Patek Philippe 1944 watch sells for $5.637 million The watch is a one-of-a-kind chronograph, special order. Aurel Bacs, the watch’s auctioneer, Christie's Geneva, says the watch is the “Mona Lisa of 20th-century wrist watches in private hands.” The estimate for the watch was $2.5 million. Bloomberg reporter, Ariel Adams claims “...many watch lovers and investors are looking at Patek Philippe timepieces as money-making vehicles.” The record for the most valuable timepiece is for a Patek Philippe Supercomplication pocket watch that sold for $11 million in 1999. - Bloomberg
Courtesy Christie's Images Ltd. 2010
High-End Watches as an Investment Strategy
Astorlive, founded in 1999 and a privately held online watch auction company, has had an average monthly sales of $2 million since 2007 selling primarily Patek Philippe. Jeff Harris, international vintage watch dealer, speaks of the secondary watch market: “There are about 1,000 very serious buyers of collectible watches and three dozen very high-end dealers.”
Last year at Sotheby’s and Christie's watch sales totaled over $92 million, down from $120 million in 2008. Nonetheless, the sell-through rates (the percentage of lots sold, measured by the number of lots sold and by value), exceeded 90% for Christie’s and 80% for Sotheby’s, many of the lots selling for double or triple the estimates.
The secondary watch market, comprised of ‘impassioned collectors’ and ‘weary investors’ has been “taking refuge in watches from volatile equity markets and fears of inflation” claims Trent Crowley, CEO of Astorlive. - New York Times
Vintage Rolex sells for eight times estimate
A Rolex Submariner stainless steel watch from the 1950’s sold in a 3-minute auction battle or £41,500, far exceeding its pre-sale estimate of £5,000. The watch was discovered in a dressing table in Weston property and auctioned by Somerset based Clevedon Salesrooms in March 2010. Highly regarded by collectors, the model was among the first rolex wristwatches to be guaranteed waterproof on a depth of ten meters.
Curteousy Weston Mercury
Watch sales have stayed strong throughout the economic crisis
And Christie’s auction in June was no different. The sale managed to sell 91% by lot and 92% by volume. Christie’s managed to average a 90% sell rate over the entire spring watch season. This fine and rare platinum perpetual calendar split-seconds chronograph wristwatch by Patek Philippe sold at the top of its estimate for $290,500.
Christie’s Images Ltd. 2009
The downturn in the economy is separating the men from the boys in the watch industry According to the FT, Swiss watch exports showed a fall of 23.4 per cent in the first quarter of 2009, based on year on year figures. The annualised trend turned negative for the first time in five years. Through all of this, the larger brands seem to be faring better than independent brands due to their greater resources. And “pure play” watch makers appear to be outdoing the watch brands that are part of a larger luxury goods company.
Watches in high demand during economic crisisChristie’s fifth Jewels and Watches auction in Dubai in April 2009 was a success, selling 46 of the 47 watches up for auction. Watches continued to perform well in Christie’s Important Watches auction in Geneva in May 2009 when 93% were sold by both lot and value. The highlight of the auction was a 1960 Patek Philippe 18K pink gold perpetual calendar chronograph wristwatch with moon phases and baton numerals which sold for CHF1,935,800, well above its estimate of CHF 1-1.5 million. The Sotheby’s sale of Important Watches, also held in May, was slightly less of a success selling 74.8% by lot and 73.7% by value.
A world record price for a watch sold at auction was set at Antiquorum’s May 2009 auction when it sold this exceptionally rare Patek Philippe stainless steel split-seconds chronograph for CHF 1,244,800. This is one of only two stainless steel spilt-seconds watches known to exist. Overall Antiquorum’s auction was also a great success, selling 80% by lot and 134.62% by value. "The impressive turnout today coupled with aggressive bidding, indicates a renewed confidence in the watch market by both collectors and investors worldwide. We are confident that prices and interest will continue to increase in both the very short term and throughout the year," said Robert Maron, Chairman of Antiquorum.
Images courtesy of Antiquorum Auctioneers
