PATEK PHILIPPE - an 18k gold automatic gentleman's bracelet watch, the champagne coloured...

PATEK PHILIPPE - an 18k gold automatic gentleman's bracelet watch, the champagne coloured sunburst effect dial having black Roman numeral hour markers, date aperture positioned to three o'clock, Investors Overseas Services, Ltd. (IOS) logo to six o'clock, the circular shaped case, reference 3565 1, numbered 2673845, stamped with poincon, the back engraved with "MILLION DOLLAR ASSOCIATE" and the IOS logo, fitted to an integral weave bracelet with locking clasp, signed thirty-seven jewel calibre 27-460 M, numbered 1128010 with poincon de Geneve. Case diameter 35mm.

Investors Overseas Services Ltd. (IOS) was a mutual fund selling company started by Bernard Cornfield which sold "fund of funds" type portfolios to American expatriates in Europe and countries whose public had no easy access to investment schemes of its type. This scheme was initially successful during the bull market times, but faltered due to the structure of the investment program. A public offering in 1969 combined with a bear market late that year led to a shortage of operating capital and stock values fell. The financier Robert Vesco took advantage of the board's worries to take control of the company and strip it of its assets. The U.S. Securities and Exchange Commission issued a public complaint and sued to stop Vesco's actions and the company subsequently collapsed.