The big three — Sotheby's, Christie's and Phillips — held reasonably good May auctions.

Novice investors are less active now, who began investing much of their bitcoin profits in the pre-owned watch market in recent years, seeking refuge from inflation in watches. This must have reduced the turnover of traditional May watch auctions in Geneva by about a quarter.

But it was bound to happen, and overall, you could say that everything was consistent at the watch auctions. The big three auction houses — Sotheby's, Christie's and Phillips — raised a combined auction total just shy of CHF 100 million in Geneva. In other words, their combined sales total was close to last year's, within 10 percent.

Albeit with one significant caveat: three auctions raised over CHF 90 million last spring, but this year had the forth Only Watch auction, which made a significant contribution of CHF 28.3 million. So you could say that the auction house that achieved the most typical result was Phillips In Association with Bacs & Russo: CHF 35.9 million this year compared to last year's CHF 47.2 million.

Sotheby's Rather Modest Results

As we've already discussed, this major auction house has astonished us by delivering uncharacteristically modest results this year to put it mildly. They offered 79 lots at Important Watches: Part I, and had only raised CHF 11 million as closing time approached.

The most expensive watch at the Important Watches: Part I (May 12) was Richard Mille's "Prototype 3" RM 27-01 Rafael Nadal. The world's lightest tourbillon watch weighs 19 grams including the strap.

The case measuring 41 mm × 39 mm is made of carbon nanotubes, while the plate of the manually wound movement along with its bridges and many other components are made of titanium and an aluminum-lithium alloy. The auctioneers estimated it would raise CHF 800,000 - 1,500,000, and it sold for CHF 1,270,000.

Second place was occupied by a yellow-gold perpetual calendar chronograph: Patek Philippe's Ref. 2499J 3rd Series piece made in 1964 for the retailer Tiffany & Co. Why did it fetch more than its siblings listed by Christie's? The answer is that this example had been preserved in great condition, coupled with the co-signed dial with Tiffany.

Third place was occupied by another of Richard Mille's watches with Rafael Nadal: last year's RM35-03. And you could call this one a very successful investment for its consignor. The model which retailed for around CHF 230,000 sold for CHF 508,000. The same can't be said of Rolex, who didn't have a good day here.

The Rolex Daytona "John Player Special" Ref. 6241 from 1969 was withdrawn from the auction. Another Rolex model made the top-ten most expensive lots: the Daytona "Alpine Research" Ref. 6265 from 1971 with a "Panda" Paul Newman dial (CHF 317,500, 9th place in pre-sale estimate).

But no less than four models by Patek Philippe featured in the top-ten in pre-sale estimates, along with many pieces by niche indie watchmakers: a couple by François-Paul Journe and Richard Mille, and the George Daniels Millennium chronometer in fifth place. The latter achieved its true price here — it went for CHF 508,000.

Christie's: Justifiable Bids But...

There were a number of clear favorites at Christie's Rare Watches Including the Property of Michael Schumacher held on May 13. The top three lots were as predicted. However, not one of these models managed to surpass its upper pre-sales estimate, and it was the same story for most of the other lots listed at this auction.

So the most expensive watch tipped to take first place was the iconic Patek Philippe Ref. 1518 perpetual calendar chronograph from 1948. The winning bid barely exceeded the lower bracket of what was the highest estimate at this auction: CHF 2,000,000 – 4,000,000.

The final sales price for this rarity was just CHF 2,465,000. The unique personalized F. P. Journe Vagabondage 1 estimated to go for CHF 1,000,000 – 2,000,000 didn't pass the halfway mark when it went under the hammer for CHF 1,497,000.

The top three was rounded out by Richard Mille's Ref. RM66 "Devil’s Horn" Flying Tourbillon (CHF 800,000 – 1,600,000), which didn't cause much commotion either and was a long way off its upper estimate: CHF 1,071,000.

The first model in the top-ten to fetch more than its estimate ended up being a Patek Philippe Ref. 2499 4th Series piece manufactured in 1970. About 122 of these perpetual calendars were made in 37.6-mm yellow-gold cases.

This lot had all its documents (Certificate of Origin dated 1983, Extract from the Archives confirming that the watch was manufactured in 1970 and its subsequent sale on April 15, 1983). This had an impact on the final sales price: the watch was given an estimate of CHF 350,000 – 550,000 and sold for CHF 730,800.

Phillips: May's Record Holder

As we've already mentioned, Phillips in Association with Bacs & Russo held their auction at a new venue in the Hotel President Geneva, where they raised CHF 35,959,720, which is roughly a quarter less than last year, but still a record for this year. We should also mention that for the first time in recent years, four of their 219 listed lots were pulled.

But adding in the sum raised at the Geneva Jewels Auction: TWO held there a day later (CHF 23.6 million), the auction house announced a sales total of CHF 60 million. And Phillips also managed to squeeze in the Hong Kong Watch Auction: XVIII at the end of May, which brought in a sales total of USD 21.3 million.

The full name of the auction Phillips held in Geneva was the Geneva Watch Auction: XIX Featuring the Guido Mondani Collection. The prominent Rolex collector Guido Mondani decided to auction off a number of his models.

But only two of them made the top-ten: the yellow-gold Rolex Daytona Ref. 6269 with a dial encrusted with diamonds and sapphire indexes (CHF 952,500, 6th place), and another rare Rolex, the rose-gold triple calendar Ref. 6036 “Jean-Claude Killy” (CHF 609,600, 9th place).

The rare diamond-and-sapphire Daytona was tipped to take second place because the model was created for Oman's former Sultan Qaboos bin Said (1940-2020), who bought the first two pieces and asked Rolex not to make many more of them. But this auction featured an unusually large number of other Rolex models.

Quite a few owners of rare Rolex models decided to list their models precisely because of the auction's Guido Mondani connection, hoping that his name would attract attention from a large number of Rolex fans. And the auction lived up to their expectations. 

For instance, the watch that secured second place was another chronograph: a Daytona "John Players Special" Ref. 6241 with the very rare "Paul Newman" variety of dial from 1969, housed in a 14-carat yellow-gold case. Only six other known pieces were ever made, hence why the model sold for CHF 1,330,500.

Another rare yellow-gold watch with a three-hand dial from 1953 took third place: the Rolex Oyster "La Caravelle" Ref. 6102 went for CHF 1,270,000. What makes it so valuable and unique is its cloisonné enamel dial created by the famous Genevan artist Marguerite Koch, whose work was as coveted in her day as Anita Porchet's enamel dials are now.

Watches with dials created by Marguerite Koch who worked for Stern Frères were created for the retailer Bucherer, and they attract heightened attention from collectors when they occasionally resurface on auction platforms.

The top-ten was rounded out by the steel Sea-Dweller "Khanjar" Ref. 1665 with a black dial depicting the curved Omani Khanjar daggers — Oman's national emblem. The limited series of these watches was commissioned by Sultan Qaboos bin Said Al Said as gifts for his closest dignitaries and servants. The winning bidder paid a very good price for this model: CHF 584,200. 

First place was secured by the auction's predicted favorite: the Patek Philippe Two-Crown World Time watch from 1954 in a yellow-gold 36 mm case. What makes this model rare and valuable is that the watch was considered too large at the time, no retailers committed to ordering it, so production was very limited. The auctioneer's hammer fell on CHF 1,174,000 (the estimate was CHF 1,200,000 – 2,400,000).

The rare Patek Philippe Ref. 3670А-001 chronograph from 2012 came fourth when it went for CHF 1,168,400. Collectors were very interested in the fate of this model, which was born by a pure stroke of luck in 2012 when 16 intact 13-130 movements from 1955 were discovered in Patek Philippe's Genevan boutique on rue du Rhône. This model which retailed for CHF 240,000 twelve years ago appears to have a very promising future.

Another interesting fact worth mentioning about the Phillips Geneva Watch Auction: XIX is that only three brands featured in the top-ten most expensive models: Rolex (5 models), Patek Philippe (3 models) and… Rexhep Rexhepi (under his own name and his brand Akrivia).

The platinum version of the limited edition number-three Chronomètre Contemporain Ref. RRCC1 by the Albanian-born watchmaker based in Switzerland sold for a staggering CHF 1,155,700, while the titanium Akrivia AK-05 Tourbillon Barrette Miroir model from 2015 went for CHF 635,000 (8th place).

Among the remaining lots, it was interesting to see how much the steel version of the A. Lange & Söhne Lange 1 would sell for. The Saxon manufacturer made a total of approximately 30 of these pieces from 1994 into the late 1990s. It's a well known fact that the manufacturer only launched watches in precious-metal cases up until the arrival of the Odysseus in 2019. 

The watchmaker decided to make steel pieces as replacement watches for owners leaving their gold watches in for repairs. The resulting steel Lange 1 has predictably become a tempting collector's trophy. The model consigned at this auction is one of them. But this one turned out to be even rarer because it's referenced 101.026 X and has a blue dial.

The watchmakers at A. Lange & Söhne confirm that they replaced the original silver argenté dials with these silver blued dials on a couple of models. This watch sold for a solid CHF 330,200 as a result. And finally, Phillips held the Hong Kong Watch Auction: XVIII, which wrapped up on the last Saturday of May.

It was a relatively successful sale, although only 277 lots were sold out of the total 283 listed lots. The auction's sales total was HKD 166,348,130 (USD 21,309,195). The specialists' pick of the most promising lots mentioned one of the four listed interior clocks by Cartier — the kind that usually decorate the iconic Parisian maison's stands at trade shows.

And the most expensive timepiece did in fact turn out to be their La Pendule Magnétique "Water Clock", which reached the mark of HKD 14,970,000 (about USD 1,917,657). The jade bowl is a true masterpiece, which measures 20 cm in diameter and 18 cm in height with a 22 mm base. Time flows in both the figurative and literal sense here, indicated by the nose of the carp fish swimming in the water. 

Another interior clock by Cartier made the top-ten: a carved jade panel measuring 14.5 cm in height and 17.5 cm in length with an hour capsule in the upper left-hand corner shaped like a blossoming flower bud. This antique piece was made in 1930.

The capsule contains a clock movement manufactured by the European Watch & Clock Co. Inc. It sold for HKD 2,921,000 (about USD 374,180), securing 6th place for the model. Second place was occupied by Patek Philippe's Ref. 767 — the minute repeating perpetual calendar pocket watch with a double-split chronograph sold for HKD 10,130,000. This potentially unique model was made in 1950.

Patek Philippe considers it a very important piece and views it as a milestone in the manufacturer's development, hence why the catalog essay notes that it's worthy of a place in the Patek Philippe Museum in Geneva. This all but guarantees a high price for the model.

Third place was taken by the rare Patek Philippe Nautilus 3700/1 model. This watch in a white-gold case depicting Oman's sheathed "Royal Khanjar" daggers was commissioned in 1978 by Sultan of Oman Qaboos Bin Said Al Said, and is one of just thirteen known pieces.

And this particular piece also has a white-gold dial, of which there are only three known pieces. That's what makes this Nautilus valuable, and an anonymous collector paid HKD 9,144,000 (about USD 1,171,346) for it.

Credits taken from: www.christies.com, www.phillips.com, www.sothebys.com