Picasso watch sells for over 2800 million yen. A look back at the watch auction that produced record results

In the first installment of "Latest News from the Global Watch Market," Tim Bourne, International Director of Watches at Bonhams Hong Kong, a long-established auction house, looks back on the watch auctions held in 2021.

2021: A year that changed the watch market

　2021 has been an incredibly prosperous year for the global watch market. World records have been set at almost every auction, with many watch manufacturers setting new prices. The number of users participating in global watch auctions continues to grow.

　While the impact of the COVID-19 pandemic has restricted the movements of people around the world, it has also had a positive effect by attracting new users and watch collectors who previously had little interaction with auction houses, driving up prices in various categories among collectors.

　Not only has this had a positive economic impact, but collectors have also become much more informed and knowledgeable. The breadth and diversity of what each collector wants to buy has made this fascinating category of collecting highly addictive and rewarding.

Two watches that produced surprising results

　In this first column, I'll be looking at watches that have generated significant interest and ultimately achieved record prices, but that may not have been widely appreciated because they are less common. Many people are aware of the astonishing prices being paid for rare models from popular brands at auction today, including Rolex, Patek Philippe, Audemars Piguet, and FP Journe.

　And while these prices are justified by the quality, the strength of the brand's DNA and the exceptional craftsmanship, not all collectors like the same things. The ultimate collector is someone with a vision, who collects because they are passionate about the subject and who has done a tremendous amount of research.

　Collections reflect a person's personality and reveal their inner extroverted or introverted nature, and two very different watches offered at a recent Bonhams auction were perfect examples of the dedicated approach of the collectors who originally owned them.

　The first is a watch by Dr. George Daniels, one of the greatest watchmakers of the 20th century. He developed the revolutionary Co-Axial escapement, and to commemorate this technological milestone's role in watchmaking, he created a series called "Millennium." Working with his protégé, Roger Smith, he produced 48 watches.

　Delivered in 1999, the 48 lucky collectors who were able to acquire this model were able to own a piece of modern watchmaking history. When the lot was put up for auction about two months ago, it was predictably met with very strong competition, but ultimately sold for $717,500 (approximately 7903 million yen), setting a world record for the model.

　The second Passionate Collector's watch, in a completely different category from Master Watchmaker, was offered at the Paris Salon auction in May. While this watch had little monetary value, either mechanically or brand-wise, it has a fascinating history and was worn by one of the 20th century's greatest painters, Pablo Picasso.

　The dial features one letter of Picasso's name in each of 12 places, and is accompanied by a photograph of him wearing the watch during an art session. Without any proof, the watch would have been worth only about $50. But once it was offered for sale with its proof, history, and fascinating story, it quickly became highly collectible. After a 15-minute bidding war among art collectors, it sold for $258,000, nearly 20 times its initial estimate.

　These two examples of watch collecting demonstrate the immense confidence and dedicated knowledge that goes into building a collection: these two collectors built their collections with passion, rather than catering to the tastes of the masses.

Two pocket watches that tell the story of the Wild West

　At an auction held in August, attention was focused on the success of two pocket watches from the collection of Jim and Theresa Earle, avid collectors of early Wild Wild West memorabilia.

　One is a pocket watch that belonged to Pat Garrett, a gunfighter active during the American Old West, and was given to him when he brought the case against the legendary outlaw Billy the Kid. The other is a silver pocket watch engraved with the name of Buffalo Bill, an iconic figure of the American Old West.

　If you are a watch collector, trust your judgment, do as much research as possible, stick to your collecting theme and philosophy, buy with passion and within your financial means. It will be well worth it.