The recent auction held by Phillips in Geneva has demonstrated an unprecedented appetite for vintage watches, particularly those valued at over £1 million. Despite the ongoing global economic challenges, the event, which took place during the last weekend of June, shattered records and showcased the resilience of the luxury watch market.
Key Takeaways
- Phillips’ Auction XI achieved over CHF 30 million (approx. £25.5 million), nearly three times its estimate.
- The auction broke 10 records, highlighting the growing interest in vintage timepieces.
- A significant increase in online registrants was noted, with 2,000 participants compared to 1,000 in May 2019.
- The event featured rare pieces, including contributions from industry luminaries like Jean-Claude Biver.
The auction, dubbed the first live watch auction of 2020, was a remarkable success, especially considering it was held shortly after the easing of lockdown restrictions in Europe. Phillips had been preparing for the event even before the pandemic hit, with the catalogue completed during lockdown. Alexandre Ghotbi, head of Phillips watches for Continental Europe and the Middle East, expressed confidence in the auction’s potential, stating that the pieces available were incredibly rare and of exceptional quality.
Despite the challenges posed by social distancing measures, the auction maintained a familiar format. Showings were conducted via Zoom, and while attendance was limited to 100 people per day, the interest remained high, with many new clients entering the market.
Auction Highlights
The auction featured several standout lots that attracted significant attention:
- F.P. Journe Tourbillon Souverain and Resonance
- Patek Philippe Ref. 1518
- Patek Philippe Nautilus Ref. 3700
- Rolex Daytona ‘Paul Newman’ Ref. 6241
- Singer Reimagined Track 1 Prototype
The success of Auction XI is not only a testament to the strength of the vintage watch market but also serves as a significant indicator for the luxury goods sector as a whole. With a growing list of new clients and a consistent demand for quality collectible watches, the market appears to be thriving, defying predictions of a potential bubble.
As Ghotbi noted, the auction results reflect a strong desire for high-quality timepieces, reinforcing the notion that watches, much like fine art and wine, are solid investments. The event has set a positive tone for future auctions, including the upcoming Phillips Hong Kong Watch Auction X, scheduled for July 10.
