October saw Rolex make a number of historic investments, and the Only Watch auction was postponed. November has had its fair share of surprises too.

 

In October, the watchmaking industry was rocked by three big news stories in one go: the first news was that the Only Watch charity auction is being postponed until next year for a variety of reasons.

 

The newsmaker in the center of the other two stories was the manufacturer Rolex, who first made news by acquiring the Swiss luxury retailer Bucherer, and then purchased the building where their direct competitor Omega rents premises for their flagship boutique.

 

News of the ownership change at Bucherer was largely met with anxiety by newcomers to the pre-owned watch market. The fear was that Rolex had acquired one of the world's largest watch retailers with more than 100 stores in Europe and the United States and annual sales of around 2 million Swiss francs with the aim of sharply increasing their own sales.

 

The Omega store on Rue du Rhône in Geneva / Photo by Antoine Antoniol, Bloomberg
The Omega store on Rue du Rhône in Geneva / Photo by Antoine Antoniol, Bloomberg
Source: Rolex ©
Source: Rolex ©

But literally a couple of weeks later, Rolex leased a dedicated 160 m² space in the Bucherer store on Zurich's Bahnhofstrasse to Sotheby's. The largest auction house is setting up its own corner in the boutique, where it will trade pre-owned watches, items of jewelry, along with other luxury items. Previews will be held there, where clients will be able to familiarize themselves with the most attractive lots. So all the worrying was for nothing.

 

Christie's Won't Give Up!

 

To the auction house's credit, Christie's has never even contemplated giving up, come what may. Never! Two Genevan auctions were held in one day on November 6th: Passion for Time - An Important Private Collection of Watches and Timepieces at 10:00, followed by the Rare Watches auction at 15:00. Both auctions featured remarkable lots.

 

Audemars Piguet LE Royal Oak Tourbillon NO. 6/10 - Price realised CHF 529,200 / Sourse: www.christies.com
Audemars Piguet LE Royal Oak Tourbillon NO. 6/10 - Price realised CHF 529,200 / Sourse: www.christies.com
Patek Philippe Nautilus made for the Sultanate of Oman ref. 3700/1 - Price realised CHF 1,134,000 / Sourse: www.christies.com
Patek Philippe Nautilus made for the Sultanate of Oman ref. 3700/1 - Price realised CHF 1,134,000 / Sourse: www.christies.com
F.P. Journe Platinum & Diamond Tourbillon Souverain - Price realised CHF 693,000 / Sourse: www.christies.com
F.P. Journe Platinum & Diamond Tourbillon Souverain - Price realised CHF 693,000 / Sourse: www.christies.com

Just before the Passion for Time auction got underway, Christie's suddenly decided to revise the pre-sale estimates. The new estimates ended up being one-and-a-half times the original ones.

 

Not only do serious players on the pre-owned watch market find this sort of tinkering unsavory, word also spread about the involvement of a certain third-party guarantor on every lot at the auctions.

 

If a guarantor is involved, the consignor is guaranteed to receive a minimum sales price or above for their lot, and the auction house is freed from the risk of its own guarantee. The guarantor will either purchase the lot if the lot receives no bids over the minimum sale price, or take a cut of the profit.

 

The downside is that the consignor may not receive the highest possible price for their item, as not everyone is brave enough to bid against an irrevocable bid, and the auction house pays a commission fee to the guarantor — usually 4+% of the guarantee amount. It goes without saying that other bidders at the auction don't know the guarantor's exact guaranteed price.

 

Philippe Dufour Grande & Petite Sonnerie NO. 1 / Sourse: www.christies.com
Philippe Dufour Grande & Petite Sonnerie NO. 1 / Sourse: www.christies.com
Philippe Dufour Grande & Petite Sonnerie NO. 1 / Sourse: www.christies.com
Philippe Dufour Grande & Petite Sonnerie NO. 1 / Sourse: www.christies.com

The top lot at the Passion for Time auction was supposed to be a minute repeater by Philippe Dufour in a 41-mm case made of yellow gold, and it did take first place. This was Dufour's first wristwatch, the watchmaker's first minute repeater, and world’s first ever Grande and Petite Sonnerie striking minute repeating wristwatch. 

 

The watchmaker created it 31 years ago, but it's been preserved in such immaculate condition that the experts at Christie's who are typically very conservative expected it to be sold for no less than a staggering CHF 4,100,000 to CHF 6,800,000, and that's excluding VAT and the buyer’s premium. In the end, lot no. 2096 sold for CHF 5,127,000. 

 

Then there was an extremely important watch by the British watchmaker George Daniels who invented the co-axial escapement. The organizers gave this piece a far more cautious estimate of CHF 1,200,000 – CHF 2,400,000 (CHF 1,500,000 – 2,800,000 following the revision).

But this watch hasn't lost its significance. You could say that its creation is what the great watchmaker will be remembered for. Daniels prepared the watch case with hallmarks for 2017 (he died in 2011).

 

It's as if he could sense that it would be his last work, who said: "This wristwatch is a culmination of over 40 years of watchmaking and unashamedly takes inspiration from several pieces in my body of work. The case houses a completely new and original Daniels caliber which is fitted with a calendar and power reserve complication and, along with the minute, hour and seconds, provides all the information that a fine watch should."

 

The piece offered at the auction was in a platinum case measuring 40 mm in diameter, and numbered "00". Only four pieces of this model were ever made in platinum. The watchmaker was helped by his apprentice Roger W. Smith.

 

George Daniels Platinum Anniversary NO. 00 / Sourse: www.christies.com
George Daniels Platinum Anniversary NO. 00 / Sourse: www.christies.com
George Daniels Platinum Anniversary NO. 00 / Sourse: www.christies.com
George Daniels Platinum Anniversary NO. 00 / Sourse: www.christies.com

When you consider how interest in British watchmaking has increased dramatically over recent years, and the large number of people eager to get their hands on this watch from the outset, the final sales price of CHF 1,860,000 and fourth place in the list of most expensive lots must have left the organizers feeling disappointed. And this is a case in point of how harmful it can be to raise an estimate without justification immediately before an auction. 

 

The lot estimated to be the third most expensive (CHF 1,000,000 – 2,000,000, bumped up to a staggering CHF 3,750,000 – 6,500,000 following the revision) was assigned to the Rolex GMT-Master from 1972, considered a rare model.

 

It was made especially for the actor Marlon Brando and worn by him in the film Apocalypse Now. In 1995, he gave the watch to his daughter Petra Brando Fischer as a gift. The model's caseback has been hand-engraved by the actor himself, and bears the inscription "M. BRANDO".

 

The watch came with two custom leather stitched "M B" straps. The model fetched a significantly higher price than its initial estimate, but was closer to the lower bracket of the new estimate when it went for CHF 4,582,500.

 

Rolex GMT-Master, ref. 1675, circa 1972 / Sourse: www.christies.com
Rolex GMT-Master, ref. 1675, circa 1972 / Sourse: www.christies.com
Marlon Brandon on the set of Apocalypse Now wearing his Rolex GMT-Master, ref. 1675 / Sourse: www.robbreport.com
Marlon Brandon on the set of Apocalypse Now wearing his Rolex GMT-Master, ref. 1675 / Sourse: www.robbreport.com
Rolex GMT-Master, ref. 1675, circa 1972 / Sourse: www.christies.com
Rolex GMT-Master, ref. 1675, circa 1972 / Sourse: www.christies.com

The third most expensive lot turned out out be another Rolex model, which sold for CHF 2,223,00. We're talking about one of the few surviving Rolex Oyster Perpetual Ref. 6062 watches in fairly decent condition — a triple calendar from 1952, released in a 35-mm pink-gold case.

 

We all know how much Rolex loves complicated models, and this is one of only two Rolex models to feature a triple calendar. In those days, they tried to experiment with the launch, and introduced two similar references a year apart: Ref. 8171 and Ref. 6062.

 

The only difference between them was their case shape. Ref. 8171 had a more classic case with a snap-on back, while Ref. 6062 was fitted with the Oyster case. It didn't occur to many owners of these triple calendars in the 1950s that they might be worth taking good care of.

 

Another detail that adds value to this particular model is that it once belonged to the famous watch collector and former Continental Airlines CEO Gordon Bethune. The overall sales total achieved at the Passion for Time auction was only CHF 39,930,320.

 

Rolex Oyster Perpetual Ref. 6062 circa 1952 / Sourse: www.christies.com
Rolex Oyster Perpetual Ref. 6062 circa 1952 / Sourse: www.christies.com

No shortage of rarities were offered at Christie’s Rare Watches auction. One example would be the Patek Philippe Jumbo Nautilus Ref. 3700 made in 1982. Approximately 7500 pieces with this reference number were made. Almost all of them had steel cases, and there are only three known examples in platinum cases!

 

Oh, and this particular example also has a bezel encrusted with 128 diamonds, and another 11 were used for the hour markers, which practically makes it unique. This is officially confirmed in the archives at Patek Philippe, and backed up by the fact that this Nautilus was distinctly referenced 3700 / 031, unlike the standard 3700 / 1 system used for other Ref. 3700 pieces.

 

The estimate for this lot was CHF 1,500,000 – CHF 3,500,000. And in the end, it sold for CHF 1,168,000. No other watch at the Rare Watches auction surpassed the premier mark of one million Swiss francs. But one watch which came very close was a steel minute repeater with a power reserve indication: F.P.  Journe Grande and Petite Sonnerie from 2010. Its case was hand-engraved by the watchmaker himself.

 

This watch was estimated to go for CHF 700,000 – CHF 1,400,000, and realized a sales price of CHF 819,000. There was also an uncluttered Philippe Dufour Simplicity model, which was only born two years ago.

 

Patek Philippe Nautilus Ref. 3700/031, 1982 / Sourse: www.christies.com
Patek Philippe Nautilus Ref. 3700/031, 1982 / Sourse: www.christies.com

It was admittedly a unique piece, and actually the first wristwatch in steel by Dufour to be offered for auction (estimate CHF 600,000 – CHF 1,200,000, sales price – CHF 945,000). The total sales price realized at Rare Watches brought Christie's CHF 17,548,810. Christie's appears to be the auction house that enjoyed the highest yield at the beginning of November in Geneva.

 

Christie's Influence on Phillips

 

Major watch auctioneer Phillips in Association with Bacs & Russo opened the traditional fall auctions with the Geneva Watch Auction: XVIII, held over two sessions on November 3 and 4, which generated approximately CHF 39 million for the auction house. 

 

The main lot at these auctions was unofficially considered to be an extremely rare piece: the same triple calendar Rolex Ref. 6062 model auctioned by Christie's. The lot offered by Phillips was a steel piece made in 1953. Well-preserved steel examples of what is already an extremely rare model are even rarer than the yellow-gold editions.

 

This appears to be virtually the only surviving example in such excellent condition. It was given a very cautious estimate: CHF 1,000,000 - 2,000,000. But the actual fact that this lot shared top place in the rating of watches estimated to be the most sought-after at the impending auction says a lot.

 

However, pre-sale estimates at Phillips were also revised upwards like Christie's. They didn't find a bidder willing to shell out for the Rolex, and the watch sold for just 2,117,000, although this was still a record sum for this reference in steel.

 

The organizers assigned the same estimate to one of three known platinum Patek Philippe Nautilus Ref. 3700 watches in existence. The present piece was created in 1978 for an order placed by a client of the famous luxury retail chain Gübelin, whose signature graces the case, dial, movement, and bracelet.

 

It's no wonder this watch ended up topping the rating of the most expensive lots when it sold for CHF 2,540,500, breaking a world record. No one has ever offered such a large sum for this reference before. The watch with the third highest estimate (CHF 800,000 - 1,600,000) was an iconic perpetual calendar chronograph: Patek Philippe Ref. 2499.

 

The model in a yellow-gold case measuring 36.2 mm from 1951 belongs to the so-called "First Series", which every serious fan of the grand maison dreams of adding to their collection. For comparison, a "Third Series" piece of the exact same model was estimated to go for a half that amount at this auction.

 

Patek Philippe Nautilus Ref. 3700/1  retailed by Gübelin, 1978 / Sourse: www.phillips.com
Patek Philippe Nautilus Ref. 3700/1 retailed by Gübelin, 1978 / Sourse: www.phillips.com
Patek Philippe Nautilus Ref. 3700/1  retailed by Gübelin, 1978 / Sourse: www.phillips.com
Patek Philippe Nautilus Ref. 3700/1 retailed by Gübelin, 1978 / Sourse: www.phillips.com

It'd be interesting to know why the organizers gave the "First Series" piece such a low estimate. After all, an almost identical piece from the "First Series" which was even in slightly worse condition went for CHF 2,359,000 just five months ago at the Geneva Watch Auction XVII. But the "First Series" piece at this auction sold for CHF 2,104,900.

 

However, the reason why Phillips in Association with Bacs & Russo take a far more cautious approach to creations by George Daniels is actually fairly straightforward. They mustn't be as confident about British watchmaking.

 

That's why the Swiss experts gave an estimate of CHF 700,000 - 1,400,000 to one of only four platinum Anniversary watches ever made by the Daniels-and-Smith duo to mark the 35th anniversary of the co-axial escapement. It was even no. 1, but didn't exceed the upper estimate and sold for CHF 1,143,000.

 

Patek Philippe “First Series” Ref. 2499, 1951 / Sourse: www.phillips.com
Patek Philippe “First Series” Ref. 2499, 1951 / Sourse: www.phillips.com
George Daniels Anniversary Platinum N°1, 2013 / Sourse: www.phillips.com
George Daniels Anniversary Platinum N°1, 2013 / Sourse: www.phillips.com

Sotheby's Places Bets On Compatriots

 

This major auction house founded in Britain scheduled its Important Watches: Part I for November 5 at 10:30, and primarily placed its bets on the creations of fellow Britons, George Daniels and Roger Smith.

 

They decided to promote lots 97 and 98 by proclaiming them to be "the Most Historically Important Pairing Ever", only providing estimates upon request. And lot 98 was the same Anniversary model offered by Phillips with a power reserve indication and a date hand, although this edition was one of the 35 pieces made in yellow gold, not one of the four pieces made in platinum.

 

Lot 97 consigned by Roger W. Smith is a unique white-gold piece. It may have the same date hand, but it uses a central seconds hand and doesn't have the power reserve indication. In the end, lot 97 sold for CHF 2,177,200, while lot 98 went for CHF 736,600.

Meanwhile, the situation for the truly unique Patek Philippe "The Clarin Mustad" Ref. 1518R from 1944 with a case and bracelet in rose gold turned out to be less straightforward. This watch is unique in that it was made for the Norwegian car industry magnate Hans Clarin Hovind Mustad.

 

It should be noted that a total of just 58 rose-gold examples of Ref. 1518 are believed to have been made, and this is the only known example with an "Empire" case, integral bracelet, pink dial with applied dot hour markers, pink day and month calendar discs, and baton hands.

 

But most importantly, the model has been preserved in perfect condition! By all appearances, Hans Clarin Hovind Mustad was among the first clients to order this iconic model, along with the legendary collector and billionaire Henry Graves Jr., King Michael I of Romania, King Talal of Jordan, and the penultimate King of Egypt and the Sudan Farouk I.

 

Patek Philippe Ref. 1518R Clarin Mustad, 1944 / Source: www.sothebys.com
Patek Philippe Ref. 1518R Clarin Mustad, 1944 / Source: www.sothebys.com

That's why its estimate of CHF 2,000,000 - 4,000,000 can also be viewed as uniquely low. Yet this didn't help sell lot 15. The consignor became convinced that bidding for the watch would be flaccid, delivering lackluster results, so it was pulled from the auction. 

 

The watch that secured third place was a freshly minted minute repeater with world time made by Patek Philippe in 2022: Ref. 5531R-012. It sold for CHF 952,500. The combined sales total of both parts of Sotheby’s Important Watches auctions in Geneva raised 15,263,326.   

 

Credits taken from: www.phillips.comwww.sothebys.comwww.christies.com, www.bloomberg.com, www.rolex.chwww.robbreport.com