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Volume 2 | Issue 6

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56 Private Air Luxury Homes

Watch collecting: an art not Yet lostBy: Carly Dolan

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The centuries-old art of horology continues to thrive and capture the imagination in this digital world

– nowhere more so than in the circles of affluent men, where vintage and ultra-modern watches are the way to collectors’ hearts. Watches are not only functional, they are a work of decorative art, and despite their purpose becoming arguably obsolete at the dawn of the digital age, the industry has stood the test of time and continues to grow. But more than that, watches have maintained their position as a hobby, passion and obsession for many timekeeping collectors.

A lifetime’s passion“Passion is a very personal thing and it’s always related to the history of each of us,” says Aurel Bacs, Christie’s Watch Specialist and internationally renowned auctioneer. “You know, some collectors might be mainly attracted by designs, others by the mechanism, some others by both but only certain brands. Some are only into vintage, others love antique pocket watches, or instead, the latest yet most exclusive models. But why do we love watches?

Probably because they provide ‘portable beauty’ and technical perfection to the wearer.”

Watches have been Mr Bacs’ hobby and passion since he was young, thanks to his father who, during the ‘quartz crisis’ of the 1970s and 80s, instilled a passion in searching for vintage watches. “In college, I spent a lot of time hunting vintage watches at flea markets, auctions and trade shows. Then in 1994, an international auction house was looking for a young specialist. And I decided ‘why not give it a try?’”

A thriving industryIn 2008, the year of the financial crash, the Swiss watch industry saw its exports grow to more than $15 billion compared to $3.8 billion in the 1980s. Vintage watches in particular have soared in value during the past decade or so, with auction houses selling over $100 million worth every year. And that number is growing.

“Watches of current production perform at auction like high-end motorcars, haute

couture and other luxury items; they face a market which responds to the rule of supply and demand,” reveals Mr Bacs. “In certain instances, pre-owned watches can be bought for half their original retail price, whilst in other instances – when of spectacular quality and highly limited production – they may even sell for more than their original purchase price.”

Inside the auction roomMr Bacs joined Christie’s in 2003 as International Co-Head of the watch department, and has held sole responsibility for the department worldwide since 2010. He is also known as one of the best auctioneers in the field of horology. This year has already seen some exciting auction results on the calendar with the season kicking off in Geneva in May. “The highly anticipated, newly discovered and historically important white gold perpetual calendar wristwatch – moon phases and leap year – manufactured by Patek Philippe in 1981, sold for 1.62 million Swiss francs ($1.75 million USD),” says Mr Bacs.

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This extraordinarily rare, oversized stainless steel split seconds chronograph wristwatch, made in 1942, sold in May in Geneva for 1.1 million francs ($1.2 million) – a world record

auction for Rolex wristwatch.

This historically-significant, Patek Philippe 18K white gold automatic perpetual calendar wristwatch, with moon phase and leap year, was manufactured in 1981. It sold in May in

Geneva for 1.62 million francs ($1.75 million).

The Stephen S. Palmer Patek Philippe Grand Complication is and extremely fine gold open-face minute repeating perpetual calendar split-seconds chronograph,

with grande and petite sonnerie and moon phase. Accompanied by its original certificate and invoice, which is dated 1900, it was sold in June this year at Christie’s New

York Important Watches for $2.25 million.PH

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“Most likely the first ever wristwatch by Patek Philippe featuring a leap year indication, besides prototypes, this extraordinary example became the most valuable lot of the sale, setting a world auction record.”

At the same auction, an extremely rare, oversized stainless steel chronograph wristwatch, manufactured by Rolex in 1942, sold for 1.1 million francs ($1.2 million), setting a new world auction record for any Rolex wristwatch. That was followed in Hong Kong at the end of May by a strong

auction that fetched more than HK$150 million ($19.8 million), which is the highest sale total for any various owner watch auction held this season anywhere in Asia.

Looking aheadMr Bacs says the fall watch auctions will also be very exciting, beginning with Geneva Important Watches on November 11, followed by Hong Kong Important Watches on November 27 and New York Important Watches on December 17. To celebrate the 50th anniversary of the legendary Rolex

Daytona, Christie’s will stage a unique ‘themed sale’ at the November Geneva auction, featuring 50 types of the Daytona model, widely considered to be the greatest chronograph wristwatch ever made, by any manufacturer.

In the words of Mr Bacs, it’s an ideal chance to own a piece of ‘portable beauty and technical perfection’

For would-be investors, the November 11 auction will include the following items.

The ‘Arabian Night’: This very rare Rolex stainless steel chronograph wristwatch with black dial bears the signature of

Sultan of Oman Qaboos Bin Said al Said. Retailed by Asprey, and accompanied by its original 1972 presentation box and note, and

has an estimated sale price of $325,000 to $540,000. Ref no. 6263.

The ‘Jack of Diamonds’: This attractive gold, diamond and sapphire-set 1988 Rolex Daytona chronograph watch with bracelet, sold with presentation box and certificate.

Est. $195,000 to $300,000. Ref no. 6269.

The ‘John Player Special’ Paul Newman: Fine, rare and extremely attractive 14K gold Rolex

chronograph watch with a black dial and gold bracelet, manufactured in 1969. Est. $86,000 to $130,000.

Ref no. 6241.

The ‘White Rainbow’: Fine white gold, diamond and sapphire-set Rolex Daytona chronograph with black diamond-set dial and white gold bracelet. Box and

certificate. Est. $54,000 to $86,500. Ref no: 116599.

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