Top Selling Lots in Geneva’s Fall Auctions

Compared to the latest export figures for Swiss watches, there was decidedly more positive to report from the collector’s market of late. The overall sell through of the over 1.400 hundred lots between Monaco and Geneva was strong with 95% of lots sold and there were some remarkable results including new world’s records. Already in October, Monaco Legend Group (MLG) confirmed the highest ever price for an automatic Rolex with calendar and phases of the moon set by the famous ‘Bao Dai’ in 2017. Prior to the Geneva auctions, CEO Davide Parmegiani also disclosed the sale of one of only four known Patek Philippes Ref. 1518 in steel in MLG’s private sale. The starting bid was set at € 20 m in February. Unless there was a big gap to the realized price, this would make it the most valuable Vintage Patek Philippe wristwatch to date. Phillips auctioned a second example for CHF 14.2 m, against CHF 11 m the same watch achieved in 2016, back then a world record. The charity lot ’Ferdinand Berthoud Naissance d’une Montre 3’ easily surpassed its estimate and went for CHF 1,3 m. Apart from these spectacular lots there are more interesting developments to report, even though the atmosphere during the life auctions remained somewhat subdued.

Prominent Lots of the fall auctions in Monaco and Geneva: Rolex Ref. 6062, one of only two known examples with black diamond dial, Patek Philippe Ref. 1518, one of four known examples in steel, Ferdinand Berthoud Naissance d’une Montre 3, handmade ‘piece unique’, ©MLG, ©Phillips

In the end, there are interesting opportunities now for courageous buyers of standard classics, while the real energy has shifted towards contemporaries for the time being. This trend continues to be driven by FP Journe watches. Their high average price leads to a polarization of the overall market.

FP Journe and the Independent Creative Horology

A total of 14 FP Journes was available between Monaco and Geneva that achieved a combined turnover of around € 10.5 m thereby surpassing their higher estimate by an impressive 64% on average. The only lot that remained within its range was the ‘Astronomic Souveraine’ in Monaco. The revenue of the 14 Journe lots exceeded the overall result of the 700 lots in the Antiquorum sale by 44%. This is despite the fact that Antiquorum managed to sell over 90% of its catalogue, not a bad result for so many watches – but they had no FP Journes except a box for one (selling for 10k). The average price of the FP Journes was at around € 730.000, so it is not a kids game!

FP Journe Lots at Phillips, left Lots 97, Tourbillon Souverain "Régence Circulaire", est. CHF 300-600.000, act. CHF 1,5 m, right Lot 182 Chronomètre à Résonance "Souscription", est. CHF 450-900 k, act. CHF 3,3 m, ©Phillips

But the less well-known Independents were in demand too. Christian Klings’ ‘Tourbillon 7 (PH 94) achieved CHF 889 k against a high estimate of CHF 200 k (+445%) and the really nice Simon Brette (PH lot 2) went for € 279 k, plus 233%  against its higher estimate. Kari Voutilainen’s ‘Observatoire’ (PH lot 155) sold for a multiple of its higher estimate too and achieved CHF 381 k. These are just some of the strong showings of the Independent Creative Horology that was instrumental for the success of the Phillips auction and that helped Christie’s too.

Erfolgreiche Creative Independent Horlogerie im Phillips Katalog, ©Phillips

Quality counts –but must be understood

At the high end of classic standards, there are some strong results to report too, but fewer surprises. Market situations like the current often turn up rarely seen timepieces like the steel Pateks or the Rolex with black diamond dial. These were not the only ones. The Rolex Daytona Ref. 6263 with black Paul Newman dial is a rare watch too and there were 2 examples on sale last weekend (PH lot 70, CH lot 120). In this case, it is not entirely clear, what drove the big difference in the prices they achieved. Both were so-called ‘Oyster Sottos’ with ‘MK 1’ dials from the same production run. The condition of the dials was also very similar, right down to the curious shape of the luminous dots at 3 o’clock. The Phillips watch was ‘fresh to market’ and came with documentation. It achieved CHF 1.4 m, while Christie’s watch sold for CHF 660 k. The difference is enough to buy a condo. The golden Paul Newman, Ref. 6239 (PH lot 34) and the ‘Dr. Daytona’ in the Christie’s catalogue (lot 62) confirmed their estimates at CHF 1.1 m and CHF 572 k respectively.

Which is which? At least the dials don’t deliver a clear explanation for the big price gap between Phillips lot 79 and Christie’s lot 120, ©Phillips, ©Christie‘s

It is easier to understand the price difference between the two Submariners with ‘Explorer dials’ (PH lot 195 and CH lot 92a). Again, the dials came from the same batch but they were in a very different condition. The sealing varnish of the Christies watch dried out and cracked so that it lost its luster while the reflection of  hands of the Phillips watch is still visible on the shiny surface of its ‘Glossy Galvano dial’. In addition, the hands of the Christie’s watch seemed to be replaced during service while those of the Phillips watch were original. The Phillips watch also came with its original warranty. Both had service papers. The Phillips watch went for CHF 159 k, the Christie’s watch for CHF 57 k, proving again how important it is to understand the condition of vintage timepieces.

Christie’s lot 92a and Phillips lot 195, the difference between the dials of the two ‚Corninos‘ is quite obvious, strong examples achieve high premiums over age conform pieces, ©Phillips, ©Christie‘s

The two ‚Bakelite GMT’s’ (PH lot 185, Sb lot 130) confirmed my assessment too. The Phillips watch with ‘Tropicalized Serpico Y Laino Dial’ achieved a strong CHF 127 k but it clearly stayed within its generous estimate of CHF 100-200k. The Sotheby’s GMT with standard dial in black and partly replaced hands sold for CHF 85 k, against a taxation of CHF 24-55 k. The difference in favor of the nice example from the Phillips catalogue is justified but it is not as big as the estimates would have suggested.

Phillips lot 185 and Sotheby’s lot 130, the bezel and the dial are themost important elements in valuing this model, in both cases, they were original but the condition of the ‘double signed’ Phillips dial is much more attractive, however not 4 times as attractive as their taxation would have suggested ©Phillips, ©Sotheby‘s

In my preview, I also discussed a ‘Pre Daytona’ Ref. 6238 (PH lot 77), that compares against a similar example that was sold in the Monaco Legend Auctions (lot 84) three weeks earlier. Both were so called ‘Princes of Darkness’ or ‘Black Knights’. The case of the example in the Phillips auction was numbered 964.614, the case of the MLG example 1.076.844. Both came with black galvanized dials by Singer, which was surprising for the Phillips watch. It was previously sold nine years ago for CHF 149 k in the thematic auction ‘Start-Stop-Reset’. It’s new price of CHF 191 k, compares to € 227 k for the watch in Monaco. MLG’s watch had ‘MK 1’ graphics and a glossy finish while the Phillips piece had MK 2 graphics and a matt finish, typical for examples from 1965 on.

Monaco Legend Auctions lot 83 and Phillips lot 77, two Rolex models 6238 with black galvanized dials, from serial numbers around 1 m, the traditional Stern ‘Relief’ dials were replaced by modernized Singer dials. Initially the Rolex ‚R‘ of the shiny surface was wide and the word ‚Mile‘ or ‚Base‘ appeared on the tachymeter scale between 12 and 1 pm. Only two or three pieces in black have surfaced so far. From serial numbers around 1.1 m, the ‘R’ became narrower, ‘Mile’ or ‘Base’ disappeared and the dial finish was matt, ©MLG, ©Phillips

Another rarely seen ‚Pre Daytona’ was Phillips lot 121. 14-karat gold cases are right for the American market in the 1960's, and it came with documents confirming it was originally delivered there. It was fitted with a traditional Stern dial, which, given its low case number of 997.146 is correct too. Unlike steel cased watches, Stern dials continued to be available as an option for gold cased watches until the end of the production of the model in 1967/68. However, very few ‘Pre Daytonas’ model 6238 in gold were produced at all and most were delivered with modernized Singer dials. Finding one of the ‘last Mohikans’ in gold with a traditional Stern dial is quite an event. While the Singer dials look more modern and clean, the graphics of the Stern dials for this model are simplified against the predecessor model 6234 too, while maintaining the beautiful blue tachymeter scale. They are the last witnesses of an era that came to its end after Rolex founder Hans Wilsdorf passed away in 1960. So far, the market has not fully appreciated these attractive timepieces but the result of CHF 178 k for the Phillips watch is a start!

Phillips lot 182 (left), Rolex Ref. 6238 in 14 karat yellow gold, case 997.146, right, Antiquorum lots 284, Singer dial with MK 2 graphics for model 6238 in gold, ©Phillips, ©Antiquorum

High Prices for Vintage Patek Philippes

There were also some strong results achieved for vintage Patek Philippe watches. The rose gold ref. 1518 (PH lot 144) exceeded its higher estimate of CHF 2.4 m by more than a million Swiss Francs to achieve CHF 3.6 m. The two first series examples of successor model 2499 sold at full prices, given their condition too (PH lot 213, Sb lot 160). This time, the trophy went to the Sotheby’s lot that came close to its higher estimate at CHF 1.9 m, the Phillips watch even exceeded its range at ‘only’ CHF 1.6 m. The dials of both watches were restored and the material loss of the Phillips watch was a little higher. The case lugs are the Achilles heel of this model and those of the Phillps watch still appeared to be a little crisper still than those of the Sotheby’s example. Hence, the pieces were similar and they also sold for comparable prices.

Patek Philippe Ref. 2499, 1st series in Wenger cases, Phillips lot 213 (left), sold at CHF 1.6 k against an estimate of CHF 750 k to 1.5 m, right Sotheby’s lot 160 sold 20% higher at CHF 1.9 m against an estimate of CHF 1 to 2 m, ©Phillips, ©Sotheby‘s

The vintage time only Calatravas that I praised in my preview did very well too (PH lots 21, 205, CH lot 73). The Phillips watches had beautiful 3 tone dials with Breguet numbers and matching hands. Lot 205 was a 36-millimeter model 570 in steel, while lot 21 was a 34-millimeter ref. 592 in rose gold. The estimate accounted for the rarer, bigger size and the wearability of the steel case, however, the smaller rose gold piece outdid it significantly and went for an amazing CHF 445 k. At that price, it even outdid the Christies Calatrava, again a large ref. 570 this time in yellow gold but with indirect center seconds and ‘F.Gübelin’ signed black ‘Gilt’ dial, that sold for a no less amazing CHF 419 k.

Patek Philippe ref. 592 (left, PH lot 21) sold for CHF 444 k (est. CHF 100-200 k) and ref. 570 (CH lot 73) sold for CHF 419 k (est. 200-400 k), the stains on the rose gold dial seem reversible, it looks a lot more precious in its Emile Vichet case when compared to the yellow gold watch in its Antoine Gerlach case and  minimalistic dial graphis, both configurations are ‘uberrare’ , ©Phillips, ©Christies

Few Surprises with Nautilus

There were few surprises for Nautilus watches. The beautiful limited edition piece in Platinum with blue dial (CH lot 89) confirmed its higher estimate of CHF 800 k and sold for CHF 826 k. The diverse vintage ‘Jumbo’ models 3700/1 all sold close to their estimated range, or they did not sell at all. A remarkable vintage lot was Christie’s watch 131, one of only four known examples with the ‘Khanjar’ code of arms of Oman. It did meet its surprisingly high upper limit of CHF 300 k and sold for CHF 295 k.

Patek Philippe ref. 3700/ 1 Nautilus for the Sultanate of Oman, despite irreversible discolorations to the dial, it sold for around 3 times as much as an investment grade standard version is currently worth, ©Christie‘s

Mid Century Industrial Design

For the first time, I also described watches in my preview that were mainly driven by their avant-gardist mid-century design rather than the combination of design and technical properties. Phillips had two Patek Philippes in Markowski cases that were designed by Gilbert Albert, one of the most prominent jewelry designers of the past century (lots 18, 88). Lot 18 in a platinum case set with tapering baguettes sold for 4 times its higher estimate at CHF 813 k and the yellow gold example without diamonds for CHF 241 k, 3 times its higher estimate. The Gerald Genta designs Rolex ‘King Midas’ and Audemars Piguet ‘Cobra’ (CH lots 14, 112) exceeded their expectations clearly too. As already assumed, the beautiful Patek Philippe minute repeater Ref. 2524 from 1954 did well and beat the Vacheron Constantin retro designed piece from 2001 by almost three times (PH lots 141, 142).

Patek Philippe ref. 3424, ‚Gilbert Albert‘, Phillips lots 88 and 18, the golden watch sold at CHF 241 k (higher est. CHF 80k), the platinum example at CHF 813 k (higher est.  CHF 200 k), gold smithing and gemstone setting are even older Traditions Gènevoises than watchmaking, realizing Gilbert Alberts design was quite a feat given the asymmetric case construction and the flaring diamonds, independent case maker C. Markowski, Geneva,  ©Phillips

Mixed Results for Cartier

Cartiers achieved some remarkable results recently but except for a few models, it is not clear yet, where the train is going. Sotheby’s had some extraordinary examples that sold but within their rather humble estimates except lot 173. It was a classic Haute Joaillerie, designed for the Opera Ball. The timepiece exceeded its higher estimate 3.7 times and sold at CHF 140 k. Lot 165 was a ‘Crash’ that surprised no one by selling for CHF 268k (est. CHF 100-200 k). Other very attractive Cartiers did not do as well.

Cartier Rivière Panthère des Sables, pièce unique in whitegold, Sotheby’s lot 173 fuses Haute Joaillerie with Haute Horologie and sells for CHF 140 k against a higher estimate of  CHF 38 k, the value is not in the carat weight but in finding and combining stones of the right size and color in the right quality, ©Sotheby‘s

There have been some bright spots, especially for rare classics that were presented in investment grade quality. Auction houses are profit maximizing companies and cannot forgo opportunities like the ,Independent Creative Horlogerie’,  especially when the middle segment of the market is soft. Unless it is out of passion or because of access to new merchandise at list prices, this should not cause people who are frustrated with the value of some classics to join just for commercial reasons. Those who are liquid and fans of traditional vintage timepieces find lots of interesting ways to grow their collection now. Don't miss the Hong Kong and New York catalogues, online now!