Auction Report: Highlights of the November 2021 Geneva Auction Season

By:Matthew Lopez | Posted: December 10, 2021

©point-of-views.ch/OnlyWatch

The annual November auction season in Geneva is the most important period of the year for the watch industry as it serves as a barometer of where the watch industry is heading. This year is quite special, as it was headlined by OnlyWatch, the biennial charity auction that we have previously covered with our top picks. But in its wake, we saw several world records set for a number of important timepieces including some underrated brands that got an unexpected boost on the auction block. So here is our round-up of the pertinent auction results that were set over the course of the past month.

 

OnlyWatch Auction 2021 (Christie’s Geneva): 6 November 2021

The Patek Philippe Complicated Desk Clock Ref. 27001M-001 (left) inspired by the clock commissioned by the industrialist James Ward Packard (right) selling for CHF9.1 million selling a record price for a complicated desk clock. (© OnlyWatch/Patek Philippe)

As we previously mentioned, we knew that auction records would be broken at the OnlyWatch Auction, but we never expected that multiple records would be set on that day. The charity auction spearheaded by its founder Luc Pettavino raised over CHF30 million through this great initiative. Headlining the sale was the Patek Philippe Complicated Desk Clock Ref. 27001M-001 inspired by the clock commissioned by the industrialist James Ward Packard that sold for a record CHF9.1 million (US$10.416 million) continuing to be the main market mover at the biennial event. Though it did not surpass the world record price paid two years ago, this serves as a good gauge that the collectability of Patek Philippe remains unabated and has now been extended into other horological inventions.

 

Sport wristwatches brought in several records on the auction block particularly with the Audemars Piguet Royal Oak “Jumbo” OnlyWatch Ref. 15202XT and the prototype of the Richard Mille RM67-02 Charles Leclerc becoming the world record for the brand. (© OnlyWatch/Audemars Piguet/Richard Mille)

Not far were impressive results for sports timepieces including a piece unique Audemars Piguet Royal Oak “Jumbo” OnlyWatch Ref. 15202XT is carved out of solid titanium selling for CHF 3.1 million (US$3.399 million) that serves a fitting tribute to the soon-to-be discontinued model. This was also extended to a prototype of the Richard Mille RM67-02 made for Formula One driver Charles Leclerc soaring to CHF2.1 million (US$ 2.302 million) displacing the previous world record of the Sapphire Tourbillon RM56-02 set at Sotheby’s Hong Kong back in 2017.  

 

The main story for OnlyWatch 2021 was the arrival of the Independents spearheaded by F.P. Journe (top left); MB&F (top right); a unique collaboration between De Bethune and Kari Voutilainen (bottom left) and Akrivia by Rexhep Rexhepi (bottom right). (© OnlyWatch/WatchesbySJX)

But the main story for this sale was the arrival of the Independents particularly with the horological marvel of the F.P. Journe Francis Ford Coppola “Fecit” (FFC Blue) that sold for CHF4.5 million (US$ 4.934 million), a world record price for the watchmaker that surprised the previous record holder of the Astronomic Blue, its contribution to OnlyWatch two years ago. Other highlights include Kind of Magic, a unique collaboration between Finnish watchmaker Kari Voutilainen and De Bethune reaching CHF1.3 million (US$ 1.423 million), a world record price for both watchmakers. And other standout results included the Akrivia Chronomètre Contemporain II by the talented Kosovar-born watchmaker Rexhep Rexhepi selling for CHF800,000 (US$875,000) and the playful work by Max Büsser & Friends (MB&F) HM10 “Panda” hitting CHF650,000 (US$711,000) on the auction block.

 

Geneva Watch Auction XIV (Phillips): 5 & 7 November 2021

The Grande et Petite Sonnerie No. 1 made by the independent watchmaker Philippe Dufour became the top lot during the two-day Geneva Watch Auction XIV sale at Phillips. (© Phillips)

Over at the nearby Hôtel La Resérve was the highly anticipated two-day Geneva Watch Auction XIV hosted by Phillips that assembled a wide array of 249 timepieces. At the sale, several important timepieces were crafted by prominent independent watchmakers who took the pride of honor, while the traditional blue-chip watch brands namely Patek Philippe and Rolex were playing only second fiddle. But the man of the moment for this sale belonged to the horological marvels crafted by the legendary watchmaker Philippe Dufour. For those collectors who are unfamiliar with Dufour, the 73-year-old Swiss watchmaker based in the small town of Le Sentier is considered as one of the last masters of modern watchmaking and is renowned for his hand-crafted timepieces that were all built by hand.

 

A rare complete collection of Philippe Dufour timepieces that were offered at the Phillips auction sale that included the only known Grande et Petite Sonnerie as a pocket watch, the very first execution of the Grande et Petite Sonnerie as a wristwatch, and his renowned models of the Duality (in rose gold) and the Simplicity (in platinum). (© Phillips)

Dufour was particularly fascinated with the grande sonnerie (French for “grand strike”), a complication that chimes the hours and quarters automatically. Normally, the complication is complemented with a petite sonnerie that chimes at the passing of every hour. After four years of painstaking work, Dufour launched in 1992 the Grande et Petite Sonnerie, the world’s first grande and petit sonnerie complication on a wristwatch in a unique series of four that was executed in yellow gold, white gold, rose gold, and platinum and commissioned for His Majesty Hassanal Bolkiah, the Sultan of Brunei. 

Its first execution in yellow gold (No. 1) sold for CHF4.789 million (US$5.210 million), making it the most expensive timepiece made by the independent watchmaker that sold at auction. Also offered in the sale were his two other later creations namely the Duality made in rose gold that sold for CHF3.660 million (US$4.001 million) and a platinum version of the Simplicity that sold for CHF 756,000 (US$829,000). But among this rare set of timepieces is the only known Grande et Petite Sonnerie No. 1 crafted in 1989 as a pocket watch that became the backbone for all his horological marvels selling for an impressive CHF 2.329 million (US$2.553 million).

 

Other important lots included an early F.P. Journe Chronomètre à Résonance (top left) and its brother Tourbillon Souverain à Remontoir d’Egalité (top right) and other high-end independents including a Richard Mille RM27-04 Tourbillon “Rafael Nadal”(bottom left) and Series 2 made by Roger Smith (bottom right). (© Phillips)

Other high-end independents took center stage at this sale notably with François-Paul Journe with a consigned set of five “Souscription” numbered 1 out of 20 models that were made between 1999 to 2003. Two models from this set reached a new record price of above CHF3 million, including a Chronomètre à Résonance from 2000 selling at CHF3.902 million (US$4.278 million) and Tourbillon Souverain à Remontoir d’Egalité at CHF3.539 million (US$3.880 million). Strong results were also seen with the Richard Mille RM27-04 Tourbillon Rafael Nadal that sold at CHF1.724 million (US$1.891 million) and with British watchmaker Roger Smith with the Series 2 in rose gold hitting CHF655,200 (US$718,300).

 

An early Omega Speedmaster Ref. 2915-1 known as the “Broad Arrow” became the most expensive Omega timepiece ever sold at auction. (© Phillips)

One of the biggest surprises at the auction was made by a brand that rarely reaches record on the auction block, Omega. At the sale, a 1957 Speedmaster Ref. 2915-1 better known as the “Broad Arrow” named after the broad length of the minute and hour hands sold for CHF3.116 million (US$3.418 million). Thus, becoming the most expensive Omega timepiece ever sold at auction beating out the previous record-holder of a timepiece owned by the American singer Elvis Presley in 2018. Given that the market of its vintage timepieces until recently has gotten quite soft over the past few years. This result can make us surmise that collectors are now taking a serious interest in collecting the early references of their watches and would even extend to other models of the brand.

 

Blue-chip brands round up the Phillips Geneva sale featuring a rare 1952 yellow gold Patek Philippe Ref. 2499 double-signed by Serpico y Laino (top left); a white gold Ref. 2497 (top right); a never before seen Rolex “Stelline” Ref. 6062 signed by K.W. Co (bottom left) and a possibly unique Day-Date “Rainbow” Ref. 18058 (bottom right). (© Phillips)

Rounding up the other notable highlights of the auction were prices set for the blue-chip brands of Patek Philippe and Rolex. A rare 1952 Patek Philippe Ref. 2499 executed in a full yellow gold case and bracelet that was retailed by the Venezuelan jewelry retailer Serpico y Laino brought in CHF3.539 million (US$3.882 million); while its counterpart from 1954 that was sourced from an Italian collector sold for CHF1.482 million (US$1.625 million). Other notable lots included a Patek Philippe Ref. 2497 set in white gold for CHF2.813 million (US$ 3.083 million); Rolex “Stelline” Ref. 6062 with a never before seen double-signed dial by K.W. Co sold at CHF 1.361 million (US$1.492 million) and a possibly unique Day-Date “Rainbow” Ref. 18058 for CHF792,300 (US$868,600).

 

Rare Watches (Christie’s): 8 November 2021

Rare timepieces from Patek Philippe and Rolex were the main top lots of the Rare Watches sale by Christie’s starting with a Patek Philippe Ref. 2523 Worldtimer with a previously unknown guilloché dial and the experimental Rolex Deepsea Special No. 1. (© Christie’s)

After nearly three days of frenetic bidding over at Phillips and the OnlyWatch charity sale, a more subdued atmosphere was at Christie’s Geneva for their evening Rare Watches auction. A 1953 Patek Philippe Ref. 2523 Worldtimer set in a guilloché dial that was designed by the legendary dial maker Stern Frères in partnership with noted horologist Louis Cottier took the top slot of the sale selling for CHF2.670 million (US$2.926 million). High hopes were for the sale of the experimental Rolex Deepsea Special No. 1 that previously was in the collection of noted vintage watch collector Reza Ali Rashidian reaching its high estimate of CHF2 million to 4 million, but it only reached CHF1.890 million (US$2.071 million) as observers have pointed that these timepieces were only for display thus catering only a very niche segment of the market.

 

Modern timepieces from Patek Philippe (Perpetual Calendar Chronograph Ref. 5004A cased in platinum – top left and a commemorative Nautilus “40th Anniversary” Ref. 5711/1P-001 – top right), F.P. Journe (an early Chronomètre à Résonance powered by a rhodium-plated brass movement – top right), and Audemars Piguet (a Royal Oak Grande Complication Ref. 25990BC – bottom right) fared significant results during Christie’s marquee November auction in Geneva. (© Christie’s)

Far better results were seen with modern timepieces beginning with a Patek Philippe Perpetual Calendar Chronograph Ref. 5004A cased in platinum that sold for an impressive CHF750,000 (US$822,000) and a special Nautilus Ref. 5711/1P-001 issued to commemorate its 40th anniversary brought in CHF450,000 (US$493,000). Similarly, we have seen this was the piece unique Royal Oak Grande Complication Ref. 25990BC set with pavé diamonds and sapphire numerals from 2002 brought in CHF500,000 (US$548,000) and an early F.P. Journe Chronomètre à Résonance from 2003 powered by a rhodium-plated brass movement that sold for CHF 462,500 (US$507,000).

 

Some Observations from the Geneva Auction Season

Despite the records brought in by the duopoly of Patek Philippe and Rolex, this season has shown that the watch community is now looking for alternative brands to collect and is now willing to pay top dollar for it. As discussed earlier, the biggest shift has gone to the side of the independents with several of their timepieces having broken auction records during this season alone, and would not be surprised by the results in the next few months going into this trend. But the main question to ask is: Are these records sustainable in the long-term, or is this a bubble-fueled frenzy that is about to end?

Well for starters, some timepieces have become unattainable for certain segments of the community for which this is understandable, but to say that this is a bubble is probably far-fetched as corrections are happening throughout. The Rolex Deepsea Special No. 1 at Christie’s, and conversely another version offered at Phillips did not even reach their higher estimate despite being important timepieces in their own right. On the flip side, we saw an underrated Omega Speedmaster surpassing its estimate at over 2500% and becoming a world record despite not being highlighted by the auction house. This goes to show that collectors should venture out of their comfort zone and start collecting beyond the norm because as what happened in Geneva, fortune favors the bold.

 

Post-Script

A surprise result occurred for a Cartier London Crash from 1970 that sold for a record price during Sotheby’s Geneva November sale. (© Sotheby’s)

We thought the fireworks of the season ended with the Christie’s rare watches sale, but an interesting result occurred at the Sotheby’s Geneva saleroom. During its Important Watches: Part I sale on the 10th of November 2021, the emblematic Cartier Crash from 1970 sold for CHF806,500 (US$885,000), a world record price paid for the model at auction for the timepiece. The dress watch was designed by Jean-Jacques Cartier who was the last of the siblings to manage the firm’s London office where the timepiece originated from. Noted vintage watch specialist Eric Ku stated in response that collectors have gone beyond the duopoly held by Patek Philippe and Rolex. He states: “…As I have said countless times, Cartier is all about design — it’s their ‘complication’ and no one does it like them. Plus, I think collectors are over the Patek this and Rolex that… If there is any lesson to be learned from recent auction results, it’s that there is a lot more to the world than just Patek and Rolex..”