Live Auctions Collectible Timepieces, Geneva, May 2026 - Preview
- Oliver Knop
- 8. Mai
- 11 Min. Lesezeit
Spring Vibes?
There was no true flow of late. The second blockade of a major trade route in a decade affects the so far dynamic regions of Asia on top of China that had been sluggish for a while. Not just a few admirers of collectible watches reside in the conflict areas, so this market is not spared.
Still, Monaco Legend Group managed to sell over 98% of their catalogue two weeks ago in Monaco, thereby grossing respectable € 26,5 m. Apart from other outstanding results, they were able to sell one of four known Zenith Daytonas in platinum with mother of Pearl dial for € 1.9 m. Hence, the market is alive and we can hope for some exciting bidding to come.
Live Auctions Collectible Timepieces, Geneva, Mai 2026
- Phillips in Association with Bacs & Russo, May 9-10th, https://www.phillips.com/auction/CH080226/browse
- Christie’s, May 11 - 12th, https://www.christies.com/en/auction/rare-watches-31080/
- Antiquorum, May 9 -10th, https://catalog.antiquorum.swiss/en/auctions/Geneva_May_9th_10th_2026/lots
- Sotheby’s, Mai 10th, https://www.sothebys.com/en/buy/auction/2026/important-watches-ge2601?locale=en&lotFilter=AllLots
The Beginning or the End of Globalization?
Especially Phillips in Association with Bacs & Russo (Phillips) has done a lot to promote independent watch making over the years, without neglecting the classic collection. Top Lot this time is undoubtedly number 27, a Patek Philippe world time watch with cloisonné dial from the 1950’s. The original patent was filed by Louis Cottier in 1948, years after it’s development. Apart from Patek Philippe, the first customers were Vacheron Constantin, Rolex and Agassiz (lot 24). The expectations of a new clientele, traveling between time zones on a rapidly rising number of passenger jets, must have been the highest at Patek Philippe.
Cottier worked with the watchmakers to adjust the mechanism to their calibers and with Stern Frères to create the beautiful dials and discs. The most precious dials were commissioned to local artists who decorated them in the cloisonné enamel technique. Examples with these dials are highly coveted today but Patek Philippe went one step further and improved on Cottiers patent. In 1953, they filed their own patent allowing to set the hour hand and the time zone independently by a second crown. Despite the unusual design, reference 2523 counts as the most important world time wristwatch model ever made. Lot 27 is fresh to market and one of only two known with the map of Latin America on it.
The current model (lot 28) proves Patek Philippes continued commitment to foster traditional crafts. The comparably highly estimate of the Agassiz pocket watch in lot 24 is explained by the fact that it once belonged to Charles de Gaulle.
Substance and Style
Christie’s lot 160 is a study in the ergonomics of the value of luxury - on steroids. The ‘Tiffany Nautilus‘, produced in a series of 170 pieces to celebrate 170 years of common business with turquoise dials in 2021. After it was spotted on the wrists of Tiffany ambassador Jay-Z and actor Leonardo di Caprio, it went viral. In their November auction of the same year, Christie’s sold one for CHF 3.2 m (lot 34). A similar piece was sold in May 2023 for CHF 2.2 m (lot 84) and the estimate in the upcoming sale starts under a million (lot 160). When exclusivity fades, the price dives fast. On the other hand, now may be the right time to buy a Nautilus. Lot 225 is a ‘fresh to market’ refence 3700/1G with the ‘Khanjar’ code of arms of Sultan Qaboos of Oman.
Continuous Innovation
It has been over 40 years since the introduction of automatic Daytonas, so they have long become sought after collectibles. Especially early examples with modified Zenith movements and case numbers starting on ‘R’ or ‘L’ often achieve high prices. The reason is that Rolex was still homing in on the final design during the introductory phase. Before launch, dial makers such as Singer of La Chaux de Fonds provided a range of alternatives to choose from. After narrowing down, prototypes were produced before the production design was chosen. But even after the introduction commenced, changes to the graphics and the production processes of the dials were common. It is unclear whether they were the result of consumer polls. At any rate, Phillips has a choice of the most important variations in the upcoming sale. Lot 114 is a prototype that resembles the manually wound predecessors. A similar, perhaps even more attractive example sold in Phillips’ auction for CHF 203 k last November (lot 33).
During the first production series of models 16520/8, the name ‘Cosmograph’ was separated by an empty line. Why it was enhanced that way is not certain as the model was already better known as the ‘Daytona’ back then. ‘Cosmograph Daytona’ in one line is difficult because the racetrack is located in Florida and not in space. So called ‘Floating’ Daytonas’ are especially valuable when they come in a ‘porcelaine’ dial finish, where the graphics are printed on top of multi layers of glossy sealant, resulting in great visual depth (lot 165). The effect is less obvious on black dials that absorb the shadow of the graphics.
Next came the ‘4-Liner’ graphics (lot 166), where the information on the top half of the dial was merged into 4 lines that omitted the ‘official certification’ of the chronometer promise. ‘4-liners’ rank below ‘Floating’ dials as only very few were seen with porcelain finish to date. Possibly realizing the major step in terms of communication, the third series combined all information into a rather massive block of 5 lines.
Even small variations are awarded titles by vendors in search of sales arguments. Over the years, the graphic design and the type face changed marginally without altering the overall look of the watch. So far, it was assumed, the most important evolution after the introduction of the five liner was the 180 degree turn of the 6 in the hour counter. The Phillips team however revealed that the type face of the Cosmograph on the first 5-liners (still ‘L-series’) has more pronounced serifs than on the 4-liners (‘High Serif’), more similar to the original ‘Floating’ series.
Sotheby’s lot 67 is a steel Daytona with diamond hour markers. The graphics are the same as on the golden model at the time. To understand the uniqueness of the dial, it is necessary to know that there were no Daytonas with bracelets in white gold in the catalogue at the time and the diamond markers were not available on steel models. At least the premium expected for this unique feature does not seem too high. The watch belonged to an ex Rolex employee and is believable.
Audacious Cartiers
During my time at university in the 1980’s, Rolex and Cartier were both popular accessories among style conscious fellow students. The fact that Cartier did not profit from the renaissance of mechanical watches as much as Rolex might have to do with the fact that they sold many more quartz watches back then. At least it is not the Santos and Panthère models from the ‘Glamourous 80’s’ that are driving the current hype.
‚Crash‘, ‚Baignoire Allongée‘ or ‚Tank Asymétrique‘ are names of designs that distill the typically French talent to come up with creations that appear ‘left field’ at first but then turn out to bring the ‘Zeitgeist’ to the point. Interestingly, some of the most audacious case designs came out of Cartier’s London branch that once separated from Paris in search of creative freedom and of closeness to the British Royals. Design creation in London ceased in 1974, when a ‘global’ Cartier organization was unveiled. Until ca. 1990 Cartiers were still assembled in London, before production was merged.
The most famous Cartier London design was certainly the Crash, produced from ca. 1967. Up until 1990, ‘London’ could be read on the dials, after it was Cartier Paris. The Cartier London graphics changed slightly after 1974, so that there are three generations of vintage Crash models. The rarest and most desirable pieces date from before 1974, followed by those before 1990 and the first batch of Cartier Paris Crash models is still valued at CHF 150-300 k (Christie’s Lot 61, Phillips lot 154, Sotheby’s lot 20). Christies Lot 186 is an example of a Cartier Crash London from the second generation and is valued at CHF 500k - 1m.
Left, first generation Crash London, sold for CHF 806 k at Sothby’s in 2021, ca. 1970 (©Sotheby’s), Christie’s lot 186, est. CHF 500 k -1 m, ca. 1974, right, Cartier Crash Paris, Christie’s lot 61, Phillips Lot 154, Sotheby’s lot 20, est. CHF 150-300 k, 1991 (varying conditions), ©Christie’s, Phillips, Sotheby’s
Haute Joaillerie of Horlogerie
Cartier always attracted more females than males. Possibly, the current rebound is also a sign that watch enthusiasts don’t always have to be men. If vintage Haute Couture fits the red carpet, then vintage horlogerie should too, at least when it comes as Haute Joaillerie. Like Cartier, Piaget always stood for jewelry more than for watches. The opposite is true for Patek Philippe and Rolex. The credibility of Geneva watchmakers for jewelry design comes from centuries of collaboration with the local gold smiths. Geneva was already famous for exclusive jewelry before the first watchmakers arrived in the 16th century.
F.P. Journe, The Man
Independent watchmakers were one of the few growth engines recently and Franҫois Paul Journe is leading the fray. No other maker achieved higher average prices or exceeded the higher estimate more often. The ‘Tourbillon a Remontoire d’Egalite’ is often seen as the defining model. It fetches especially high prices, when early or limited examples come to market (Phillips lots 63, 208, Christie’s lot 14). Journe was first to combine the Tourbillon with a constant force mechanism in the shape of a small spring. However, with the ‘Chronomètre a Resonance’ F.P. Journe created another legendary model that houses two movements, which not only deliver two time zones (Phillips lot 6, 149). They enhance precision as the oscillations of the closely paired balance wheels equalize each other thanks to the resonance phenomenon. Investing into the future, F.P. Journe came up with the Octa automatic base caliber after. The first automatic winding Journe was the ‘Octa Reserve de Marche’ (Phillips lot 205). What may sound unspectacular is indeed essential. The longer the power reserve, the longer the mainspring remains in its sweet spot of constant energy delivery - unsurpassed 120 hours in the case of the ‘Octa Reserve de Marche’ (Phillips lot 205).
Indepedents, Forward Traditionalists
The name Greubel Forsey (Phillips lot 65, 184) may be even more closely linked to Tourbillons than F.P. Journe. Lot 65 is a collaboration with Philippe Dufour that included training watchmaker Michel Boulanger from Paris to be able to produce all parts of a watch autonomously, where possible with traditional methods. The founders of the watchmaker guild of Geneva were probably the last to produce everything themselves. Lot 65 is the result called ‘Naissance d’une Montre 1’ and the prototype of a series of 10 that will be delivered in the coming years. The prototype is the only example in a likewise handmade steel case and was fully assembled by Boulanger himself.
The Wunderkind, so to speak of Boutique watchmaking currently is Rexhep Rexhepi. This is although he followed a clear vision for a long time already. At 14, he began an apprenticeship at Patek Philippe. Later he joined Renaud & Papi and finally worked at F.P. Journe before founding Akrivia in 2012 at age 32. Auction lots are scarce and production is sold years ahead. Lot 36 is an AK-06 from 2017 with a fresh makers service. Its design is aimed to gain the mechanics attention and to display outstanding craftsmanship. It features a mechanism to independently set the second to zero facilitating precise time setting.
Lot 100 is a prototype by master watchmaker Bernhard Lederer. Its design replaces a pretty face by engineering the movement to please the eye instead. The watch testifies to the almost poetic dimension of modern Haute Horlogerie. Everything was arranged to maximize the visual effect. Surprisingly, just the second went to the backside, where it is framed by a beautifully crafted case back. Besides its unique aesthetics, the amazing timepiece features two barrels and escapement wheels with a constant force mechanism on top.
Vintage Audemars Piguet on the Wrist
Apart from these and more interesting contemporary pieces, there are also some vintage watches that deserve mention because it is very rare to see them for sale. The line that Patek Philippe once brought complications from the pocket to the wrist is easily confirmed when browsing for vintage Vacheron Constantin or Audemars Piguet wristwatches. When complicated vintage Audemars Piguet wristwatches surface, it is a big deal. Phillips lot 26 is a chronograph with triple date and phases of the moon display from 1942. 5 are known to exist. For comparison, Patek produced 280 chronographs with perpetual calendar ref. 1518 from 1941 to ca. 1954. Due to its rarity, the estimate of the Audemars Piguet is similar to prices recently seen for Patek Philippes model 1518.
Lot 59 in Christie’s catalogue is a unique chronograph in a platinum case from 1937. Audemars Piguet vintage chronographs per se are highly coveted. Usually they are derived from Valjoux base calibers. Christie’s chronograph however is based on a very rare Le Coultre ebauche, rendering the watch an important timepiece. The movements of both watches are highly refined versions of their ebauches with additional jewels, bridges and multiple regulations.
Rare Breguet on the Wrist
Breguet wristwatches from the mid-20th century are rare as Audemars Piguets but they are technically not comparable. Probably with the exception of the Type XX flyback chronograph, Breguet acted as pure ‘Etablisseur’ before 1970. Unlike described above, ebauches were not heavily modified as the quality of the movements allowed to use them as is. Breguet wristwatches from before 1970 owe their comparably high estimates their rarity rather than their refined craftsmanship. Sotheby’s lot 83 is a chronograph with triple date and phases of the moon display featuring a Valjoux 13’’’88 movement. Phillips lot 90 is an even rarer triple date calendar without chronograph in fair condition. Both watches were produced in the 1960’s.
Ambiguity or Reality
My happy end are three Rolex vintage lots. All three are chronographs with triple date calendar based on the Valjoux 13’’’VHZ/72 movement. Phillips lot 18 is a very rare model 4767, produced in small numbers after 1945. Normally, it is difficult to achieve prices above CHF 30k for the reference. Since the example in the Phillips catalogue is in an outstanding state of preservation, it achieves a very high valuation. The last time it was sold two years ago, it went for CHF 140k. Rolex chronographs with calendar are more sought after when they are built into Oyster cases. Phillips lot 118 is an example of the last generation available in cases made of gold. It is in a like new condition despite its age of over 70 years. I have rarely seen ivory grainée dials in such a flawless condition. Most often, radiation from the hour markers and hands impairs the surface of the dial and oxidation results as sealants dry out.
Sotheby’s lot 84 is the final incarnation of the Rolex ‘Killy’ chronograph produced in 1958. Model 6236 was only steel cases made of 3 pieces with a detachable bezel. The estimate of this watch is below 10% of that of the golden Phillips watch. Rarity, beauty and condition set the watches apart and yet, Sotheby’s steel watch is a steel within the range.
Get in gear as bidding starts soon!
Sincerely,
Oliver Knop
