Patek Philippe’s original “Chronometro Gondolo” watches, like the present example, were made between 1902 and 1930 for the Brazilian retailer, Gondolo & Labouriau. Each was originally sold to members of their exclusive club, the “Gondolo Gang”. Consisting of Brazilian high-society, each member was required to buy one watch. Clients would pay 10 francs per week until the watch was fully paid for, however Gondolo Labouriau held weekly drawings so that the first week’s winner received his watch for free, while the second week’s winner had paid a minimal sum and so on until the 79th week’s winner, at this point remaining members were required to pay the full retail price. This clever system not only helped sell watches but allowed their private club members to gamble - which was illegal at the time - but not enforceable for private organizations.

Production of Chronometro Gondolo wristwatches began in 1910 for Gondolo & Labouriau. Patek Philippe produced these wristwatches in a variety of sizes and case shapes, from circular and square to cushion-shaped and rectangular. However, all were equipped with movements of the highest finish, meeting the exact requirements set by the Brazilian firm: wheel train made in 9 karat gold, cam-wheel regulator, moustache lever and wolf's tooth winding gears.

The present lot in overall magnificent condition is one of five known cushion shape cases made for Gondolo & Labouriau and only two are known with Roman numerals. The present lot was gifted by Alfredo J. A. Bustos to A. Bain Mackie in 1925 as attested by the engraving on the caseback.