Only "truly valuable watches" are selected at auctions. The philosophy behind high bids

The watch market is slowing down. But that's not the case at auctions. Collectors' purchasing appetite shows no sign of waning, and bidding is heating up. Watches are the crystallization of traditional craftsmanship, or the pinnacle of technological innovation. It is these watches that discerning collectors pour their money into. Sharon Chan, head of the watch department at Bonhams Hong Kong, talks about the current state of "truly valuable watches" through actual transaction examples.

Buyers focus on valuable watches

　Over the past two years, whenever I have spoken to watch brands or industry insiders about their performance, it always begins with a note of melancholy and ends with a sigh. National and international media reports, as well as Swiss export statistics, consistently point to a stagnant market.

　However, a look at the watch auction market reveals a completely different picture. Bidding remains as heated as ever, and collectors' purchasing appetite remains undiminished. As a watch auction expert, I can see this firsthand. It's not that buyers are stingy with spending; rather, they've become more savvy and are focusing their money on truly valuable watches.

The pinnacle of craftsmanship: Richard Mille's RM 47 Tourbillon

　I recently handled a private sale of a Richard Mille RM 47 Tourbillon model with a sapphire crystal case. The current market price of this watch is well over HK$27 million (approximately JPY 496.8 million, 1 HK$ = JPY 18.40, as of June 16, 2025). Despite the high price, many buyers were eager to purchase it. The reason is clear: this model combines rarity with exceptional traditional craftsmanship and cultural value.

　The 18K yellow gold samurai armor placed in the center of the dial was engraved by Pierre-Alain Lozeron and painted by his wife Valérie Lozeron, meticulously recreating the hawk feather family crest and decorations based on historical documents. The armor is made up of 11 parts, and the engraving took approximately 16 hours, plus approximately 9 hours including the firing process. The armor is hand-painted multiple times, beautifully expressing the Japanese samurai spirit.

　What's even more remarkable is that these metalworks are not carved as part of the movement, but are separate structures that are fitted into the mechanism as "armor." The sapphire crystal case allows these details to be viewed from any angle, further enhancing the rarity of this watch.

　Watches that incorporate the finest traditional techniques, such as the RM 47 Tourbillon, are highly prized by top collectors. On the other hand, watches that represent technological innovation in watchmaking also attract the attention of collectors. Among the watches auctioned at Bonhams, we will introduce the Hublot MP-05 LaFerrari and the Richard Mille RM UP-01 Ferrari. Both models have Ferrari in their names.

Hublot MP-05 LaFerrari boasts a power reserve of approximately 50 days

　Hublot's MP-05 LaFerrari is a symbol of technological innovation in the watch industry. Its 11 barrels connected in series provide an astonishing power reserve of approximately 50 days. To make this structure work, a differential gear is essential to equalize the torque from each barrel, and numerous innovations are incorporated to maintain consistent accuracy.

　Furthermore, because the vertical roller display could not be used with conventional mechanical transmission methods, the brand developed a new vertical power transmission axis. This model, with its complex structure resembling that of a car engine, is the culmination of advanced calculations and precise technology, from conception to assembly, within a case just under 5cm in size.

The world's thinnest Richard Mille RM UP-01 Ferrari, measuring just 1.75mm thick

　Let's take a look at another watch that became a technological singularity: the Richard Mille RM UP-01. Ferrari aimed to make it the thinnest possible watch. Its thickness is just 1.75mm, breaking the limits of traditional watchmaking. To achieve this thinness, the production team created numerous prototypes, pursuing the ideal structure and component layout.

　In creating this extremely thin watch, the production team reexamined all common sense in watchmaking, completely redesigning everything from the layout of the gear train to the shape of the components.

　For example, the guard pin of the pallet has been replaced with a newly designed pallet head to ensure the same function. The barrel does not use a stem, but instead uses a mechanism in which the outer periphery is supported by a beryllium copper bushing. This resulted in a barrel that is just 1.18mm thick.

　This design doesn't allow for the use of a standard crown. Instead, a disc is placed on the dial, which is operated with a special tool for winding and adjusting the time. Not only is the design slim, but it's also shock-resistant to 5000G, making the RM UP-01 Ferrari both a highly technical watch and one that can withstand everyday wear.

A value that is supported even at an extremely high price

　Such truly valuable watches are not to be missed by collectors, no matter how expensive they may be. In today's watch market, the true winners are those that have intrinsic value that moves people's hearts, rather than simply being a topic of conversation.