In truth, this is another relatively unexciting season that illustrates the increasing difficulty auction houses face in acquiring top watches for sale. At such times, all we can do is compare recent catalogs with those from 10 or 15 years ago. While buyer tastes and trends have certainly changed, the number of truly rare and important watches available has declined considerably.
In terms of importance and quality (condition), the two best vintage watches sold in Geneva this season were a pink gold Patek Philippe ref. 2497 sold by Sotheby's for CHF 98 and a yellow gold Rolex ref. 8171 sold by Phillips for CHF 98.
The Grand Complication pocket watch, crafted by George Daniels in 1987, was the cover lot at Phillips and sold for CHF 242 million, approximately 70% more than when it was first sold at auction in 2012. While this Grand Complication is not as iconic as the two unique "Space Traveler" pocket watches and lacks the elegance of the simple Daniels pocket chronometer, it is an important specimen and fetched a price commensurate with its importance.
Another notable watch sold by Phillips was a cushion-shaped minute repeater calendar wristwatch with a unique early yellow gold case made by Vacheron Constantin in 1940. The original dial was in poor condition, but this lot included a replica of the original dial. Despite Phillips' strange marketing gimmick for the sale, this Vacheron ultimately sold for 74 Swiss francs. A mint-condition Longines A7 chronograph from Eberhard's Milan sale in 1936 sold for 25 Swiss francs at the same auction.
I'd like to point out that there's a current tendency to discuss two watches of the same reference. One example is the Rolex "Small Crown" Submariner, ref. 5508. Produced in the late 1950s, two examples of this 5508 sold within two days of each other in Geneva this spring. A mint, near-"likely" example sold for 500,000 CHF at Phillips, while another example of the same reference in mediocre condition sold for 25,000 CHF at Christie's. Quality equals price! In this case, the price difference was a factor of 20.
This is perhaps the single most important underlying paradigm in vintage watch collecting today: the most beautiful, highest quality examples will continue to fetch incredible premiums, even as prices rise dramatically, as collectors—better educated and more diligent watch hunters—perceive the extremely limited availability of the best examples.
A beautiful pink gold Rolex ref. 6062 "Stelline," "touched" by a dealer, graced the cover of Christie's catalog and managed to fetch 975,000 Swiss francs. The same watch sold at Antiquorum four years ago for about one-third the price. At the time, the dial had been badly re-lubed, but has since been expertly restored to its "original" condition by a keen dealer.
Meanwhile, a yellow gold ref. 6062 "Stelline" in fair condition sold at Phillips for 548,000 CHF. Two excellent classic Patek Philippe ref. 96 Calatravas are worth mentioning: one on a platinum bracelet sold at Phillips for $137,500 US; and the other, a steel model with a sector dial and center seconds, sold at Christie's for $97,500 US. Consumer tastes seem to be returning to smaller, more classic, and more elegant watches these days. Meanwhile, prices for manual-wound Daytonas have, in some cases, fallen due to market fatigue and indigestion, as well as a still-high supply of Daytonas. As a result, many examples simply could not be sold without lowering their estimates.
Two notable sales at Sotheby's by French retailer Guillamin were: a previously known yellow gold Patek Philippe ref. 1518 sold for $500,000; a gold square Cartier triple calendar with an Audemars Piguet movement sold for $206,250; and a rare Vacheron Constantin minute repeater pocket watch with four hammers on four gongs sold for $137,500 in the same auction. Thirty years after the legendary 1989 Art of Patek Philippe auction, a very rare steel and pink gold Patek Philippe ref. 130 with a black sector dial returned to the now defunct Antiquorum, selling for $281,000.
In summary, even though the global economic situation remains highly uncertain, the relentless pursuit of quality and rarity by enthusiasts who dominate the market remains steadfast at the highest echelons of vintage watch collecting and is unlikely to change easily in the foreseeable future.
World-renowned enthusiast and collector of important wristwatches and pocket watches
