Dan:
You are probably thinking of the Olympic Auction Catalogue of 1935 which states:
[Lot] 4087: The installation of “Magneta” electric impulse clocks, comprising: the clockwork master clock, in this room, and forty dials, but excluding two of French ormolu in Lounge
The Magneta clocks were auctioned off as a system -- a master and most of the secondary clocks went as a unit since one wasn't good without the other.
There is an interesting exception though: Certain clocks, such as that in the Reading Writing Room, which had artistic cabinets and could "stand alone," i.e., they were not built into the cabinetry somehow, were sold separately from the Magneta system. This was probably done so that the new owner could put a conventional movement in the case.
I strongly suspect that the Lounge clock was in fact a Magneta clock sold with the paneling, rather than scaring the woodwork with an empty spot where the clock used to be. If it were not a Magneta clock, it would not be specifically mentioned in connection with the sale of the Magneta master.
As for the reference to the "two of French ormolu in Lounge", I think it's probably a mistake. I suspect that the auction compilers didn't notice that one case housed a clock, and the other an aneroid barometer.
Bill Sauder