Only one major watch auction has been held since the beginning of 2024 — Sotheby’s Fine Watches on an online platform in Hong Kong. Christie’s and Phillips have decided to wait until spring.

The Hunt For Richard Mille

With just a little exaggeration, you could say that Sotheby’s Fine Watches, which was closed on February 1, fetched heartening results. All 155 lots were sold. The top lot is a fairly rare model nowadays: Richard Mille RM004 V2 All Grey. The sum paid for this split-seconds chronograph in a titanium case was HKD 2,794,000 (about CHF 311,788).

But second place quite surprisingly went to a ladies' quartz (!) Oyster from 1985: Rolex Oysterquartz Day-Date Ref. 19168. It's housed in a 36-mm case secured on a yellow-gold bracelet, which are encrusted with diamonds and blue sapphires in brilliant- and baguette cuts.

This beauty went for HKD 1,206,500 (around CHF 134,635), which is no less than double the upper estimate. What makes this model attractive is it reminds you that there was a time when even Rolex went quartz.

But we're more inclined to believe that in this particular case, a pivotal role was played by the beauty of this model, which has been very well preserved. Third place was secured by another Richard Mille model – RM007 – a ladies' semi-skeleton in a rose-gold case encrusted with small diamonds.

The most simple (automatic "Big Date" movement) and affordable model by Richard Mille was bought for a very tidy sum of HKD 1,079,500 (CHF 120,463). This goes to show how much collectors value models by Richard Mille, even ones like this.

Out of all remaining lots, the model that earned fourth place was a steel Patek Philippe Nautilus Ref. 5711 from 2018 with a blue dial. The price paid for this piece was HKD 952,500 (around CHF 106,290).

Does this mean that even the most common pieces which bear the fabled discontinued Ref. 5711 are now only set to increase in price? It really does look that way.

Well, of course you could say that the Rolex Yacht-Master Ref. 116695SATS from 2018 with a rainbow bezel in a case made of the trademark gold Everose alloy didn't live up to the high expectations.

Organizers had placed their trust in this piece, making it a headliner sales highlight. The result of HKD 825,500 (around CHF 92,120 and 5th place) isn't that impressive. 

Nevertheless, these auctions should be viewed as a decent opportunity to diversify your watch wardrobe, or stock up on gifts. Where else can you pick up likes a magnificent ladies' Piaget Dancer Ref. 9706 D4 for reasonable price?

This watch with a bracelet blanketed in diamonds, made using the signature weave of white gold, sporting a lapis lazuli dial, and housing the famous ultra-thin manufacture caliber 9P movement with genuine origins and all the papers was sold in just around CHF 4,500.

And what would you say to Vacheron Constantin's Asymmetrique 1972 Ref. 25010 in good condition for CHF 3,100?Christie’s is auctioning off the Collection of Sir Elton John online from February 9 - 28, where a number of watches will be offered, albeit nothing too serious.

From April 16 through to April 30, Christie's will start their season in earnest with an online auction called Watches Online: The Dubai Edit. On May 7, a fortnight of online sales called the Geneva Edit will get underway, oh, and May 13 is when the main auction of the first half of the year will take place: Rare Watches.

Spring Plans

As for the other large auction houses, they've decided to postpone this year's debut until spring. Phillips in Association With Bacs & Russo have decided to hold off until March with the Phillips Watches Online Auction: the Geneva Sessions Spring 2024 (March 5 - 12).

Then exactly one week later, a similar auction will open: the Phillips Watches Online Auction: the Hong Kong Sessions, Spring 2024, which will run from March 19 - 24.

The spring sales in Geneva and Hong Kong will wrap up with the hotly anticipated Geneva Watch Auction XIX (May 11 - 12, 2024) and Hong Kong Watch Auction XVIII (May 24 - 25, 2024). So we'll just have to wait.

Credits taken from: www.sothebys.com