We look at the results of April's auction in Monte Carlo and meet the favorites for May.

The wait for the first serious auctions is finally over! The extravaganza on the pre-owned watch market that began at the end of April in Monaco continues in Geneva at year's biggest auctions, including back-in-the-game Only Watch. 

Large figures at auction in Monte Carlo

The Monaco Legend Group held their Exclusive Timepieces auction on April 20-21 in Monte Carlo, which you could say was the first large auction of the year with truly rare watches and an eight-figure sales total. Over the two-day sale, 278 listed lots achieved an auction total of EUR 22,644,560.

The star lot was the rare Rolex Ref. 4113 split-seconds chronograph, of which only 12 pieces were made in 1942. The watch had a huge steel case by contemporary standards, measuring 44 mm in diameter, which housed its Valjoux 55 VBR movement.

Almost all of these pieces were sold to families with links to motorsports and Giro Automobilistico di Sicilia, while just a couple of pieces were acquired by Britons with motorsports connections. The example that resurfaced at the auctions belonged to the famous collector John Goldberger.

Considering the good condition the watch has been preserved in, the estimate that the watch was given looked very ambitious: EUR 2,800,000 –⁠ 5,600,000. In the end, it went for EUR 3,284,000. And this set a new record price for the model.

Second place was secured by a no less interesting watch: Patek Philippe Split-Seconds Single-Button Chronograph, Ref. 7J from 1927 in a yellow-gold cushion-shaped case measuring 43 mm × 34 mm. This rare model appears at the auctions from time to time.

For example, it was auctioned off at Antiquorum's Art of Patek Philippe, Legendary Watches sale in 1999 for CHF 2,973,500. Almost the same sum was paid for this split-seconds chronograph at auctions held by Christie's and Sotheby's in 2014. And of course, the famous Patek Philippe Museum in Geneva also exhibits two Split-Seconds Single-Button Chronograph Ref. 7J pieces.

The model is promoted as one of the most expensive, even though it houses a Victorin Piguet movement instead of a manufacture Patek caliber. The example that was auctioned off in Monaco once belonged to the American-born English racecar driver Sir Henry O'Neal de Hane Segrave.

Sir Segrave received it as a gift from the son of an American retail magnate, Harry Gordon Selfridge Jr., as a token of their friendship and in recognition of the racing legend. The lot sold for EUR 1,796,000. It doesn't look like much in comparison to the previous results, but it's not that bad at all by today's standards.

Third place was occupied by a yellow-gold Rolex Daytona Ref. 6241 with a "Paul Newman Lemon" dial secured on a strap. The chronograph from 1969 is based on the manually wound Caliber 727. This watch from Renato Della Valle's collection sold for EUR 871,000.

Another couple of models including last year's auction favorite Rolex Ref. 6062 Moon Phase Triple Calendar and the Patek Philippe Nautilus "Jumbo" Ref. 3700/1 made for the Sultan of Oman fetched decent sums of EUR 806,000 and EUR 812,500, respectively.

By the way, the May auctions that the big three auction houses will hold in Geneva will also feature models commissioned by the Sultan of Oman. The consignor of this selection has clearly listed them on different platforms in order to see where they'll fetch more.

Christie's Banks On Ref. 1518, Journe, and Mille

The name of the Christie's auction scheduled for May 13 tells us exactly what to expect: Rare Watches Including the Property of Michael Schumacher. The lot that has been given the highest estimate is of course the iconic Perpetual Calendar Chronograph Patek Philippe Ref. 1518 preserved in very good condition.

The model from 1948 belongs to the second series. Only 58 such models were made in pink-gold cases, and only 12 of them were given pink-gold dials. These "pink-on-pink" pieces are a rare find, and that's why it has been assigned the highest estimate of CHF 2,000,000 – 4,000,000.

The unique F. P. Journe Vagabondage 1 is expected to come in second. It was commissioned in 2004 by former Ferrari CEO and FIA President Jean Todt as a gift for the seven-time world champion Micheal Schumacher. The model has a wandering jumping-hour indication.

The apertures on the dial  are covered with seven rings with the symbol "V" for victory, the driver's own helmet is illustrated between 3 o'clock and 4 o'clock, while the Ferrari logo appears between 8 o'clock and 9 o'clock.

The gold plate of the movement is engraved: "XMAS 2004 – JEAN TODT FOR MY FRIEND MICHAEL SCHUMACHER". The auction's organizers have given this model quite reasonable chances: it's estimated to raise CHF 1,000,000 – 2,000,000.

The third highest estimate has been assigned to Richard Mille's rare Ref. RM66 "Devil’s Horn" Flying Tourbillon. It was launched last year. The model is limited to a total of just 50 pieces. The watch bears a skeleton with a gold hand making the sign-of-the-horns gesture — around one of the bridges in the hand-wound movement.

It's estimated to go for CHF 800,000 – 1,600,000. The most interesting thing is that last year's sensational triple calendar has been held back in forth place: Rolex "Stelline" Ref. 6062 (estimate: CHF 350,000 – 700,000). Could it overtake the official favorites?

Phillips Auctions Off Part of Mondani Collection

One of the world's most famous and biggest collectors, Guido Mondani parts with a portion of his extensive collection from time to time. This time, Phillips was the lucky auction house that got to sign a contract with Mr. Mondani. The Geneva Watch Auction: XIX featuring the Guido Mondani Collection is also taking place at the beginning of May.

The top pick at this auction is the Patek Philippe Ref. 2523/1 Two-Crown World Time, Ore del Mondo Doppia Corona from 1954 in a yellow-gold case measuring 36 mm in diameter. This case size was considered too imposing at the time it was made, and no retailer even dared to order it. 

That's why it wasn't launched in regular production, and it's now so rare that it's been given an estimate of CHF 1,200,000 – 2,400,000.

The watch with the second-highest estimate is a Rolex Cosmograph Daytona Ref. 6269 from 1985 in a yellow-gold case measuring 37 mm in diameter with a dial fully encrusted with diamonds, where the role of the hour markers is also played by brilliant blue sapphires.

A few of these gem-set pieces were made for clientele in the Middle East. There's a second version encrusted with baguette-cut diamonds (Ref. 6270). But Guido Mondani hasn't put a second version up for auction yet.

This reference happens to have been appreciated by His Highness Sultan Qaboos bin Said Al Said of Oman (1940-2020), who commissioned the first two examples, and must have asked the manufacturer not to make many more of these pieces. Now it's estimated to go for CHF 600,000 – 1,200,000.

The third highest estimate at this auction (CHF 500,000 – 1,000,000) is shared by two watches: a very rare Cosmograph Daytona "John Player Special" Ref. 6241 with a "Paul Newman" dial released in a 14-carat yellow-gold case, and the rare Patek Philippe Ref. 3670А-001 chronograph from 2012.

The latter was born by a pure stroke of luck, when 16 intact 13-130 movements from 1955 were discovered by some miracle in Patek Philippe's Genevan boutique on rue du Rhône. 

The grand maison decided to house them in 1920s-style steel cushion-shaped cases measuring 37 mm in diameter, and sold them as "application watches" to the closest friends and collectors of the manufacture. And now one of these models is being put up for auction. Collectors will watch its fate unfold with great interest.

Sotheby's Exercises Caution

The auction house founded in Britain has compiled an unusually small number of lots for the May auctions in Geneva (Important Watches: Part I)— just 95. And unfortunately, this isn't one of those cases when you can say less is more.

The top three lots with the highest estimates are undoubtedly impressive, but the estimates for the lots picked as the remaining potential top ten barely make the half-million mark.

Overall, the highest estimate was given to one of Richard Mille's most interesting models: "Prototype 3" RM27-01 Rafael Nadal. This is one of the world's lightest tourbillon models. Together with the strap, it weighs just 19 grams.

The case measuring 41 mm × 39 mm is made of an ultra-light ultra-durable form of carbon fiber (a carbon nanotube composite, to be more precise), while the manually wound movement is made of titanium and an aluminum-lithium alloy.

Richard Mille did a lot of experimentation during the development stage, and the prototype of the model which has appeared at this auction is numbered "3". The organizers estimate it will fetch CHF 800,000 - 1,500,000.

The estimate for the next iconic yellow-gold Patek Philippe Perpetual Calendar Chronograph Ref. 2499J is a hundred Swiss francs lower. It was made in 1964 for the retailer Tiffany, and belongs to the third series. But the excellent condition and connection to Tiffany makes it particularly rare.

The watch anticipated to be the third most expensive is a Rolex Daytona "John Player Special" Ref. 6241 chronograph from 1969. What makes this watch rare is its black dial with gold chronograph counters, and it also has a 14-carat yellow-gold case. Its estimate is CHF 600,000 – 800,000.

Credits taken from: www.monacolegendauctions.com, www.christies.com, www.phillips.com, www.sothebys.com