The legendary singer's stellar collection and a week-long battle for an Aquanaut.
It really rocks
A series of auction sessions devoted to the Collection of Sir Elton John took place in New York from February 9 - 28. You wouldn't think they had much to do with watches at first glance. Its organizers, who were clearly still reeling from last year's letdowns, estimated that the watch lots would raise extremely modest sales prices ranging between USD 5,000 and USD 30,000.
Exceptions were made for two obvious favorites: the relatively rare yellow-gold Tank Crash model made in 1991 as part of a limited series of 400 pieces (it was estimated to go for USD 70,000 – 100,000), and the Rolex Daytona "Leopard" Ref. 116598SACO from 2001 (estimate: USD 40,000 – 60,000).
Succumbing to the tone and logic of the auction's organizers, we also thought "nothing serious" would come out of these sales. However, the watch lots actually generated a good part of the profit at these auctions. A total of 31 watches were offered.
Sir Elton John adores Cartier, and they make up the lion's share of watch lots — 13 watches from this iconic Parisian Maison across all Elton Collection sessions held. As expected, the top watch lot was the Tank Crash, which achieved a decent result of USD 277,200.
Sure, we're aware that other Tank Crash models sold for more than USD 300,000 last year and in previous years, but these really were almost unique models — a prototype and one from the very first series limited to ten pieces. A small document accompanying this lot clearly had an influence on its major success: the Sir Elton John Sale Certificate.
The same certificate accompanied the Daytona "Leopard", which had a really favorable effect on the final sales price it achieved: USD 176,400 (almost triple the upper bracket of the pre-sale estimate). There's one clear takeaway from all of this: former owners with big names make a significant contribution to increasing the sales prices of watch lots.
This wasn't as noticeable in the past. But if the results of last year's auctions are anything to go by, this is now a trend, and a very strong one at that. We have to mention the mega success of Chopard Automatic Chronograph Ref. 1279, a unique piece made for the Elton John Aids Foundation, which sold for over six times its upper estimate, fetching USD 94,500.
The beautiful Tank Normale jewelry watch in a white-gold case measuring 39 × 23 mm also went for almost six times its pre-sale estimate. This model's bezel is fully encrusted with baguette-cut diamonds, while the dial is set with blue sapphires of the same cut. Assigned an estimate of USD 20,000 – 30,000, it sold for USD 176,400.
Another watch that surprised us by fetching six times its lower estimate was the quartz Audemars Piguet Royal Oak in a 33-mm white-gold case. Its mother-of-pearl dial with diamond hour markers is encircled by a bezel set with blue sapphires. The model was made in 1990 for a special order placed by Elton John, which is why it doesn't have a reference number.
Only its case is numbered: no. D40651, no. 107. This piece was purchased for USD 60,480. Cheaper lots included the platinum Jaeger-LeCoultre Master Control, Ref. 140.6.87 from 2000, and a white-gold chronograph by Franck Muller (didn't see that coming), which both realized USD 35,280. Both models were extravagant diamond-set pieces.
The only interior clock offered at these sales was the Cartier Lapis Lazuli Mystery Desk Clock in a silver-plated lead-glass case measuring 10.2 cm in height. It also sold well: USD 27,720 compared to its estimate of USD 5,000 – 8,000.
Needless to say, Sir Elton John hasn't auctioned off anywhere near all of his timepieces at these sales. So it'll be extremely interesting to see what else ends up on the watch menu at his next auctions. Christie's auction house is taking a break for now until Watches Online: the Hong Kong Edit on March 17, and April 16, when Watches Online: the Dubai Edit will kick off the spring-summer season.
Sotheby's: Zurich – New York – Paris – Hong Kong
The first spring auctions by the British auction house Sotheby’s will be Fine Watches in New York, running until March 12, followed by another Fine Watches auction in Paris on March 14 – 28. The favorite lot at the first auction is a straightforward skeletonized automatic watch in a titanium case: Richard Mille RM30 Ti.
It has a date, a power reserve indication, a mainspring torque limiting crown, and a declutchable variable-geometry rotor. What makes this lot interesting is that the watch is barely one-and-a-half years old. So it'll be interesting to see how collectors and investors respond to it. The estimate is fairly high: USD 150,000 – 250,000.
Exactly the same pre-sale estimate has been assigned to another interesting model: Audemars Piguet Royal Oak Ref. 26630BC.GG.D326CR.01. It's housed in a 38.5-mm white-gold case with the signature Frosted Gold finish. This flying tourbillon is very beautiful indeed. You could call it a designer flying tourbillon.
The famous jeweler Carolina Bucci helped to develop it four years ago. Girard-Perregaux's Piece Unique Golden Bridges Minute Repeater Tourbillon, Ref. 99820 is estimated to realize just USD 10,000 less. We'll be particularly interested to see how the famous IWC Grande Complication, Ref. IW3770-01 model fares, which left the Schaffhausen-based manufacture in 1993 as one of 50 limited edition pieces.
Afterall, this is one of the most complicated and technically advanced watches in the world. Apart from the tourbillon, here you can find a minute repeater, a perpetual calendar which only needs adjusting every 500 years, a four-digit year display inherited from IWC's first perpetual calendar, a moon-phase display, and a chronograph. It builds on the perpetual calendar module by Kurt Klaus.
These watches have achieved disappointing results in the past, given that IWC traditionally makes a point of categorically refusing to implement any auction policy whatsoever. So we'll have to wait and see what result this piece achieves.
Seven-Day Battle for Aquanaut
The second spring auction at Sotheby’s lasted exactly a week and ended on March 7. For seven days, participants were bidding over a single model: the one and only Patek Philippe Aquanaut Travel Time "Advanced Research" with Error Dial. The watchmaker established their Advanced Research program in 2001 to pursue the infinite advancement of watchmaking knowledge and mastery.
It entailed the gradual rejection of traditional metal escapement components in favor of silicon-based alternatives, specifically the introduction of a new material called Silinvar with ideal properties for watchmaking applications, the new Pulsomax escapement and the new Spiromax balance spring.
The Advanced Research program was put on hold just a year in, perhaps due to the novel silicon-derived material's pesky ability to build up static energy and cause the movement to malfunction. But all the problems were solved by 2017, and Patek Philippe finally presented the Aquanaut Travel Time Ref. 5650G model at Baselworld — perfected in every way.
The auction was offering one of the six "Advanced Research" references: these Aquanauts are a limited edition of 500 pieces. This piece is unique in that the 53th minute marker is missing from its dial. The reason why it's missing and why no one noticed its absence in time remains a mystery.
This might remind you of a famous postage stamp with an upside-down plane called Inverted Jenny, which sold for USD 2,000,000. But something tells us that the unfinished Aquanaut will fetch a higher price. After all, despite the fact that the auction has already ended, the final price of the model has not been announced. Perhaps the organizers are still calculating the percentages?
Where are the Watches, Gentlemen?
It's strange, you could say the auctions are only around the corner, but Sotheby's still hasn't published the program for Fine Watches Paris, nor have they released the catalog for Important Watches I in Hong Kong (the first session and clearly the main one will be held on April 7, but the second round will run from April 8-19). Let's hope they've prepared an unusual and varied selection of interesting lots — eye candy that will have us spoiled for choice.
Credits taken from: www.christies.com, www.sothebys.com