Story Highlight
– Collectible watch auction market is now broader and younger.
– New collectors seek originality beyond traditional luxury brands.
– Online bidding has increased participation and customer reach.
– Demand for diverse brands like Cartier and Piaget is rising.
– Neo-vintage watches expected to perform strongly moving forward.
Full Story
The landscape of the collectible watch auction market has significantly changed over the past decade, as noted by Bonhams. Traditionally perceived as a domain for seasoned aficionados focused on high-end brands like Rolex and Patek Philippe, today’s auctions are increasingly attracting a diverse, global audience. This includes first-time bidders and tech-savvy enthusiasts eager to explore a wider array of brands.
Auction houses like Bonhams have successfully expanded their outreach through online bidding options, private sales, and consistent client interaction. These efforts not only introduce new collectors to the marketplace but also ensure that established customers remain engaged, all while maintaining a reputation for expert authentication and fair pricing.
Consumer preferences are also evolving. Brands such as Cartier and Piaget, along with independent watchmakers, are now garnering interest alongside established names. Additionally, there is a noticeable resurgence in the demand for elegant dress watches, complementing the ongoing popularity of sporty models.
Jonathan Darracott, Bonhams’ Global Head of Watches, believes this transformation signifies a healthier and more sophisticated market, where interest extends beyond mere trophy pieces. In an interview with WatchPro, he remarked, “The depth of the market is significantly stronger than before and continues to grow, with collectors and dealers showing greater interest in purchasing watches at auction than in previous years.”
Discussing the nuances within the luxury segment, Darracott suggested that the broader luxury watch market isn’t stagnant, as some may claim. Instead, many timepieces outside of the headline-grabbing auction records have appreciated considerably. He provided specific examples, noting how certain models from Piaget have seen their values double or even triple, while Cartier has experienced substantial percentage gains from a lower starting point.
One standout piece sold at Bonhams New York, an 18-carat gold Piaget Polo Jumbo quartz watch from around 1980, fetched $33,280 during an online auction.
The auction environment remains fiercely competitive, with an increasing number of watches selling for amounts above their high estimates, a trend reflective of robust demand from collectors and dealers alike. This breadth of interest indicates that the collectible watch market encompasses a wider selection of pieces rather than just a few sought-after models.
According to Darracott, the most sought-after brands have shifted to include not just the traditional giants but also Cartier, Piaget, and emerging independent makers. He emphasized that a younger generation of collectors is driving this change, eager for unique designs and authentic rarity, thus broadening the overall market.
A notable mention is the 18-carat gold Cartier ‘Bamboo’ Coussin from the 1970s, which realized $114,800 at a Bonhams New York auction in April.
Reflecting on the influx of new clients since 2020, many were initially investors rather than genuine enthusiasts. However, Darracott believes the current climate sees a trend toward fewer but more passionate buyers. “At Bonhams, we are seeing more buyers and sellers participating globally than ever before, reflecting genuine confidence in the market,” he noted, citing strong recent auction results in Hong Kong as evidence of sustained demand.
Looking forward, Darracott expressed optimism regarding the future of auction results, suggesting that ongoing price increases for elite watches might stimulate renewed interest in comparable items, thus expanding participation similar to the levels previously seen in 2022.
To cater to a broader audience while retaining exclusivity for key clients, auctioneers have adapted their business models over the years. Darracott mentioned that Bonhams’ strong client relationships and a growing private sales sector have widened their appeal, with rising bidder registrations reflecting this enhanced engagement. Their Weekly Watches sales, showcasing a variety of vintage and neo-vintage pieces at accessible prices, exemplify this strategy.
When questioned about future auction performance, Darracott acknowledged the current unprecedented pricing trends within the watch market, expressing that there is no sign of waning demand. He also highlighted neo-vintage watches as a category expected to perform well, combining modern wearability with rarity and collectability.
