Ever since I have been a collector and have been going to watch auctions, Geneva usually held the most important one in terms of quality and rarity.
So, what happened in Geneva was a good indicator of the health of the overall vintage watch market. This time around I found the prices more subdued. A more well-informed collector together with the difficulty of auction houses getting fresh to the market watches and much global political uncertainty influenced this.
But you know what? It’s really not that relevant like it used to be.
Because for the first time that I can remember, Geneva is not the only benchmark anymore. I would argue that more important watches are coming up for sale in HK and NY this auction season sometimes in terms of quality but in many cases also in terms of importance. Wonder why the 1953 Patek ref 2523 double crown world time is being offered in HK by Christies and not Geneva*? It has nothing to do with the fact that Asians like the color blue. It is about economics. The new wealth is in Asia. And increasingly – so is the knowledge. Where a few years ago a typical HK catalogue would be full of modern watches often with diamonds, today that looks different. For example, there are more important Rolex sports watches being offered now in HK than in Geneva this season. I can’t recall the last time that happened.
*(It also has probably to do with the rules of low reserves rules of HK that are more lenient than the low reserve rules in Geneva).
Don’t get me wrong, Geneva is still super important for watches.
The themed double signed auction by Phillips was a success no matter how you measure it and some super important watches were sold (split seconds Rolex by Phillips, Henry Graves Patek minute repeater by Christies). Seven watches sold above a million (5 Rolex and 2 Patek). In addition multiple world records were broken for some references like 6062 pink and the Dufour Simplicity (both Phillips watches). Antiquorum also re-entered the list of selling a million dollar watch, selling the Oyster Sotto Rolex for CHF1.1m. Furthermore, Phillips recorded the highest number of bidders at auction in Geneva and also a new record of online bidders (in total 1700 bidders from 72 countries). So, while the results might be not as strong as last year, there is ever more interest in wristwatches – also in Geneva.
But I cannot help think that maybe some of the best vintage watches yet to be offered will be in HK. Let us see if this a new trend or rather the exception going forward.
Let me go into the main trends I saw this time at auction in Geneva.
- Quality and rarity is king: Nothing new, I know, but collectors are better informed, educated and recognising quality. I can think of a fine and super rare 2525/1 (white gold) which soared to CHF 108k. Or the 6062 pink stelline which also set a new record but probably more due its rarity and quality rather than quality alone. Of course, the superb Killy in incredible condition sold (too cheaply in my view) and we can continue the debate why Killy is so undervalued. The Top lot of the auction season belonged to the historically important ‘Graves‘ Patek Philippe minute repeater which fetched CHF4.58 million sold by Christies watches. For rarity we also have to include the 565 retailed by Asprey with Breguet numerals that soared to CHF 300’000(that surely must be a record for a normal 565 ref). The superb 2577 Patek with super strong case deserves also to be mentioned from Sotheby’s, that fetched a strong CHF 92’500 against an estimate of CHF 20-50’000.
- Weakness in time only Patek: I couldn’t help notice this. The superb Patek 2508 in Gold with double signature fetched a CHF 32’000 – a watch super well bought – congratulations to the buyer. Also this wonderful square Patek ref 3485 could and should have done more.It is one of the few times where Patek fit the automatic movement 27-460 in a square case. Try and find another one in white gold – I promise you won’t. Also, the very rare Amagnetic in gold 2570-1 should have done more.
- Auction house supply reflects where the taste is going: Wonder why all auction houses had an abundance of Nautilus? Because that is what the markets wants. I don’t recall any Nautilus not selling and most achieved their high-end estimates. Steel sports watches is what the market wants right now. I did notice some weakness in the 3700-steel market but there was a reason: Nearly every watch sold had a small issue in that either the hands were service or something else was not perfect.
- If it was special – it sold: In the era of increasing vintage collectors and interest in watches, you have to stand out from the crowd. Any watch that was different and in good condition sold. I am thinking of the ESKA with gorgeous cloisonné enamel dial and strong case (my pick here) did well, but so did a Tiffany signed 1675 GMT Master. A honest time only 1920’s Cartier soared to CHF 57’000(from an estimate of CHF 8-12’000) and a special rarely seen blue dialed Gold Daytona soared to CHF 300’000. All those watches have one thing in common: They are different and you don’t see too many around. The diamond Patek 5971Palso belongs in this camp as does the fabulous Rolex Octopussy. Difference in appearance wins in this crowded field of watch collecting!
- Strength in independents: I don’t remember one single watch from the independents not selling. Be it Dufour (new record for simplicity) or MB&F, Voutilainen or Ferrier they almost ALL sold above the high estimates. Is there because there is a general interest in them or because one auction house in particular is fond of them or is it because some are being pushed by well known Asian retailers – I have not figured this one out yet. Interesting to observe at any rate.
- Disclosure is improving drastically: I must give a compliment to all auction houses but especially Phillips and Christies for doing great improvements in being transparent. Phillips deserves praise for being honest about watches that were restored and disclosing that carefully in the catalogue discriptions. Christies deserves praise who in my view has the best condition reports out of any auction house out there.
NB: For full disclosure I might have had a buying interest in one of the watches mentioned in this report.
Here are some of the watches that caught my attention last weekend in Geneva. Thank you to Mr. A and Redbar Zurich (Ivan) for some of the images below.
First auction of the November seasons started with Phillips like always. Double signed themed auction was a good success.
Watches like this rare double signed 2525-1 white gold Patek soured above even the high estimate. CHF 108’000 versus estimate of CHF 25-50’000.
In my view the bargain of the double signed sale was this rare and super fine 2508 with radium indexes. Sold for CHF 32k.
I personally loved this square white gold Patek. If a dealer or collector bought it – he can contact me I am interested in viewing it again.
Gold Amagnetics are very rare – especially double signed versions. I see a bright future for these still under appreciated watches.
Viewing watches at auctions also allow you to look at what otherwise would have skipped. What a wow watch. 5971P.
We move on to Sothebys where I really appreciated this Patek Travel time 2597 with two hands only.
I also loved this 2577 Pink gold at Sothebys. Super crisp case. Achieved nearly 400% over low estimate.
(Picture credit: Rare & Fine).
If you think I have fallen out of love with Rolex – you’re wrong. Here is a superb exotic dial 6239 Rolex which sold for relative bargain in my view. CHF 510k.
I also loved this Milgauss 6541 with smooth bezel that has its appeal. I might even prefer it to the more expensive bezel version.
When I need a break in the evening I simply went to my room and monitored the auctions from there.
Technology allows you to bid from anywhere and sometimes you just need a break from the auction hectic.
The Beau Rivage in Geneva is in fifth generation family hands and I have stayed there ever since I started attending watch auctions.
Below the bathrooms in one of their new suites (I personally prefer the old fashioned rooms).
Back to watches ,what about this beautiful pair of Cloisonné Enamel watches by ESKA.
These are true pieces of art and a clever dealer who has exceptional taste snapped up the left watch.
I especially loved the left one, called Jour et Nuit (also was one of my picks). Dial was a piece of art. Notice the stars on the dial.
Dial was made by Stern Freres, same supplier of Patek Enamel dials. Artist is unknown and not signed. See the back of the dial for the Stern code.
Another beautiful and captivating watch was this triple calendar platinum pocket watch by Vacheron.
It ended up selling for 2x the high estimate (CHF 50’000) so for CHF 100k.
My friend Mr A looking at a fine Cartier jewellery watch.
This fine 565 Beyer signed Patek was property of an Italian gentlemen who sat opposite me,
Looking at the long signature, I assume it must be a very early 565 (1940s). Notice how Beyer was signed with Zurich too.
I sat next to a very friendly Japanese dealer who looks at watches on an entirely different level than the rest of us.
He uses a type of microscope originally intended to analyse insects. I am ordering one of these things. You see the dial in such a close up and every single detail can be viewed.
The auction houses for the most part are doing a great job in disclosing more and being more transparent.
See the condition report of Christies. I remember when condition reports would simply state: ‘Watch in appropriate condition relative to age. Ticking at time of inspection’.
To give you a little sneak peak at what is coming up for sale in HK. The best 6238 Rolex that is publicly known in gold. Coming up for sale at Phillips HK.
And a super rare Eagle beak 5512 from Phillips watches.
Stay tuned for my HK picks coming soon.
