Watches, auctions hunt for exceptional pieces
People are not only buying for investment, but increasingly for pure passion, and independents such as J.P. Journe and Philippe Dufour are achieving record prices. Without overshadowing the continued success of the big
3' min read
3' min read
Impeccable quality, rarity, but also the ability to satisfy the personal quest for beauty, going beyond the mere prospect of investment. In recent months, the watch auction market has regained momentum after the slowdown following the deflation of the post-pandemic bubble, which had led it to reach unprecedented heights. However, the recovery is following new directions, as shown by the results of auctions such as the two organised by Phillips in Association with Bacs & Russo in Geneva between 8 and 10 November and which together sold watches to the extraordinary sum of almost $58 million, the second highest sales total in the history of auctions in the category. The main lot in the "Geneva Watch Auction: XX" effectively expresses one of the main directions in which collectors are heading: the F.P.Journe Tourbillon Souverain à Remontoir d'égalité 15/93, the second produced by the watchmaker in 1993 and the first one he sold, fetched $8.4 million, more than three times its initial estimate, making it the most expensive watch ever made by an independent and sold at auction and the seventh most expensive ever. Given this precedent, there is now anticipation for another independent master, Philippe Dufour, who will be present with a Magnum Opus, Grande & Petite Sonnerie at the "New York Watch Auction: XI" also organised by Phillips on 7 and 8 December, with an initial estimate that already exceeds $2 million.
The passion for quality and rarity of independents does not take away light and space from the sales of the brands that are the protagonists of world auctions, Patek Philippe, Rolex in the lead, to which are added in recent months almost unique Cartier models, made even more precious by the stories with which they are associated. The stars of the "Important Watches" auction organised by Sotheby's in New York on 6 December, for example, will be two Rolexes closely linked to the Titanic: the first, a steel 1680 Submariner, is the watch that has spent the most time at great depths, having been on the wrist of the explorer and director Al Giddings (its estimate is $20-40,000); the other is a gold analogue worn by the actor Bill Paxton in the 1997 film (estimated at $30-60,000).
In Geneva, on the other hand, the British auction house broke four world records, in "Important Watches" and in "Treasures of Time", for two Patek Philippe models (Ref. 1563 and Ref. 2499), a Cartier London Tank "Oblique" and one of the 10 Rolex "50 Pesos" produced in 1921 for the 150th anniversary of Mexican independence: together they totalled almost $23 million, with 27% of the lots sold above their highest estimate, purchased by clients mostly under 50 years old. The sale of another iconic Rolex, the GMT-Master "Pepsi" (for the red and blue of the bezel), worn by Edgard Mitchell, pilot of Apollo 14, the third mission to land on the Moon, also set a record: in Boston at the end of October, RR Auction sold it for $2.2 million, more than four times its initial estimate. Almost unbelievable, but justified by the peculiarity of the piece and the spirit of solidarity of the event, was the sale of the millionth Omega MoonSwatch at the "Watches for ELA" auction organised by Christie's on 11 November: estimated at $1,000, it fetched almost $80,000.
