Sotheby’s Leads the Watch Auction Markets in 2019

SOTHEBY’S LEADS THE WATCH AUCTION MARKETS 

IN 2019 (YEAR-TO-DATE)

Auction Sales Reach $59 Million

*Up 54% Over 2018 Year-to-Date*

Propelled by Record Prices,

Highly Curated Live Auctions,

Innovative Online Sales and Exceptional Property

25 July 2019 - Sotheby's international watch auctions achieved $12 million this July, led by exceptional results for Masterworks of Time: George Daniels ($10.1 million); Watches Online ($705,965); and Omega Speedmaster: To the Moon and Back ($1.2 million).

These sales capped off one of the most successful seasons in the history of Sotheby's Watch department, placing it ahead of the competition this year. Since the beginning of 2019, the company's watch auctions have brought a combined total of $59 million – a 54% increase over the same period in 2018 ($38.2 million). In addition to that, private sales have enjoyed a significant increase.

These results were driven by record prices, highly curated live auctions, the growth of innovative online sales and the continued influx of new participants. Furthermore, earlier this month we saw historic benchmarks set with the first wave of sales dedicated to “Masterworks of Time” - one of the most important watch collections ever to appear on the market. Three additional auctions are scheduled until October 2020, including one in Geneva in November this year.

Sam Hines, Global Head of Sotheby’s Watches, commented: “We are delighted to be market leaders at a time when the global watches market is thriving. Our talented international team has been relentless in their pursuit of exceptional property for our auctions, and we are deeply appreciative of the support and trust of our buyers and sellers which has now made Sotheby's the number one auction house for watches so far this year. We look forward to an equally exciting second half to the year, along with many more opportunities to share our passion with collectors and continue to present them with world-class timepieces."

Daryn Schnipper, Chairman of Sotheby’s International Watch Division, said: “Our results reflect strength in the market across centuries of horological history, from the 16th century pocket watch to the wristwatches of today. Our experienced, global team looks forward to presenting both new and established collectors with exceptional and surprising opportunities as we look forward to the fall season and beyond.”

This Season in Figures

·         Over 1,400 lots 

·         Sold for a combined total of $58,969,375

·         Almost 40% of the lots achieved prices over their high estimate

·         12 timepieces sold over $500,000 (108 sold over $100,000)

A Market with Great Potential

·         82 countries across the globe have participated in our watch sales since the beginning of 2019

·         Half of the buyers and the participants had never taken part in watch auctions at Sotheby’s before

The Continued Growth of Online Sales

·         Online-only sales were up 85% in comparison to the first half of 2018

·         Over half of the lots sold online (53%)

·         Innovative partner sales attracted a lot of interest, including the exclusive sale of an IWC Big Pilot’s watch that was worn by Bradley Cooper while attending and performing at the 91st Academy Awards ceremony and subsequently sold for $75,000 (est. $20,000-30,000). Proceeds went to the Antoine de Saint-Exupéry Youth Foundation

Auction Records and Top Prices

HISTORIC RESULTS FOR POCKET WATCHES AND GEORGE DANIELS

·         World record for a timepiece by an independent watchmaker, an English watch, and highest price achieved for a watch at auction this year: George Daniels’ “Space Traveller I”, from the “Masterworks of Time” collection, rocketed to a sky-high £3.6m ($4.6m) in London in July (post-sale release availablehere)

·         Record for a Millennium wristwatch by George Daniels: a Millennium in yellow gold from 2000 sold for HK$ 2.25m (US$ 289,822) in Hong Kong in April

·         Record for a 17^th-Century Watch: a masterpiece of enamel by Jehan Cremsdorffrose to £2.2m ($2.7m) in London in July

·         A gold and enamel pair cased astronomical watch made by English watchmaker George Margetts in 1778 achieved £615,000 ($776,007) in London in July

PATEK PHILIPPE PREVAILS

·         A Reference 2499, first series made in 1951 realised HK$ 11.9m (US$ 1.5m) in Hong Kong in April

·         A Skymoon tourbillon, reference 5002p-001 from 2006 fetched HK$ 8.6m (US$ 1.1m) in Hong Kong in April

·         Record for a Reference 2497 in pink gold: a model from 1953 with a remarkable case by Emile Vichet achieved CHF 980,000 (US$ 979,775) in Geneva in May

·         Record for a Reference 5208: a reference 5208P-001 from circa 2014 made HK$ 6.9m (US$ 888,145) in Hong Kong in April

·         Record for a Steel Nautilus: a reference 3700made in 1983 sold for HK$2.5m (US$ 322,025) in Hong Kong in April

CLOCKS

·         Record for a contemporary clock by Cartier: The “Le Temple chinois au dragon” mystery clock soared to HK$7,975,000 (US$1,027,260)

·         Record for a Clock by Vacheron Constantin: a jewel-like art deco timepiece, circa 1926, achieved £531,000 ($667,467) in London in July

·         Record for a Cartier Comet Clock: a superb example in agate, diamonds and enamel fromcirca 1925 brought $350,000 in New York in June 2019