What kind of watches are captivating auctioneers and enthusiasts around the world? Let's take a look at the glamorous world of auctions through the eyes of Davide Munari, a collector and longtime friend of Masamasa Hirota, editor-in-chief of Chronos Japan.
A look back at the 2017 Geneva watch auction
Following the sale of Paul Newman's Daytona at Phillips' "Winning Icons" event in New York in October 2017, the Geneva watch auction, held a month later, was relatively quiet. This was likely due to the absence of mega lots that collectors had been eagerly anticipating, such as the Rolex Ref. 6062 "Bao Dai" (CHF 5 million) and the black-dial Patek Philippe Ref. 2497 (CHF 2.9 million) seen at the May Spring Sale. The unique importance of these two watches, coupled with their undisputed provenance, originality, and condition, led to fierce bidding at the May auction.
Today, veteran collectors, with the trained eye to determine the market price of important timepieces, seek originality and fairness. They want watches that are not only "correct," but also in pristine condition. In terms of condition, aside from wanting "as-new" or "mint" pieces, they also prefer unpolished cases and unrefined dials whenever possible. Because auction houses do not reveal the true nature of every watch, collectors' natural defense is to be both picky and meticulous.
After the October Phillips sale of Paul Newman's Daytona in New York, Geneva watch auctions a month later was relatively quiet, probably because there was an absence of hotly anticipated mega lots such as the Rolex ref.6062 “Bao Dai” (CHF 5m) and the Patek Philippe ref.2497 (CHF 2.9m) with black dial from the spring sales. These two unique and very important watches saw fierce bidding in May due to their undisputed provenance and their originality and condition. Seasoned collectors with trained eyes dictating market prices for important watches today want originality and honesty. They seek watches that are not only “correct” but were likely born in their present configurations. Regarding condition, next to “new old stock” or “mint,” they want, to the best extent possible, unpolished cases and unrestored dials. Since auction houses don't often reveal the truth about all watches, collectors cannot but be paranoid and scrutinizing as natural self-defense mechanisms.
