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Among the non-Graves/Fullerton watches sold last week at Sotheby's that I was most closely tracking was a 1938 Audemars Piguet chronograph in an 18k yellow gold case. As we have previously told you, Vintage Audemars Piguet chronographs are notoriously difficult to find. Just check out this post and this post to see a couple rare and valuable AP chronos.
The reason why vintage Audemars chronographs are so difficult to find is simply because AP had such a limited production. The lot notes for this chronograph explain why: "In the 1930s, production levels for Audemars Piguet dropped nearly to a halt following the worldwide economic depression following the 1929 stock market crash. The firm adjusted by re-assessing the number of watchmakers on staff, but remained committed to the tradition of haute horlogerie that continues to define the brand. By 1938, the firm recorded just over 400 pieces made for the year, a number which may seem low but which marked a 400% uptick from the previous year."
This chronograph has a spectacular dial incorporating an outer telemeter track (for determining distance of objects through sight and sound, such as artillery fire, other explosions, or lightning) and a tachometer ring on the inner part of the dial, for measuring speed.


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