380 lots

LOT 21

Important Collectors’ Wristwatches, P... Geneva, Mandarin Oriental Hotel Du Rhône, Nov 12, 2006

?Nephrite Desk Clock? Cartier, No. 801/1515. Made circa 1920. Very fine and rare, nephrite, yellow gold and enamel desk clock.

C. Circular, nephrite, inclined edges, yellow gold bezel decorated with black enamel and stylized leaf pattern, gilt brass back and hinged strut. D. Matte silver with radial Roman numerals, outer minute track, sun-ray guilloche center. Yellow gold pierced graduated circle hands with arrowhead tips. M. 19???, by E. W. & C. Co., Inc., France, rhodium-plated, ?fausses côtes? decoration, 15 jewels, straight -line lever escapement, cut bimetallic compensation balance with 3 adjustments, blued steel Breguet balance spring, index regulator. Dial and movement signed. Diam. 79 mm. Property of a French Collector

Grading System: AAA

CHF 16,000 - 20,000

EUR 10,000 - 13,000

USD 13,000 - 16,000

Sold: CHF 16,520

LOT 22

Important Collectors’ Wristwatches, P... Geneva, Mandarin Oriental Hotel Du Rhône, Nov 12, 2006

?Center Seconds? Cartier, No. 21802. Entered in the registers on 1922. Very fine and rare, 18K yellow gold keyless dress watch with center seconds.

C. Three-body, ?bassine?, polished, coin-edge band and bow. D. Matte silver, painted radial Roman numerals, outer minute track. Blued steel ?Breguet? hands. M. 16???, by European Watch & Clock Co., Inc., rhodium-plated, ?fausses côtes? decoration, 19 jewels, straight-line lever escapement, cut bimetallic compensation balance with eight adjustments, blued steel Breguet balance spring, index regulator. Dial and movement signed. Diam. 45 mm. Property of a Genevan Gentleman

Grading System: AA

CHF 9,000 - 11,000

EUR 5,500 - 7,000

USD 7,000 - 9,000

LOT 23

Important Collectors’ Wristwatches, P... Geneva, Mandarin Oriental Hotel Du Rhône, Nov 12, 2006

Ref. 6263 Stainless Steel ?Cosmograph? Rolex, ?Oyster, Cosmograph", Ref. 6263/6262. Case No. 4137669. Made in 1976. Fine, water-resistant, stainless steel gentleman's wristwatch with round button chronograph, registers, anti-reflective black bezel with tachometer and a stainless steel Rolex Oyster bracelet. Accompanied by the Rolex servicing certificate.

C. Three-body, polished and brushed, screwed-down case back, push buttons and crown, tachometer graduation on the anti-reflective bezel to 200 units per hour. D. Bicolored black and silver with applied baton steel indexes, luminous dots, outer minute/seconds divisions, subsidiary dials for the seconds, the 12-hour and 30-minute registers. Luminous steel "baton" hands. M. Cal. 727, rhodium plated, 17 jewels, straight line lever escapement, monometallic balance adjusted to 3 positions, shock-absorber, self-compensating free-sprung Breguet balancespring, Microstella regulating screws. Dial, case and movement signed. Diam. 37 mm. Thickness 13.5 mm. Property of a French Collector

Grading System: AAA

CHF 30,000 - 40,000

EUR 20,000 - 25,000

USD 24,000 - 32,000

Sold: CHF 34,220

LOT 24

Important Collectors’ Wristwatches, P... Geneva, Mandarin Oriental Hotel Du Rhône, Nov 12, 2006

Ref. 6239, Stainless Steel ? Cosmograph Daytona? Rolex, ?Cosmograph, Daytona?, Ref. 6239 . case No. 1599652. Made in 1967. Fine and rare, water-resistant, stainless steel gentleman' s wristwatch with round button chronograph, registers and stainless steel bezel with tachometer graduated to 300UPH and a stainless steel Rolex buckle.

C. Three-body, polished and brushed, screwed-down case back and crown, tachometer graduation on the bezel to 300 units per hour. D. Bicolored silver and black with applied steel bâton indexes, luminous dots outer minute/seconds divisions, subsidiary dials for the seconds, 12-hour and 30-minute registers. Luminous steel "baton" hands. M. Cal 722-1, rhodium-plated, 17 jewels, lever escapement, monometallic balance, shock absorber, self-compensating free-sprung Breguet balance spring. Dial, case and movement signed. Diam. 37 mm. Thickness 14 mm. Property of a German Collector

Grading System: AA

CHF 26,000 - 32,000

EUR 16,000 - 20,000

USD 21,000 - 26,000

Sold: CHF 28,320

LOT 25

Important Collectors’ Wristwatches, P... Geneva, Mandarin Oriental Hotel Du Rhône, Nov 12, 2006

Stainless Steel Ref. 6264, So-called "Paul Newman" Rolex Cosmograph Daytona, Ref. 6264/6239. Case No.2736708. Made in 1971. Very fine water-resistant, stainless steel gentleman's wristwatch with round button chronograph, registers and tachometer, anti-reflect black bezel graduated to 200 units per hour and a stainless steel Oyster bracelet.

C. Three-body, polished and brushed, screwed-down case back and crown, tachometer graduation on the bezel. D. Bicolored matte silver and black with applied steel indexes and tritium dots, subsidiary sunk seconds, 12-hour and 30-minute register dials. Luminous steel "baton" hands. M. Cal. 727, rhodium-plated, 17 jewels, straight line lever escapement, monometallic balance adjusted to 3 positions, shock-absorber, self-compensating Breguet balance-spring. Dial, case and movement signed. Diam. 37 mm. Thickness 14 mm. Property of a German Collector

Grading System: AAA

CHF 50,000 - 70,000

EUR 32,000 - 45,000

USD 40,000 - 56,000

Sold: CHF 70,800

LOT 26

Important Collectors’ Wristwatches, P... Geneva, Mandarin Oriental Hotel Du Rhône, Nov 12, 2006

Yellow Gold Ref. 6265 ?Cosmograph? Rolex, ?Oyster, Superlative Chronometer, Officially Certified, Cosmograph?, Ref. 6265/6263. Case No.5953743. Made in 1979. Very fine and rare, water-resistant, 18K yellow gold gentleman's wristwatch with round button chronograph, registers, gold bezel with tachometer and an 18K yellow gold Rolex Oyster bracelet.

C. Three-body, solid, polished and brushed, screwed-down case back, buttons and crown, tachometer graduation on the gold bezel to 200 units per hour. D. Bicolored black and champagne with applied gold bâton indexes, luminous dots, outer minute/seconds track, subsidiary dials for the seconds, the 12-hour and 30-minute registers. Luminous gold "baton" hands. M. Cal. 727B, rhodium-plated, 17 jewels, straight line lever escapement, monometallic balance adjusted to 3 positions, shock absorber, free-sprung self-compensating Breguet balance-spring, Microstella regulating screws. Dial, case and movement signed. Diam. 37 mm. Thickness 13 mm. Property of a German Collector

Grading System: AAA

CHF 42,000 - 52,000

EUR 27,000 - 33,000

USD 34,000 - 42,000

Sold: CHF 49,560

LOT 27

Important Collectors’ Wristwatches, P... Geneva, Mandarin Oriental Hotel Du Rhône, Nov 12, 2006

Stainless Steel Ref. 6263 ?Cosmograph? Rolex, ?Oyster, Cosmograph", Ref. 6263/6265. Case No. 3710668. Made in 1974. Very fine, water-resistant, stainless steel gentleman's wristwatch with round button chronograph, registers, anti-reflective black bezel with tachometer and a stainless steel Rolex Oyster bracelet.

C. Three-body, polished and brushed, screwed-down case back, push buttons and crown, tachometer graduation on the anti-reflective bezel to 200 units per hour. D. Bi-colored black and silver with applied steel baton indexes, luminous dots, outer minute/seconds divisions, subsidiary dials for the seconds, the 12-hour and 30-minute registers. Luminous steel "baton" hands. M. Cal. 727, rhodium plated, 17 jewels, straight line lever escapement, monometallic balance adjusted to 3 positions, shock-absorber, self-compensating free-sprung Breguet balancespring, Microstella regulating screws. Dial, case and movement signed. Diam. 37 mm. Thickness 13.5 mm. Property of a German Collector

Grading System: AA

CHF 20,000 - 25,000

EUR 13,000 - 16,000

USD 16,000 - 20,000

Sold: CHF 31,860

LOT 28

Important Collectors’ Wristwatches, P... Geneva, Mandarin Oriental Hotel Du Rhône, Nov 12, 2006

Yellow Gold Ref. 6238, So-Called ?Pre-Daytona? Rolex,?Oyster, Chronograph, Anti-Magnetic?, Ref. 6238/6241. Case No. 1038603. Made in 1964. Very fine and rare, tonneau shaped, water-resistant, 18K yellow gold gentleman's wristwatch with round button chronograph, registers and tachometer.

C. Three-body, massive, polished and brushed, screw down case back and crown. D. Matte silver with applied yellow gold dart indexes, luminous dots, outer minute/seconds divisions with Arabic five minute/seconds divisions, subsidiary dials for the seconds, the 12-hour and 30-minute registers, outer tachometer scale. Luminous yellow gold "baton" hands. M. Cal 72B, rhodium-plated, 17 jewels, straight lever escapement, monometallic balance, shock absorber, self-compensating Breguet balance spring. Dial, case and movement signed. Diam. 36 mm, Thickness 13 mm. Property of a German Collector

Grading System: AAA

CHF 50,000 - 60,000

EUR 32,000 - 38,000

USD 40,000 - 48,000

Sold: CHF 61,360

LOT 29

Important Collectors’ Wristwatches, P... Geneva, Mandarin Oriental Hotel Du Rhône, Nov 12, 2006

Yellow Gold Ref. 4500, So-Called ?Monoblocco? Rolex, ?Oyster, Chronographe, Anti-Magnetique?, Ref. 4500. Case No. 533662. Made in 1946. Very fine and rare, tonneau-shaped, water-resistant, 18K yellow gold gentleman's wristwatch with round button chronograph, register, tachometer and telemeter.

C. Two-body, polished, screwed-down case back and crown. D. Silvered with applied gold dart indexes and Arabic numerals, subsidiary seconds and 30-minute register dials, outer tachometer and telemeter scales. Gold "baton" hands. M. Cal. 23, 13''', rhodium plated, 17 jewels, lever escapement, monometallic balance, self-compensating Breguet balance spring. Dial, case and movement signed. Diam. 36 mm. Thickness 13 mm. Property of a German Collector

Grading System: AAA

CHF 35,000 - 40,000

EUR 22,000 - 25,000

USD 28,000 - 32,000

Sold: CHF 55,460

LOT 30

Important Collectors’ Wristwatches, P... Geneva, Mandarin Oriental Hotel Du Rhône, Nov 12, 2006

Yellow Gold Ref. 6034 ?Oyster Chronograph? Rolex, ?Oyster Chronograph, Anti-Magnetic?, Ref. 6034. Case No. 944123. Made in 1954. Very fine and rare, tonneau-shaped, water-resistant, 18K yellow gold gentleman's wristwatch with round button chronograph, registers, tachometer and telemeter.

C. Two-body, polished and brushed, screwed-down case back and crown. D. Matte silver with applied gold diamond-shaped indexes, outer minute/seconds divisions with Arabic five minute/seconds markers, subsidiary dials for the seconds, the 12-hour and 30-minute registers, outer tachometer and inner telemeter scale. Luminous yellow gold ?dauphine? hands. M. Cal 72, 13''', rhodium-plated, 17 jewels, straight line lever escapement, monometallic balance, shock-absorber, self-compensating Breguet balance-spring. Dial, case, and movement signed. Diam. 36 mm. Thickness 13 mm. Property of a German Collector

Grading System: AA

CHF 27,000 - 32,000

EUR 17,000 - 20,000

USD 22,000 - 26,000

Sold: CHF 94,400

LOT 31

Important Collectors’ Wristwatches, P... Geneva, Mandarin Oriental Hotel Du Rhône, Nov 12, 2006

Yellow Gold Ref. 6062 ?Star-Dial? Rolex ?Oyster Perpetual, Officially Certified Chronometer?, Ref. 6062, case no. 911058 Made in 1952. Very fine and extremely rare, astronomic, tonneau-shaped, self-winding, water-resistant, 18K yellow gold gentleman?s wristwatch with Super Oyster Crown, triple date, moon phases and ?Star-Dial?.

C. Two-body, solid, polished and brushed, screwed down case back, ?Super-Oyster? crown. D. Matte silver with applied luminous yellow gold pyramidal, star, and dart indexes, subsidiary seconds, outer graduation for the days of the month in blue Arabic numerals, apertures for the days of the week, the months and the moon phases. Tritium coated yellow gold ?dauphine? hands. M. Cal. 655, ?Chronometer? rhodium-plated, 18 jewels, straight line lever escapement, Super-balance timed in six positions, self-compensating Breguet balance-spring. Dial, case and movement signed. Diam. 36 mm. Thickness 13.5 mm. Property of a German Collector

Grading System:

CHF 150,000 - 180,000

EUR 95,000 - 115,000

USD 120,000 - 145,000

LOT 32

Important Collectors’ Wristwatches, P... Geneva, Mandarin Oriental Hotel Du Rhône, Nov 12, 2006

Yellow Gold Ref. 3450 ?Roman Leap Year" Patek Philippe & Cie, Genève, Ref. 3450, No. 1119780, case No. 2808557, third series. Made in 1985. Very fine and rare, astronomic, self-winding, 18K yellow gold gentleman's wristwatch with perpetual calendar, moon phases, Roman numerals for the leap year indication and an 18K yellow gold Patek Philippe buckle. Accompanied by the original mahogany fitted box and the Certificate of Origin.

C. Three-body, solid, polished and brushed, stepped and inclined bezel, sapphire crystal. D. Matte silver with applied yellow gold faceted baton and pyramidal indexes, subsidiary date dial, apertures for the days of the week, the month, leap year and the moon phases. Yellow gold ?dauphine? hands. M. 27-460 QB, stamped twice with the Seal of Geneva Quality Mark, rhodium-plated, ?fausses-côtes? decoration, 37 jewels, straight line lever escapement, Gyromax balance adjusted to heat, cold, isochronism and 5 positions, shock absorber, self compensating free-sprung flat Breguet balance-spring, 18K gold rotor. Dial, case and movement signed. Diam. 38 mm. Thickness: 12 mm. Property of a German Collector

Grading System:

CHF 175,000 - 225,000

EUR 110,000 - 142,000

USD 140,000 - 180,000

Sold: CHF 192,750

LOT 33

Important Collectors’ Wristwatches, P... Geneva, Mandarin Oriental Hotel Du Rhône, Nov 12, 2006

?Royal House of Karadjordjevic? Elgin National Watch Co., U.S.A., No. 9615468. Made circa 1890. Fine and rare, 14K gold and colored stone-set keyless hunting cased pocket watch with painted on enamel dial.

C. Four-body, ?bassine?, polished, the hinged and sprung front cover with applied varicolored gold engraved foliate monogram beneath a Byzantine crown set with red, blue and green stones, the back cover with applied gold coat of arms beneath a crown set with green and blue stones. Hinged gold cuvette. D. White enamel with radial Roman numerals beneath silver arcades, outer minute track with Arabic five minute numerals, subsidiary seconds, the center painted with a further coat of arms. ?Louis XV? hands. M. 43 mm., 19???, frosted gilt, full plate, 17 jewels, straight-line lever escapement, cut bimetallic compensation balance, adjusted, blued steel Breguet balance spring, regulator with micrometer screw adjustment. Dial and movement signed. Diam. 52 mm. Property of a European Collector

Grading System: AA

CHF 33,000 - 40,000

EUR 21,000 - 25,000

USD 27,000 - 32,000

Sold: CHF 76,700

LOT 34

Important Collectors’ Wristwatches, P... Geneva, Mandarin Oriental Hotel Du Rhône, Nov 12, 2006

For Alfred Nobel ?Minute Repeater & Chronograph? Le Roy & Fils, Hgers. De La Marine, Palais Royal, 13&15 GALie Montpensier, Paris, 57, New Bond Street, London, No. 55786. Made circa 1880, formerly the property of Alfred Nobel (1833-1896), the founder of the Nobel Prizes. Very fine and historically important, 18K gold, minute-repeating, keyless pocket watch with chronograph and short gold mesh fob.

C. Four-body, ?bassine?, polished, engine-turned back cover with monogram ?AN?. Hinged gold cuvette. D. White enamel with radial Roman numerals, outer minute track and concentric fifths of a second track with Arabic five minute/second numerals, subsidiary seconds. Yellow gold ?spade? hands. M. 43 mm., 19???, frosted gilt, 29 jewels, counterpoised straight-line lever escapement, cut bimetallic compensation balance, blued steel Breguet balance spring, index regulator, repeating on gongs activated by a slide in the band, chronograph button in the crown. Cuvette signed. Diam. 51 mm. Property of a Scandinavian Collector

Grading System:

CHF 23,000 - 28,000

EUR 15,000 - 18,000

USD 18,000 - 22,000

Sold: CHF 106,200

LOT 35

Important Collectors’ Wristwatches, P... Geneva, Mandarin Oriental Hotel Du Rhône, Nov 12, 2006

?Equation of Time ?Marchant? & Sidereal Time Deck Watch ? Patent Stromgren og Olsen? Alexandre Huning, Geneve, No. 54343, patent Stromgren og Olsen, No.541. Made circa 1920. Very fine and extremely rare, silver, keyless deck lever chronometer designed for astronomical navigation, with indications for Equation of Time and Sidereal Time as per Danish patent No. 22822 of 1918.

C. Four-body, ?bassine?, massive, polished. Hinged silver cuvette. D. White enamel with outer minutes and Equation of Time track with Arabic five minute numerals, subsidiary dials for the hours at 9 with radial Roman numerals, 24-Sidereal time hours dial at 3, seconds at 6. Gold hour, seconds and minute hand with sun terminal, blued steel ?Breguet? equation hand and ?spade? 24-hour hand. M. 45 mm., 20???, frosted gilt, 17 jewels, wolf?s tooth winding, straightline lever escapement, cut bimetallic compensation balance, blued steel Breguet balance spring, swan-neck micrometer regulator. Case stamped with Alexandre Huning?s trademark ?AH, Geneve?, dial signed ?Patent Stromgren og Olsen, No.541?. Diam. 60 mm.

Grading System:

CHF 30,000 - 40,000

EUR 20,000 - 25,000

USD 25,000 - 32,000

Sold: CHF 49,560

LOT 36

Important Collectors’ Wristwatches, P... Geneva, Mandarin Oriental Hotel Du Rhône, Nov 12, 2006

?Minute Repeater for George H. Ford? Patek Philippe & Co, Geneve, No. 65701. Made for George H. Ford, New Haven, Connecticut, circa 1883. Very fine, minute-repeating, 18K gold hunting-cased keyless pocket watch.

C. Four-body, ?bassine et filets?, polished, hinged and sprung front cover with engraved monogram. Hinged gold cuvette with dedication. D. White enamel inscribed ?George H. Ford, New Haven, Conn.?, narrow radial Roman numerals, outer minute track, subsidiary seconds. Blued steel ?spade? hands. M. 19???, nickel-plated, ?fausses côtes? decoration, 28 jewels, wolf?s tooth winding, counterpoised straight-line lever escapement, cut bimetallic balance, blued steel Breguet balance spring, swan-neck micrometer regulator, repeating on gongs activated by a slide on the band. Dial, case and movement signed. Diam. 52 mm.

Grading System: AAA

CHF 18,000 - 22,000

EUR 11,000 - 14,000

USD 14,000 - 18,000

Sold: CHF 16,520

LOT 37

Important Collectors’ Wristwatches, P... Geneva, Mandarin Oriental Hotel Du Rhône, Nov 12, 2006

?For Cornelius Vanderbilt Jr.? Patek Philippe & Co, Geneve, No. 90573, case No. 209122. Made for Tiffany & Co., New York. Made in 1892, sold on December 1892. Very fine and rare, small, minute-repeating 18K gold pocket watch with split-seconds chronograph, given by Cornelius Vanderbilt II to his son Cornelius Vanderbilt III, July 1893. Accompanied by the Extract from the Archives.

C. Four-body, ?bassine?, polished, the back cover with engraved monogram ?CV?, the interior inscribed ?Cornelius Vanderbilt Jr. from his father, July 1893?, bolt at 11 to lock the chronograph. Hinged gold cuvette. D. White enamel with narrow radial Roman numerals, outer minute track and concentric fifths of a second divisions, Arabic five minute/seconds numerals, subsidiary seconds. Blued steel ?spade? hands. M. 16???, rhodium-plated, ?fausses côtes? decoration, 28 jewels, counterpoised straight-line lever escapement, cut bimetallic balance, blued steel Breguet balance spring, index regulator, repeating on gongs activated by a slide on the band. Dial, case and movement signed Tiffany & Co., New York. Diam. 44 mm.

Grading System: AAA

CHF 20,000 - 25,000

EUR 13,000 - 16,000

USD 16,000 - 20,000

Sold: CHF 33,040

LOT 38

Important Collectors’ Wristwatches, P... Geneva, Mandarin Oriental Hotel Du Rhône, Nov 12, 2006

?Watch with Nine Complications? Patek Philippe & Cie, Genève, No. 197736, case No. 412648. Made for Shaefer & Hartel, Rochester, New York, sold to William E. Sloan Jr. in July 1927 for $ 1,450. Extremely fine and very rare, astronomic, minute-repeating, 18K gold keyless pocket watch with perpetual calendar, split-seconds chronograph, instantaneous twice 30-minute register, moon phases and lunar calendar with the original Patek Philippe mahogany fitted box, spare crystal and mainspring, original certificate and receipt dated 1927.

C. Four-body, "bassine", polished with concealed hinge, the back engraved with a small crest, bolt at 11 to lock the chronograph. Hinged gold cuvette engraved ?Made for William E. Sloan Jr. Rochester N.Y., 1927?. D. White enamel with Breguet numerals, outer minute and fifths of a second divisions, Arabic five minute/seconds numerals, subsidiary dials for days of the week, months, subsidiary seconds with red outer date ring, minute register with inner moon phase aperture, moon?s age on the border. Blued steel "spade" hands. M. 18''', rhodium-plated, "fausses côtes" decoration, 39 jewels, counterpoised straight-line lever escapement, cut bimetallic balance with 8 adjustments, blued steel Breguet balance spring with swan-neck micrometer regulator, repeating on gongs activated by a slide on the band, split-seconds chronograph with visible work, button on the winding crown and push-piece in the band. Dial, case and movement signed. Diam. 50.5 mm.

Grading System:

CHF 200,000 - 250,000

EUR 125,000 - 160,000

USD 160,000 - 200,000

Sold: CHF 290,500

LOT 39

Important Collectors’ Wristwatches, P... Geneva, Mandarin Oriental Hotel Du Rhône, Nov 12, 2006

?Minute Repeater? Patek Philippe & Cie, Geneve, No. 112288, case No. 231671. Made for Tilden Thurber Co., Providence. Made in 1902, sold on May 1903. Very fine and rare, small, minute-repeating 18K gold pocket watch with the original Patek Philippe & Co., fitted box and spare crystal. Accompanied by the Extract from the Archives.

C. Four-body, ?bassine?, polished, concealed hinge. Hinged gold cuvette. D. White enamel with radial Arabic numerals, outer minute track and red painted Arabic five minute/seconds numerals, subsidiary seconds. Gold ?Louis XV? hands. M. 17???, rhodium-plated, ?fausses côtes? decoration, 31 jewels, wolf?s tooth winding, counterpoised straight-line lever escapement, cut bimetallic balance, blued steel Breguet balance spring, index regulator, repeating on gongs activated by a slide on the band. Dial, case and movement signed, cuvette and movement also signed by the retailer. Diam. 46 mm.

Grading System: AAA

CHF 16,000 - 20,000

EUR 10,000 - 13,000

USD 13,000 - 16,000

Sold: CHF 25,960

LOT 40

Important Collectors’ Wristwatches, P... Geneva, Mandarin Oriental Hotel Du Rhône, Nov 12, 2006

?Thin Minute Repeater? Vacheron & Constantin, Genève, No. 334100, case No. 202955. Made in 1906. Very fine and rare, minute-repeating, 18K yellow gold, slim, keyless dress watch.

C. Four-body, ?bassine pincée?, polished, back cover with engraved monogram. Hinged gold cuvette with dedication inscription. D. White enamel, Breguet numerals, outer minute track, subsidiary seconds. Gold ?spade? hands. M. Cal. R.A. 17/18???, frosted gilt, 29 jewels, straight-line lever escapement, cut-bimetallic compensation balance, Breguet balance spring, index regulator, repeating on gongs via slide on the band. Dial, case and movement signed. Diam. 48 mm.

Grading System: AA

CHF 10,000 - 14,000

EUR 6,500 - 9,000

USD 8,000 - 11,000

Sold: CHF 11,800