Auctions: Convincing Finish in December

A predictably successful end to the year: the results.

Events held by the largest auction houses in December 2022 turned out to be pretty successful, just like the rest of the year, which saw the pre-owned watch market surpass the psychologically significant mark of 20 billion Swiss francs. Each auction sold all lots to exceed CHF 20 million.

Discerning Christie’s 

Christie's got the last November weekend off to a successful start with their two-part auction events in Hong Kong, where total watch sales at the Important Watches and Champion Collection raised HKD 202 million or CHF 24 million.

As a result, the annual watch sales total for 2022 achieved by Christie's in Asia was HKD 500 million (CHF 60 million). Both bidding sessions were dominated by Patek Philippe. The top-ten most expensive lots of each session featured eight models by this great maison. 

They were predominantly minute repeaters. For instance, the top lot at Important Watches was Patek Philippe Ref. 5073P-001 — an extremely rare minute repeating perpetual calendar in a platinum case, encrusted with baguette-cut diamonds.

Its price amounted to HKD 13,650,000 (CHF 1,623,000). The top eight at this auction were followed by the rare F.P. Journe 30 Years Anniversary Tourbillon in a case made of pink gold and silver, which went for HKD 3,024,000 (CHF 360,000).

And tenth place was taken by the rare Tank de Cartier Crash model in platinum, which unexpectedly turned out to be extraordinarily popular in 2022, sold for HKD 2,646,000 (CHF 315,000).

And it is also very pleasing to see that the appetite wasn't limited to Patek's minute repeaters at the Christie’s Champion Collection Part VI: The Finest Watchmaking.

There was also a big demand for pieces with enamel dials. These masterpieces aren't as interesting for investors as they are for those with a true appreciation for the fine art of watchmaking. Patek Philippe makes a point of not commenting on these models, it's extremely rare for them to get a mention in the press releases.

They're distributed among old friends of the brand. They know where to go to take a look at the new wristwatches with miniature enamel paintings on their dials and interior clocks with cases that are also masterpieces in and of themselves by the best master enamelers.

For example, the watch in seventh place in Champion Collection was Ref. 7131/175R: a lady's piece with world time and an enamel dial illustrating Lake Geneva, launched to commemorate Patek Philippe's 175th anniversary.

It realized HKD 2,772,000 (CHF 330,000). The watch for him from the same anniversary series with a dial crafted by the best modern master of miniature enamel painting, Anita Porchet, was sold for HKD 2,016,000 (CHF 240,000): Patek Philippe Calatrava ref. 5089G-037.

Eleventh place was occupied by the round "Pendulette Dome" table clock by Patek Philippe, Ref. 1587M-001, circa 2010. Its brass cloisonné enamel case was decorated by the remarkable master enamelers France Tille and Jérémie Basset. It sold for the same sum, and to the same bidder by the looks of it. 

It's worth noting that of the 36 most expensive lots at Christie’s Champion Collection, more than half of them were timepieces with enamel dials (20 pieces).

The top ten also features four of Patek's minute repeaters, with Patek Philippe's Ref. 5208P-001 circa 2014 in first place: a minute repeating instantaneous perpetual calendar and monopusher chronograph, sold for HKD 10,050,000 (CHF 1,196,000).

There were two Nautilus watches, one of which was the same extremely rare platinum Ref. 5711/1P-010, which realized a solid HKD 5,292,000 (CHF 630,000).

There were also a couple of watches by Greubel Forsey: Quadruple Tourbillon and Double Tourbillon 30°, which raised HKD 2,898,000 (CHF 345,000) and HKD 2,394,000 (CHF 285,000), respectively. 

Phillips in White Gloves Again

On December 10 and 11, Phillips in Association with Bacs & Russo held auctions called SEVEN in New York, which saw the sale of 179 lots, raising an auction total of USD 21.1 million.

The auctioneers themselves see the fact that this was yet another "white glove" auction, where all listed lots are sold, as the main achievement. In doing so, Phillips has set its own world record of sorts, becoming the first auction house to sell all of the watches listed over a two-year period without exception.

SEVEN 's results are an almost perfect reflection of the pre-owned watch market trends that took shape in 2022. Another important point is that the headliners in the top-ten most expensive lots were created by François-Paul Journe and the late English master George Daniels.

For the platinum model F.P. Journe tourbillon with remontoir d'égalité circa 1999, the buyer parted with USD 1,240,000, which also happens to tie with the world auction record. The rare George Daniels Anniversary model released to mark the 35th anniversary of the co-axial escapement he invented went for USD 816,500.

Third place was taken by the global bestseller Patek Philippe Ref. 2499 — sold for USD 792,300. It can't be ruled out that this perpetual calendar chronograph from 1973 is a unique piece.

The watch that followed in fourth place was a very interesting and important Patek model, launched to coincide with the watchmaker's 175th anniversary in 2014: Ref. 5275P-001.

The platinum watch with strikeworks, jumping hours and seconds went for USD 592,200. For the 200th anniversary year, their price is expected to increase. 

Sixth place was secured by Grand Seiko Brilliant Hard Titanium Constant-Force Tourbillon Ref. SLGT001: the one-of-a-kind brand-new skeletonized tourbillon sold for USD 478,800. 

And this is truly sensational! After all, this is the first time that Grand Seiko has made the top ten, setting a world record sales price for the brand. The caveat we need to mention here is that these watches only started to be sold outside Japan a few years ago.

Other members of the top-ten most expensive lots at Phillips SEVEN that must be mentioned include the yellow-gold Tank de Cartier Crush (seventh place, sold for USD 453,600), and an ultra-thin perpetual calendar called Audemars Piguet Ref. 26579CS.OO.1225CS.99 in an mesmerizingly beautiful case made of blue ceramic (ninth place, sold for USD 441,000).

We should also mention the watch that wrapped up the top ten: Urwerk's unique titanium UR-102.02 "TimeForArt", designed with the American artist Cooper Jacoby, and sold to benefit Swiss Institute, which went for USD 403,200.

Sotheby’s Reports USD 8 Billion

An auction that didn't go down as a sensation was Sotheby’s Important Watches, which took place in New York on December 9.  The watches that made the top dozen included six models by Patek Philippe (four minute repeaters and two perpetual calendar chronographs) and four by Rolex (three Daytona chronographs plus a Triple Calendar "Padellone" Ref. 8171). These two brands shared the top spot.

The same sum of USD 819,000 was laid down for both the yellow-gold Rolex Daytona chronograph with a "Paul Newman Lemon" dial and the rare skeletonized minute repeating perpetual calendar Patek Philippe Ref. 5104P-001, retailed by Tiffany & Co in 2014.

They were joined by the F.P. Journe Chronomètre à Résonance circa 2007, with dual time zone and power reserve indications (USD 378,000) and the Audemars Piguet Royal Oak Perpetual Calendar Openworked Ref. 26585CE.OO.1225CE.01 a skeletonized ultra-thin perpetual calendar in black ceramic (USD 302,400).

A watch worth noting in this auction's top twenty is the Tank de Cartier Crash in a yellow-gold case, which achieved USD 226,800. Sotheby’s auction house actually announced that its consolidated auction sales total for all items sold in 2022 was USD 8 billion.

The most expensive lot was a car: Mercedes-Benz 300 SLR Uhlenhaut Coupé circa 1955, sold for EUR 135 million at an invitation-only auction which took place on May 5 at the Mercedes-Benz Museum. By the look of it, the past year of 2022 didn't only turn out to be a good one for watches.