What to make of the current market? Quickly following on from May’s Geneva and Hong Kong spring auctions, covered by WatchGecko Magazine, the international watch auction world parked up in New York for the June sales.
Table of content
An introduction to the market
Both Christie’s, and Phillips in Association with Bacs & Russo achieved 100% sold ‘white glove’ sales for their respective New York auctions. As Phillips noted the 100% sold sale marked three and a half years of 100%-sold watch auctions in New York. In all the Phillips June 2024 auction achieved at total sale value of USD $23.3 million, (approx. £21.7 million), including buyer’s premium from 149 lots. Phillips had bidders from 60 countries participating in the auction. Their sale included a very rare and important Philippe Dufour, Duality wristwatch from 1999 that fetched USD $2,056,500, (approx. £1,627,600), including buyer’s premium.
But it was Sotheby’s June New York auction that took the honours in terms of the highest single lot by value. This was for the much anticipated and extensively media covered sale of Sylvester Stallone’s haute horology, Patek Philippe, Reference. 6300G-010 Grandmaster Chime which sold for USD $5,400,000, (approx. £4,273,800), including buyer’s premium. As Sotheby’s noted this was the most valuable modern watch sold by the auction house to date.
Other interesting facts that came out of June sales included that at Christie’s New York auction watches by independent makers accounted for over half of the sale’s full value. A Richard Mille Limited Edition RM56-02 AO Tourbillon Sapphire wristwatch sold for USD $3,014,500, (approx. £2,382,530) including buyer’s premium at Christie’s.
“….with strong interest from private collectors, results showcased strong demand for independent watch makers as well as watches with provenance….”
To get a view of the current watch auction market closer to home I spoke with Jonathan Darracott, Bonhams Global Head of Watches, at their London June watch auction viewing ahead of their ‘Fine Watches’ sale held on 19 June.
“The interest and passion are back but some prices have moderated. This is ostensibly for newer watches at auction which were most affected by price rises. Vintage watches were always less impacted however rarity, originality, good condition, and provenance are now even more important for vintage watches.”
Jonathan’s comments were a useful insight into the current market. I hope in July’s auction report to provide more commentary and analysis of the market. Meantime this report will look at some of the highlights for the month of June, across New York and London.
Sylvester Stallone’s, Patek Philippe wristwatch stars in New York
The undoubted headline from the June New York watch auction season was Sotheby’s sale on 5 June of Sylvester Stallone’s, Patek Philippe, Reference. 6300G-010 Grandmaster Chime wristwatch from 2021. Achieving a superb USD $5,400,000, (approx. £4,273,800), including buyer’s premium against an estimate of USD $2,500,000 - 5,000,000. The watch was sold after a four-minute bidding battle between a total of five bidders. Sotheby’s noted that the timepiece was the third most valuable wristwatch sold in Sotheby’s history, and the highest price achieved for any modern watch sold at Sotheby’s.
In all eleven watches from the collection of Sylvester Stallone’s were put up for auction with every watch selling. Six of the eleven timepieces went to online buyers. Stallone is a well-recognised watch collector and the watches he offered at auction had been collected over 20 years.
As Sotheby’s catalogued the Grandmaster Chime wristwatch was originally unveiled by Patek Philippe in 2014 to commemorate the watchmaker’s 175th anniversary. In 2016 the watch became part of the model range and was designated as Reference 6300. It is Patek Philippe’s most complex wristwatch on offer and is an incredible piece of haute horology. The watch has a total of twenty complications within its mechanical movement including moon phases, Grand Sonnerie, Petite Sonnerie, and a perpetual calendar. In all there are five chiming mechanisms hence the model’s name as Grandmaster Chime.
The Stallone watch has two blue dual dials and an 18K white gold reversible case adorned on the sides with Patek Philippe's hobnail pattern, sized at 47.7 mm diameter. Notably the watch is contained within its plastic protective package. An extensive group of items accompanies the watch including a presentation box engraved with Stallone's name and adorned in white gold. The lot additionally includes a Certificate of Origin dated 2021 confirming Sylvester Stallone as the original purchaser and there is a personally signed handwritten note from Sylvester Stallone.
‘Extraordinary’ Richard Mille sapphire cased wristwatch sparkles at auction
Christie’s listed the Richard Mille, Limited Edition RM56-02 AO Tourbillon Sapphire wristwatch from circa 2015 as ‘extraordinary’ and with its formidable list of technical achievements the description would seem justified.
The watch was their top lot at their New York ‘Important Watches’ sale held on 10 June. It achieved USD $3,014,500, (approx. £2,382,530), including buyer’s premium, selling at the low end of the estimate of USD $3,000,000 – 5,000,000. Despite this Christie’s noted that the price was the highest amount ever paid for a Richard Mille watch as sold in New York by Christie’s. One of just 10 watches in the edition, the watch features a case made of three component parts each crafted from blocks of transparent sapphire crystal.
As Christie’s noted, Richard Mille worked with world-class experts in sapphire crystal cutting at Stettler of Lyss in Switzerland. In addition to allow for even greater transparency, the barrel bridge, central bridge, tourbillon bridge and third wheel are all machined from sapphire crystal.
Amazingly the tourbillon manual movement is suspended within the sapphire case via a cable and pulley system that was first developed for the Richard Mille, RM27-01 Rafael Nadal wristwatch. The movement baseplate is made from grade 5 titanium and is suspended in the sapphire case by a titanium cable with a thickness of only 0.35 mm. The cable is in turn threaded within a system of 10 pulleys located at the movement’s corners and along the movement’s periphery. Cable tension is controlled by a miniature ratchet at 9 o’clock and a separate indicator located below 12 o’clock.
The watch was accompanied with its official warranty card dated March 2016, certificate of authenticity, service booklet dated July 2023, product literature, travel pouch, presentation box and outer packaging.
Philippe Dufour, double escapement, masterpiece wristwatch
Philippe Dufour is a highly recognised and respected award-winning watchmaker working in the Vallee de Joux in Switzerland. He is amongst a select group of today’s finest independents and renowned for watch models such Simplicity and Duality. His watches are classical in form with high complication in-house mechanical movements that are superbly finished. Dufour opened his workshop in 1978 and continues to make small numbers of his stunningly crafted haute horology timepieces.
This June in New York, Phillips in Association with Bacs & Russo brought an exceptionally rare Philippe Dufour wristwatch to market for their 8 - 9 June watch auction. The watch is a Philippe Dufour, Duality, manual movement wristwatch in 18K white gold from 1999 with a 34mm diameter case.
The Duality was introduced in 1996. Making the wristwatch so special is its double escapement featuring two independent balance wheels compensated with a central differential gear. As Phillips catalogued such an arrangement enables greater accuracy as it allows the balances to average out their rates. This is an incredibly complex mechanism to create let alone fit within the small confines of a 34mm diameter case. Phillips further noted that Dufour has so far made a total of nine Duality wristwatches.
Fresh-to-the-market the watch was accompanied with its original boxes, guarantee, and a second lacquered dial with Roman numerals and Breguet-style hands.
Estimated at between USD $800,000 - 1,600,000 the watch fetched an above estimate price of USD $2,056,500, (approx. £1,627,600), including buyer’s premium.
The 'Driver's Watch' – a rare 1970s, Heuer Carrera, Reference 1158 CH
The association between Heuer and motorsport is legendary and continues today with TAG Heuer. Most notably with the brand’s role as official timekeeper and partner with the Oracle Red Bull Racing Formula 1 team.
During the late 50s, the 60s and 70s Jack Heuer championed his brand within the motorsport world providing both timing instruments as well as launching new chronograph wristwatches. One of these wristwatches was the Carrera chronograph launched in 1963 and named after the gruelling Carrera Panamericana Road race held in Mexico. Today the Carrera chronograph wristwatch remains a core model in TAG Heuer’s watch range.
Bonhams ‘Fine Watches’ sale held in London on 19 June had a very rare Heuer Carrera Reference. 1158 CH, automatic chronograph wristwatch in 18K gold from circa 1973. With a 38mm diameter case the watch comes on a very fine quality 18K gold Gay Freres made bracelet. With excellent provenance the Carrera was owned by the sponsorship manager for Team Surtees, a Formula 1 team that competed during the 1970's run by John Surtees CBE (1934-2017). Surtees was himself a Formula 1 World Champion in 1964.
For the sale Bonhams noted that the Heuer Carrera Reference. 1158 CH is an iconic collector reference, known as the 'Montre de Pilote' or 'Driver's Watch'. They added, it is estimated that less than 500 pieces are thought to have been produced in the early 1970s. Accordingly Jack Heuer ordered six watches for Team Surtees of which this is one of the six.
At the auction the Carrera fetched £40,960 including buyer’s premium with the estimate being £30,000 - to £40,000.
1980s prototype British military watch from CWC offered at auction
The Cabot Watch Company or CWC may not necessarily be the first name that comes to mind when thinking about military watches. Likely it will be wristwatches from Panerai, IWC, Omega and Rolex. Nevertheless, CWC established by Ray Mellor in early 70s, won Ministry of Defence (MoD) contracts to supply various branches of the British military armed forces with both wristwatches and timing devices. Today CWC continues to trade, and its rugged military watches have attracted interest from collectors with pieces appearing at auction.
At their 1st June sale Watches of Knightsbridge, based in London, offered at their ‘Modern, Vintage & Military Timepieces’ auction a very rare CWC wristwatch. Listed as a CWC stainless steel British military Royal Navy automatic
divers’ wristwatch from circa 1982. Watches of Knightsbridge catalogued that the timepiece is one of only a few examples known and is thought to have been a prototype evaluated by the Royal Navy before ultimately giving the contract, on that occasion, to Precista Watches.
The wristwatch is powered by a Calibre 2872 automatic movement. The case is sized at 42mm in diameter and features fixed bars, as often required for military specification watches.
Listed with an estimate of £1,500 - 3,000 the CWC exceeded the high estimate selling for £5,500, hammer price, before buyer’s premium is added.
