Despite everything, including tariffs and a strong Swiss franc, the Geneva auction season turned out to be a strong one, with some of the strongest results being in the most surprising segments.

The bigger winner this season was Phillips, which sold a bit under 200 lots for CHF43.4 million including fees, while also claiming the most valuable lots for the season, reflecting Phillips’ strong leadership and team.

Despite being the market leader by some margin, the Phillips catalogue was arguably the riskiest as it included several high-value pocket watches and clocks – timepieces that not part of mainstream collecting today. Yet the gamble paid off with the most valuable timepiece this season being its Breguet Sympathique no. 1 that sold for CHF5.51 million.

Christie’s achieved CHF21.2 million with a similar number of lots that were arguably more conventional in taste and format than at Phillips. One of its most valuable lots was a Cartier Crash “NSO” with a special order dial that sold for CHF736,000 – one of the biggest surprises of the season but proof that being eye-catching enough for social media is a big factor in desirability and value today.

Interestingly, the Crash sold for exactly the same as the Richard Mille RM UP-01 Ferrari. The Crash went for about 15 times the original retail, while the RM UP-01 was about half of retail.

The Crash NSO “nickele” grey. Image – Christie’s

Over at Antiquorum, the tally was CHF10 million – from almost 800 lots. Because of the sheer volume, the offerings were more diverse and affordable than at rival houses. But the top lot was still a substantial CHF1.25 million; it was a Breguet pendule a almanach, a top-of-the-line carriage clock that once belonged to Russian nobility.

And Sotheby’s sale raised CHF6.75 million. The total was the lowest primarily because the top lot, the unique Rolex Daytona “Zenith” with a mother-of-pearl dial, was withdrawn just before the auction. On a really good day, the watch would have increased Sotheby’s tally between a quarter and a third.

Though not officially announced, I understand the lot was withdrawn simply because the consignor was concerned the watch would not sell for a comparable amount to the last two platinum examples, both of which passed US$3 million.

The unique Daytona in platinum

Behind the numbers

As is usually the case with auctions, there’s always a reason for the numbers, big or small.

The obvious ones were economic and trade uncertainty along with currency fluctuations. But there were also some absent faces, including prominent collectors who were big spenders in recent seasons, but did not seem to have been present this time, either in person or by phone.

This might have explained the relative weakness in certain segments. Some genres of independent watchmaking suffered from relative weakness, including Roger W. Smith for instance. At Phillips, a Series 1 in pink gold sold for CHF355,600 – and the exact same watch, numbered “17” sold for CHF730,250 in 2023.

Vintage also underperformed on a relative basis, unless it was in exceptional condition, pristine and “new old stock” or very close. Collectors are currently keen to pay multiples for perfection and discount heavily for even honest wear. An appealing Patek Philippe ref. 2497 “first series” in pink gold with a low estimate of CHF1 million passed at Christie’s, perhaps because of past restoration and also the fact that it was sold at auction not too long ago, making it well known to the market.

A fine Rolex ref. 8171 “Padellone” in pink gold sold for a bit over CHF500,000 at Phillips, in part due to a spotted dial

Familiar faces

At the same time, much of the action was driven by a handful of known bidders, including familiar faces. Even when it came to online bidders, sometimes it was easy to guess the individuals behind the bidders’ cities displayed on screen.

And there were also a few newcomers who made a splash with determined, high-value bidding, helping propel some watches to unprecedented (and perhaps unsustainable) levels.

The Breguet Sympathique no. 1, the most valuable timepiece of the season, illustrates that. The buyer was, of course, Francois-Paul Journe, the man who created the clock, which will be one of the key exhibits in the soon-to-open F.P. Journe museum.

He was bidding against a discerning collectors of independent watchmaking, but Mr Journe was arguably more motivated. Commenting after the sale, Mr Journe said that he would have bought the Sympathique even at a much higher price – it is crucial for his museum.

The calendar display of the Sympathique

Mr Journe also purchased the Breguet pendule a almanach at Antiquorum that will also be destined for his museum. After the sale, Mr Journe described the Breguet carriage clock as “beautiful and rare”, and also the perfect complement for the Sympathique in the museum.

Together, the two clocks total some CHF6.76 million, or per 8% of the sales across all Geneva live auctions, making Mr Journe something of a market maker this season.

The Breguet ‘pendule a almanach’ and its second owner, Alexander Sergeyevich Menshikov (1787–1869), governor of Finland during the Russian Empire. Image Antiquorum

Notable in a market where wristwatches dominate was the fact that several of the other top lots of the season were also clocks.

The second most valuable lot season-wide was the Cartier portico mystery clock no. 3, reputedly the most elaborate and largest of the six made. Cartier clocks like this are more often than not sold in jewellery sales, but this still sold for CHF3.93 million thanks to three phone bidders.

Judging by the Phillips personnel bidding for their respective clients, it seemed that two of the bidders were jewellery clients, as expected, but the eventually winner was a watch client. The bidding was steady but not as rapid or resolute as that for “hot” lots, perhaps reflecting the niche nature of the clock.

Notably, it wasn’t just clocks from established names that did well. Phillips also sold a very complicated carriage clock made by Charles Frodsham in 1918 for an eyebrow-raising CHF812,800. The clock went to a phone bidder (who, unlike most other winners of lots mentioned here, I do not know) whose purchase certainly indicates a high degree of taste and knowledge.

Cartier portico mystery clock no. 3

Social media favourites

Although the “hot” lots were not as numerous as during the covid-era peak of the market, there were a surprising number of them, and surprisingly strong at that.

One that stood out was the F.P. Journe Tourbillon Souverain “Coeur de Rubis” that sold for CHF1.63 million at Phillips. Before even Aurel Bacs could begin, presumably around the low estimate of CHF250,000, there was frenzied shouting of bids from phone bidders and the watch opened at CHF600,000. And the bids kept coming, making it almost reminiscent of the go-go days of the pandemic.

In comparison, Christie’s sold an F.P. Journe Resonance “pre-Souscription”, almost certainly a more important watch from a historical perspective, for just CHF831,600. While scholars recognise the significance of the Resonance, it is practically indistinguishable from subsequent versions, making it ill-suited to social media-centric collecting.

The Tourbillon Souverain “Coeur de Rubis”. Image – Phillips

Bidding for the Cartier Crash at Christie’s told a similar story, taking the watch to a value that was inconceivable before the sale. While the winning bidder was on the phone, the watch likely went to a known collector with specific tastes and a particularly good relationship with Christie’s.

In fact, it is likely that both the Tourbillon Souverain and Crash went to collectors known for pursuing particular types of watch, underlining the importance of a few key buyers.

Both the F.P. Journe and Cartier, different as they are, share the important quality of being “Instagrammable” – looking different and striking enough to stand out on a small screen – showing the social media is shaping tastes.

The Vacheron Constantin ref. 6448 with a brushed platinum case and diamond dial

That said, sometimes it was simply beautiful and fine watchmaking that carried the day.

Neither hype nor hot, the Vacheron Constantin ref. 6448 minute repeater in platinum, which was both gorgeous and unique – an immaculately preserved – sold for CHF698,500 at Phillips and was worth every franc.

Sotheby’s upcoming Geneva auction that takes place on May 11 is a relatively compact affair. But the 124 lots includes notable highlights, with the top lot of the sale being the especially unique Rolex Daytona “Zenith” ref. 16516 in platinum with a pink mother-of-pearl dial.

This watch is one of just four Daytonas combining the El Primero movement and platinum case – the only platinum specimens in the 16500-series Daytona – all of which were made at the behest of former Rolex chief executive Patrick Heiniger in 1999.

Famous for being powered by the cal. 4030 derived from the Zenith El Primero, the 16500-series was the first-ever self-winding Daytona. The model was never commercially available in platinum; the four examples in platinum are truly unique.

Moreover, each of the four are one-of-a-kind, each fitted with a different dial in exotic materials. Sotheby’s sold the prior three examples, starting with black mother-of-pearl in 2018, lapis lazuli in 2020, and turquoise in 2021. While those three featured applied Arabic numbers, this example has diamond hour markers.

Initial thoughts

The unique nature of this Daytona is unquestionable. Amongst automatic Daytonas this ranks amongst the rarest and most valuable. Two of its platinum siblings sold for over US$3 million each, making them the priciest modern-day Daytonas.

Of the four platinum Daytonas, however, this example is the most paradoxical. It’s the most unusual in having diamond indices, but also the most low key as it is practically identical to the regular production ref. 16519 in white gold with a pink mother-of-pearl dial. This is probably the most discreet million-dollar (or franc) Daytona out there.

In the hand this seems to feel a little heavier than its white gold equivalent, as it should be. The primary tangible difference lies in the hallmarks on the case and clasp.

Interestingly, this example appears to have been worn regularly for a long period of time. The wear is even on consistent on the case and clasp, though there is no significant damage. The original owner, who has consigned it to Sotheby’s, clearly enjoyed the watch for years.

A platinum quartet

All four platinum watches were made in 1999 for a particular occasion, essentially making them a set of four matched watches.

The case is identical to that of the white gold equivalent, except that it is in platinum. Notably, the crown and pushers also appear to be platinum.

As was standard for watches delivered to France at the time, the case back has a precious metal hallmark. This also sports a personalised dedication on the back that’s been digitally concealed at the consigner’s request.

The four watches were distinguished by dials in usual materials, then far more exotic than they are now. This watch sports a dial in pink mother-of-pearl that is almost white but underlined with a faint pink hue.

While this example has a dial in arguably the most common material of mother-of-pearl, it stands out for having brilliant-cut diamond indices. It’s the only watch of the four with diamond markers.

Notably, this watch, like its three siblings, is paired with a matching platinum folding clasp. Though simple, the clasp is equally unique, as I cannot recall any other Rolex model at the time having a platinum folding clasp.

The platinum Daytona ref. 16516 with a pink mother-of-pearl dial has an estimate of CHF700,000-1.40 million. It’s the final lot (126) in Sotheby’s Important Watches sale taking place on May 11, 2025 in Geneva. For more, visit Sothebys.com.

Soon to go on the block at Sotheby’s upcoming New York sale is the very first Citizen 100th Anniversary Special Limited Edition Pocket Watch, numbered “001/100” on the case back. The penultimate lot in the sale that will take place on December 6, the pocket watch is being sold to benefit 1% for the Planet, the environmental charity whose founders include the entrepreneur who established outdoor clothing brand Patagonia.

Included with the pocket watch is a special edition copy of Citizen: The Essence of Time, a book that details the brand’s history over the past century. The book is numbered “001/100” to match the watch.

The cal. 0270

Perhaps the most surprising moment of the fall auction season in Geneva was when the hammer came down on an MoonSwatch at Christie’s for CHF69,300 including fees – exactly the same as a Rolex GMT-Master II “SARU” that sold later in the day.

But as is almost always the case with record prices at auction, there was a story behind the price and a method to the madness. The MoonSwatch was the unique “millionth” example conceived specifically for this auction, where all proceeds went to ELA, a French medical charity.

The ELA sale was spearheaded by Francois-Henri Pinault, the chief of Kering, the luxury conglomerate that owns Christie’s, and certainly one of the most influential people in the luxury goods business. Sitting in the room and opening the sale was Mr Pinault’s fellow trustee at ELA, Zinedine Zidane, the French footballer better known as Zizou who’s regarded as one of the all-time best players and coaches.

Christie’s auctioneer Rahul Kadakia with Zizou. Image – Christie’s

Bidding via phone, the winning bidder of the MoonSwatch – which sold for over 150 times the retail price – announced to the room via a Christie’s rep that his winning bid was for “ELA and Zizou”. It was clearly a statement that he or she would have paid up for whatever watch was on sale, regardless if it was plastic or precious metal. It was a good deed done that was no bearing on the MoonSwatch or watches in general.

To the moon

MoonSwatch aside, the season was positive in terms of sentiment. The atmosphere was clearly more positive than that during the spring auctions, echoing the feeling in financial markets and crypto after the American presidential election. Not only was attendance more substantial, it felt like buyers were more willing to bid – albeit selectively.

It’s clear that the go-go years of the pandemic are well behind us and the watch market in general is down compared to before, both in terms of prices and demand. As a result, the bold, brave, or blind can pick up bargains, as happened this season in Geneva. This is especially so for certain modern watches and vintage timepieces in poor shape. For example, a very worn Patek Philippe ref. 2499/100 sold for just CHF441,000 with fees at Christie’s, less than half what a pristine example would fetch.

But for truly special watches, the revived animal spirits in the financial markets clearly worked their magic. Such watches tended to outperform this season, by several orders of magnitude in some cases.

Selective bidding saw Rolex Daytona “Rainbow” 16599SAAEC sell for CHF5.51 million with fees at Phillips

At Christie’s, for instance, the MoonSwatch was hardly the true highlight. Instead that distinction went to the Breguet no. 3218, a tonneau-shaped watch from 1935 that’s possibly the first-ever wristwatch with a retrograde perpetual calendar. And it happens that the original owner of the watch was Coco Chanel’s lover who died at her villa just months after buying the watch.

Preserved well in honest condition, no. 3218 saw a bit of action in the room, mainly from European dealers, up to the half-million franc mark, whereupon the bidding was all done by phone. A trio of impressively determined bidders kept going until it sold for CHF1.92 million with fees. The winning bidder was represented by Jill Chen of Christie’s Hong Kong. Breguet itself, as it happens, wasn’t in the running for the watch.

Indies up and indies down

Also at Christie’s was another notable watch but for different reasons. A Roger W. Smith Series 2, Edition 3, white gold and no. 03 made in 2010, sold for just CHF252,000 with fees. That’s about a third of its pandemic peak and less than the current retail price, which got to where it is now after several ambitious price hikes in recent years.

The last time I covered a Roger W. Smith watch in detail was in 2019, after which I continued to respect the man and his work – and still hope to own one of his watches – but was increasingly sceptical of the brand’s pricing strategy. Being early is as good as being wrong, but now it appears that watch enthusiasts who are able and willing to buy one are starting to feel the same.

Over at Phillips, it was great contemporary independent watchmaking, but of an entirely different magnitude.

With an estimate of over CHF 2 million, the F.P. Journe Tourbillon a Remontoir d’Egalite “15/93” went on the block with an opening bid of CHF1 million. Before Aurel Bacs could take bids from any of the half dozen or so phone bidders and a handful in the room, Paul Boutros of Phillips’ Americas office shouted a CHF5 million bid.

All of the built-up enthusiasm and desire swiftly evaporated as the huge bid priced out most of the contenders. However, a gentleman collector (who owns an impressive collection of independent watchmaking) raised his hand several times, turning it into a two-horse race. The phone bidder – anonymous but known as an eminent F.P. Journe collector (and certainly not Mark Zuckerberg) – won the watch with a CHF6 million bid, which means he will pay CHF7.32 million with fees.

The price sets the record for the most expensive timepiece made by an independent watchmaker, one that will likely stand for some time. More significantly, it vaults François-Paul Journe, still alive and inventing and making, in the company of brands like Rolex and Patek Philippe.

Aurel Bacs bringing down the hammer at CHF6 million. Image – Phillips

The F.P. Journe tourbillon at Phillips sold on Friday, the first day of the auction season, giving a boost to the brand’s watches across the subsequent sales. Several F.P. Journe watches sold for big sums, mostly tourbillons unsurprisingly, but one stood out, both for its rarity and the fact that is emerged as one of the most valuable lots of the season.

The final lot in Antiquorum’s sale was the F.P. Journe F.P. Journe Tourbillon a Remontoir d’Egalite no. 24. Though not one of the first 20 Souscription examples, this is essentially identical save for the lack of a serial number on the dial. Moreover, it was the last watch sold by Mr Journe himself, prior to him appointing retailers around 2000.

Unsurprisingly given the record price at Phillips on Friday, there were numerous bidders on this watch, mostly on the phone or online. The winning bid, however, was a written bid, meaning that someone placed a bid prior to sale – a statement of confidence and resources if there ever was one. The written bid won the watch for CHF2.93 million with fees.

Also made by a independent watchmaker, but one long departed, was another highlight of the season. The Urban Jürgensen Oval pocket watch by Derek Pratt (and finished by Kari Voutilainen) sold for CHF3.69 million. Notably, the Oval was the third most expensive watch in the Phillips sale, after the F.P. Journe tourbillon and the Rolex Daytona “Rainbow” ref. 16599SAAEC.

An exquisite, hand-made watch that is far more significant than the sum of its parts, the Oval was the subject of a bidding war, but amongst far fewer people than most other top lots, reflecting both the niche appeal of pocket watches and its seven-figure value.

At the end, there were only two bidders, one represented by Tiffany To of Phillips’ Geneva office, and a collector from the East who was in the city but bid via phone with Alex Ghotbi of Phillips Geneva, who won the watch for his client.

The Oval proved that truly special watches, modern or vintage, achieved spectacular and well deserved results. Over at Sotheby’s, that was demonstrated not with a watch, but by an entire collection.

Treasures of Time was a single-owner sale of 31 watches all owned by a veteran European collector. The top four lots in the sale sold – all Patek Philippe – for an astonishing CHF10.3 million with fees, reflecting the rarity and condition of the watches.

The second-most expensive lot was a finely preserved first-series ref. 2499 in pink gold that sold for CHF3.12 million, which is more or less what would be expected.

More surprising was the third-series ref. 2499 with a black dial bearing Breguet numerals. Easily the most striking of the watches in the auction, this example is in excellent condition – but the dial is a later creation installed by Patek Philippe some two decades after the watch was made. The dial, however, is gorgeous.

While in most instances that would not bode well for the price, this ref. 2499 sold for CHF2.28 million, or about double pre-sale expectations, proving its visual appeal and condition trumped an exact match with the archive extract.

The most valuable lot in the gentleman’s collection, as it turned out, was the ref. 1563 split-seconds chronograph.

One of the rarest Patek Philippe models ever, the ref. 1563 is essentially a ref. 1463 “Tasti Tondi”, but with the addition of a split-seconds mechanism. The model is synonymous with Duke Ellington, as the jazz musician owned an example that today sits in the Patek Philippe Museum.

This example, however, is arguably more special than the Ellington watch. This ref. 1563 boasts luminous Breguet numerals, making it unique both literally and stylistically, turning it into a watch worth CHF3.36 million with fees, double what it last sold for back in 2013 at Christie’s.

Sotheby’s upcoming Geneva auction includes Treasures of Time, a small but impressive collection of watches consigned by a European gentleman of evidently sophisticated taste. While the most valuable of the 31 lots in the collection is a first-series ref. 2499 in pink gold, the most striking watch is arguably this Patek Philippe ref. 2499 third series with a glossy black dial featuring Breguet numerals.

Only six examples of the ref. 2499 are known to have a black dial, and this is one of them. The black dial with Breguet numerals gives the watch tremendous appeal and presence on the wrist.

Beautiful as it is, however, this ref. 2499 is not absolute perfect from a historical perspective as the black dial was added long after the watch was made.

The watch was originally sold by Patek Philippe in 1964, probably with the typical silver dial, and it gained this black dial sometime in the 1980s.

According to its well documented history, the owner of the watch in the 1980s was an important enough collector that when he asked for a black dial with Breguet numerals, Patek Philippe said yes. The dial was thus produced by Stern Frères and installed in the watch.

It’s worth noting that most of the six known ref. 2499s with a black dial have a similar history in that the black dials were subsequent additions.

Though it’s clearly not a vintage dial, Stern Frères executed it well. The dial is finished with a glossy black lacquer and gold powder print, while the indices are applied Breguet numerals in solid gold to match the hands and case.

This is not the only ref. 2499 with a black dial subsequently installed, but it is the only one known with Breguet numerals instead of batons. The numerals add a great deal to its charm.

As for the rest of the watch, it is in good condition. It’s clearly been serviced before, but treated finely and sympathetically so it retains much of its original appeal.

If I were the fortunate type of watch enthusiast who collected at this level, this ref. 2499 would be a top pick for an everyday watch. It is not certified perfect, but it possesses a special charisma when on the wrist. (But I would still set aside a few more million for a perfect watch with an archive-certified special dial).

This specimen was last sold publicly in November 2010 at Christie’s Geneva, where it achieved CHF579,000 including fees. On November 10, 2024, it will once again go under the hammer, this time at Sotheby’s in Geneva with an estimate of CHF1.0-3.0 million.

As a point of reference, a comparable ref. 2499 with a redone black dial (though originally with a black dial when it left the factory) sold in 2022 at Phillips for just under CHF1.2 million including fees.

For more, visit the catalogue at Sothebys.com.

Sotheby’s has just announced that Sam Hines will be Chairman of Watches, the top job in the watch and clock department, starting end June 2024. Mr Hines (pictured above left) will be based in Hong Kong, where he has lived for over a decade.

Having been expected by the industry for several months, Mr Hines’ new role sees him to return to a traditional auction house four years after he left Sotheby’s to join online auctioneer Loupe This.

Mr Hines was also a freelance consultant during that time and continued to work with Sotheby’s. He was instrumental in securing several high-profile timepieces for the auction house, including the Patek Philippe ref. 2526 with movement number 760’000 that once belonged to J.B. Champion and sold for over US$731,000 including fees earlier in 2024.

Alongside Mr Hines’ appointment, Sotheby’s also announced the promotion of Geoff Hess (above right) to Global Head of Watches. Previously the head of department in the Americas, Mr Hess will continue to be based in New York. Prior to joining Sotheby’s in August 2023, Mr Hess was a watch specialist the Phillips.

The spring auction season in Geneva started dramatically enough with a cyberattack at Christie’s that took down its website and app. Only Watch went ahead as scheduled, however, and raised over CHF28.3 million, with most of that coming from the Patek Philippe Grande Sonnerie ref. 6301A that sold for CHF15.7 million. What transpired at Only Watch also played out in the subsequent auctions over the weekend.

The live sales at the four auction houses, Antiquorum, Christie’s, Phillips, and Sotheby’s, sold almost CHF85 million of watches, including fees (excluding Only Watch). This compared to over well CHF110 million for Geneva’s fall season last year. Although the sale season six months ago was buoyed by an extra live auction at Christie’s (that was subject of much chatter), the diminished total for this season reflects the state of the market. The waning sentiment was palpable in all the salerooms.

That said, the auctions did throw up a handful of grand surprises, including CHF3.13 million for the Patek Philippe ref. 605 HU world time pocket watch with cloisonné enamel dial at Antiquorum, and CHF1.16 million for the Rexhep Rexhepi Chronomètre Contemporain I at Phillips.

Christie’s sold the most expensive wristwatch this season with CHF2.47 million for a Patek Philippe ref. 1518 “pink on pink” (above), though Antiquorum claimed the title for most valuable timepiece with its ref. 605 HU pocket watch. Image – Christie’s

The good and great indies

One of the most telling results this season was for the Charles Frodsham Double-Impulse Chronometer, amongst several notable examples of independent watchmaking at Phillips. The English brand is most things an independent watchmaker should be.

The watch is honest, original, and high quality. And the brand delivers as promised; the wait for one is long, measured in years, but certain.

Moreover Frodsham only takes a modest £10,000 deposit upon order, instead of the 20%, 30%, or more that other watchmakers demand. Though the retail price of the watch has risen since launch, it’s not been hiked by multiples (distinguishing the brand from fellow English watchmaker Roger W. Smith) and remains reasonable all things considered. The appeal of a Double-Impulse Chronometer is clear.

The Frodsham that sold at Phillips with its double cypher dial

Despite all that, the Double-Impulse Chronometer in steel sold for CHF165,000 at Phillips. The very same watch, in the same condition and with the same accessories, sold for US$225,500 almost exactly a year ago. Granted, the watch still sold for above its retail price, a premium of about 40%, but the price has gotten more reasonable.

The same dynamic played out across all salerooms, applying to both sought-after examples of independent watchmaking and stellar examples of vintage watches.

Sotheby’s sold an F.P. Journe T30 Anniversary Tourbillon with its distinctive sterling silver case for CHF279,400. This compares to CHF450,000 or more three years ago. The same decline in value could be seen across a range of desirable specimens of independent watchmaking, including a Dufour Simplicity and F.P. Journe Resonance “pre-Souscription” at Phillips.

Interestingly, A. Lange & Söhne, historically a brand that shares the same clientele as many independent watchmakers, is also experiencing declining demand, except the decline is much more pronounced, particularly for models that are not limited editions. This perhaps reflects the fact that is not actually an independent watchmaker, despite the august quality of its watches.

The 34 mm Simplicity in platinum sold for CHF406,400 at Phillips

More ordinary examples of independent watchmaking ended up at around retail. A Voutilainen 28SC, a sporty take on the Vingt-8 that was a limited edition of 10 pieces from 2020, sold for CHF114,300.

With a top-quality watch by one of the best names in the field selling for this much, where does that leave the more recent and arguably less compelling entrants into independent watchmaking? Granted, the Voutilainen is a few years old, although in near-new condition, so the comparison is not exact but still inevitable.

This is especially relevant for the brands that lack the authenticity and soul that sets apart brands like Voutilainen. Such brands would include those that are artificial constructs assembling parts from suppliers both industrial and artisanal, and also brands dreamed up by investors fantasising about owning a piece of the next F.P. Journe.

The same question can be posed to the wider industry: after several years of hefty increases, are retail prices significantly disconnected from reality? Luxury watches will of course always be disconnected from reality – with often inelastic demand – but history has proven that if the dislocation grows too vast, demand doesn’t stay inelastic.

Vintage gems

A few lots after the T30 at Sotheby’s was a well preserved third-series Patek Philippe ref. 2499 in yellow gold, ordinarily an ordinary watch as far as the 2499 goes, but set apart by “Tiffany & Co.” on the dial. It sold for strong CHF1.14 million, perhaps double the value of a comparable watch without the jeweller’s signature, but not a spectacular result.

Another notable Patek Philippe chronograph at Sotheby’s was the ref. 591 “Fagiolino”. Although rare, the ref. 591 is one of the least popular chronographs of the period, perhaps due to its peculiar, blocky lugs. That said, the example that sold at Sotheby’s was in almost pristine condition, explaining its relative high price of CHF82,550, still a relatively good buy all things considered.

The million-franc ref. 2499 at Sotheby’s

The all important signature in the six o’clock register

Over at Phillips, the gorgeous Rolex Oyster ref. 6102 “La Caravelle” with an exquisite cloisonné enamel dial by Marguerite Koch sold for CHF1.27 million. Beautiful and in beautiful condition, the ref. 6102 exemplifies mid-20th century cloisonné art in watchmaking.

The same watch sold for CHF1.24 million almost a decade ago in November 2015, illustrating that incredible vintage watches can fetch incredible prices, but absent mania in the market, tend to plateau at a certain level.

Intriguingly, Christie’s sold a similar Rolex Oyster ref. 6100 with a cloisonné dial also by Koch for just CHF277,200. Depicting a fictional coat-of-arms on the dial, the ref. 6100 is likely unique but likely weighed down by its visible wear and the simple fact that the coat-of-arms isn’t particularly compelling.

“La Caravelle”

The same could be said of the Patek Philippe ref. 2523/1 two-crown world time in yellow gold that sold a day earlier, also at Phillips.

Preserved in outstanding condition, this ref. 2523/1 sold for CHF1.75 million, making it the most valuable of the 200-odd lots at Phillips, but still well within the historical range for this watch.

The ref. 2523/1 at Phillips

As an interesting point of comparison, another two-crown world time in yellow gold, but the earlier ref. 2523 instead, sold for CHF1.91 million at Antiquorum.

Although the watch is in worn condition with loss of plating on the cities disc and noticeably rounded edges on the case, its gold guilloche dial is particularly rare and particularly beautiful. It is also possibly unique as “Geneve” is positioned over six o’clock instead of the customary position below 12.

The ref. 2523 from Antiquorum

Antiquorum, however, claimed the most expensive timepiece of any sort this season with the gorgeous and crisp Patek Philippe ref. 605 HU world time pocket watch. Featuring a pink gold case and pink-gilt cities disc, this ref. 605 HU has a cloisonné enamel dial depicting a stylised world map, making it possibly unique and unquestionably outstanding.

The outstanding ref. 605 HU outperformed, selling for CHF3.13 million, a record for the reference by some margin – beating the last record by a million francs – a result that is well deserved. This was perhaps the only big-ticket lot in the entire season that beat expectations for entirely justifiable reasons.

The most valuable ref. 605 HU ever

The big surprises

Amongst the unexpected top lots this season was the Patek Philippe ref. 1518 “pink on pink” that sold for CHF2.47 million at Christie’s. It’s a singular rare watch – just 12 “pink on pink” specimens are known – and also deeply appealing when examined in person.

But this ref. 1518 was restored, in the 1990s by Patek Philippe according to Christie’s. The restoration was artful, but it is still apparent on the dial. In contrast to classic cars, restoration tends to be a no-no in watches, so the big result runs counter to prevailing tastes. The watch, however, looks good in the metal, which perhaps explains it.

Also unexpected but for the opposite reason was the CHF1.50 million, achieved after less-than-spirited bidding, for the unique F.P. Journe Vagabondage I (V I) in platinum made for Michael Schumacher. Despite the low-resolution printing on the dial, this V I is a unique model with its case material (the three others were in gold), enhanced by the provenance of a storied racing career. A watch like this should be more valued.

The same could be said of the five-piece F.P. Journe Ruthenium set also owned by Mr Schumacher, which sold separately for a total of CHF1.70 million to the same buyer.

Taking Christie’s sale as a whole, however, it is clear that the cyberattack didn’t have a discernible impact on the results, which was also true for the auctioneer’s art sales in New York the week after.

The Vagabondage I commemorating the seven F1 world championships won by Michael Schumacher. Image – Christie’s

But Phillips claimed perhaps the most surprising result: a Rexhep Rexhepi Chronomètre Contemporain I (RRCC I) in platinum that sold for CHF1.16 million – or about 20 times its retail price – to an online bidder in Malta. Though the bidder’s identity is unknown, Malta’s popularity with wealth individuals seeking a European Union passport makes it possible the bidder is not Maltese.

And shortly after, an Akrivia AK-05 sold for CHF635,000 to an online bidder in Los Angeles.

This pair sold just a day after the one-of-a-kind Rexhep Rexhepi Chronomètre Antimagnétique (RRCA) hammered for CHF2.1 million at Only Watch (that had no buyer’s premium).

The hammer coming down on the RRCC I at Phillips. Image – Philips

Taken together, these results elevate Akrivia and its founder Rexhep Rexhepi to a rarefied plane that other independent watchmakers have only achieved after decades, or death. The ten most valuable lots at Phillips, for instance, are comprised of five Rolex, three Patek Philippe – and two by Rexhep Rexhepi. F.P. Journe was narrowly edged out for 11th place with a Resonance “pre-Souscription” that sold for just over CHF571,000.

As someone who respects the Mr Rexhepi, I am glad collectors recognise his talent, which may one day emerge as comparable to the once-in-a-generation minds of Francois-Paul Journe and George Daniels.

The near-vertical upwards trajectory of the brand, however, feels like a mania. Whether it’s sustainable in the long term is anyone’s guess, but it is fortunate that Mr Rexhepi is a grounded individual, making it likely he will go on to achieve what he should.

Regarded as a bellwether of the market, the Geneva auction season just concluded with the main players – Phillips, Christie’s, Sotheby’s, and Antiquorum – having staged their sales over four days.

Several records were set over the season, including CHF2.1 million for an immaculate Rolex ref. 6062 triple calendar in steel at Phillips, and CHF2.2 million for the George Daniels Millennium also signed by Roger W. Smith, both including fees.

Trending one way

Despite the record holders, the tone of the season was set by moderating or even weak prices. This was already evident with the most faddish of the “hype” watches last season six months ago. The May auctions saw prices for such watches gap down substantially, reflecting a new reality. Now the same appears to be happening for independent watchmaking – a good thing in my view as it will hopefully shake out the opportunists and no-hopers.

The Roger W. Smith Series 2 hammered for CHF400,000 at Phillips (or CHF508,000 with fees), which is below the current retail price for the model and a third below the price of the lower-priced Series 1 that sold in the same venue in May 2023.

The Phillips saleroom at La Reserve. Image – Phillips

This phenomenon was not unique to Roger W. Smith, with prices gapping down for significant independents like F.P. Journe and Voutilainen. However, these brands remain buoyed by their relative reasonable retail prices, which still remain below recent auction valuations. Even if some examples of the F.P. Journe Resonance, for instance, are now almost half off their peak prices, they are still many multiples of the retail price.

One reason for the continued market weakness is something that was clear in past sales, even when results were stronger – the air is thin at the top and bidders are mostly known. The record-setting result for the Daniels Millennium, for example, was achieved by a familiar face in the room bidding against a phone bidder represented by Geoff Hess of Sotheby’s New York office. The former won the watch, and while the phone bidder was anonymous, insiders had a good idea of who it was.

Interestingly, although independent watchmaking now makes up a hefty portion of each auction, the members of the trade specialising in the genre are sparse. Majority of the watch dealers in every auction were vintage specialists, including prominent figures like Davide Parmegiani. In the salerooms, the only notable secondary dealer with a specialisation in independent watchmaking was Shawn Mehta of Watch4moi.

The paucity of trade underlines the fact that independent watchmaking as a “thing” is relatively new, and has unproven longevity. In contrast, vintage watch collecting has been mainstream for decades.

A sure thing

Practically everyone in the trade turned up at Christie’s Passion for Time, a single-owner auction of watches belonging to Mohammed Zaman, an entrepreneur from Oman who amassed a substantial collection of important watches, including the Rolex ref. 6062 “Stelline” that once belong to airline chief Gordon Bethune.

The sale saw several records set, however, it became a trending headline for another reason: the manner in which it unfolded, namely a late start and last-minute guarantees for the entire sale. None of that would have been news in an art auction but instead generated lots of chatter in the snow globe that is horological social media. As a result of the last-minute guarantees, the estimates were revised to reflect the respective guaranteed values as a new low estimates.

The ref. 6062 “Gordon Bethune”

A guarantee means the lot or entire auction will sell at the guaranteed sum, providing the seller certainty while transferring the risk to the guarantor. With a guarantee, any bids below the guaranteed sum don’t matter because the lot will sell for the guarantee come what may.

Such undertakings are either in-house or third party: the former refers to a guarantee underwritten by the auction house while the latter means the risk is borne by someone else, usually an investor rolling the dice or a dealer supporting the market. The guarantees for the Christie’s sale were third party.

While uncommon in watch auction, guarantees happen frequently and regularly in art auctions, particularly at the highest levels of art collecting. Art insiders know that guarantees are a regular enough occurrence that a third to half of some of the biggest art auctions are guaranteed.

In the broader scheme of things, the guarantees that underwrote Mr Zaman’s collection were trivial. The total raised from Passion for Time was CHF37.9 million including fees. In comparison, the estate of David Rockefeller was guaranteed for a reputed US$650 million in 2018, while Microsoft co-founder Paul Allen’s estate was guaranteed to the tune of US$1.3 billion.

In fact, guarantees are substantial and frequent enough in art that back when Sotheby’s was still a public company, it sometimes provided in-house guarantees that were hefty enough to dent quarterly results and sink its share price.

The Christie’s saleroom with Rahul Kadakia on the rostrum

The only notable aspect of the Christie’s guarantees was the fact that they were put in place at the last minute, probably explaining the 45-minute delay to the start of the sale. This eleventh-hour guarantee likely reflects the slowing market illustrated by the prior days’ sales. Interestingly, there was talk that the guarantor, or guarantors, of the sale had also guaranteed past Christie’s watch auctions.

The guarantees ensured a positive outcome for Mr Zaman. That perhaps explains why he was bidding at Christie’s sale later in the day, where he picked up a few six-figure lots, including the three-piece F.P. Journe Vagabondage set.

As a result of the guarantees, Mr Zaman will surely get paid. On the other hand, it is entirely possible that some of the highest profile lots this season sold in sales other than Mr Zaman’s will not be paid.

The outliers

Every season will include a few results that, on the surface, are difficult to comprehend. Christie’s, for instance, sold a seemingly ordinary Rolex Day-Date with a bloodstone dial for CHF327,000. Though the winner was a telephone, the underbidder was a dealer, who presumably felt he could sell it for more.

But it was of course no ordinary Day-Date, but instead one that was sold by Parisian jeweller Chaumet to King Hassan II of Morocco in 1979. And it was accompanied by a Chaumet certificate, matching Chaumet cufflinks, and presented in crisp condition with pristine hallmarks and Chaumet serial number.

That said, there were lots that remain mysteries even after much pondering. Phillips sold a Breguet ref. 3237 chronograph with a lapis dial for CHF146,000, or about 10 times the value of the same watch with a standard silvered dial.

While rare, maybe even incredibly and exceptionally rare, the ref. 3237 with a lapis dial is not unique. And dial aside, it is identical to the standard model with a stock Lemania calibre inside. Furthermore, it is merely a Breguet, with no connection to independent watchmaking or Daniel Roth.

This illustrates a fundamental truth of auctions: if there are two buyers who really want something, the seller will be happy.

One of the interesting lots this auction season in Geneva is the Patek Philippe ref. 5110G world time with a prototype dial at Sotheby’s. Scheduled to go under the hammer on November 5, 2023, the watch fitted with a monochromatic printed dial marked “Prototype”.

Patek Philippe prototypes, or even prototype dials, rarely emerge in public, so this world time is notable in itself. Another recent example of a prototype was the Aquanaut prototype that sold at Antiquorum in 2019 featuring a “comet” power reserve that was never found on the regular production model.

Unlike the Aquanaut prototype, however, this world time only has a prototype dial. The watch itself is a standard ref. 5110G that’s accompanied by the usual guilloche dial as well as an archive extract.

According to Sotheby’s, the consignor of the watch is a watchmaker who worked at Patek Philippe for many years, so he presumably installed the prototype dial on a regular production ref. 5110G.

Although simpler than the standard dial, the prototype dial is certainly more interesting. The central portion is a plain, flat white with black print, while the cities disc is off white. The dial is hardly fancy but possesses a clean, functional aesthetic that is strangely appealing. Moreover it runs counter to the prevailing Patek Philippe aesthetic that favours guilloche and applied numerals, making it visually unique.

The simplicity of the dial, however, means it might have been a test dial installed in a prototype watch, rather than being a dial design prototype. Be that as it may, the watch is an intriguing timepiece that might be the most interesting modern-day Patek Philippe world time.

The ref. 5110G with prototype dial has an estimate of CHF40,000-80,000 and will be sold on November 5, 2023. You can find out more on Sothebys.com.

Following our look at notable complications and artisanal masterpieces on offer at Sotheby’s Important Watches I in Hong Kong, we now consider the independent watchmaking highlights in the sale that takes place on October 7.

The offerings in the sale range from establishment names like Philippe Dufour – on offer is a Simplicity 37 mm in platinum made after the original run – to newcomers like Pascal Coyon with a Besançon Observatory-certified chronometer. And the highlights also include the headline lot of the auction, the extravagant Richard Mille RM 53-02 in blue sapphire crystal.

Important Watches I happens on October 7, 2023. Registration for bidding and the full catalogue can be accessed here. 

The Richard Mille RM 53-02

Lot 2116: Pascal Coyon Chronometre 

One of the most affordable offerings in the sale is the Pascal Coyon Chronometre, a watch inspired by the French watchmaker’s career as a watch and clock repairer in Bayonne. Though based on a Unitas 6498, Mr Coyon’s hand-wound movement bears a strong resemblance to classical 19th-century pocket watches from the likes of Longines.

While the movement is still a Unitas 6498 at its core, it has been dressed up with frosted bridges and a snail cam regulator, amongst other things.

Being one of his earlier watches, this has a plain, 42 mm polished steel case with a stepped bezel and a white lacquered dial with red numerals for “12” and “60”, complemented by Breguet-style hour and minute hands.

This Chronometre is numbered “16/20” and is accompanied by its presentation box and chronometer certificate from the Besançon Observatory detailing its testing and subsequent chronometer certification.

Although the low estimate is still more than double the original retail price, the Chronometre remains affordable with an estimate of HK$100,000-200,000, or about US$12,800-25,600. Find out more in the catalogue.

Lot 2118: Vianney Halter Goldpfeil 

In 2001, German leather goods manufacturer Goldpfeil formed unique partnerships with seven independent watchmakers to create Seven Masters, a series of watches each developed with an independent watchmaker. Though a landmark project that debuted at the same time as the Harry Winston Opus, the Seven Masters is now largely forgotten as Goldpfeil was already in financial trouble at the time of the launch and went bust a few years later.

The seven watchmakers involved included Sven Andersen, Vincent Calabrese and Vianney Halter. Designed by Pascal Pages, Mr Halter’s creation as stood out amongst the seven the most elaborate thanks to the unusual design and intricate, hammered decoration applied to the case.

Inspired by leather-wrapped vintage rangefinder cameras, the rectangular case is a compact 40 mm by 29 mm and meticulously hammered to create a dimpled texture that is meant to mimic leather grain. The crown is intended to mirror a camera’s winding knob, while the double-flap buckle draws inspiration from the loading mechanism for a roll of film.

What adds to the appeal of the watch are the clever complications that complement the design. Mr Halter implemented a novel moon phase as well as a jumping hours. In typical Vianney Halter style, the display is separated into sub-dials, with the jumping hours at ten o’clock, and minutes and seconds presented below.

The unconventional moon phase indicator at two boasts higher-than-usual accuracy, deviating by only one day in 139 years, surpassing the standard 122.5-year precision of standard wristwatches. But the sparse nature of the moon phase display means it is difficult to set precisely.

Offered as a watch only, the Goldpfeil carries an estimate of HK$80,000-120,000, or about US$10,230-15,400. Full lot details here. 

Lot 2123: Vianney Halter Trio Grande Date

Vianney Halter is most renowned for the steampunk-inspired Antiqua, an aesthetic that was originally devised by American designer Jeff Barnes who then embarked on a partnership with Mr Halter. Mr Barnes sketched several watches in this style during the late 1990s when the brand Halter-Barnes was first formed, including the Trio Grande Date.

This piece preserves the distinct style by presenting the time, day-night indicator, date, and small seconds, through riveted apertures on a chunky, oblong case.

The rectangular white gold case commands a presence on the wrist at 44 mm by 32 mm. Despite its heft, the case is gently curved to fit the wrist while also having the refined finishing typical of Vianney Halter cases.

Interestingly, the VH205 movement within is actually derived from the movement inside the Goldpfeil, though the VH205 is more complex.

The Trio can be set entirely through the crown, providing an unparalleled level of user-friendliness. Noteworthy is the independent operation of the date and time adjustment mechanisms, which prevents inadvertent changing of the date when setting the time, thus minimising the potential for movement damage.

The Trio Grande Date includes its certificate of authenticity, presentation box, and instruction manual. It has an estimate of HK$320,000-480,000, or about US$41,000-61,400. For more, view the catalogue entry.

Lot 2178: Ulysse Nardin Freak Blue Phantom 

The Ulysse Nardin Freak continues to stand out among contemporary watches, even after two decades after its launch because it is so different. The first serially-produced watch to employ silicon for movement parts, the Freak boasts a unique design where the movement is actually the minute hand, while the dial covers an enormous mainspring that occupies most of the case. And the movement boasts the brand’s patented Dual Direct escapement made up of twin silicon wheels.

Although Ulysse Nardin is not an independent watchmaker strictly speaking, the Freak was conceived by two notable watchmakers. The original concept came from the mind of Carole Forestier-Kasapi, now head of movement development at TAG Heuer, and subsequently it was Ludwig Oechslin who refined the idea to create the Freak as we know it.

The example shown here is a Freak Blue Phantom, one of the most distinctive early Freak models that is distinguished by the blue coating on its main plate and bridges. Certainly one of the most striking variations of the Freak, the Blue Phantom preserves the design of the original 2001 model although in a slightly larger case. 

It is housed in an 18k white gold case with a hefty diameter of 44.5 mm. As is tradition for the Freak, the movement is wound by turning the notched case back, with an aperture in the back revealing the coils of the mainspring, thus serving as a power reserve indicator.  

The Freak Blue Phantom is complete with its guarantee certificate, presentation box, and instruction manual. It has an estimate of HK$320,000-480,000, or about US$41,000-61,400. Full lot details here. 

Lot 2218: Greubel Forsey GMT 

One of the most recognisable creations of Stephen Forsey and Robert Greubel, the GMT combines a 25° inclined tourbillon and an elaborate second time zone complication in the form of a striking, three-dimensional globe that is visible from both the front and an aperture on the case side.

Besides the second time zone on the dial, the complication also includes a world time disc on the back that shows the times on all 24 time zones of the world.

This example is a relatively less common model in platinum – the case is 43.5 mm – matched with a rose gold dial. It was a limited edition of only 22 pieces.

Numbered “12/22”, the GMT is presented as a watch only without accessories, but the watch is being sold with a complimentary comprehensive servicing by Greubel Forsey. The servicing includes an update of the owner’s book and an additional two-year warranty.

The GMT has an estimate of HK$2.0-4.0 million, or about US$255,800-511,600. Full lot details here. 

Lot 2276: Breguet Sympathique No. 2 Clock and Wristwatch

Originally invented by Abraham-Louis Breguet during his exile in Switzerland in 1795, the Sympathique is arguably one of the greatest horological achievements in history. Consisting of a Sympathique master clock and accompanying pocket watch, the Sympathique regulates winds, and sets the pocket watch during the night when the pocket watch is mounted on the clock.

Only a very limited number of original, 19th century Sympathique clocks were ever produced, with some taking up to two decades to complete. The most famous of them is the magnificent clock made for the Duc d’Orléans that was sold at Sotheby’s in New York on December 4, 2012, where it achieved an impressive US$ 6.803 million.

Recognising the significance of this historical masterpiece, Breguet recreated the Sympathique in the early 1990s in a limited edition of 19 examples. The modern-day Sympathique substituted the pocket watch with a wristwatch, the type of which varied from clock to clock.

Originally sold by Tiffany & Co. in New York, this example include a wristwatch with a 36 mm yellow gold case. It incorporates a tourbillon, regulator-style time display and power reserve indication, as well as the mechanism for the clock to wind and set the time. The watch exhibits noticeable signs of wear, particularly with the case showing oxidisation, especially on the sides.

Incredibly ornate in style, the gilt bronze clock boasts an astronomical annual calendar featuring phases and age of the moon, equation of time, a centigrade thermometer, an eight-day power reserve indication, and a five-seconds remontoire winding spring with a detent chronometer escapement.

The clock is accompanied by a duplicate Breguet certificate signed by Nicolas G. Hayek himself that is dated September 2008. The certificate confirms this is the no. 2 in a limited edition of 19 clocks. The clock also includes instruction documents and an original Morocco leather fitted box with a drawer containing a magnifying glass, screwdriver and key. It carries an estimate of HK$1.8-3.6 million, or about US$230,200-460,500. 

Find more information on this lot here.

Lot 2297: Philippe Dufour Simplicity 37 mm “NG” 

Whenever a Simplicity goes on the block, it unfailingly attracts attention, because of its creator and the fact that it is regarded as the finest-finished time-only watch in the world. Despite the name that describes a simplistic design, the movement decoration reveals a level of complexity that defies its moniker. Devoid of complications or excess design, the Simplicity is all about the movement that is hand finished by Mr Dufour.

This example is a 37 mm version in platinum, making it rarer than usual since the metal is less commonly encountered in the Simplicity, most of which are cased in gold. The platinum case is matched with a white lacquer dial and blue Breguet hands.

Interestingly, this dates from 2017, well after the original, 200-piece run of the Simplicity ended. As such this does not have a serial number on the movement, but rather the original owner’s last name or initials, which read “NG”.

According to Sotheby’s this was consigned by the original owner. It is accompanied by the original box and certificate, and has an estimate of HK$4.0-8.0 million, or about US$511,600-1.02 million. Full lot details here.

Lot 2304: Richard Mille RM 53-02

Richard Mille describes its sapphire-case watches as the “ultimate expression of weightlessness and transparency”. Despite its transparency, the RM 53-02 is over the top and quintessential Richard Mille.

The standard RM 53-02, if it can be called that, has a case of clear sapphire crystal. This, on the other hand, is one of a limited edition just eight watches in scratch-resistant blue sapphire crystal, which according to its maker, requires over 1,000 hours of work to machine and polish to achieve its sleek appearance. 

Within the blue sapphire case is a movement made up of double base plates, both secured by tensioned, braided cables that enhance shock resistance according to Richard Mille. The result is a “floating” movement that appears to be suspended in the middle of the case.

The RM 53-02 is accompanied by its warranty, instruction manual, and presentation box, and carries an estimate of HK$16-24 million, or about US$2.05-3.1 million.

For more, view the catalogue entry.

Preview and auction details

All lots will be on show during the preview exhibition in the run-up to the auction. Both the auction and preview will take place at the Sotheby’s Hong Kong Gallery located in Admiralty.

Preview
Open daily October 2-6 from 10:00 am-6:00 pm

Auction
October 7, 10:00 am

All times are local to Hong Kong, GMT+8.

Sotheby’s Hong Kong Gallery
5/F, One Pacific Place
88 Queensway, Admiralty
Hong Kong

For the full catalogue, as well as viewing appointments and online bidding, visit Sothebys.com.

This was brought to you in collaboration with Sotheby’s.