examples are in steel, two are in rose with rose dials and two are in rose with black dials. Of the steel examples, a 565 with black dial was auctioned at Phillips in late 2022 (fig 3). A pink dial example was auctioned by Christies in 2014 (fig. 4).
(Fig. 3, courtesy @Phillipswatches)
(Fig. 4, courtesy @Christieswatches)
Fresh to market
The third example and main subject of this writing is now known after making its way recently out of Uruguay. The example depicted in the following (Figs. 5-11) is also unique and is the only known example in steel or rose gold with a slivered dial, outer pearling and rose gold lapped hour indices confirmed by the extract from the archive. The dial also features rose gold leaf hands and sub second hand. The outer silver pearling minute track provides a striking contrast to the rose markers and hands. The dial shows some warm patina and is prized for its original, unrestored condition. The originality is evident by the strong, rich and complete engraved, enameled signature and fully complete printed Freccero and Acuatic markings among other factors. In Fig. 5, further evidence of originality is observed by the patinated, blued appearance typical of untouched aged gold. The case is also exceptionally well preserved and houses a 12-120 movement. This was near the end of the 12-120 movements used in the 565, prior to the 12-400 movement successor in 1950. According to the serial numbers and extract, it was manufactured in 1949 during the transition period from a long to short engraved, enameled signature and was sold in 1950.
(Figs.1, 5-12 detailed views)
(Figs.5, 6 - engraved, enameled signature and blued appearance on tip of hour indices typical of untouched, aged gold)
(Fig. 7 - rose markers, hands and pearling)
(Fig. 8 - printed Freccero, Acuatic)
(Fig. 9 - crisp case)
(Figs. 10, 11 - Period Gay Freres stretch rivet bracelet and clasp)
(Fig. 12 - extract from archives confirmation)
In summary
A rare bird reference and only known example in this configuration with a unique dial and plenty of presence. The lapped rose indices against a steel case show a pleasant contrast in various light conditions. As shown on a period Gay Freres bracelet.
Thanks for reading.