The Geneva spring auctions are always adrenaline inducing, packed with outstanding timepieces, world records, milestones and more. This year’s auctions felt like they happened just the morning after the rush of Watches and Wonders watch fair. All the same, there were still plenty of interesting phenomena to take in.
Let’s set the scene: We had four players – Phillips, Christie’s, Sotheby’s and Antiquorum – that sold over 1,200 watches between them for a combined total of over one hundred million Swiss francs – CHF116.25 million of which CHF28.3 million for Only Watch, to be precise. This time we not only saw Antiquorum celebrate its 50th anniversary but there were also lots on offer that had come from some notable collections – those of Michael Schumacher, Ben Clymer and Guido Mondani, to name but a few.
While Watches and Wonders serves as a platform for brands to present new releases, the auctions have always been about vintage watches, dealers and end customers, making the auction weekend a more accurate barometer of market trends.
THE NEO-VINTAGE CRAZE
We had the chance to speak to several participants, two of whom caught our attention when summing up the weekend. First, Charlie Foxhall, Deputy Director, Specialist at Sotheby’s, who explained: “There is still huge enthusiasm for rare and interesting watches, specifically those that fall into the neo-vintage category.” He added: “Collectors are focused on pieces with the best stories in the best condition and are very willing to pay whatever it takes to get them.”
Then there was Alessio Zenga, a dealer of high-end vintage watches, who concurred on this last point. “Quality is now a market segment that is more relevant than rarity”, he said. “Patek Philippe is very strong, not only on complications but also on what is super high-quality and in perfect condition, while the middle segment is not as dynamic.”
INDEPENDENTS AND CLASSICS STEAL THE SHOW
So, what can we make of it all? One trend is the rise of design: special-shaped and small-but-interesting watches in general hold strong appeal – witness the 22mm Cartier white-gold rectangular jump hour that sold at Phillips for CHF 406,400.
Independents also continue to shine, with Rexhep Rexhepi’s platinum Chronomètre Contemporain notably fetching over CHF1mn, though F.P.Journe’s performance did not exceed expectations this time. As Charlie Foxhall noted during these auctions, the taste for neo-vintage was sated with watches by the likes of Breguet, Franck Muller, Vacheron Constantin and Ulysse Nardin.
Phillips proved it could buck market trends by selling a green Patek Philippe 5711 for around CHF 300,000 and current-production Rolex models for double their retail price, or more. Patek Philippe, Vacheron Constantin and Rolex classics enjoyed great results because people are increasingly recognizing their true worth – take the Patek Philippe Ellipses that featured at Antiquorum’s sale, for example.
With all that said, I believe design and complications will be the leitmotif for the next five years and therefore my favorite piece from the Geneva spring auctions must be lot 169 at Phillips, a Patek Philippe yellow gold, diamond, lapis lazuli and turquoise bracelet watch – in my opinion the most exceptional and avant-garde piece of all the catalogs.
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