Starting Point of the Auction Season – Dubai – March 2018

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The first auction of the season from the big three auction houses worldwide set the trend for collectors. Christie’s sale in Dubai showed again some strong results in all categories of the watch market. It is now clear that independent watchmakers are among the new influencers and trendsetters. If Patek Philippe reaffirms its supremacy over the watch market, following the first auctions of the season in Monte Carlo last January with local players Artcurial and Antiquorum, independent watchmakers are now more and more present in each capitals of the auction market. In this Skolorr bespoked report, we have taken the Christies Dubai sale as a starting point to illustrate the impact of independent watchmakers on the auction block and it is evident that they are now very strongly represented behind Patek Philippe and Rolex duopoly.

It is interesting to notice that amongst the sale’s top best brands, two names are renowned for their contribution to the world of independent watchmakers. To start with, Richard Mille in third position, just behind the well-known duopoly Patek Philippe and Rolex, confirms again the importance of independent watchmakers on the auction block. It is then the driving force of Harry Winston best known for its famous jewels, who is also among the two best-renowned watch brands for independents, which is coming in fifth position just behind Audemars Piguet, the fastest growing vintage brand in 2017.

Richard Mille

Looking carefully in details at all numbers, we notice that Richard Mille managed to achieve the strongest average price per lot sold which means a lot compared to the star brand Patek Philippe, whose top result made almost a million dollars. This shows again that independents maintain their values through the prism of a strong and dynamic secondary market, especially when they maintain a clear marketing strategy in the collector’s eye. Along with Harry Winston, both brands represent a market share of almost 13% which is one of the major driving force of this first sale of the season in Dubai. An impressive result confirming the importance of this niche market segment.

Harry Winston “Histoire de Tourbillon No.5”

This first sale also clearly illustrates the strategy behind the auction scene where “less is more”. With only 191 lots, Christie’s Dubai sale is a perfect example of the direction taken by the auction world where live auctions must concentrate on a fewer pieces to achieve stronger prices in each category. As an example, Histoire de Tourbillon No. 5 by Harry Winston, made an impressive result clearly showing the trend towards excellence in independence watchmaking. If complicated timepieces are still in high demand, sports models should soon rise following the trend with Daytona, Nautilus and Royal Oak.

Our analysis of the auction market shows that behind the vintage driving force of long-established brands like Patek Philippe and Rolex and uprising stars like Audemars Piguet, there is a driving force coming from the world of independent watchmakers. Although they may not have the same marketing power as the big industrial watch tycoons, it is important to study their positioning in the auction world, which explains why some collectors are now competing against each other very fiercely to acquire all best pieces with great prices for rare pieces.

F.P. Journe “Byblos”

If records were not beaten in this last session, it is very clear that F.P. Journe once again performed very well with its tantalum wristwatch “Byblos” whose final hammer price more than doubled pre-sale estimate, showing once again that rare pieces by prestigious independent watchmakers on the auction block are the right choices in today’s collectors’ world. Story to be continued with one of the maestro of independents on the auction block.

The Dubai auction report is positioned in a strategic area of the auction world where there is one of the strongest potential growth for new collectors. The Middle East region is a niche market, just like Monte Carlo where new collectors can pick some interesting pieces and it happens more and more often that results do reflect perfectly the dynamism of these small capitals of the watch market, where sessions take place sporadically and not as often as major capitals like Geneva, Hong Kong and New York.

If we observe the presence more and more often of independent watchmakers in the auction world, it is still very important for collectors to understand and apprehend all brands from a different level or point of view in regards to the secondary market. We have learned one main element from Christie’s first auction, their presentation with a smaller selection of items based upon quality, rarity and provenance go to higher prices and results. It is the key to success for independent watchmakers.

GEOFFROY ADER