Geneva Watch Auctions Featured Rolex, Patek, Breguet And Independents
Despite a decline in luxury sales, the recently held watch auctions in Geneva by Phillips, Sotheby's and Christie's show that there is still demand for exceptional timepieces from important watchmakers.
Phillips and Bacs & Russo held two sales over a three-day period that totaled more than $57.9 million and recorded several record-breaking sales. In addition, the combined auctions were the second-highest total for a Phillips' watch auction weekend in Geneva, and the second highest sale total in the history of watch auctions. The auctions achieved an average price per lot of $289,000 and every watch in the combined top ten prices for both auctions exceeded $1 million. Prices far exceeded high estimates for many of the top lots.
Highlights from Phillips 'Reloaded: The Rebirth of Mechanical Watchmaking 1980-1999,' held November 8.An F.P. Journe Tourbillon Souverain à Remontoir d'égalité 15/93, the second wristwatch ever made, and the first wristwatch sold by François-Paul Journe, achieved $8.3 million, more than triple its estimates. The watch achieved a new world record for the most expensive wristwatch by an independent watchmaker to be sold at auction. Crafted in 1993, this piece features a signature gold movement, raw dial design and hand-engraved inscriptions. This is Journe's 15th watch and was handmade by him.
A Rolex Cosmograph Daytona "Rainbow" reference 16599 SAAEC in white gold, a one-of-a-kind creation from the 1990s, sold for $6.3 million. Featuring a bezel adorned with a gradient of sapphires transitioning from deep red to purple, this watch was in a private collection for years before making its auction debut. Its rarity lies in the fact that it was the first of its kind, predating the production series "Rainbow" Daytona by nearly two decades, the auction house said.
The Oval Pocket Watch by Derek Pratt for Urban Jürgensen sold for nearly $4.2 million. It was crafted over two decades, the auction house said, and it features a platinum case and advanced flying tourbillon with remontoir and detent escapement. Signed "Urban Jürgensen" and "Invenit et Fecit," it was created with Kari Voutilainen's assistance.
Highlights from Phillips 'The Geneva Watch Auction: XX,' held November 9 and 10A Rolex Cosmograph Daytona with the "Paul Newman Lemon" dial, reference 6264, sold for $2.8 million, a record sale for the reference, far exceeding its estimate. It includes its original guarantee dated February 18, 1974, stamped by the former Zurich retailer Brunati.
A titanium single button chronograph tourbillon wristwatch by Akrivia sold for just over $1.2 million, an auction world record for an Akrivia timepiece. The AK01 is the debut watch by independent watchmaker, Rexhep Rexhepi, who founded Akrivia. It features a rare single-button chronograph tourbillon and a 100-hour power reserve. It is one of fewer than 20 made.
An F.P. Journe, Tourbillon Souverain, an extremely rare platinum tourbillon wristwatch with remontoir d'égalité, "shiny" pink gold dial and certificate of origin, numbered 076/01, fetched nearly $1.2 million.
Sotheby's held three days of watch auctions in Geneva that achieved a combined total of more than CHF 23 million ($26 million). The sales were led by "Treasures of Time," a single owner sale of mainly Patek Philippe references. The combined sales set four new records.
Highlights from 'Treasures of Time,' held November 10:A Patek Philippe reference 1563 sold for CHF 3.3 million ($3.8 million), a world record for this reference. The unique yellow gold split-seconds chronograph wristwatch with luminous Breguet numerals and hands was made in 1947. It is one of three known examples of the 1563 reference. A second version of this reference is owned privately. The third, formerly owned by Duke Ellington, is in the Patek Philippe museum.
A Patek Philippe reference 2499 with a black lacquered dial sold for CHF 2.2 million ($2.5 million) a world record price for this reference configuration. This "Third Series" yellow gold perpetual calendar chronograph wristwatch with moon phases and black lacquer dial with Breguet numerals was made in 1954. There 349 examples of this reference made over four decades. This particular reference 2499, a third-series model, is unique, Sotheby's said. It is the only known third-series 2499J (yellow gold) fitted with a black dial featuring applied hand-cut Breguet numerals. Only six 2499s are known to have been fitted with black dials.
The top lot in the sale was a Patek Philippe "First Series" reference 2499 that fetched CHF 3.1 million ($3.5 million). The watch, made in 1950, is a perpetual calendar chronograph wristwatch with moon phases and a pink gold case by Wenger.
Highlights of Sotheby's 'Important Watches: Part 1,' Held November 10The top lot of this sale was a "Second Series Flat Dial," Reference 2499 that fetched CHF 2.4 million ($2.7 million). Made in 1954, it is one of only two known yellow gold perpetual calendar chronographs with moon phases and a flat dial. It is accompanied by original Gobbi fitted box and yellow gold bracelet.
A yellow gold Cartier London Tank "Oblique" watch, circa 1970, sold for CHF 168,000 ($189,680), a world record for a Cartier London Tank Oblique. This model, also known as Asymétrique, is a rare London-made version of the Cartier Oblique timepiece. Aside from the more English versus French hallmarks you might find on London pieces, it features other classic London design cues, such as a slimmed down case showing no screws or bars to the case band, opting for spring bars and screws between the updated straightened lugs instead. Showing no rail track on the dial and a prominent licorice-like printing ink common in London pieces in the 1970s.
A Rolex "50 Pesos," reference 3612, circa 1971, sold for CHF 84,000 ($94,800), a world record for a coin watch. The oversized pink and yellow gold coin wristwatch was made in 10 pieces to commemorate the 100th anniversary of the Treaty of Cordoba, the treaty that established Mexican independence from Spain. The 39mm case is in the shape of a 50 peso gold coin dated 1821-1947, engraved "Libertad – Independencia" on the band. The inner case, housing the movement with its matching gilt dial is hinged within the coin. The cover, or top of the coin is opened by an almost invisible push-piece concealed in the band
Highlights of Christie's Rare Watches Including Watches for ELA held November 11The first 11 lots of Christie's Rare Watches auction was dedicated to the European Leukodystrophy Association (ELA), a non-profit dedicated to supporting families affected by rare genetic disorders known as leukodystrophies. Zinedine Zidane, ELA's Ambassador for 24 years, opened the bidding.
The watches were donated by ANDERSEN Genève X BCHH, ArtyA, Ataelier Haute Complication, Bovet, Girard-Perregaux, Konstantin Chaykin, Louis Erard, Montblanc, Richard Mille, OMEGA X Swatch and Ulysse Nardin.
The sale achieved CHF 633,000 ($714,688). In addition, during the rare Watches auction, a platinum F.P, Journe, Vagabondage from 2005, consigned by a private individual to benefit ELA, made an additional CHF 210,000 ($237,100), bringing the total raised for the association to CHF 843,000 ($952,000), which will be used to continue leukodystrophies medical research as well as support families in destress.
The Rare Watches auction continued with lot 12, offering an additional 148 lots, achieving more than $20.6 million, selling 94% by lot.
The top lot of the sale was a 1935 Breguet No. 3218 watch that fetched nearly $2.2 million, far exceeding its estimates. The first owner, Paul Iribe, a celebrated French designer, paid 10,000 Francs on May 24, 1935. This historically important watch is one of two known Breguet perpetual calendar wristwatches and the first to have been offered at auction.
Another important and unique Breguet offered in the sale was a platinum automatic quarter repeating a toc pocket watch made in 2004. It sold for $719,920.
