Story Highlight
– Geneva watch auctions totaled $203 million in sales.
– Philips achieved record CHF 92 million sale.
– F.P. Journe watches dominated, generating CHF 31.8 million.
– Patek Philippe remains cornerstone of prestigious collections.
– 40% of bidders are Millennials or Gen Z.
Full Story
A light-hearted folklore suggests that over a million individuals claim to have attended the iconic 1966 World Cup final at Wembley Stadium, despite the venue’s capacity being just under 100,000. This reflects either the fervent zeal of fans or perhaps an intention to embellish memories of a national triumph.
In a similar vein, this weekend’s watch auctions in Geneva may foster a similar sense of nostalgia as the leading auction houses—Phillips, Christie’s, and Sotheby’s—achieved an impressive combined total of $203 million in sales. As time passes, the tally of those who “were present” in the auction rooms may also vary.
Phillips set the bar with an historic CHF 92 million ($112.3 million) sale on November 7 and 8, marking a milestone as the first live watch auction to surpass the $100 million mark. Christie’s followed suit on November 9, achieving CHF 47.8 million ($58.7 million), a record for its watch department in a single auction and significantly higher than the previous year’s CHF 21.6 million.
Sotheby’s contributed over $32 million from its Important Watches auctions on November 8 and 9, highlighted by a Patek Philippe Sky Moon Tourbillon that fetched CHF 2.29 million.
While record-breaking figures were demonstrated throughout the events, it appears that the prices for top-tier watches remain stable compared to the previous autumn and spring sales. However, the market might have reached its peak judging from current trends.
The continued enthusiasm for horological pieces crafted by contemporary independent watchmakers is undeniable, with François-Paul Journe standing out as a particularly influential figure. At Phillips, just 13 F.P. Journe watches amassed CHF 31.8 million ($38.8 million), making up over a third of the auction’s total.
The lead item at Phillips, an F.P. Journe Chronomètre à Résonance Régence, achieved CHF 8.68 million ($10.6 million). Other notable sales included a Tokyo Boutique Chronomètre at CHF 6.15 million and a diamond-encrusted Vagabondage III at CHF 5.06 million. At Christie’s, a trio of F.P. Journe Vagabondage watches in pink gold was sold to a single collector for CHF 6.71 million ($8.24 million).
The auction also saw remarkable interest in a complete five-piece Ruthenium collection linked to Formula 1 champion Michael Schumacher, with both the Tourbillon Souverain and Chronomètre à Résonance reaching CHF 1.536 million each, reflecting a significant increase in value compared to previous auctions.
In other highlights, Sotheby’s showcased that Patek Philippe continues to play a vital role in esteemed collections, as evidenced by the sale of a yellow gold Sky Moon Tourbillon reference 5002 for CHF 2.3 million ($2.8 million). Another Patek Philippe reference 3970 perpetual calendar chronograph set a new auction record, selling for CHF 2.048 million ($2.5 million).
Phillips noted strong interest in historically significant Patek Philippe pieces, typifying this trend with a rare stainless steel reference 1436 split-seconds chronograph from 1945, which sold for CHF 6.267 million ($7.6 million).
The dynamic between established brands and independent watchmakers is shifting, with auctions reflecting a growing recognition of exceptional examples from both categories. Sotheby’s auction of George Daniels’ yellow gold Millennium wristwatch, achieving CHF 1.536 million, illustrated collectors’ high esteem for innovative horologists. This particular piece, among only 48 made, was retained by its original owner following its production in 2001.
At Phillips, the auction saw a platinum Philippe Dufour Simplicity fetch CHF 1.97 million ($2.4 million), and a unique tantalum Voutilainen Vingt-8 Inversé sold for CHF 1.524 million. The notable results underscore that while rarity is significant, the stories and provenance associated with timepieces add substantial value.
Christie’s auctioned a complete set of ten A. Lange & Söhne watches, marking the manufacturer’s 25th anniversary in 2019, selling for CHF 524,800 ($640,000). Collectors now seem increasingly inclined to pay extra for watches that are scarce and carry authentic histories.
The trend is not confined to independent watchmakers. Phillips reported a rare Rolex reference 6062 Stelline selling for CHF 2.33 million ($2.84 million), while a Cartier Portico Mystery Clock No. 4 achieved CHF 4.8 million ($5.85 million), setting a record for Cartier at auction.
The recent auctions underscored the evolving profile of watch collectors. Christie’s noted that 40% of registered participants were Millennials or members of Generation Z, with 19% new bidders entering the auction realm. Phillips drew 2,121 registered bidders from 69 different countries, and Christie’s experienced participation from 66 nations, indicating a vibrant global interest in horological pursuits.
