November Records of Online Watch Auctions

As we predicted, November's top online watch auctions reached new heights.

The Only Watch charity auction which took place on November 6 was quite predictable, apart from the record final auction result of CHF 29,740,000, with just over EUR 70 million raised over the first eight luxury watch auctions. In any case, it wasn't hard to guess the top-three lots.

These were Patek Philippe's complicated desk clock with a perpetual calendar, Ref. 27001M-001 (CHF 9.5 million, estimated at CHF 400,000 – 500,000); the F.P. Journe FFC Blue in a titanium case with automatons sculpted in the shape of a closed fist to indicate the hours (CHF 4.5 million) and the last iconic Jumbo model in a titanium case, the Audemars Piguet Royal Oak "Jumbo" Extra-Thin Only Watch Ref. 15202XT (CHF 3.1 million). 

Another two models exceeded the one-million mark in Swiss francs. One of them was the RM 67-02 Charles Leclerc Prototype created by Richard Mille for the Official Scuderia Ferrari F1 Mission Winnow driver Charles Leclerc (CHF 2.1 million), which may well be the world's lightest self-winding watch.

The second was the brainchild co-created by De Bethune and Kari Voutilainen by the name of Kind of Magic. The watch which went for CHF 1.3 million houses the new Caliber OW21 movement and features dual front and back display of hours and minute along with a deadbeat seconds complication.

The organizers of Only Watch are so pleased with the success of this year's auction that they want to make the biennial event an annual one and intend to hold the next auction in 2022. It's undoubtedly a well-intentioned idea, albeit a questionable one. 

It's unlikely that all 53 participants of Only Watch 2021 will want to take part more often in what is a rather draining project, both in financial terms and from a technical point of view. Only time will tell. Instead, we should focus on the fact that tiny independent watchmakers have managed to secure no less than three out of the top five places for "millionaire watches", rubbing shoulders with industry heavyweights.

The charity event was followed by the Phillips in Association with Bacs & Russo Geneva Watch Auction XIV, which provided further confirmation that these watchmakers have earned their place. Niche ateliers and independent watchmakers stole the show there too.

Its organizers had predicted the auction's biggest battle would be over a remarkably well-preserved perpetual calendar chronograph watch called Patek Philippe Ref. 2499 with a yellow-gold case and bracelet. It was made by the grand maison for Venezuela's major luxury watch retailer Serpico y Laino. Even the estimate alluded to this hunch at CHF 2,000,000 – 4,000,000. 

However, the public didn't express as much enthusiasm for the model as expected. It went under the hammer for CHF 3,539,000 in the end, which didn't even break the estimate and only made forth place as a result. In a sensational turn of events, first and third place were taken by the Philippe Dufour's Grande et Petite Sonnerie N°1 (CHF 4,749,000) minute repeater and another with two escapements by the same Philippe Dufour called Duality N°8 (CHF 3,660,000).

Another pocket minute repeater by this manufacturer in yellow gold happened to make the top ten, although the Philippe Dufour Grande et Petite Sonnerie №1 only came in eight with a hammer price of CHF 2,329,000. Second place was secured by François-Paul Journe's Chronomètre à Résonance "Souscription" №1 (lot 140) at CHF 3,902,000.

Another of Journe's creations — Tourbillon Souverain à Remontoir d'Egalité "Souscription" №1 (lot 138) — was sold for the sum of CHF 3,539,000, sharing forth place with the predicted favorite by Patek Philippe. That's twelve times higher than the organizers had reckoned Journe's chances were! At this stage, it's worth recalling that a full set of five watches by François-Paul Journe were put up for auction.

Apart from the models that have already been mentioned, there was also a trio of platinum watches from the Octa collection: the Octa Réserve de Marche, Octa Chronographe and Octa Calendrier, which fetched almost two and a half million Swiss francs. In the end, the fabulous five racked in an impressive CHF 9.9 million! The set of four watches by Philippe Dufour cost the winning bidders a total of CHF 11.4.

Other records set at the Geneva Watch Auction XIV worth mentioning include Omega's unexpected achievement, whose steel chronograph Ref. 2915-1 “Tropical Broad Arrow” was sold for CHF 3,115,500, making it the most expensive Omega watch in the brand's history. Another watch which deserves a mention is the Richard Mille Titacarb Ref. RM27-04 tourbillon, which bidders elevated to CHF 1,724,000.

All in all, the Phillips November auction can be hailed as a success. After all, around 3000 bidders from 84 countries splashed out a total of CHF 68,263,230 over the two-day period — the highest sales total in the auction's history.

Organizers from different auction houses clearly cooperated with one another and agreed to hold their events in close succession, as there were another two luxury watch auctions held on the first November weekend in Geneva: Antiquorum, which was once the largest event but now trying to regain its former glory, and Christie's Rare Watches.

Christie’s main lot predictably turned out to be the extremely rare Rolex “Deep Sea Special” model in a two-tone steel and yellow-gold case. It was released in 1965 to pay tribute to the record for the deepest dive set in January, 1960, 10,916 meters down into the Mariana Trench.

And now 56 years later it's gone under the hammer for CHF 1,890,000, which had an estimate ranging between CHF 2,000,000 and CHF 4,000,000. Meanwhile, the star lot at Antiquorum was a Patek Philippe Ref. 1518 chronograph with a perpetual calendar and moon-phase display from the first series at CHF 575,000.

The prevailing pattern at these auctions was confirmed at the most recent auction Christie’s held in Asia, which took place in Hong Kong and was dubbed An Exceptional Season of Watches including The Champion Collection (Part 1). Interest among collectors in timepieces created by independent watchmakers is rising like yeast, especially in pieces by François-Paul Journe and Kari Voutilainen.

One of the limited edition tourbillons from the series of 99 pieces Journe introduced to mark his atelier's 30th anniversary in 2013 went for USD 418,776. His 2002 Chronomètre à Résonance stacked up a slightly lower sum of USD 386,562.

Both of these figures were actually trumped by a one-of-a-kind Dual-Time model created by Voutilainen with a lacquered dial. Over half a million was offered up for this piece which sold for USD 676,484. Other names which are starting to sound more and more tempting when uttered by auctioneers are those of watchmakers Richard Mille and Laurent Ferrier.

Richard Mille's RM 07-02 skeleton watch for her circa 2016 went under the hammer for USD 1,346,524. Laurent Ferrier's luxury platinum tourbillon with a black enamel Grand Feu dial, Galet Classic (circa 2013) also achieved a rather decent result of USD 177,000. It should be noted that the demand for Patek Philippe's minute repeaters hasn't waned.

Even the models for preschool children are regularly sold for twice or triple the nominal amount. There proved to be a surprising amount of demand among bidders for the steel Nautilus Ref. 5711.

This is most likely in response to the announcement made by Patek Philippe President Thierry Stern, who confirmed that production of the popular model would be discontinued in 2021.

One way or the other, the brand-new lot No. 2355 had barely left the manufacture before it was snapped up by a lucky bidder for an impressive USD 418,776.