The new auction year got off to a rather energetic start, although we can only expect to see world records in May.
That's the month when three big auctions are being held one after the other in Geneva: Phillips in Association with Bacs & Russo Royal Oak 50th (May 6), Phillips Geneva Watch Auction: XV (May 7-8) and Christie’s Rare Watches (May 9).
The first auctions
The first interesting "La Vie en Rose" auction was held in Zurich in March. The auction house that organized it was Ineichen Auctioneers. Each and every one of its forty lots found a new owner.
It featured a diverse range of brands united by one shared theme: all the pieces put up for auction had pink-gold cases. Here are the main takeaways from the auction's results. Interest in pieces by independent watchmakers continues to grow among investors.
Creations by François-Paul Journe came in first and second place with a significant lead. The iconic chronometer with two balance wheels known as F.P Journe Chronometre à Résonance Special Edition Sincere consolidated its success by raising CHF 360,000.
It overtook the F.P Journe Octa Calendrier Special Edition Sincere by a small margin: a full calendar with disk indications for the day of the week, months, and retrograde indications of numerals called which went for CHF 280,000.
Demand is also growing for names without any direct connection to Switzerland. Take the Levitas Luna made by Russian watchmaker Konstantin Chaykin as an example, which went under the hammer for double the lower estimate of CHF 20,000 - 30,000, raising CHF 44,000.
As a side note, another of his pieces — Martian Tourbillon Only Watch 2021 Piece Unique — sold for CHF 290,000 at the Only Watch auction on November 6 last year, which had been given an estimate of CHF 40,000 - 60,000.
As for eminent manufactures, there were plenty representation for Vacheron Constantin and A. Lange & Söhne at the Ineichen Auctioneers "La Vie en Rose" auction. While it may not be such an impressive world record, the Vacheron Constantin Patrimony Perpetual Calendar Chronograph Ref. 49005 still set one when it topped its estimate of CHF 15,000 - 20,000 and sold for CHF 52,000.
The online sector also got underway in March. Christie's Watches Online: The Dubai Edit closed on 29 March and organizers managed to sell around 200 lots, realizing a sale total of USD 12,001,500. The favorites were already tipped in advance. There was a surprise of a different kind: the relatively low hammer prices some of them went for.
For instance, the rare Patek Philippe Ref. 3974J Minute Repeater Perpetual Calendar reached the sum of USD 567,000. It's extremely rare for a model like this one to resurface on the pre-owned market. There are around 160 examples of the Ref. 3974 scattered around the world.
It's unclear why the unique Patek Philippe Ref. 3940G with a pink-gold dial made upon special request for the former head of Disney Inc. Michael Ovitz didn't exceed its upper estimate of USD 220,000 and only went for USD 214,200. However, the iconic Patek Philippe Ref. 5002P-001 Sky Moon Tourbillon sold on the same platform last year could also have done better than the USD 1.59 million it realized.
It's not that this particular manufacturer didn't do well in Dubai, it's the auction's entire set-up. This was confirmed by the results achieved by a different market leader, Rolex. The exclusive "Rainbow" Daytona Ref. 116598RBOW was sold there for USD 441,000, USD 59,000 below it supper estimate.
While the vintage yellow-gold Daytona Ref. 6265 "Oyster Split" went for USD 252,000 with an estimated range of USD 200,000 – 400,000. It's the place to go if you want to pick up an almost brand-new Greubel Forsey GMT Sport for less than the official retail price (red: USD 504,000; blue: USD 478,800).
May Madness
This year's auctions will be remembered for the iconic Audemars Piguet Royal Oak model. Almost every auction house is holding an auction dedicated to Royal Oak for the anniversary. Ineichen Auctioneers is one example, who are planning to hold one on May 28.
Mini online auctions will probably be held over the course of the year by the actual manufacturer Audemars Piguet, which will feature the most interesting watches. But the auction tipped to be the biggest anniversary event by collectors and investors is the Phillips in Association with Bacs & Russo Royal Oak 50th set to take place on May 6.
Organizers are mainly banking on online buyers, given that the event is taking place in a hall at the Hôtel La Réserve which doesn't have the capacity for a large number of people. Apart from the intriguing watches on the list, unbelievably modest estimates have been given to pieces belonging to the segment of ticking luxury.
The historic Ref. 5402ST A2 model has been given a tentative estimate of just CHF 200,000-400,000, which has never been worn by anyone unless you count dealers who modeled it in 1972 at Basel Fair.
The collection consists of 88 lots, and it's worth noting that they represent the rarest and most beautiful models in excellent condition. The star of the show will be the historic second and oldest surviving Royal Oak Ref. 5402ST with the serial number A2. The A series which included Royal Oak's first 1000 pieces is the most sought-after and coveted among collectors.
Of course, this is only a ballpark figure used as bait in the hope of attracting as many potential clients as possible. Even the model experts at Phillips say belonged to none other than German creative director Karl Lagerfeld has been given an estimate of CHF 100,000-200,000.
According to eye-witness reports, Lagerfeld simply adored his first-series black PVD-coated Royal Oak. He was working in Italy in 1974 when he ordered Ref. 5402ST A-Series pieces in different sizes through a local dealer which he later present as gifts the people he was closest to.
The first 25 Royal Oak tourbillon watches were released in 1997 to mark Royal Oak's 25th anniversary, referred to as Ref. 25831ST Tourbillon. One of these watches in a steel case marked as the first in the series is estimated within the range of CHF 120,000-240,000.
The first two versions of the Royal Oak Grande Complication with the prestigious combination of a minute repeater, perpetual calendar and split-seconds chronograph will be up for grabs: Ref. 25865ST and Ref. 25990BC. Both the steel and white-gold models have been assigned the same estimate of CHF 250,000-500,000.
The Openwork Perpetual Calendar Ref. 25636PT was earliest variants to feature an openwork dial, released in a 41-piece series in platinum. It's been given an estimate of 200,000-400,000, while the same watch with tantalum and platinum as its case material is estimated at CHF 120,000-240,000: the 16-piece Openwork Perpetual Calendar Ref. 25829TP.
How far will the real figures exceed their estimates? They're bound to be far bigger.