Watch Auctions Results

A summary for the first half of 2021.

The pandemic has turned real life into virtual reality for most of us, and it's also had an impact on auctions, one which you could say has been positive. The events have also become mostly virtual but they've grown significantly in numbers and are being held more frequently. Not that long ago, every watch auction was THE event.

The preparation that went into them had to be done right, and it was a momentous operation. Substantial catalogs had to be published, there were lengthy PR campaigns, and major collectors had to be notified personally.

Much of this is now no longer necessary to organize events for online platforms. If a manufacturer makes an unusual model it can be exhibited there and then in the watchmaker’s boutique Another alternative is to hold mini-auctions on the watchmaker's own website, where a piece will raise a much higher hammer price. 

Watchmakers keep a very close eye on each other's business, and the majority of them already hold these kinds of auctions on a regular basis. Major auction houses haven't taken their eyes off the ball either, who don't want to be sidelined in the process of democratization.

They're putting interesting models and sets of similar watches up for sale in quick mini-auctions more and more often, even if these models could have been star lots in big auctions. Phillips held what’s now the largest watch auction at the end of 2019, and launched the Phillips Perpetual boutique and e-commerce experience to deal with these types of sales 365 days a year.

The boutique sold more than 5 million pounds worth of watches last year, and its main lots were the Philippe Dufour Simplicity (USD 325 000) and F.P. Journe Chronomètre à Resonance with a brass movement and Coffret Set Tourbillion. Christie's auction house also set up a similar bidding site called Onlineonly.Christies.com.

The Christie's Watches Online: New York auctions were held in a rather unusual format from March 9 to 23 and from June 8 to 22. The 134 lots sold at the first one generated a sales total of USD 2,335,250, and 125 lots were sold at the second for USD 2,367,125. Watches Online: The Geneva Edit (May 7-18) didn't generate a major sales total either: its 517 lots set bidders back CHF 2,983,000.

However, Watches Online: The Dubai Edit came as somewhat of an underwhelming surprise, where the famous platinum Patek Philippe Sky Moon Tourbillon Ref. 5002P-001 with 12 complications was sold for a mere USD 1,590,000.

Just for comparison, the white-gold version of this glorious model was sold in November 2019 at the Phillips Hong Kong Watch Auction for USD 2.3, which is an increase of USD 1.3 million over 19 years equating to almost 70,000 per year. 

Geneva Records

The biggest auction of the first half of the year was the Geneva Watch Auction: XIII which took place on May 8. Phillips in association with Bacs & Russo set sensational world records, and its organizers were satisfied with the results: all 233 lots were sold and smashed their pre-sale estimates. Instead of the expected sales total of CHF 14 million, they raked in CHF 38,120,550 / USD 42,290,938 / EUR 34,765,941.

More than 2,500 bidders competed for the coveted lots, and another 10,000 online viewers were glued to their screens watching how the 10 hours of bidding played out. These are also record numbers, as no auction has ever attracted such a big attendance.

According to Aurel Bacs, “throughout the combined 10-hour-long auction, each lot felt like the 90th minute of a World Cup final with pulse-racing bidding." Unsurprisingly, the top five lots and seven out of the top ten were Patek Phillippe pieces, with first place taken by the Patek Philippe Reference 2523 with a cloisonné enamel “Eurasia” dial (CHF 7,048,000).

That's two world records by the way, one for the most expensive Patek Philippe wristwatch with a cloisonné enamel dial, and another for the most expensive watch in a yellow-gold case ever sold at auction. The silver medalist was the Patek Philippe Calatrava Ref. 570, which also set two world records. 

No one had ever shelled out CHF 3,297,000 for this particular Calatrava before, and it was also a record hammer price for a stainless steel watch without any complications. It's also worth mentioning that small independent manufacturers and watchmakers performed very well at the Geneva Watch Auction: XIII, whose creations are attracting more and more attention from collectors by the looks of things.

We're talking about Richard Mille's red version of the Aerodyne Tourbillon Dual Time Zone RM022 sold for CHF 756,000, the “Turquoise Tourbillon” François-Paul Journe made for the famous Harry Winston Opus collection which sold for CHF 453,600, as well as watches by Laurent Ferrier, MB&F and De Bethune.

Another new star appeared on the watchmaking horizon in May at the auction in Geneva: a piece by the watchmaker Roger Smith. His Series 1 "Onely Theo Fennell" watch was sold for CHF 541,800. This is the highest auction price ever achieved for a wristwatch by a British watchmaker. 

Hong Kong Records

The Phillips Hong Kong Watch Auction: XII held at the beginning of June also broke numerous records, albeit mainly regional ones. USD 24.65 million was raised, setting a new record for Asian watch auctions. There were 1705 online bidders from 55 different countries who took part, which is a whole 30% increase on the previous year. 

The great name of Patek Philippe was on the four top lots this time round. The most expensive watch was a Patek Philippe Ref. 2499 perpetual calendar chronograph wristwatch with Italian calendar from 1953, which was purchased by an anonymous bidder for USD 1,981,838. 

The honor of fifth place went to the A. Lange & Söhne Ref. 421.048FE, a split-seconds perpetual calendar chronograph from 2018 in white gold, which raised USD 600,932. Another two watches which made the top-ten lots were Royal Oak pieces by Audemars Piguet.

The ultra-thin Ref. 25554BA yellow-gold perpetual calendar wristwatch with a black dial (USD 422,276), and the Grande Complication Ref. 25865BC.OO.1105BC.05 minute repeater perpetual calendar split-seconds chronograph (USD 389,794). 

It wasn't much of a surprise to see three tourbillons by François-Paul Journe in the top ten. This maestro has finally been given the appreciation he deserves, not only from the jury at the Grand Prix d’Horlogerie de Genève (GPHG), but also from collectors and investors.

His famous Remontoire d'Egalite tourbillons with their constant force devices are beautifully integrated in watches by his own brand and in Harry Winston Opus watches alike. Apart from small manufacturers who have already made a name for themselves, the Hong Kong auction's organizers noted increased interest in watches by brands like Urwerk as well as German names like Moritz Grossmann and Lang & Heyne.

Phillips hasn't overlooked the greater interest among collectors in work by François-Paul Journe, which has been steadily growing for three years now. Just three days after the Hong Kong event, the auction house announced that the Geneva Watch Auction: XIV in November would feature a complete set of five F. P. Journe "Souscription" watches, each of which will be the first in its series.

The set will be comprised of the Tourbillon à Remontoir d’Égalité, the Chronomètre à Résonance in a platinum and pink-gold case, as well the first three pieces from the Octa collection: Octa Réserve de Marche, Octa Chronographe and Octa Calendrier.

One key takeaway from the watch auction results for the first half of this year is that small companies and independent watchmakers are playing an ever-increasing role in the pre-owned watch market. This phenomenon is certainly of great interest to investors, and we'll soon be discussing the current trend in more detail.