The Important Watches auction organized by Sotheby’s featured an exclusive selection of 435 watches from the best watch brands chosen according to their condition, rarity and quality. Total sale including costs : 20 387 690 $ USD, selling 75% of the lots presented.
BEST RESULTS
Lot 2362 : Patek Philippe, ref. 2499, pink gold perpetual calendar chronograph wristwatch, with moon phases, retailed by Tiffany & Co., sold for 2 998 800 $ USD. A record breaking result by Sotheby’s Hong Kong.
Lot 2383 : Patek Philippe, ref. 5002P-001, platinum double dial wristwatvh with twelve complications including tourbillon, perpetual calendar, retrogade date, sky chart, moon phases…, sold for 1 239 300 $ USD.
BEST PERFORMANCES
Lot 2311 : Audemars Piguet, ref 5402ST, Royal Oak Jumbo model, stainless steel wristwatch with date, tropical dial, retailed by Tiffany & Co., or 369% variation between the low estimate and the final result (119 531 $ USD).
Lot 2001 : De Beers, gold-plated hourglass with floating diamonds, or 343% variation between the low estimate and the final result (13 547 $ USD).
Lot 2313 : Audemars Piguet, Royal Oak Offshore model, limited edition pink gold and tantalum wristwatch, No. 033/150, or 317%variation between the low estimate and the final result (31 875 $ USD).
BREAKDOWN BY BRANDS
Patek Philippe
On the first step of the podium, with two watches exceeding the million USD mark, average per lot 118 464 $ USD. A result which is based on the two highest lots sold during the sale, lots 2362 and 2383.
Rolex
On the second step of the podium, with three watches above 250 000 $ USD, average per lot 70 047 $ USD.
Audemars Piguet
On the third step of the podium, with a watch having exceeded the 300 000 $ USD mark, average per lot 48 987 $ USD.
These three brands represent a total revenue of 14 464 413 $ USD, or more than 70% of the total sale.
AVERAGE PRICE PER LOT
Based on the number of lots, 435 in total, including 106 unsold lots, the average price of a lot was 61 969 $ USD.
CONCLUSION
The work of reclaiming the auction market in watches undertaken by Sotheby’s since the beginning of the year is finally bearing fruit. Under the leadership of its new international director, Sam Hines, Sotheby’s has just demonstrated with this sale that Patek Philippe is still the auction leading brand, even if the success story of Rolex continues with beautiful results, especially on more recent Daytona models. In the end, this sale is a perfect illustration of the auction market with a well-established podium under the banners of Patek Philippe, Rolex and Audemars Piguet.
