The Horological Society of New York (HSNY) and Phillips in Association with Bacs & Russo will host an online watch auction July 6 to July 13, with proceeds to assist HSNY as it advances the art and science of horology. Funds raised from the auction will underwrite offering financial aid to watchmaking institutions and scholarships to full-time watchmaking students.
Timepieces for HSNY: 2022 Charity Auction will include interesting and often rare watches from Swiss, German, Japanese and American brands, including a Tiffany-stamped watch, one prototype model and many others. Bidding is encouraged with a ‘No Reserve’ policy in force.
Here are the Lot items from Timepieces for HSNY: 2022 Charity Auction.
Lot 1 — Unimatic x Massena LAB, U1-MLBN “Family and Friends”, DLC-plated stainless steel, circa 2020. Brand New. Donated by Massena LAB.
Lot 2 — Nomos Glashütte, Ludwig Neomatik 39, stainless steel, circa 2020. Brand New. Donated by Nomos Glashütte.
Lot 3 — Equation of Time x Atom Moore ‘Fat Arrow’ Prototype, stainless steel, circa 2022. Brand New, with limited edition metal print. Atom Moore and Roland Murphy/EOT Watches.
Lot 4 — Grand Seiko, Reference SBGW277 U.S. Exclusive, stainless steel, circa 2021. Brand New. Donated by Grand Seiko.
Lot 5 — Ulysse Nardin, open-face chronograph pocket watch with certificate and presentation box, gunmetal blue steel, circa 1912. Donated by Ulysse Nardin.
Lot 6 — Jaeger-LeCoultre Reverso, stainless steel, circa 2022. Brand New. Donated by Jaeger-LeCoultre.
Lot 7 — Paket Philippe, Reference 715, open-face pocket watch retailed by Tiffany & Co., 18K yellow gold, circa 1967. Donated by Collectability.
Lot 8 — TAG Heuer, Hodinkee TAG Heuer Carrera ‘Dato’ Limited Edition, stainless steel, circa 2020. Brand New. Donated by Hodinkee. .
Lot 9 — Zenith, Collective x Zenith Chronomaster El Primero C.01, stainless steel, circa 2019. Pre Owned. Donated by Collective Horology.
“The watches donated for HSNY’s 2022 auction are amusing, exciting, historical and most of all – meaningful,” said HSNY Executive Director Nicholas Manousos. “The proceeds from the generosity of the donors and bidders will go a long way towards ensuring the success of watchmaking students, and I encourage everyone to bid with that in mind.”
“We are honored and delighted to once again support HSNY’s efforts that continue to advance watchmaking science and culture in the United States,” adds Paul Boutros, Phillips’ Head of Watches, Americas. “One hundred percent of the proceeds from the sale of each watch, including Phillips’ buyers’ premium, will benefit HSNY’s educational programs, scholarships, and watchmaking school awards.”
Phillips in Association with Bacs & Russo (at 432 Park Avenue in New York) will be hosting viewings of Timepieces for HSNY: 2022 Charity Auction by appointment only from July 6-13. To schedule an appointment contact email@example.com.
An overview of auction houses and the role they play in the watch resale market.
By Laurent Martinez
A big part of an auction house business model is sourcing pieces to consign. Of course, there are several techniques to do this, such as broad advertising or direct contact, but they all center on reaching clients (whether existing or potential) that are interesting in selling their goods.
Certain auction houses specialize in one or two areas, while the more prestigious ones such as Phillips, Sotheby’s, and Christie’s, have multiple departments with experts running each one. For some customers, the size and geographical coverage of an auction house is important — certain clients prefer proximity and a company with offices on both coasts (and sometimes in between) can make the consignee more comfortable.
Naturally, prestige and reputation are the cornerstones of luxury sales, which is certainly applicable to auction houses like Phillips, Christie’s, and Sotheby’s.
The world of high-end watches was always associated with prestige, fashion, and social status. But these days, it’s often also associated with collecting, investment, speculation, momentum, and high demand. Most men consider watches as one of the few accessories they can wear while more and more women are entering the collecting space too.
Yes, watches are considered hot commodities right now, and we’ve witnessed some sky-high resale prices recently.
For example, in November 2021, Phillips sold a series of five F.P. Journe souscription watches ranging in price from more than $500,000 to almost $4 million. The following month it sold a Tiffany blue Patek Philippe Nautilus 5711 for more than $6.5 million. Furthermore, Sotheby’s sold Gerald Genta’s Audemars Piguet Royal Oak for $2.1 million just this spring.
Factors such as brand, demand, rarity, and provenance all contribute to the values of these watches. Over the last few years, we’ve seen some incredible private vintage watch collections being sold at auction. Seasoned collectors who have been buying watches for more than thirty years are consigning their collections. As a result, we’re seeing some fascinating and unique timepieces offered for sale.
In addition to the vintage market, we’re also seeing contemporary watches re-selling for significant premiums thanks to rampant demand and COVID causing a slowdown in production.
However, it has become increasingly difficult for auction houses to source timepieces to sell, particularly from brands like Audemars Piguet, Patek Philippe, and Rolex. In today’s environment, the once-traditional sources are drying up. Yet, Richard Lopez at Sotheby’s has managed to overcome this issue by being creative, resourceful, and not afraid to take some risks.
Richard understood many years ago that at some point, the American market would not be able to provide enough high-end timepieces for auction to satisfy the tremendous demand. So he turned to the Latin American market. Richard is originally from Ecuador, which gives him the advantage of language, as well as a familiarity with the region and culture.
Though he began his investigation into the Latin American market a few years ago while he was at Christie’s, he’s now putting much more energy and attention into the region. Some of his recent trips include stops in Mexico, Columbia, Ecuador, and Peru.
Lopez’s hunch turned out to be right. A collector reached out to Sotheby’s with a few photos of his collection that he was considering selling. Judging by the few photos made available, Richard knew that it was likely that there were more pieces in the collection. So he followed the lead, gave a quick estimate based on the photographs, and developed a relationship with the collector with the hope that he’d be invited to see the collection in person.
A trip was quickly arranged and Richard was delighted to find that the collector had 175 watches to sell! Plus, they were all in mint condition because security concerns meant that the watches were barely worn. It’s clear that Richard’s experience, knowledge, and expertise gave him the confidence to correctly assess the authenticity and value of each piece.
Richard’s competitive advantage of being one of the only watch specialists to cover this region paid off with this fantastic surprise, and will likely yield more in the future. It has the potential to become a gold mine for Sotheby’s. He believes that the U.S., European, and Asian markets are so saturated at the moment that the South American market is the right place to source. He thinks that there is a wealth of collectors that nobody knows about yet.
Mass European emigration took place in the 19th and 20th centuries and it’s estimated that about 21% of these European immigrants settled in Central and South America, bringing a lot of watches with them. In more modern times, there are plenty of luxury watch buyers in the region too including some very serious collectors.
Like most markets, the Latin American market is complex and challenging to understand for outsiders. Knowing who to do business with, calculating risk, investigating provenance, and so on are all important considerations — otherwise, it can become a nightmare. Having worked a few years in the region myself, I can confirm that it requires years of work and experience and plenty of learning along the way to make it work. This is not a market you can just decide to develop out of the blue and expect immediate results.
June 15 at Sotheby’s
Richard Lopez illustrates, yet again, that creativity, thinking outside the norms, and taking risks can pay off. However, that strategy must be coupled with expertise, patience, and resilience. These pieces from the private collector will be on the auction block on June 15, 2022, during the Sotheby’s Important Watches event in New York. The auction details confirm that it will showcase “Part I of The X Collection, a comprehensive and prolific curation (sic) of more than 170 wristwatches amassed by a single owner.”
Congratulations to Richard and his team, and good luck to all the collectors who will be bidding on these exceptional timepieces.
Laurent Martinez is the proprietor of Laurent Fine Watches, Greenwich, Connecticut. Read more by him at blog.laurentfinewatches.com or visit his store’s site at www.laurentfinewatches.com
Ineichen Auctioneers will conduct its first timed auction this Saturday, April 30, with a winning bidder taking home a themed trifecta that includes a unique version of independent master watchmaker Konstantin Chaykin’s Joker, a retro color-coded Porsche and an NFT artwork depicting the Joker’s ride in the Porsche into a Gotham City night skyline. Five percent of the proceeds of the sale will be donated to UNICEF to benefit Ukrainian children affected by the war.
The auction is the latest in a series of Ineichen auctions that create a tightly unified theme as a basis for an online or live event. Most recently, Ineichen conducted “Precious Blues”and“La Vie en Rose,”each of which featured a curated selection of watches with, respectively, blue details and rose gold cases.
Called Joker XXX, the watch at the center of the April 30 auction is a customized edition of Chaykin’s complex and entertaining Joker, which debuted in 2017 during Baselworld as a 99-piece limited edition. Chaykin sold all 99 pieces by the end of the fair that year.
To directly link itself to the Porsche, the watch features pad-printed red hands that together recall the car’s gauges. The 42mm steel case has a black PVD-coating while its caseback displays the image featured in the NFT artwork that will accompany the lot.
You might recall that the watch’s Joker face tells time with its eyes, which are the watch’s hour and minutes indicators. The Joker’s mouth doubles as the watch’s moonphase indicator while the crown and a left-side pusher become the Joker’s ears. Chaykin adds even more detail for the face, creating guilloché on the dial to mimic the Joker’s skin. On the bezel you’ll find engravings of the initial “J” and symbols of the four playing card suits.
Restored by car influencer and tuner Aleksandr Markovsky, the Porsche (above) included in the auction is a 1986 Porsche 911 G-model Carrera Turbo-look. Markovsky refurbished the interior with green nappa leather and a square-patterned purple-and-green textile, colors associated with the Joker character, and added ‘Outlaw’ wheels and the Joker sign at the back of the car. He also restored the gearbox and installed more than 800 new parts.
Last year, Zurich-based Ineichen sold the world’s most-expensive NFT token for a watch when it auctioned a different Joker NFT for CHF 52,080.
“As this is the first timed auction for Ineichen and the first to be executed on our in-house platform, the Konstantin Chaykin Joker XXX Unique Piece is a crucially important event,” says says Artemy Lechbinskiy, CEO, Ineichen Auctioneers. “It is very exciting to have the support of our dear friends, Konstantin and Aleksandr, in making it happen!”
The event on April 30 in Zurich will be the first time Ineichen Auctioneers presents an NFT (pictured above) directly to its new owner. Guests will also be able to view the watch and car and meet their creators. Ineichen will launch its new app, which will serve as a bidding platform.
Bids can be placed on the website and in the app and may also be registered prior to the live event via telephone: +41 44 298 11 44 or mail: firstname.lastname@example.org.
Estimated starting price for the auction: $107,000.
Zurich-based Ineichen Auctioneers will focus on collectible watches made with a prominent shade of blue on its dial or case.
The “Precious Blues” auction will be live on April 23 with fifty watches. Look for pieces from Vacheron Constantin, De Bethune, Daniel Roth, Jaeger-LeCoultre, Greubel Forsey and Patek Philippe among the auction headliners.
Let’s take a look at a few highlights.
Estimate: $85 900 to $107,400
From 2019, this 40.5mm stainless steel and rose gold wristwatch features a thickness of 12.2mm, a screw-down crown and sapphire caseback. Its blue sunburst and gradient (fumé) relief dial with applied luminous rose gold indexes, double sunken sub-dial with fine circular grooves is stunning.
Inside is Caliber CH 28-520 C/522, a self-winding movement with a 21-karat gold rotor, 55-hour power reserve and marked with the Patek Philippe seal. Functions: hours and minutes, flyback chronograph with central seconds hand and concentric 30-minute and 12-hour counters at 6 o’clock, date aperture at 3 o’clock. Nautilus bracelet with the first-generation triple folding clasp.
DB28 Kind of Blue
Estimate: $75,200 to $96,650
A rare and attractive model by De Bethune produced between 2016–2020. Its case is 42.6mm blued titanium,9.3mm thick, with mobile (‘floating’) lugs in blued titanium with pivoting system, sapphire caseback, blued titanium caseback rim with logo, scale of power reserve indicator, reference (as “DB28B Ti”) and watch number in numbered edition.
The watch features an open dial and rose gold hands. Thin hand-wound caliber DB2115V4 with balance and spiral on the dial side powers the watch with a double barrel and 6-day power reserve. Functions: hours, minutes, spherical moonphase indicator at 6 o’clock, accurate to within one day every 122 years, performance indicator (a kind of power reserve indicator) between 2 and 3 o’clock, and power reserve indicator on the caliber reverse. Black De Bethune leather strap with De Bethune pin buckle in blued titanium with gold pin. Numbered edition.
Tourbillon 24 Secondes Contemporain
Estimate: $107,400 to $161,050
An extremely rare and important limited edition complicated wristwatch from Greubel Forsey. This limited edition of 33 pieces was launched in 2013. Its 43.5mm case is made of 18-karat rose gold and measures 15.2mm thick with a blue textured dial, transparent sapphire chapter ring, sapphire caseback.
Inside you will find hand-wound tourbillon GF01c with a power reserve up to 72 hours. Functions: hours, minutes, small seconds hand at 10 o’clock, 24-second inclined tourbillon, power reserve indicator at 4 o’clock. Dark blue leather strap, Greubel Forsey 18-karat rose gold triple folding clasp.
Estimate: $16,150 to $21,500
An unusual limited-edition (of 500) stainless-steel wristwatch from Parisian architect and designer Alain Silberstein. This limited edition launched in 2003 and features a case in 40mm stainless steel, 11mm thick, with a sapphire caseback. Its skeleton dial features a peripheral silvered white chapter ring and white ceramic scale for date indication at 12 o’clock (date markings of the present example are patinated and nearly faded out).
Note the characteristic Silberstein Bauhaus-style red and blue hands. Inside is Caliber ASC 1.1, a Swiss made, hand-wound movement with blue PVD-coated mainplate and personalized copper-colored bridges, power reserve up to 72 hours. Functions: indication of time in hours and minutes, flying tourbillon at 6 o’clock, date pointer at 12 o’clock. Black leather strap, Alain Silberstein stainless-steel pin buckle.
Perpetual Calendar Unique Piece
Estimate: $42,950 to $53,700
This impressive sapphire-set platinum wristwatch features a baguette-cut sapphire bezel and lugs. The reference 121.Y.70.722 from the Master’s Grandes Complications collection was launched in 2007. Estimated production span: 2007–2010s. The double ellipse-shaped platinum case measures 44mm x 41mm and is 13mm thick with a matte silvered and mother-of-pearl skeleton dial.
The Perpetual Calendar Time Equation watch is powered by the self-winding DR114 caliber, based on a Girard-Perregaux GP3000 movement-blank and accommodates an additional in-house module for the perpetual calendar, equation of time, moonphase, and number of days in the month complications. Functions: indication of time in hours and minutes, perpetual calendar with date, day of the week, month and leap year indicators, equation of time sub-dial between 10 and 11 o’clock, number of days in the month indicator between 1 and 2 o’clock, moonphase indicator at 12 o’clock. Black leather strap with 18k white gold Daniel Roth double folding clasp. Piece unique.
Genius Temporis Prototype
Estimate: $21,500 to $26,850
In the development of the Genius Temporis project, Konstantin Chaykin attempted to combine the Renaissance-style aesthetics of early portable personal clocks and watches of the 16th century with the sophisticated, quirky, modern mechanics of the switching time indication system he invented in 2012 (described in his patent RU2511700). He started working on the wristwatch prototype in late 2013, intending to show the watch at the Basel fair. The watch is powered by the hand-wound in-house K.01-5 caliber developed by Konstantin Chaykin for this model.
Collectors can register pre-bids and participate in the auction live via the website or by phone via +41 44 298 11 44.
Zurich-based Ineichen Auctioneers will focus on collectible watches made of rose gold for “La Vie en Rose,” its March 12 auction. More than fifty watches will be on offer, with pieces from Vacheron Constantin, F.P. Journe, Daniel Roth, Cartier, Jaeger-LeCoultre and Audemars Piguet among the auction headliners.
Three pieces in particular are likely to stir the most collector interest: F. P. Journe’s Chronomètre à Résonance Sincere Limited-Edition No. 202-RN and Octa Calendrier Sincere Limited Edition No. 239-Q, and a Vacheron Constantin Malte Openworked Tourbillon.
A limited-edition watch first purchased in 2006, this model features a 40mm by 9.1mm case in rose gold, a black mother-of-pearl dial and silver subdials patterned with Clous de Paris guilloché. It is powered by a thin manual-wound caliber 1499.2 with mainplate and bridges in solid 18-karat rose gold, and twin independent movement coupled with an aerodynamic resonance system. The watch is one of the rarest models in the Chronomètre à Résonance line as only ten pieces were produced.
Also limited to ten pieces, this 2006 model’s rose gold case measures 38mm by 10.6mm. It features a black mother-of-pearl dial with silver subdial decoration in Clous de Paris guilloché, and is one of very few timepieces to include an annual calendar complication, automatic winding and five-day power reserve. Its annual calendar function indicates the date via the large central hand and advances automatically for months with 29, 30 and 31 days.
Soon after its launch, the Octa Calendrier won the Special Jury Award at the prestigious Grand Prix d’Horlogerie de Genève in 2002.
With a rose gold case measuring 36mm x 36mm x 11.80mm, this watch was produced from 2000 to 2011 and features traditional skeletonization with ‘baroque lines’ and a hand-engraved “peacock tail” decorative pattern with meticulous finishing. Another feature is the caliber 1790SQ, which is one of the best traditionally skeletonized tourbillon movements and also Vacheron Constantin’s first in-house tourbillon movement.
In addition to this trio of headliners, these watches from Girard-Perregaux, Cartier and Daniel Roth will likely draw attention from many collectors.
Girard-Perregaux ww.tc Tourbillon Hours of the World
(Estimate: CHF 30,000-40,000)
This piece features the famed Girard-Perregaux three gold bridges, but here they’re visible through the back of the case, non via the dial side. This is meant to echo the design of the original pocket watch movement invented by Constant Girard in 1867 and patented in the US in 1884. This Reference 99350 is a very rare variation of the design with a rose gold case measures 43mm x 13.15mm, a light cream dial with a world-time complication. Only a few pieces were produced annually from 2005 to 2010.
This watch, one of the first timepieces from the Collection Privée Cartier Paris (CPCP) introduced by Cartier in 1998, is equipped with a rare hand-wound movement, caliber 045 MC, developed by THA Èbauche – a collaborative movement manufacture founded in 1996 by independent watchmakers Vianney Halter, Denis Flageollet and François-Paul Journe.
This model features the caliber 045MC Mk2 version, which uses only monolithic steel springs (except for the fixing spring of the minute counter). There is no additional bridge. Purchased in 2004, the case of this piece is 18-karat rose gold, measuring 43mm x 34mm (with lugs) x 10mm.