This is a new series from webChronos, bringing you information about watch auctions held overseas. In this first installment, we look back at the results of the 12th Hong Kong Watch Auction, held by the auction house Phillips on Saturday, June 5th and Sunday, June 6th, 2021, and introduce some notable models that were actually sold.
Text by Kouki Doi (Chronos-Japan)
Article published on June 2021, 7
The 12th Hong Kong Watch Auction recorded numerous records in Asia
Phillips, a British auction house, held the 12th Hong Kong Watch Auction in collaboration with Bacs & Russo, an auction business consulting firm. The two-day auction, held on June 5-6, 2021, produced a variety of positive results.
Amazingly, it set a new record for the highest total price ever paid at a watch auction in Asia. 311 timepieces, including clocks, were put up for auction, with a total price of HK$191,239,320. Converted to Japanese yen, this amounts to over 27 billion yen (1 HK$ = 14.30 JPY as of July 5, 2021). The minimum bid price set beforehand was a total of HK$91 million, but the total price reached more than double that amount.
In addition, the auction achieved a 100% sales rate and achieved the "white glove" milestone, indicating that all watches offered were sold out. These results make the 12th Hong Kong Watch Auction the most successful watch auction ever held in Asia.
One of the reasons for achieving the "White Glove" milestone is the rapid increase in online participants. In recent years, watches have been attracting attention from collectors around the world due to their asset value, and the online format, which is not bound by country or region, has significantly lowered the barrier to participation. Furthermore, the recent global spread of COVID-19 has made travel between regions difficult, which is another factor that makes online participation so convenient.
A total of 1705 online attendees from 55 countries attended, an increase of approximately 30% compared to the previous season, making it the highest number of attendees ever held by a Phillips auction in Asia.
What do the specialists say?
Thomas Perazzi, head of Phillips' Asia watch division, commented on this record-breaking auction.
He is of Italian-Swiss descent and head of the Asian watch division at the auction house Phillips. He joined Phillips in November 2017 after serving as Antiquorum's Italian watch division, deputy head of Sotheby's European watch division, deputy head of Christie's watch division, and head of Christie's European watch division. He currently works mainly in Hong Kong and is also an international auctioneer.
"All of Phillips' spring watch auctions (Hong Kong online: April, Geneva: May, Hong Kong: June) recorded white glove sales (100% success rate). We have never seen such results before. I believe one of the reasons for this is the increase in online participants due to the impact of COVID-19."
"We've seen a noticeable increase in new participants from around the world, as well as relatively young people. Therefore, we believe the auction platform (especially for rare, high-quality, and well-maintained items) will continue to grow."
"Among the many watches offered, early works by independent watchmakers stood out. Because these are few in number, they tend to fetch higher prices. The most surprising result was Alain Silberstein's Marine Tourbillon "Black Sea" (Lot 809)."
