Why consider auctions for luxury watches?
If you have your eye on a timepiece that feels near impossible or looking for that stunning Patek to finish your collection, world-renowned auction houses like Christie’s, Sotheby’s, and Phillips have probably crossed your mind.
With top brands Rolex, Richard Mille and Audemars Piguet continuing to remain incredibly popular among collectors, and with pre-owned timepieces also in demand, watch auctions are always worth a try.
Geneva remains the main hub with Hong Kong and New York also key players with some major sales including a rare Patek Philippe Minute Repeater, reference 6301A-010, which sold for $17,320,032 in Geneva.
A Patek Philippe Sky Moon Tourbillon reference 6002G was sold at Christie’s Hong Kong’s “Top of Time” online auction in March 2023, achieving $5.8 million. The watch is a masterpiece featuring an 18-karat white-gold case, a blue champlevé and cloisonné enamel dial, and 12 complications, including a perpetual calendar and moon phases. This sale set a new global record for the most expensive watch auctioned online
With price in mind, there are auctions with timepieces for a variety of budgets, so whether you’re after a Tudor Black Bay or a Patek Nautilus, you’re likely to find one in the listings.
Why are online auctions popular?
Digital platforms continue to influence the market with people keen to sit in the comfort of their home and watch live as they hope to get their hands on some vintage styles or dress watches.
Online auctions often feature a broader range of watches, including rare and hard-to-find models, giving buyers access to a more diverse selection than they might find in a local auction house or retail store.
They also typically provide detailed information about each watch, including its history, condition, and provenance. High-resolution images, expert descriptions, and sometimes even virtual consultations with specialists help buyers make informed decisions.
The COVID pandemic led to a decline in luxury watch sales, forcing sellers to adjust to the still-strong demand from collectors. While some models sold for lower prices than anticipated, others remained highly sought after by collectors looking for enduring pieces during the uncertainty of the pandemic.
What is clear from auctions this year, is that there are far fewer unsold lets in each auction, which would suggest the industry is still vibrant.
Key brand players
Patek Philippe and Rolex dominate luxury watch auctions, consistently commanding high demand and top prices. Known for their exceptional craftsmanship and timeless design, these brands remain the leading sellers, reaffirming their enduring appeal among collectors and enthusiasts.
Roger W.Smith is also emerging as a key player in the more expensive lots which suggests a shift towards independent watchmakers. His Cornerstone Pocket Watch No. 2 achieved the highest auction price for any British watch ever sold at $4.9 million, in New York in 2023.
Can’t wait for an auction?
If you’re ready to take your love of watches to the next level and invest, an online auction is a great place to start.
But here at Luxe Watches, we have some beautiful offerings, both new and pre-worn, at our Epping showroom, which you are welcome to try for size. Whether you’re a Patek or Rolex fan, we can assist you. Contact us today.