Sotheby’s had a record-setting weekend—four times over.
The auction house’s live watch sales in Geneva broke four world records, with two occurring in the Important Watches event and two coming in the Treasures of Time sale. In total, the two auctions combined for an impressive $22.9 billion, with more than 27 per cent of the lots hammering down for more than their high estimate.
Two of the world records came for Patek Philippe timepieces, some of the most coveted among collectors. A Ref. 1563—a yellow-gold split-second chronograph with luminous Breguet numerals and hands made in 1947—fetched RM17.9 million. One of just three known examples of the reference, the watch includes the case of Patek’s 1463, but it was made larger to include the movement of the brand’s 1436. Then a Patek Ref. 2499 Black Dial hammered down for RM12.2 million. That timepiece is the only known third-series 2499J (yellow gold) fitted with a black dial, and only six 2499s in total are known to have such a dial.
Elsewhere, a Cartier London Tank “Oblique” was auctioned off for a record-breaking RM898,324. The yellow-gold watch from around 1970 features rare details from the jeweller’s London atelier, including a slimmer case with spring bars and screws between the lugs and no rail track on the dial. And a Rolex Coin watch fetched $95,460: Just 10 versions of the Rolex “50 Pesos” Ref. 3612 were made to commemorate the 150th anniversary of the Treaty of Cordoba. The 39 mm case is shaped like a 50-peso gold coin, while the band is engraved with “Libertad—Independencia.”
“There is plenty of feel positive about the outcome of our live sales, not just the great overall total and the records, but knowing that discerning watch collectors will always be prepared to defend their bids to win outstanding lots, whether from independent or major watchmakers,” Mikael Wallhagen, Sotheby’s head of watches for Europe and the Middle East, said in a statement.
Beyond the record-smashing results, the Sotheby’s Geneva sales point in a positive direction for the collecting market. The majority of bidders overall were under 50 years old, with 32 per cent under 40. Buyers in Europe made up 34 per cent of the sales, with those in the United States and Asia each responsible for 19 per cent of sales. Of those groups, an impressive 60 per cent were under the age of 50.
The watch market itself may be in a state of flux, but Sotheby’s watch auctions seem to be doing quite well at the moment.
Photography: Sotheby’s
