Auctions for Real Collectors

The level of interest in watch auctions remains very high. 

Numerous opportunists and cryptocurrency investors have all but abandoned auction platforms in October, left to be retaken by experts, collectors and fans of haute horlogerie. However, this development luckily hasn't had an effect on the growth of the pre-owned watch market.

The main event in the auction calendar for October were auctions called Exclusive Timepieces, organized by the young auction house Monaco Legend Group. They were held on October 22 and 23 at Hôtel Méridien Beach Plaza in Monte Carlo, Monaco. The auctions fetched a very impressive sales total of EUR 17,042,960.

The auction house headed by Milanese collector Davide Parmigiani managed to attract attention from many competitors, as almost all of their total 271 lots were sold. The most expensive lot was a Patek Philippe Ref. 2523/1 — a dual crown world time wristwatch with 24-hour indication in yellow gold made in 1963 for Tiffany & Co, sold for EUR 2,787,200.

Tiffany is clearly on trend among collectors now, following last year's sensational record: USD 5,350,000 for the new Patek Philippe Nautilus for Tiffany Ref. 5711/1A-018.

Exclusive Timepieces sold another yellow-gold Rolex Daytona 6265 for Tiffany, which raised EUR 858,000. The second-best result at Exclusive Timepieces was achieved by another yellow-gold chronograph. 

It's the Rolex Daytona 6264 “John Player Special” with a "Paul Newman" dial for EUR 1,430,000. Needless to say, Davide Parmigiani and Claude Cohen are more than happy with these results.

As they were achieved at a time when opportunists and crypto-investors have almost disappeared from the auction scene. Now the auctions have been retaken by experts, collectors and fans of haute horlogerie.

Phillips in Association with Bacs & Russo are hosting the Geneva Watch Auction: XVI on November 5 and 6, which will be followed by Sotheby’s Important Watches in the same location three days later.

Many consider the top lot to be a prototype of the famous Chronomètre à Résonance, Pre-production Pre-Souscription by F.P. Journe in platinum with a power reserve indication and the movement yet to be made in rose gold, which still uses a conventional watchmaking material: rhodium-plated brass.

It was the first wristwatch where this great watchmaker utilized the phenomenon of resonance. Both balances in the hand-wound Caliber 1499 movement oscillate in sync to ensure far greater stability and timekeeping accuracy. The Résonance was officially launched in 2000 with a 20-piece series.

The lot in question is one of the prototypes, which is why its 38-mm platinum case is engraved: "028/99R". The font seen on the dial is a little thinner than usual. The watch is in fabulous condition. Nevertheless, the organizers have assigned lot no. 65 a rather modest estimate: CHF 500,000 – 1,000,000.

The exact same estimate has been set for another watch which could possibly be a unique piece: Vacheron Constantin "Cioccolatone" Reference 4764 housing a manually wound Caliber P485 movement with a triple date and moon-phase indication.

Experts from the Vacheron Constantin Heritage Department say the present platinum version of reference 4764 is the only piece referenced in the archives, sold in Athens in 1957.

Its case measuring 43 × 36 mm is made of platinum. The model gets its nickname from its shape, which reminded Italian collectors of a square of Swiss chocolate. This is the first time it's been put up for auction, although collectors have long been on the hunt for it.

Then there's a very modern minute-repeating perpetual calendar tourbillon wristwatch with moon phases, leap year and day/night indication, where the calendar indications switch simultaneously and synchronously: Patek Philippe Ref. 5207P-001 circa 2014. It's been given a higher estimate of CHF 700,000 – 1,000,000.

That’s because this model is produced in very limited numbers, and farsighted collectors are really eager to get their hands on it. This is coupled with the fact that, as we've mentioned before, the trend for minute repeaters by Patek Philippe is constantly growing.

It's very interesting to trace the fate of the Patek Philippe Aquanaut Travel Time "Advanced Research" Ref. 5650G-001. This experimental designation introduced in 2005 debuted the brand's trademark Spiromax balance spring, made of a silicon-based material called Silinvar with a patented manufacture terminal curve.

Another of this model's innovative features is its compliant mechanism used to set the second time zone, which is made of horological steel. And in general, all models from the first Advanced Researched experimental series are of particular interest, as they've hardly ever been put up for auction so far.

The organizers reckon it has the potential to realize an estimated CHF 500,00 – 800,000. And there’s something for those who are more interested in  the art of watchmaking — beauty and design  rather than technical feats.

They'll be waiting impatiently for the result of lot no. 98: Tank de Cartier Crash. This is one of the first examples of an avant-garde watch in a Daliesque deformed case. It was made by a designer called Arthur Withers in Cartier's London branch in 1989.

Will the strength of its beauty with a tiny quartz movement be enough to fetch the expected CHF 300,000 – 600,000? Well, if the iconic Parisian maison itself casually had a part to play in the fate of this legendary model, then what's stopping it?  

Other auctions capable of going down as sensational this November are being held by Christie’s in Geneva, scheduled for November 6 and 7. The title Legendary And Unique Watches has been given to the first day of auctions curated by the famous British auction house, which will be followed by Rare Watches.

The top lots on day one are expected to be two models by Richard Mille and François-Paul Journe. RM56-01 AN SAPHIR/PR00, NO. 011 manufactured in 2013 with its creator's signature has an estimate of CHF 2,500,000 – CHF 4,500,000. 

The one-of-a-kind skeletonized tourbillon with power reserve and torque indicator is in a fully transparent sapphire case. Compare that to RM27-03 CA-FQ, NO. RN01. It's almost the same tourbillon in a case made of material called TPT quartz and engraved "Love is the answer", created in collaboration with the great tennis player  Rafael Nadal. It's estimated at CHF 750,000 – CHF 1,350,000.

Journe's creation is presented as a unique model in a steel case with a light petrol blue dial:  F.P. Journe Grande And Petite Sonnerie Souveraine minute repeating wristwatch (2009). It’s estimated to go for CHF 2,400,000 – CHF 4,400,000. And the organizers provide a minimum price guarantee.

They've lowered the estimate with the aim of attracting as much attention to the unique piece as possible. A second model is also uncharacteristic of Journe, as it has a bright red sporty dial with yellow hands.

This platinum chronograph is capable of measuring intervals with an accuracy of up to 1/100 seconds. The hand of the second dial at 2 o’clock makes a tour in 20 seconds, and the third hand on the dial at 6 o’clock makes a tour in 10 minutes.

It was specially made for Scuderia Ferrari's veteran director Jean Todt. The unique model from 2008 is estimated to go for CHF 800,000 – CHF 1,400,000. We really are in for an extremely interesting last couple of closing months this year.