Auctions in Hong Kong — Expectations That Weren't Lived Up To?

 

Following the most important auctions in the second half of the year (the Genevan sales in November), all major auction houses apart from Sotheby's held traditional auctions in Hong Kong on the last Sunday of the month, which were by no means unimportant.

 

Lackluster OAK Debut

 

Christie's was expected to host the loudest auction, because the auction house was finally going to curate the first round of the ОАК (One-of-a-Kind) Collection: watches amassed and carried them around the world for exhibition by the French collector Patrick Getreide, who had already made up his mind to sell last year.

 

But a range of unforeseen events in the industry soured the mood among bidders just ahead of the big Genevan auctions this fall, including the scandalous postponement of the Only Watch auction, and this has also had an impact on the Hong Kong sales.

 

Patrick Getreide, collector / Source: www.instagram.com/the.oak.collection
Patrick Getreide, collector / Source: www.instagram.com/the.oak.collection
Patrick Getreide, collector / Source: www.instagram.com/the.oak.collection
Patrick Getreide, collector / Source: www.instagram.com/the.oak.collection

This was compounded by the fact that Christie's decided not to offer the key parts of the OAK Collection in Part 1. At the last minute, what you could call a medley of masterpieces by modern independent watchmakers were thrown in with a selection of unique models by Patek Philippe and Rolex with legendary reference numbers.

 

With all due respect for the work of contemporary masters, the organizers didn't inspire much confidence with this move, and it wasn't a good look. It's as if something gave the organizers cold feet, or maybe they still had some doubts about how successful the auctions would be, so they put the great young watchmakers out first to test the waters, and see how people would react.

 

But they weren't met with much enthusiasm. Only 74% of lots were sold, and just six out of the ten top lots according to pre-sale estimates managed to find new owners. No new owner was found for the Patek Philippe 1436 split-seconds chronograph with a black dial or the Breguet diver's watch.

 

Akrivia Ref. AK-06 circa 2022 / Source: www.christies.com
Akrivia Ref. AK-06 circa 2022 / Source: www.christies.com
Akrivia Ref. AK-06 circa 2022 / Source: www.christies.com
Akrivia Ref. AK-06 circa 2022 / Source: www.christies.com

The most expensive lot (HKD 5,292,000, around CHF 594,748) was the simple steel Akrivia Ref. AK-06 created by Rexhep Rexhepi circa 2022. What's unique about this semi-skeletonized watch with a power reserve indication at 12 o'clock is the color of the bridges and mainplate made of blued steel in its manually wound АК-06 movement with a 100-hour power reserve.

 

Second place was secured by another Rexhep Rexhepi watch released in the same year of 2022, which raised HKD 4,788,000 (around CHF 535,467). This semi-skeletonized tourbillon with a monopusher chronograph is referenced  AK-01, and housed in a titanium case measuring 43 mm in diameter.

 

It was deliberately made as a unique piece. Another thing that makes this chronograph interesting is that it has a separate 60-second counter to the side at 2 o'clock, which looks like an ordinary subdial for the seconds hand. The 10 o'clock mark is where the 30-minute chronograph counter can be found over the power reserve sector.

 

Akrivia Ref. AK-01 circa 2022 / Source: www.christies.com
Akrivia Ref. AK-01 circa 2022 / Source: www.christies.com
Akrivia Ref. AK-01 circa 2022 / Source: www.christies.com
Akrivia Ref. AK-01 circa 2022 / Source: www.christies.com

No less than three unique models by Kari Voutilainen occupied 3rd, 6th, and 7th place. The trio of his top watches included the Voutilainen GMT-6 in a steel case measuring 39 mm in diameter with a dual-time indication, 24-hour and day/night indications displayed on a dial with an enamel center (HKD 3,528,000, about CHF 394,237).

 

It's interesting that this model was made by the Finnish watchmaker for the Only Watch auction in 2015, where it sold for CHF 145,000. In other words, it earned the first owner a quarter of a million Swiss francs eight years later.

 

A total of four models by Kari Voutilainen made the top-ten most expensive watches, while the master watchmaker François-Paul Journe only managed to secure 9th place in the end with a model that wasn't even unique.

 

Voutilainen GMT-6 circa 2015  / Source: www.christies.com
Voutilainen GMT-6 circa 2015 / Source: www.christies.com
Voutilainen VINGT-8 circa 2019 / Source: www.christies.com
Voutilainen VINGT-8 circa 2019 / Source: www.christies.com
Voutilainen 28TAI circa 2020 / Source: www.christies.com
Voutilainen 28TAI circa 2020 / Source: www.christies.com

The watch housed in a 40-mm platinum case was created last year as part of the Octa Automatique series launched to celebrate the 20th anniversary of the Octa movement (HKD 1,386,000, about CHF 154,879). Nevertheless, the model retailed for CHF 56,000 a year ago, so you could say that it has turned a tidy profit.

 

Moreover, the OAK Collection Part I auction listed a further host of interesting examples by watchmaking maestros. Two such examples were the pocket watch and dome table clock by Patek Philippe from the legendary Rare Handcrafts collection.

 

One of them was the unique Patek Philippe Ref. 992/108J-001 pocket watch with an enamel dial and opening caseback. The second was the one-of-a-kind Ref. 1636M-001 table clock in a brass dome, decorated with cloisonné enamel painting. Both of these pieces sold for in and around CHF 300,000, taking forth and fifth place respectively.

 

Patek Philippe Ref. 992/108J-001 circa 2021 / Source: www.christies.com
Patek Philippe Ref. 992/108J-001 circa 2021 / Source: www.christies.com
Patek Philippe Ref. 1636M-001 circa 2015 / Source: www.christies.com
Patek Philippe Ref. 1636M-001 circa 2015 / Source: www.christies.com

Many were interested in the fate of the A. Lange & Söhne Lange 1 model: one of potentially five pieces made in 1996 in steel cases, retailed by Pisa Orologeria.

 

Lange & Söhne's steel pieces were famously intended to be worn as temporary replacements during repairs for owners who'd leave their watches in typical cases made of precious metals in to be serviced. To quickly jog your memory, none of the lucky watch owners who got their hands on these steel replacement watches back then returned them to the manufacture.

 

But this lot didn't cause much of a sensation. It fetched HKD 1,764,000 (about CHF 197,118), securing 8th place. Could you call the results of OAK Collection Part I disappointing? Yes and no, depending on your perspective. The consignor clearly had higher expectations.

 

François-Paul Journe Octa Automatique circa 2022 / Source: www.christies.com
François-Paul Journe Octa Automatique circa 2022 / Source: www.christies.com
A. Lane & Sohne Lange 1 Ref. 101.026 circa 1996 / Source: www.christies.com
A. Lane & Sohne Lange 1 Ref. 101.026 circa 1996 / Source: www.christies.com

But collectors who managed to purchase a good few masterpieces and capitalize on the low ebb must be very pleased with themselves.

 

Ars longa, Vita Brevis

 

Christie's Important Watches was a different story, which followed directly after the OAK Part I sales. You could say that it confirmed our hunch about the curators probably making a mistake by not risking a selection of star pieces by Patek Philippe or Rolex in OAK Collection Part 1.

 

As the Latin rendering of Hippocrates' aphorism goes: "ars longa, vita brevis", art is long, life is short. The top twelve places at Christie’s Important Watches in Hong Kong were dominated by Patek Philippe's eternally valuable watches, and there were even 16 of them in the top twenty.

 

The most interest was of course generated by the rare pink-gold Patek Philippe Ref. 1518 perpetual calendar chronograph. This model manufactured in 1950 is a member of the so-called second series, and despite the fact that the calendar indications on this piece are rendered in Portuguese, the model sold for HKD 19,735,000 (about CHF 2,205,289).

 

Patek Philippe Ref. 1518, 1950 / Source: www.christies.com
Patek Philippe Ref. 1518, 1950 / Source: www.christies.com

That's how much a pink-gold case means for this model! There are just 45 known surviving pieces in the whole world. Compare that to the result to the same Ref. 1518 in the far more common yellow-gold case, which sold for HKD 3,528,000 (about CHF 394,237) to secure 9th place.

 

Expectations were also high for the iconic collector's Patek Philippe Sky Moon Tourbillon model in second place, although this piece wasn't released as part of the first series run. It was made in 2010, and housed in a platinum case measuring 44 mm in diameter.

 

The model, which is one of the world's most complicated wristwatches with twelve functions, sold for HKD 13,685,000 (about CHF 1,529,231). Apart from the tourbillon, it also features a "cathedral" minute repeater, moon phase display and an indication for the angular motion of the moon, sidereal time, and a sky chart. Whether the consignor was happy with the half-million profit remains unknown.

 

Patek Philippe Sky Moon Tourbillon  / Source: www.christies.com
Patek Philippe Sky Moon Tourbillon / Source: www.christies.com
Patek Philippe Sky Moon Tourbillon Ref. 5002P-001 circa 2010 / Source: www.christies.com
Patek Philippe Sky Moon Tourbillon Ref. 5002P-001 circa 2010 / Source: www.christies.com

Third place went to a minute repeating perpetual calendar tourbillon in a 39.5-mm platinum case, encrusted with baguette-cut diamonds: Patek Philippe Ref. 5217P-001 circa 2017 – HKD 8,190,000 (about CHF 915,192).

 

Fourth place was unexpectedly taken by last year's fresh semi-skeletonized minute repeating tourbillon: Patek Philippe Ref. 5303R-001, sold for HKD 7,308,000 (about CHF 816,633). The first owner is bound to be pleased with the result, who snatched the piece up for CHF 590,000 a few months ago.

 

Phillips Places Bets on Timelessness

 

Phillips in Association with Bacs & Russo held the Hong Kong Watch Auction: XVII on November 24-25, where all 208 available watch lots went under the hammer, raising a sales total of HKD 181,704,010 (about CHF 20,304,529).

 

The sales total ended up generating about half the amount raised at the Genevan auctions on November 3-4. The watches offered in Hong Kong were admittedly more modest, although a triple calendar Rolex Ref. 6062 Stelline was listed in Hong Kong too.

It's true that the watch wasn't in mint condition, which is why it sold for almost two and a half times less than the Ref. 6062 auctioned in Geneva: HKD 7,112,000 (about CHF 794,731), taking second place. The watch that took first place was of course the Patek Philippe Ref. 3974P-001 — a platinum minute repeating perpetual calendar made in 2001. It was purchased for a quite a decent price of HKD 14,365,000 (about CHF 1,605,218).

 

The watch that raised eyebrows by securing third place was Rexhep Rexhepi's already famous Chronomètre Contemporain Ref. RRCC01 – HKD 6,985,000 (about CHF 780,539), doubling its pre-sales estimate. The Albanian watchmaker has a lot of fans in Hong Kong! Just four years ago, prices for the same chronometer started at CHF 30,000.

 

The remaining places in the top ten were divided up between heavyweight models from Patek Philippe's Grand Complications, led by the unique Ref. 5004P-041 (HKD 6,286,500 / about CHF 702,485), plus two Tourbillon Souverain watches by F. P. Journe (from HKD 3,810,000 / about CHF 350,000 to HKD 6,858,000 / about CHF 700,000), and a pair of rare Rolex Daytonas, Ref. 6263 and 6265 (around half a million Swiss francs for each model).

 

Rolex “Stelline” Ref. 6062 circa 1952 / Source:  www.phillips.com
Rolex “Stelline” Ref. 6062 circa 1952 / Source: www.phillips.com
Patek Philippe Ref. 3974P-001 circa 2001 / Source:  www.phillips.com
Patek Philippe Ref. 3974P-001 circa 2001 / Source: www.phillips.com
Rexhep Rexhepi Chronometre Contemporaine Ref. RRCC01 circa 2019 / Source:  www.phillips.com
Rexhep Rexhepi Chronometre Contemporaine Ref. RRCC01 circa 2019 / Source: www.phillips.com

Summing up the results of the Hong Kong auctions, you could say that the local pre-owned watch market isn't far behind Geneva. But in this day and age, it's not really that important where an auction is held: you can participate, regardless of whether you're based in Sydney or Warsaw.

 

The auctions in New York are all we have left to wait for before we can sum up the final results of this year's auctions. Nothing ground-breaking is expected to happen there yet. But the key word is "yet". Last year turned out to be packed full of surprises.

 

Christie's has already made a few dramatic moves towards the end of the year, so who knows, maybe this auction house could wrap up 2023 in New York by auctioning off the part of the OAK Collection that includes the pocket watch once owned by legendary American banker Henry Graves Jr...

 

Credits taken from: www.phillips.comwww.instagram.com/the.oak.collectionwww.christies.com