Over the past few weeks, the world’s leading auction houses invited collectors and connoisseurs to their spring watch sales in Geneva and Hong Kong.
In all, nearly 4,000 watches were presented for sale, an abundant offering in line with the very strong market demand for collector’s watches.
While the most legendary watch manufacturers were represented, including Rolex, Audemars Piguet, Richard Mille and Omega, more ‘accessible’ brands such as Seiko, IWC, Panerai and Piaget were also part of the selection. Independent watchmakers, a major trend in the market since last year, posted impressive record results. The best example, illustrating this growing enthusiasm for contemporary watchmaking, is undoubtedly the Tourbillon Souverain “Souscription” in platinum, a limited series of 20 made in 1999 by F.P. Journe, which fetched CHF 2,707,000 (lot 2039).
Yet the brand that stood out as the most desirable at the May and June sales sessions was the unrivalled Patek Philippe. Founded in Geneva in 1839, Patek Philippe was the undisputed star of the auction. The variety of models and timepieces on offer was far superior to that of any other brand, and it was this signature that attracted the highest bids.
While some watches had been heralded as the Holy Grail of watchmaking and were the focus of interest for connoisseurs, others achieved unexpected results. Proof that Patek Philippe, more than a legendary watch manufacturer, is today a safe investment.
Here are some of the most significant results from the latest Geneva and Hong Kong sales.
PATEK PHILIPPE « IMPERIAL » | Phillips
This is the star watch of the May sales: the Patek Philippe Impériale (lot 3 vente du 23 mai 2023). Sold by Phillips for nearly 5.8 million euros including fees in Geneva, this Calatrava ref. 96QP was the watch of the last Emperor of China, Aisin Gioro Puyi. The last representative of the Qing dynasty, he was captured by the Soviet Red Army in 1945. Held prisoner, along with several members of his family, in the Khabarovsk camp on the border between China and the USSR, Puyi was able to keep the watch he was wearing on his wrist at the time of his arrest, a Patek Philippe Calatrava in platinum with full calendar and phases of the Moon, known as the ‘Quantième Lune’. Purchased in Paris in 1937, this watch was sold by the jeweller Guillermin, who was at the time the only French Patek Philippe importer located on Place Vendôme. Particularly rare, the reference 96QL was produced in only 8 pieces, of which only 5 were in platinum.
The Emperor quickly gave the watch to his nephew Yuyan, who was in prison with him and whose loyalty he admired. But in 1950, when the Emperor learned that he was to be repatriated to China to stand trial, he asked his nephew Yuyan to return the watch to him and discreetly give it to Georgy Permyakov, who was his interpreter during the 5 years he was in prison.
Permyakov died in 2005, leaving the watch to his heirs. In 2019, his heirs are calling on Phillips Auction House to sell this incredible timepiece at auction. A museum piece that Phillips did not hesitate to keep secretly for over 5 years. With the covid 19 crisis having particularly destabilised the Asian economy from the end of 2019, Phillips’ strategy was to wait for the best possible market conditions and avoid depriving itself of a number of major Chinese collectors.
What does this record result tell us? If we read between the lines, this record price confirms that Patek Philippe is a universal brand. Although in the 1930s the brand did not yet have branches on every continent, it already enjoyed incredible prestige and a legendary reputation. Watches linked to personalities who have left their mark on history are considered historic pieces by the most discerning connoisseurs.
PATEK PHILIPPE « CHAMELEON » | Antiquorum
This is undoubtedly the most unusual Patek Philippe watch to appear at auction since the beginning of 2023 (lot 450, sale of 15 May 2023)! Sold for €387,500 by Antiquorum on 15 May, this ladies’ watch, reference 1252, was made in 1949 in just 8 examples! Presented at auction 30 years earlier by a small auction house in the south of France, it was at this sale that its owner acquired it. In the purest Art Deco style, this watch is rare but well known to connoisseurs, since one of the 8 examples can be found in the collections of the Patek Philippe Museum. In fact, the Patek Philippe Museum watch and this example, which bears the number 638777, are the only 2 of the 8 watches produced.
Made in 18k yellow gold, this watch is mounted on a rush bracelet decorated with an imposing chameleon. A particularly enigmatic animal figure, unusual in the world of jewellery or watchmaking, the chameleon is rarely found in the world of fine art, and the ceramist Charles Gréber is one of the few artists to have depicted this primitive creature.
Estimated at CHF 51,000, this jewellery watch sold for more than 7 times its price, a result that speaks volumes about the market for ladies’ watches. For some years now, women’s watchmaking has been a booming sector, and the collection market now occupies a significant share of the market. These creations, which are unique in that they belong to both the watchmaking and jewellery sectors, often pit great watch collectors against great jewellery lovers. While just a few years ago they were still considered a ‘niche’, ladies’ watches now account for a sizeable share of the market, and some auction houses are devoting dedicated sales to them.
What does this record result tell us? Clearly, that the market for ladies’ watches follows the same rules as that for men’s watches: rarity, provenance and spectacular state of preservation. However, today, women’s timepieces are not yet achieving results comparable to those of men’s models. Unlike the Patek Philippe Impériale, this Patek Philippe Caméléon, also made in only 8 examples, does not reach the same price ranges. This difference can be explained in part by the absence of any major complications or complex mechanisms.
PATEK PHILIPPE « TAHITI FOREST » | Christie’s
Christie’s presented this superb 1995 reference in pink gold with a unique cloisonné enamel dial for sale in Hong Kong on 26 May this year (lot 2332, sale 26 May 2023). Reference 1595 is typical of the production of the 1950s, which ushered in the great trend towards round watches. Produced in very limited numbers, only 24 rose gold watches were made, including 2 with cloisonné enamel dials. The example on display was fitted with the “Tahiti Forest” dial, a name attributed to the manufacturer Stern Frères, who supplied this dial to Patek Philippe, as evidenced by the “93” on the back, which corresponds to the Patek Philippe customer code in the dial-maker’s books. Made in 1951/1952 by one of the greatest enamellers of the period, Marguerite Koch, this watch is a true work of art. For collectors, Marguerite Koch is a legendary name, since this Geneva-based artist, who was particularly active in the late 1940s and 1950s, produced some of the finest enamelled dials of the period for Patek Phillipe, Rolex and Vacheron Constantin.
If this watch is terribly attractive, it is also and above all because of the artist’s theme: Tahiti. The 1595 second with enamelled dial is nicknamed “Santa Maria Caravelle” in reference to the theme depicted. While the caravel is a common and more than “déjà vu” subject in the production of enamelled watches from the 1940s to the 1960s, Tahiti is a completely new subject. To date, this theme has not been found on any other dial.
Sold for the very first time at auction in 2012, this watch had only had 3 owners. Its original owner acquired it in 1953, in 2000 the watch “changed hands” in a private transaction, and in 2012 it was once again sold at auction, joining a very important private collection.
The ultimate in exclusivity, this watch sold for nearly €1,120,000, 4 times the catalogue estimate.
What does this record result tell us? The market for watches with cloisonné enamel dials is particularly strong, as it is estimated that only a few hundred pieces were made (all brands combined). Today, the most sought-after dials are those made for the most prestigious brands: Rolex and Patek Philippe.
PATEK PHILLIPE ref. 1518 | Sotheby’s
The first chronograph with a perpetual calendar, reference 1518 is a cult watch in the history of watchmaking. Considered the first grand complication, it is indisputably the most accomplished watch of the first half of the 20th century. Launched in 1941, the model was produced until 1954, and only 281 were made. The vast majority were made in yellow gold, only 4 were delivered in steel cases, and it is estimated that 20% of production was fitted with pink gold cases, i.e. fewer than 60 pieces.
The watch sold by Sotheby’s on 9 June this year (lot 38), fitted with a French calendar, was presented for the first time at public auction. Manufactured in 1946 and sold on 9 July 1947, it has remained in the same family ever since.
Accompanied by an extract from the registers stating that it was sold on a leather strap, this chronograph was presented on a pink gold bracelet stamped Gay Frères, a famous manufacturer that became the main supplier to the most famous watchmakers from the 1940s onwards.
The watch offered for sale was a collector’s item that is virtually impossible to find today, which explains why the greatest connoisseurs fought over it in a spectacular auction battle. Estimated at USD 2,5000, this fine collector’s item sold for USD 3,871,500 despite a minor restoration to the dial!
What does this record result tell us? Every major watch manufacturer has its icons. For example, the 6241 from Rolex, the Royal Oak from Audemars Piguet, the Tourbillon Souverain from F.P. Journe…. The 1518 remains the most desirable model for any collector of the brand and represents the absolute watchmaking Grail.
Since auction houses always disclose the origin and nationality of their buyers, this year the figure to remember is 29%! Published by Christie’s, this figure does not represent the percentage of European, Asian or even American buyers, but it does refer to millennials! Generation Y now accounts for almost one in every 3 buyers in auction rooms. This generation, born between the early 1980s and the late 1990s, seems to be following in the footsteps of the great collectors in terms of their tastes and buying habits.
