Bidding at Sotheby’s London Fine Watches sale took place online over a fortnight, closing on February 8.

 

The 82 lots included plenty of interesting watches. The most expensive one was lot no. 13: a prototype of the famous Richard Mille RM012 model. It's the first watch where Richard Mille departed from the concept of a solid metal baseplate.

 

Instead, it’s replaced by a "scaffolding-tube" structure with the winding barrel, going train and tourbillon case made of an aluminum alloy called Anticorodal 100 (AlMgSi1). The watch took so much work to create that Mille had to delay the “construction” deadline and included an accompanying autographed letter to inform the client.

 

Richard Mille RM012 AG Pt 'Proto1' Tourbillon
Richard Mille RM012 AG Pt 'Proto1' Tourbillon

Estimated to go for GBP 250,000 - 450,000, Richard Mille's skeletonized RM012 AG Pt "Proto1" Tourbillon in a platinum case measuring 48 × 39.30 mm has now gone under the hammer for GBP 609,600.

 

The piece which came second was another watch by Richard Mille: RM011 AO CA FM "Felipe Massa Black Knight", an annual calendar flyback chronograph wristwatch from 2016.

 

The limited edition is one of a hundred pieces with a case measuring 50 × 42 mm made of an extremely durable material called NTPT Carbon. The piece developed in collaboration with the Brazilian F1 driver Felipe Massa was given an estimate of GBP 250,000 - 300,000 and sold for GBP 330,200.

 

Richard Mille RM011 AO CA FM ‘Felipe Massa Black Knight’
Richard Mille RM011 AO CA FM ‘Felipe Massa Black Knight’
Richard Mille RM011 AO CA FM ‘Felipe Massa Black Knight’
Richard Mille RM011 AO CA FM ‘Felipe Massa Black Knight’

The same sum was paid for lot no. 24: Patek Philippe Nautilus Ref. 5711/1A-014 from 2021, a piece is housed in a 40-mm steel case with an olive-green dial. Judging by the unelaborated Condition Report and imagery of the watch's almost untouched packaging, it appears to have never been worn by anyone before, purchased with the ultimate aim of reselling the piece.

 

Well, the resale paid off, and it went for almost six times the original retail price. It's interesting that the similar Nautilus Ref. 5711/1A-010 from 2020 only managed to raise GBP 107,950. It houses an identical 26-330 S C manufacture movement, was preserved in excellent condition, and offered with its box and certificate.

 

But this watch has a blue sunburst dial. It goes to show that steel Nautilus watches with olive-green dials still remain some of the most sought-after pieces on the pre-owned watch market. After all, this was the dial Patek Philippe introduced for the final run of the serially produced Nautilus Ref. 5711/A watches a couple of years ago.

For a brief period lasting around a month, a Nautilus with an olive-green dial even held the record for the most expensive simple steel sports watch. On November 27, 2021, a whopping USD 418,776 was shelled out for one of them at the Christie’s Exceptional Season of Watches Including the Champion Collection (Part 1) in Hong Kong.

 

The top-five most expensive lots are rounded out by two Patek Philippe models. Forth place was occupied by Patek Philippe Ref. 5950 circa 2014: a monopusher split-seconds chronograph in a steel cushion-shaped case housing the manually wound cal. CHR 27-525 PS movement.

 

This special reference was exclusively reserved for the great watchmaker's best clients. The watch estimated at GBP 180,000 - 250,000 sold for GBP 215,900. Fifth place was occupied by the Patek Philippe Ref. 3979J: a minute repeater in yellow gold launched to commemorate the watchmaker's 150th anniversary.

 

Patek Philippe Ref. 5950
Patek Philippe Ref. 5950
Patek Philippe Ref. 3979J
Patek Philippe Ref. 3979J

The watch is equipped with an automatic R27 PS movement, and its porcelain dial is decorated with painted Roman numerals and a minute chapter ring. The anniversary repeater estimated to go for GBP 150,000 - 250,000 only managed to raise GBP 190,500.

 

Other interesting watches worth a mention include the ultra-thin Audemars Piguet Royal Oak "Jubilee" Ref. 14802ST.OO.0944ST.02 in a steel 39-mm case and on a steel bracelet with a salmon dial.

 

It was launched as a limited edition of1000 pieces made in 1992 to celebrate the iconic Royal Oak's 20th anniversary. However, it achieved a fairly modest sales price considering its upper estimate was GPB 120,000 when it sold for GPB 88,900.

 

Audemars Piguet Royal Oak «Jubilee» Ref. 14802ST.OO.0944ST.02
Audemars Piguet Royal Oak «Jubilee» Ref. 14802ST.OO.0944ST.02
Chopard L.U.C. Tourbillon Ref. 171914-5001
Chopard L.U.C. Tourbillon Ref. 171914-5001

Can we say the sales price for the Chopard L.U.C. Tourbillon, Reference 171914-5001 came as a surprise? To some extent, it was a surprise. The tourbillon is in a pink-gold case, where both the dial and case are fully encrusted in baguette-cut diamonds weighing a total of 22.95 karats.

 

Estimated to go for GBP 120,000 - 180,000, one very lucky bidder managed to snap it up for a mere GBP 101,600! That's not to mention the fact that it's a limited edition: just one of just 25 pieces. The organizers are pleased with the experience of these online auctions.

 

The second round of Fine Watches is on March 7 in New York. The third act is set in Paris and will take place from March 8 to 20. Fine Watches will be followed in April by part of another trilogy called Important Watches, which will conclude with a gala event on May 14 in Geneva.

Watch Specialists Pick 2.0

 

Last September, the biggest watch auctioneer, Phillips in Association with Bacs & Russo, conducted the Geneva Sessions — an interesting experiment dubbed the first online auction curated by Phillips' watch specialists in Geneva.

 

The selection of lots was compiled by the auctioneer's watch specialists, who provided a detailed explanation as to why they'd selected this watch or the other, and shed light on other valuable details for collectors. However, there were certainly differences in taste between investors and specialists. All watches listed for auction were sold, raising a sales total of CHF 2,664,774.

 

Phillips is conducting an experiment this year: from March 9 to 16, they're holding Phillips Watches Online: The Geneva Sessions II: the second-ever online auction curated by Phillips’ watch specialists in Geneva. This time, the specialists haven't made an active attempt to impose their tastes on collectors.

 

F.P. Journe Tourbillon Souverain circa 1999
F.P. Journe Tourbillon Souverain circa 1999
F.P. Journe Tourbillon Souverain circa 1999
F.P. Journe Tourbillon Souverain circa 1999

They've simply picked what they see as promising models and presented them in a neat list. No particular sensations stand out among the 50-odd lots this time either. Nevertheless, Phillips deemed it necessary to remind participants they'll need to pay a buyer's premium.


27% of the hammer price for timepieces priced up to CHF 1,000,000, 21% of the portion of the hammer price above 1,000,000 up to CHF 6,000,000 and 14.5% of the portion of the hammer price above CHF 6,000,000.

 

The auction favorite is expected to be a tourbillon with a constant-force remontoire system: F.P. Journe Tourbillon Souverain circa 1999 in a platinum 40-mm case with a dial and pink-gold movement, which is considered a rare combination. It's been assigned an estimate of CHF 150,000-300,000.

 

The organizers also expect a high level of interest from participants in the Patek Philippe Perpetual Calendar Chronograph Ref. 5970P-001. It's one of the last examples of this reference number, made in 2010 based on a Lemania cal. 2310 movement.

 

Patek Philippe Perpetual Calendar Chronograph Ref. 5970P-001
Patek Philippe Perpetual Calendar Chronograph Ref. 5970P-001
Patek Philippe Perpetual Calendar Chronograph Ref. 5970P-001
Patek Philippe Perpetual Calendar Chronograph Ref. 5970P-001

Patek Phillippe began equipping their perpetual hit with their own in-house movements when the replacement ref. 5270 was introduced in 2011. Its estimate is CHF 120,000 - 240,000.

 

Fans of short-term watch investment are sure to be interested in the fate of an anniversary model at the auctions: Audemars Piguet Royal Oak Chronograph Ref. 26331IP, dedicated to Royal Oak's 20th anniversary in 2017, when it was launched as a limited edition of 500 pieces.

 

Apart from the occasion, another thing that makes this model interesting is its use of titanium and platinum. At the end of the day, the chronograph is being offered for almost the same price it originally retailed at: CHF 30,000-60,000.

Another promising lot is the Rolex Cosmograph Daytona Ref. 116506 circa 2013: the first Daytona chronograph in a platinum case with diamond indexes on its dial. It's also an anniversary piece. The same can be said of the sport-chic Czapek & Cie. Antarctique Passage de Drake Roaring Forties.

 

For the last two or three years, collectors have been paying close attention to the brand's recent revival, but they're not seriously risking investing in it yet. And this is actually the first time a watch by Czapek has appeared at a Philipps auction. It's been given a very modest estimate: CHF 10,000 - 20,000.

 

Collectors who prefer to play the long game are more likely to be interested in the fate of a model by a brand launched in 1987: the Daniel Roth Monopusher Chronograph. Based on a vintage Lemania ébauche from the 1930s, it was one of the earliest the watchmaker created.

 

Rolex Cosmograph Daytona Ref. 116506
Rolex Cosmograph Daytona Ref. 116506
Daniel Roth Monopusher Chronograph
Daniel Roth Monopusher Chronograph
Czapek & Cie Antarctique Passage de Drake Roaring Forties
Czapek & Cie Antarctique Passage de Drake Roaring Forties

And although expectations aren't that high at CHF 20,000-40,000, its sales price will depend on interest in Daniel Roth novelties. The brand which underwent a transformation to become a Bulgari collection up until today will come full circle in 2023.

 

The LVMH group is planning on letting the brand go its own separate way again. The experienced captains standing at its helm will include Michel Navas and Enrico Barbasini from La Fabrique du Temps Louis Vuitton along with Jean Arnault — son of LVMH Chairman and CEO Bernard Arnault.