Decade One, 2015-2015
- Oliver Knop
- 5. Nov. 2025
- 14 Min. Lesezeit
After some intense bidding in Monaco, the fairs’ moving on to Geneva this coming weekend. It has been 10 years then, since the memorable day that Aurel Bacs started swinging the hammer for Phillips instead of Christies’. Few of us who managed to fetch a seat back then will forget the event. From today’s perspective, it feels like the turn of a new era. Many things have changed since and it is no exaggeration to say that the curated catalogs of Phillips in Association with Bacs & Russo paved the way.
While there were many vintage lots in the inaugural sale 10 years ago, the current catalog features a wide range, from milestones of the industrial watch production to one-of-a-kind timepieces that are the result of micro mechanical breakthroughs or superior craftsmanship. Studying the catalog essays is exactly the right pastime on dull autumn days, since there is always an interesting reason, why a particular timepiece made it into the catalog.
Charity Lot, Ferdinand Berthoud
Apart from the Patek 1518 in steel (lot 23), that I reviewed in depth before, certainly lot 6 is of significance beyond its objective valuation. The third edition of ‚Ferdinand Berthoud, Naissance d'Une Montre‘, is the result of 11.000 hours (!) of manual work, delivered by 80 employees of the Chopard ateliers. Originally, the ‘Time Aeon Foundation’ with some of the most influential high-end watchmakers could be won to support the project. The third sequel was completely designed and assembled by Chopard however, who possess the ‘Ferdinand Berthoud’ name since 2013. 11 examples will be made, 10 are reserved and the only steel cased prototype is on sale here with the proceeds going into charity
The movement, made of 747 parts is quoting some historical achievements of Berthoud, the most famous watchmaker of the Neuchâteloise Jura after Abraham Louis Breguet. Like Breguet, Berthoud was active in Paris, where his marine chronometers enjoyed the reputation of reliable navigation tools. Apart, Berthoud is credited with theoretical research that laid the ground for the Swiss watchmaking schools of the 19th century.
The marine chronometers featured a mechanism intended to steady the power supply to the balance by compensating the non-linear drop of the mainsprings’ tension. To achieve that, the energy of the mainspring was ‘parked’ by winding a chain on a conical barrel, that subsequently releases the tension again. The increasing diameter the conus decreases the energy necessary to power the system as it unwinds and so compensates for the drop of the tension of the mainspring.
Lot 7 is such a marine chronometer, produced by Berthoud’s nephew around 1800. It illustrates the immense effort necessary to miniaturize the mechanism to fit in a wristwatch case. Apart from this spectacular device, the watch also sports a bi-metallic, cut Guillaume balance wheel, another relic from the past. The fusion of two different alloys and the cut are aimed at compensating temperature driven deformations. Hence, the watch is quite a feat (explore the YouTube video!) but it needs to be mentioned that while very fitting with Berthoud, the ‘chain and fusée’ mechanism was first adopted by A. Langes' ‘Tourbillon Pour le Mérite’ in 1994. That had a 38.5-millimeter case while the case of lot 6 measures 44 millimeters.
Independent Creative Horlogerie
The members of the ‚Time Aeon Foundation’ are also key protagonists of a movement called ‘Independent Creative Horology’ that has raised attention since the 1980’s, when the ‚Académie Horlogère des Créateurs Indépendants‘ (AHCI) was founded, that continues to attract talented watchmakers, some of who have worked for the likes of Patek Philippe or Audemars Piguet before starting to realize their own designs. The resulting timepieces often win awards in one of the 21 categories of the Grand Prix d'Horlogerie de Genève (GPHG) or surface as charity lots at the ‘One Watch’ or one of the other major auctioneers. The top end of the market has gained a lot of diversity that way.
While cutting edge mechanical solutions, superior craftsmanship and avant-gardist designs are typical for most independent creations, Francois Paul Journe stands out as one with entrepreneurial ambitions from the onset. Originally trained to restore historical timepieces by his uncle, he started his own creations in the 1980’s.
Building on the tradition of Breguet, his first big achievement was the development of an improved tourbillon mechanism. Tourbillons compensate for gravity, but they are vulnerable to uneven power supply from the mainspring too. In his ‘Tourbillon Souverain à Remontoir d’Egalité’ Journe uses a second spring that is reloaded in short intervals to steady the curve of the mainspring, instead of the cumbersome ‘Chain and Fusée’ mechanism (Phillips lots 61, 97, 159). Journe’s second major contribution was the first wristwatch with two balance wheels, the vibrations of which neutralize each other for more precise timekeeping, thereby allowing to read two different time zones at the same time (Chronomètre à Résonance). Meanwhile, there is also an automatic winding model line with perpetual calendar displays and other complications (Octa).
Phillips lot 182 is an early example of a Chronomètre à Résonance, when Journe’s customers still delivered downpayments like in real estate funding, when ordering a watch (‘Souscription’). Phillips’ lot 61 is a Chronomètre à Resonance from the serial production that followed the Souscription period. Movements were still made of rhodium plated brass, when from 2004 on they were all made of gold. Still, the pieces already own the design language with teardrop hands and dials with screwed on frames that have since become FP Journe brand equity.
Especially early Journes achieve high prices at auction. Last year, Phillips was able to sell a ‚Tourbillon Souverain à Remontoire d’Egalité‘ model for CHF 7.3 m. The piece dated back to even before the ‘Souscription’ period and was one of only three prototypes assembled and serviced by the master himself.
Showrooms in lifestyle hotspots around the world testify to the fact the FP Journe has long been established as proof of a cultivated lifestyle and that the brand is now a veritable competitor of the traditional Haute Horlogerie maisons. The range has meanwhile been extended to reach customers who desire to acquire FP Journes that are fit for everyday use. These models are in demand too.
Most Independents reach a much narrower audience than Journe. Their followers often enjoy mechanical ingeniousness over practical relevance and are ready to accept oversized timepieces that may still require them to practice new ways of reading the time. But there are also seemingly conventional examples that are delivered in handmade perfection that easily outdoes any CNC-controlled machines available to date. Philippe Dufour is certainly the name that comes to mind first, but Christian Klings and Svend Andersen, fellow members of ACHI enjoy that reputation too. They stand for high end watchmaking in the traditional sense, where individual wishes are accounted for and where the best contractors in their field are deployed to deliver watch cases, dials and other elements that require specialized skills.
Mid-Century Industrial Design
The combination of handmade micro mechanics and design is what drives the passion of enthusiasts. It is mostly capable watchmakers and businesspeople that are behind the well-known brands but only rarely designers. That may be one reason why watches are generally slow to adopt the changing taste of time. In recognition of this, there have been numerous attempts to drive disruptive change.
Gilbert Albert and Gerald Genta were maybe the most prominent figures, able to leave their mark. A designer by training, Gilbert Albert was Creative Director at Patek Philippe from the mid fifties to the early sixties, before eventually starting his own Haute Joaillerie atelier. Behind an unprecedented 10 global jewelry design awards, he was the ‘wunderkind’ but only few of his creations made it into Patek’s’ catalogue. Among those are Phillips lots 18, 88 and Christies’ lot 17. Gerald Genta on the other hand delivered many designs that went on to become legends. From the Rolex King Midas over AP’s Royal Oak and Patek’s Nautilus to Cartier’s Pasha and others more. Christies’ lot 112 and Phillips’ lot 108 are Audemars Piguet ‘Cobras’. Their design was already fascinating to me as a juvenile, when I managed to fetch an Audemars catalogue at the local dealership. Phillips lot 127 is an inhouse designed mechanical Seiko that already beat its Swiss competitors before mass production of quartz movements even began.
Traditional Top League
Chiming watches have always been objects of great scarcity and high value. The pocket watches of the 19th century have excited the well-to-dos of their time as much as minute repeating wristwatches excite high net worth individuals today. Phillips lots 141 and 142 are two examples by Vacheron Constantin and Patek Philippe and their designs are interesting to compare. The Patek has not lost any of its magic even 70 years on, while the unsurprising retro design of Vacheron is recalling elements well known from the past, thereby sacrificing relevance today. It is only 25 years old.
Followers of the traditional Haute Horlogerie will not be disappointed by the choice available. Apart from the Patek 1518 in steel, that I covered in detail, there is a broad range of chronographs with perpetual calendars and phases of the moon display of all generations. Phillips lot 144 is another 1518 in desirable rose gold with matching dial and there are also two examples of the first series of the successor model 2499 (Phillips lot 213, Sothebys’ lot 160). The nicest perpetual calendar without chronograph is certainly the Patek Philippe ref. 2497 in Phillips lot 199.
Vintage Patek Phillippe aficionados, who are not after complicated movements have the choice of some exquisite time only Calatravas in Phillips lots 205, 21 and Christies’ lot 73.
The Nautilus is similar to Patek fans as the Daytona to Rolex followers. The number of contemporary examples decreased against the recent past as the number of Royal Oaks by Audemars Piguet did too. The price of a ‘Jumbo’ Nautilus ref. 3700/1 is now about what it was before the ‘post Corona hype’. Thus, now is possibly the time to buy (Phillips lot 163, 194, Christies’ lots 130, 131, Antiquorum lot 287, Sothebys‘ lot 149).
The most attractive example this fall is for sure Christies’ lot 89. The modern timepiece unites timeless elegance with contemporary mechanics. With its pretty blue face, it could easily be confused with a standard 5711 in steel. However, it is a limited edition piece in platinum. The watch was manufactured before the 40th anniversary batch, hence it comes without the polarizing jubilee minting. Instead, it sports the desirable ‘Tiffany’ co-branding and it still has all its accessories. The watch has barely been used. Who would not love to feel the heavy weight of this understated beauty on his own wrist?
Vintage Rolex Watches
The decrease of vintage lots in favor of contemporaries did not affect Rolex Daytonas. In the Phillips catalogue alone, we find no fewer than 19 to chose from. The whole spectrum is on offer, including most Paul Newman variants, ‘Floating’ and ‘Four Line’ Zenith models as well as gem set examples from the past and from the current range. In the Phillips catalogue, lots 33, 34 and 204 stand out, at Christies’ lot 62.
The perhaps most valuable Daytona this fall is a Paul Newman ref. 6239 in 18 karat yellow gold (Phillips lot 34). It is interesting to note that the price of golden Daytonas increased at a much faster pace than that of steel variants.
A contemporary Daytona in gold with standard dial is not much more than a comparable model in steel in today’s secondary market (CHF 30 - 40 k). Vintage models with pump pushers and Newman dial in steel are currently estimated at CHF 150-300k. Models in gold, but without Newman dial the same. In comparison, golden watches with Newman dial only begin at CHF 350 k and lot 34 at Phillips is estimated even higher at CHF 500 k -1 m. The watch is one of the rarest Paul Newman variants and it comes in NOS condition.
Manually wound Daytonas with special dials are even rarer than Paul Newman (Exotic) dials that were standard options from ca. 1967 to 1971. A few ‘Albinos’ have surfaced and a handful of dials with pulsation scales printed on them. Scales printed on the dial are surprising for Daytonas, since moving the scales from the dial to the bezel is what sets the model apart from earlier Rolex chronographs. In Christies’ lot 64, it comes back as a pulsation scale. Even in the global context, it is very rare to see a Dr. Daytona being offered. The example is one of two or three known without ‘Daytona’ on the dial and it is fresh to the market. Despite its only fair condition, the watch is estimated at CHF 400 – 600 k.
Interestingly, there is a ‘Pre-Daytona’ with pulsation scale in the Phillips catalogue. This variant is as rare as the Dr. Daytona, however, in this case the dial is not designed to include the pulsation scale, instead the scale was printed over the existing graphics.
Prices of automatic Daytonas in steel have been under pressure of late. The development of the graphics on the dials, that are always black or white happens in small increments that change the look only gradually. Those who prefer diversity need to look at precious metal models. Exceptions are ‘Floating’ and ‘4-Line’ Zenith Daytonas (Phillips lots 52, 54). When they come with ‘Porcelain’ Dials, featuring several layers of glossy varnish under the printed graphics, they are very much in demand. Possibly, Phillips lot 204 is one of the last opportunities to buy an example in NOS condition with all its accessories.
Phillips lot 33 is an automatic prototype in steel that features a silver sunburst dial similar to the last manually wound Daytonas. Its valuation of CHF 200 – 400 k proves the appetite for steel Daytonas with a twist.
Apart from the Daytonas, there are some more interesting Vintage Rolex watches to explore. Lot 77 and 121 are two miore very rare ‘Pre Daytonas’. The first is a ‘Prince of Darkness’ model 6238 with matt black galvanized dial. The watch is in great condition and will be delivered with ‘Dupont’ box and Rolex certificate. Interested bidders should look for evidence that the watch was actually conceived together with this dial since the graphics are very late for the low serial number.
Lot 121 is an even rarer example in 14 karat yellow gold for the American market. It is one of the last models to feature a dial by Stern Frères with traditional graphics. Stern was completely replaced by Singer as supplier for chronograph dials from ca. 1967 on.
Lots 78 at Phillips and 121 at Christies are interesting ‚Milsubs’, lots 195 at Phillips and 92a at Christies are very rare Submariners with ‘Explorer’ dials and it seems the Phillips watch is in a very desirable condition. The very beautiful GMT-Master with brown ‘Serpico Y Laino’ dial needs to be mentioned too (Phillips 185). Its generous estimate of CHF 200 - 400 k compares to CHF 25 – 45 k for the same reference in the catalogue of Sothebys’ (lot 130). The example at Sothebys’ does not have a ‘double signed tropicalized’ dial and the hands are partly replaced. Still, it would be interesting to compare the two under the loop.
Antiquorums‘ lot 674 is beyond a doubt one of the most attractive vintage GMT’s. The golden watch was destined to be gifted by Rolex Director André Heiniger to Sheik Al Makthoum of UAE in the 1979’s but ended up being sold through local agent Seddiqui instead of Asprey who handled the Rolex distribution to the region at the time. It kept the ‘Quraysh’ hawk and all its accessories. It appears the watch has hardly been used at all.
Cartiers in Geneva
Sothebys‘ catalogue manages to present some of the most exciting Cartiers this fall. The title lot of the sale is a 1925 mystery clock that once belonged to Gunter Sachs, socialite of the 1960s and 70’s and ex-husband of Brigitte Bardot (lot 169). Wristwatch enthusiasts will be thrilled with the limited edition pieces in lots 116 - 118 and 170 – 173. Cartier is believable for Haute Joaillerie as much as it is for Haute Horology and these lots deliver both. Comparing to the original catalogue prices, their estimates look like Black Friday opportunities. The only Crash this season is also in the Sothebys’ catalogue (lot 165). It is a limited edition too, in rosegold with Burgundy graphics.
To conclude on Cartier, Phillips lot 133 is worthwhile mentioning. The watch was born as an Audemars Piguet that was later converted into a Cartier by re-establishing the movement into a Tank type case. A window cut into the dial reveals the sight of the nicely skeletonized Audemars movement.
As always, there is not enough space to capture every interesting timepiece on offer. Especially those who love vintage find a host of exciting lots in the Antiquorum catalogue. Apart from pieces in an age consistent shape, there are also vintage watches in mint condition with their boxes and literature. The AQ rating system is a good starting point for the assessment, but it can never replace personal examination. Enjoy the bidding!
Discussed Catalogues of Live Auctions
Antiquorum, Important Modern and Vintage Timepieces
Christies‘, Rare Watches
Phillips in Association with Bacs & Russo, Decade One
Sothebys‘, Important Watches Part 1
