2022 Watch Auctions Go For Billion

The largest watch auctions demonstrate almost 50 % growth.

One billion US dollars worth of watches could be sold this year for the first time in history. After all, we're in for some very interesting auctions this fall. A young Swiss consulting company called the Mercury Project has studied data on watch auctions held by major auction houses in the first half of 2022.

The company was founded by the former manager of international marketing strategy at TAG Heuer Thierry Huron. In alphabetical order, the auction houses are Antiquorum, Bonhams, Christie’s, Phillips in Association with Bacs & Russo, Poly Auction and Sotheby’s.

The big five (excluding Poly Auction) sold watches to raise a total sum of CHF 379 million over the first six months of this year, which is 47 % up on 2021 and a staggering 133 % more than in pre-pandemic 2019. If this optimistic growth trend continues, we can expect to see a historic record of one billion Swiss francs achieved by the end of the year.

A record will undoubtedly be achieved, as investment activity in watches is increasing in direct proportion with skyrocketing inflation in North American and European economies, coupled with a depreciating Bitcoin.

Moreover, the Mercury Project has only focused on the auction results of the five most famous auctions at a time when the number of auctions is steadily growing, especially online auctions.

There’s another interesting stat worth mentioning from the 2022 Hammertrack report published by the Mercury Project: a watch sold for an average of CHF 29,374 in 2020 and CHF 39,216 in 2021.

The average price on the pre-owned watch market is now CHF 55,142, an increase of 88 % in two years. It's also interesting that the few dozen most coveted and expensive millionaire lots sold for seven-figure sums are almost consistent.

The top six brands for lots above CHF 100,000 were actually in the 2021 top-20 hard luxury brands: Patek Philippe (a total of 378 lots sold for an overall sum of CHF 128,066,795), Audemars Piguet (163 lots realizing CHF 43,734,081), Rolex (140 watches for a total CHF 39,165,090), F.P. Journe (68 lots for CHF 24,657,523), A. Lange & Sohne (28 lots for CHF 5,533,208), and Richard Mille (21 lots for CHF 4,326,938).

The top ten was rounded out by Cartier, Greubel Forsey, Omega and Vacheron Constantin. It's worth pointing out that Audemars Piguet's performance was heavily influenced by the anniversary Royal Oak 50th auction.

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The top three auction houses were Phillips (average watch price of CHF 159,936), Christie’s (average watch price of CHF 83,226) and Sotheby’s (average watch price of CHF 53,960).

The most impressive growth was demonstrated by auctions in Hong Kong, which by all appearances will soon become the global leader with the greatest share of the pre-owned watch market.

In the first half of 2022, watches sold at the Hong Kong auctions raised a total sum of CHF 138 million, compared to CHF 128,2 million in Geneva and CHF 75,8 million in New York.

And here's another encouraging stat: while jewelry auctions demonstrated 55 % growth in 2021, watch sales doubled. The next auction where you can come across watches of interest is being organized by Christie’s.

It celebrates sixty years since the first appearance of legendary Agent 007 James Bond on the silver screen.Lots listed include a beautiful classic 007 Special Edition Leica Q2 camera signed by Daniel Craig, inspired by Globe-Trotter cases that feature in the film No Time to Die (estimate: GBP 7,000 – 10,000).

There are Bond cars: an Aston Martin Replica DB5 stunt car (estimate: GBP 1,500,000 – 2,000,000), Aston Martin DBS Superleggera (estimate: GBP 300,000 – 400,000), Aston Martin V8 (estimate: GBP 500,000 – 700,000), Jaguar XF (estimate: GBP 50,000 – 70,000), Range Rover Sport SVR (estimate: GBP 80,000 – 120,000) and 007 60th Anniversary Land Rover Defender 110 V8 Bond Edition (estimate: GBP 200,000 – 300,000).

The many other Bond artifacts include the World is Not Enough Q Jet Boat sold together with a transportation trailer (estimate: GBP 20,000 – 30,000) and the No Time to Die Triumph Scrambler 1200 XE stunt motorcycle (estimate: GBP 20,000 – 30,000). There are of course four watch models listed among the lots.

No, there aren't any watches by Rolex or Seiko, only Omega. One is the Seamaster Diver 300m 007 Edition circa 2019 with an automatic co-axial 8806 movement and a brown dial in a titanium case, water resistant up to 300 m and worn by Daniel Craig in the film No Time To Die (estimate GBP 15,000 – 20,000).

Another watch worn by Daniel Craig in the same film is the OMEGA Seamaster Aqua Terra 15,000 Gauss in an anti-magnetic stainless steel WR 150m/500ft case with a blue dial circa 2015 (estimate: GBP 15,000 – 20,000).

There's also a set of two Limited Edition On Her Majesty’s Secret Service Seamaster Diver 300m Automatic 50th Anniversary models in yellow-gold and steel cases measuring 42 mm in diameter, which house the Co-Axial Master Chronometer Caliber 8807.

 The set was created in 2019 to celebrate the 50th anniversary of the film On Her Majesty’s Secret Service (estimate: GBP 40,000 – 60,000). All models belong to limited edition series and come with certificates of authenticity as well as actors' signatures.

Another timepiece which has clearly been put up for auction as a prop is a quartz dime-store alarm clock used by "M" (Judi Dench) in the film the World Is Not Enough (1999). This alarm supposedly has a nuclear locator card.

The lot includes said card, marked with a meaningless jumble of numbers and letters. All jokes aside, for some reason the auctioneers believe they'll find a bidder willing to pay GBP 3,000 – 5,000 for the alarm clock in its intentionally aged case. Now that's no laughing matter.

Phillips in Association with Bacs & Russo have gradually begun unveiling the most attractive lots from their main November auctions — the Geneva Watch Auction: XVI.

The list is headlined by an upcoming sensation of three models by British watchmaker George Daniels, who's already dubbed the "founding father of independent watchmaking".

The watchmaker's pieces have reminded the world that modern watchmaking was born on the British Isles and further developed there. The timepieces have steadily increased in price on the pre-owned watch market in recent years. 

Collectors are beginning to acknowledge the historical significance of the Briton's intellectual and technological legacy, while some also appreciate the aesthetic qualities of his timepieces. That's why the auctioneers provide a fairly optimistic evaluation of the potential his watches hold.

That's why the auctioneers provide a fairly optimistic evaluation of the potential his watches hold. For instance, an estimate in excess of CHF 1 million was given to his one-of-a-kind Spring Case Tourbillon in yellow gold.

George Daniels created this watch for himself in 1992 and wore it right up until 2005, when one of his friends finally persuaded the watchmaker to sell it to him. It's a fairly simple watch at first glance with hours, minutes, an interlaced subdial for the seconds and another subsidiary for the power reserve indication, but there's more to this piece than first meets the eye. 

The two-part case pops open like a shell, offering the owner a view of the calendar indication and tourbillon escapement on the reverse dial. The manually wound movement is of course equipped with the co-axial escapement invented by George Daniels in 1975. Another British watchmaker called Roger Smith helped Daniels create the tourbillon model.

During his lifetime and by his own hand, George Daniels made 23 pocket watches and just two unique wristwatches. In collaboration with Roger Smith, he made two further tourbillon wristwatches and two production series of wristwatches. And now the double-dialed watch is being put up for auction for the first time.

The second model is called George Daniels Anniversary. The watchmaker created it to mark the 35th anniversary of his invention of the co-axial escapement. A total of just 35 watches were released in yellow-gold cases. The estimate given to this model is CHF 300,000-600,000.

The third watch is the George Daniels Millennium created by the watchmaker in 1999. Not only was it made to celebrate the new millennium, it also celebrated the launch of the first Daniels watch made in a series, which was based on an Omega movement with the co-axial escapement.

Daniels heavily modified the movement created by watchmakers at Omega and released 48 of these models. That’s a significant number, which is why the organizers have valued the potential price of this lot between CHF 250,000 and CHF 500,000.

The auction house has already showcased these lots at the Geneva Watch Days, which took place from August 29 to September 1. Come to think of it, quite a few interesting models were unveiled there.