Sotheby’s Fine Watches Auction New York (29 Nov-14 Dec 2022)
Sotheby’s Fine Watches Auction New York – Angus Davies looks at some of the timepieces recently sold at this auction, reflects on the watch market of 2022, comments on the growing popularity of independent watch brands and ponders what the future may hold.
Image – Audemars Piguet Reference 15202BA.00.1240BA.02 Royal Oak. A yellow gold automatic wristwatch with date and bracelet, circa 2019 – $126,000 (Lot 286) – picture courtesy of Sotheby’s.
There is currently unprecedented demand for high-end mechanical watches, something that was evident with the recent Sotheby’s Fine Watches Auction New York. Indeed, 316 lots were offered for sale between 29 November to 14 December 2022, of which 251 were sold, ie 74% of all lots; a highly impressive figure, culminating in total sales proceeds of $4,374,468.
There were some gorgeous exemplars of Haute Horlogerie from the ‘Holy Trinity’, Audemars Piguet, Patek Philippe and Vacheron Constantin. An example of AP’s venerable Royal Oak, housed in titanium, featuring a perpetual calendar with moon phases and presented on a bracelet proved especially interesting. Launched exclusively for the US market in 2021, it sold for $126,000. Another timepiece, ideal for any frequent flyer, was a Patek Philippe Aquanaut Travel Time (circa 2012) that fetched $69,300.
Image – Vacheron Constantin Reference 43032 Quantieme Perpetuel. A platinum skeletonized automatic perpetual calendar wristwatch with moon phases and leap year indication, circa 1990 – $69,300 (Lot 214) – picture courtesy of Sotheby’s.
Some watches represented incredible value for money. For instance, a gorgeous Vacheron Constantin in platinum (circa 1990), skeletonised, automatic and endowed with a perpetual calendar with moon phases, sold for just $69,300. Clearly, there are bargains to be had if you are willing to engage with the auction scene.
Other impressive lots
Much beloved by sports personalities and flamboyant souls, a Richard Mille RM27-03 CA-FQ Rafael Nadal (circa 2017) sold for an eye-watering $1,008,000.
Image – Richard Mille RM27-03 CA-FQ Rafael Nadal. A limited edition quartz TPT and carbon semi-skeletonised tourbillon wristwatch, circa 2017 – $1,008,000 (Lot 279) – picture courtesy of Sotheby’s.
In my opinion, François-Paul Journe is the greatest living watchmaker and I’m clearly not alone. The timepieces produced by his eponymous firm are in much demand and have attracted feverish activity in various sale rooms over the last few years. The Sotheby’s Fine Watches Auction served an exquisite horological dish from Monsieur Journe, the F.P.Journe Octa Zodiaque (lot 202). This limited edition model, encased in platinum, featured the great man’s Octa calibre presented in rhodium plated brass, rather than Journe’s preferred solid gold. Once again, this latter detail makes the watch more sought after, especially among the Maison’s devotees. The watch sold for $138,600, upholding F.P.Journe’s reputation for rising values.
Image – F.P.Journe Octa Zodiaque. A limited edition platinum automatic wristwatch with zodiac scale, date, month and power reserve indication, with brass movement, circa 2004 – $138,600 (Lot 213) – picture courtesy of Sotheby’s.
The auction scene – independent watch brands
While some of watchmaking’s old guard were in evidence at the auction, there were also some interesting entries from the ‘independent’ sector. Of particular note was the Aventi A15 Wraith Saphite Paraiba (lot 201). This watch unites a Swiss tourbillon movement with a multi-faceted, polygonal case made of a proprietary material, Saphite™.
Image – Aventi A15 Wraith Saphite Paraiba. A paraiba blue saphite tourbillon wristwatch, circa 2022 – $69,300 (Lot 201) – picture courtesy of Sotheby’s.
According to the brand, the material is ‘even more transparent than sapphire crystal, with a light blue Paraiba colour’ and ‘has a lower refractive index than sapphire crystal’, hence when viewing objects through the material, they are less prone to distortion. Furthermore, the highly original shape of the Saphite™ case bestows sharp lines and bold angles, evoking thoughts of groundbreaking architectural forms.
Sotheby’s showed the guide price (estimate) between $30,000 – $50,000, a keen price for a tourbillon, especially one housed in such a cutting-edge material. The watch ultimately sold for $69,300, a remarkable figure for a comparatively young brand and surpassing the list price of CHF 24,500.
This impressive figure confirms that the general public is more interested in so-called ‘independents’ than ever before. Indeed, this sector of the watch industry is enjoying exponential growth at present. But why is this?
The growth of the independents
Thanks to the popularity of the Grand Prix d’Horlogerie (GPHG), more independent brands are able to showcase their work to a global audience. This, coupled with the strong support provided by the media in recent years, has led to more watch buyers looking beyond mainstream brands. However, the increasing awareness of the ‘independents’ is not limited to the auction scene or the winner’s enclosure at the GPHG. Indeed, there are a number of additional reasons why this sector of the watch market has enjoyed exponential growth in recent times.
Unquestionably, there are a growing number of horophiles that yearn for something a little different from mainstream offerings, thereby fuelling interest in the ‘independents’. Indeed, several of these Maisons have announced that potential clients will have to be patient with lengthy waiting lists delaying delivery.
Online watch sales
The high street is also changing with several watch brands becoming increasingly choosy about who sells their products. Indeed, a growing number of watch firms prefer to sell their products exclusively via their own boutiques, while a few companies now favour a lounge-type experience.
The reticence of some multi-brand retailers to engage with independents has led to several of these firms choosing to sell their products online with favourable results. Aventi, along with GPHG-winning brands such as CIGA Design and Ming, deliver a professional purchasing experience while circumventing retailer margins. Online sales have allowed these brands to offer incredible value for money, while delivering accomplished designs and impressive product quality.
Image – Ming 17.09 Blue
As Heraclitus, the ancient Greek philosopher once said, ‘the only constant in life is change’. The world of retailing and the online selling of watches will continue to evolve with an increasing number of ‘Millennials’ and ‘Gen-Zers’ purchasing products online. Once again, this distribution model suits many independent brands, allowing them to sidestep traditional retailers.
It seems the independent sector is alive and well.
The watch industry in 2023
The consumer restraint witnessed in 2020 was reversed in 2021 in spectacular fashion with Swiss watch industry exports totalling CHF 21.2 billion, a new record according to the Federation of the Swiss Watch Industry FH. Furthermore, the results for 2022 are set to surpass those of 2021. Whether this trend continues in 2023 remains to be seen, but in many ways it has never been a better time for horophiles.
The landscape is populated with numerous companies, large and small, old and new, big groups and small independents. The industry is investing in new technologies, materials and is continuously delivering advancement. Moreover, with new and innovative means of interacting with the public and distributing products, customers are likely to receive higher levels of service and greater value for money moving forward.
Further reading
Grand Prix d’Horlogerie (GPHG)
Acknowledgement
I wish to thank Sotheby’s for kindly providing the images