Watch auctions - now a barometer of investment appeal for Swiss and other brands - are a relatively recent phenomenon. The first wristwatch was sold at auction in 1979 by Antiquorum. Since then, auctions of timepieces as luxury items, including vintage pieces, have gained momentum in both public sales volume and lot prices. For example, Cartier, Rolex, and Patek Philippe rose at auction in 2023 by 12%, 10%, and 7%, respectively📈💼
🏦 Auction Houses in the Watch World
It’s not that watches tied to fascinating histories, notable personalities, special decoration, or sheer rarity didn’t show up at auctions before. But the lots were primarily pocket and interior clocks; wristwatches weren’t yet the collector’s object of desire⌛️🖼️
Everything changed with specialized departments at major houses - Sotheby's, Christie's, Phillips, Bonhams - and dedicated watch auctions such as Antiquorum, Watches of Knightsbridge, Ineichen Auctioneers, Only Watch, etc. These sales produced headline-making sensations in the collecting world. For example, one of Sotheby’s most famous watch sales was a pocket Patek Philippe owned by American financier Henry Graves Jr. - still considered the most complex watch created without computer technology. Auction outcomes repeatedly exceeded expectations; in 2014, that legendary watch fetched nearly $24 million💎🔨
Each auction house - including the specialized players - holds a certain market share in the watch industry:
Sotheby's - about 24%; also handles appraisals and oversees the namesake Institute of Art, training future art historians and dealers. 🎓
Christie's - 30%; primarily focused on fine art, especially painting🖌️
Phillips - 31.2%; leads watch auctions by highest average lot price🏆
Antiquorum - 11%; the first specialized house, also staging thematic sales (e.g., Patek Philippe 150th anniversary)🕰️
Ineichen Auctioneers - 3.8%; not the largest by volume but highly influential and innovative among traditionally conservative houses-e.g., no buyer’s fee on sold watches and online-first auctions to cut costs. (Notably, a house’s profit typically comes from the 20–25% commission on the hammer price.)💻📦
On average, about 200 lots are selected for each watch auction, admitted only if in solid condition inside and out. Provenance purity and historical “charms” weigh heavily. Experts generally avoid altering a watch; the closer to original, the higher the potential value. Acceptable maximum: replacing a strap or a cracked crystal🧩🔍
🧭 How to Buy a Watch at Auction
People come to watch auctions for different reasons: the thrill of live bidding, the hunt for sharper pricing on a collectible, or the pleasure of an educational pastime in good company. Pros include in-person inspection before purchase and expert Q&A; cons include potentially high commissions and occasionally runaway adrenaline. 🎟️🤝
Regardless of live or online format, the core steps remain:
work with the catalog;
determine and place your bid;
settle the hammer price, commissions, and receive the watch🗂️💳📦
The starting point is the official catalog prepared for each sale. It includes a photo, expert-verified data (model, production year, condition report), and an estimate range with the seller’s reserve. If you wish, you can verify details with trusted specialists📚🖼️
Next, register for the sale and obtain a paddle/bidder number. This is necessary not only to participate but also for financial compliance, to which international law pays particular attention (AML/CFT). Leading houses insist on ID; beware those that do not. After registration, you can bid - in person, by phone, or online🪪📞🖱️
Once the price is agreed between house and bidder, commissions and taxes - often 25–30% - are added. If you’re on site, settlement can be immediate. If your phone/online bid wins, after payment, you must provide delivery instructions and pay for insured shipping. If cross-border, remember potential customs duties🧾🚚🌍
⭐ The Most Interesting Watch Lots
What do collectors love to buy? Unsurprisingly, Rolext - he sports watch leader - and Patek Philippe - the king of complications-dominate. Pieces owned by famous public figures are highly sought after. And the oft-quoted maxim “steel beats gold” stands, for two reasons:
vintage steel in excellent condition is hard to find - these were daily wearers;
for years, brands produced relatively few steel references, so they’re rarer in catalogs🧲🛠️
Our selection of standout 2024 results showcases variety - movements, historical roots, rarity, and more🎯
Omega x Swatch MoonSwatch Mission to Neptune
The explosive premium here - despite being a homage to the Speedmaster rather than an original Omega - came from a unique, verified one-millionth piece of the collection. Sold at Christie's for approximately $77.4k🌙🔵
F.P. Journe: Elégante 48 mm Titalyt MAMCO, Vagabondage I, and Tourbillon à Remontoir d'Égalité
The Élégante 48 mm Titalyt MAMCO proves quartz can shine at auction. Offered by Phillips for the 30th anniversary of Geneva’s Museum of Modern and Contemporary Art, the dial’s colored letters spell ART. Hammered at $552.53k🎨
Another highlight: Vagabondage I once owned by Michael Schumacher - platinum case, Ferrari logo replacing numerals, the racer’s helmet motif, and world championship emblems. Achieved over $1.64 million🏁
Tourbillon à Remontoir d'Egalité - the second piece created by independent master François-Paul Journe (1993) and the first he ever sold. A boldly styled dial and a movement made of gold (years before Journe adopted gold movements in 2004). Sold at Phillips Geneva for roughly $8 million🌀💫
Tiffany & Co. Pocket Watch
Appearing late in the year at Henry Aldridge & Son, this Tiffany piece is tied to the tragedy of the Titanic. Three women survivors gifted it to the captain of RMS Carpathia, the first to respond and rescue about 700 passengers. Tiffany repurchased it for $1.97 million🚢💙
Breguet, No. 3218
A Christie's standout: among the earliest wristwatches featuring a perpetual calendar. Made in 1935 in white gold; designed by French graphic artist and Art Deco pioneer Paul Iribe. Sold for nearly $2.4 million📐✨
Rexhep Rexhepi Chronometre Antimagnetique
By gifted Kosovar watchmaker Rexhep Rexhepi (working in Switzerland), this became one of the priciest lots at the 10th Only Watch-selling for over $2.6 million. It’s a chronometer with an internal Faraday cage; entirely hand-made🛡️👐
Philippe Dufour Skeleton with Sapphire Dial
Among the rarest watches-only 8 examples exist, and just three have sapphire dials. This example features a white gold case, burgundy hands, and sand-gold markers. At Phillips, it realized $3.69 million🔍🧿
Patek Philippe: Grandmaster Chime Ref. 6300, Nautilus Ref. 5711, and Ref. 6301A-010 Grande Sonnerie
The double-faced Grandmaster Chime Ref. 6300, crafted in white gold, at Sotheby's New York, boasts 20 complications, including five striking modes. This very watch, sold for $5.4 million, belonged to Sylvester Stallone. 🎬
Nautilus Ref. 5711 reached a record thanks to two factors: a steel case (now discontinued) and near-total coverage with unique engraving. Final price: nearly $8.4 million⚙️
Ref. 6301A-010 Grande Sonnerie - a minimalist aesthetic with major complexity (grand and petite sonnerie) and a guilloché dial under translucent greenish-blue enamel. A signature touch: twin fan-shaped power reserves, one for the base movement, one for the strike train. Prepared specially for Only Watch, it sold for over $19.6 million🔔🌿
