Two timepieces set new auction records at the most recent Sotheby’s watch sale in Hong Kong, while nearly half of the lots sold above their high estimates.
A Patek Philippe Ref. 2526, the first self-winding wristwatch from collector J.B. Champion, brought in HKD 5.7 million ($729,977), within its estimated range, Sotheby’s said Monday. Meanwhile Cartier’s Paris Cloche, No. 1/1, fetched HKD 1.7 million ($210,882), more than four times its high estimate. Both set a record for the highest auction amount for the specific model, Sotheby’s noted.
In total, the April 7 Hong Kong Important Watches auction garnered HKD 126.3 million ($16.1 million). Over two-thirds of buyers were from China and the US, the auction house noted.
Meanwhile, the top lot of the auction, a Patek Philippe Ref. 2499 made in 1960, saw fierce bidding between participants in the room and on the phone. That piece, which sold within its estimated range, went for HKD 8 million ($1 million) after nearly 20 bids.
Rolex remains the king of Swiss watches, with more than a 30 per cent share of the market in 2023, according to new research by the investment bank Morgan Stanley and consultants LuxeConsult.
“No other luxury brand can claim such a dominant position in its respective sector,” they say in a new report.
Rolex’s market share is more than next five biggest brands combined: Cartier (8 per cent), Omega (7 per cent), Patek Philippe (6 per cent) Audemars Piguet (5 per cent) and Richard Mille (3 per cent).
Rolex’s revenue for the year are estimated at $11.43bn (CHF 10.1bn). It sold an estimated 1.24m watches last year, at an average cost of $13,832 (CHF 12,218). Second-placed Cartier sold 660,00 watches at an average cost of $6,467 (CHF 5,712).
Total sales of Swiss watches last year returned to pre-Covid levels, up 7.6 per cent year-on-year to $30.23bn (CHF 26.7bn).
Royal Oak Selfwinding 34 and Royal Oak Selfwinding 37, both available in 18k white gold or 18k pink gold and both entirely set with brilliant-cut diamonds ranging from 0.5mm to 2.2mm in diameter. The 34mm versions have 2,255 brilliant-cut diamonds (approximately 6.6 carats) whereas the 37mm models include 2,123 brilliant-cut diamonds (approximately 7.2 carats), spread across the case, crown, bezel, dial, and bracelet. What’s more, the dials of all four pieces are also home to 13 baguette-cut diamond hour markers.
Snow setting is the method of taking different-sized diamonds to create an irregular, yet cohesive, pattern. Think different-shaped snowflakes all coming together to cover the ground in glorious bright white. It sounds simple in theory, but managing to blanket a surface with a mosaic of diamonds in varying sizes is no easy feat. However, when done right, it results in a dramatic display that, if I may argue, is more visually interesting than uniformly diamond-paved surfaces. To be clear, this isn’t the first time Audemars Piguet has used snow-set diamonds — the 2015 Diamond Punk and 2017 Diamond Outrage high jewelry pieces already showcased the arduous technique. However, these are the first Royal Oaks to get this dazzling treatment.
Watches of Switzerland’s group revenue soared 25% for the full fiscal year as it expanded its store network and demand for luxury timepieces rose.
The UK-based retailer achieved sales of GBP 1.54 billion ($2.02 billion) for the 52 weeks that ended April 30, the company said last week. That amount is a record for the firm and has placed it “significantly ahead” of where it expected to be when it released a long-term strategic plan in 2021, it explained.
Sales grew 10% in the UK and Europe to GBP 890 million ($1.17 billion), driven by the opening of 15 new UK showrooms, as well as its first in Germany. In the US, revenue jumped 52% to GBP 653 million ($855 million), with the company opening six mono-brand shops and a Rolex store. The US now represents 42% of total group revenue, the company noted. The rise was also the result of increased appetite for luxury watches, which continues to outpace supply. Watches of Switzerland’s client registration for timepieces is growing, as is the average selling price per piece, it said.
Profit for the period advanced 21% year on year to GBP 121.8 million ($159.5 million).
“Luxury watch sales grew 28% year on year, representing 87% of group revenue,” said Watches of Switzerland CEO Brian Duffy. “Luxury jewelry sales increased at a more modest 10% in the year, reflecting a tougher macroeconomic backdrop and focus on full-price sales. Following two years of exceptional performance, sales are significantly ahead of plan, by over GBP 200 million [$261.9 million].”
During the year, Watches of Switzerland also opened five shops in Sweden and Denmark, and a boutique in Ireland. In fiscal 2024, it will debut a flagship Rolex store on London’s Old Bond Street and a shop in Manchester, UK, as well as a joint venture with watch brand Audemars Piguet. The company expects revenue of between GBP 1.65 billion ($2.16 billion) and GBP 1.7 billion ($2.23 billion) for the full year.
Cristiano Ronaldo was gifted a diamond-encrusted green watch worth £92,000 at the launch of his new range of timepieces.
To mark the opening of Jacob & Co’s new store in Riyadh, Saudi Arabia, the company held a launch event that was attended by Ronaldo – now plying his football trade in the country for Al-Nassr. The former Manchester United and Real Madrid striker showed off one of brand’s luxury watches.
According to the Daily Mail, the green watch Ronaldo was pictured wearing features 26 white diamonds and is worth £92,000. It also depicts his trademark ‘Siu’ celebration on the back. The watch Ronaldo showed off is named the ‘Heart of CR7 Baguette’ and is one of four watches in his collection – with the most expensive worth £119,00 ($145,000).
This is the latest in a series of endorsements Ronaldo had done through his glittering career. The Portuguese forward is estimated to have the biggest earnings in world football, with his contract at Al Nassr reportedly worth in excess $200m per year.
Renani Jewels (India) has broken the dazzling Guinness World Records title for the most diamonds set on a watch in Meerut, India as verified on 29 December 2022.
The construction of this sparkly piece of jewellery started with hand drawn sketches to work out the design of the watch.
After the initial design was finalized, it was recreated in 3D as a computer-aided-design (CAD) and then printed.
All the diamonds were then meticulously placed onto the watch and it took five different forms of polishing to give it the desired look.
The watch is named Srinkia – the watch of good fortunes. Inspired by ancient Indian mythology, Srinkia means flower.
According to founder and CEO Harshit Bansal, it also signifies the Indian goddess of wealth and good fortunes – Lakshmi.
The end watch has 17,512 white diamonds and 12 black diamonds.
This beat the previous record set by Aaron Shum Jewelry Ltd. (Hong Kong) with 15,858 diamonds back in December 2018.
These diamonds were authenticated by an International Gemological Institute Lab (IGI) certificate to determine that actual diamonds were used.
The main challenge faced by Renani Jewels was the procurement of a huge quantity of diamonds with the same colour, size, shape and clarity.
To verify the record, each individual diamond had to be counted in the presence of a jewellery and diamond expert.
In accordance with GWR’s guidelines, the diamond had to be sourced from producers that are certified by the Kimberley Process Certification Scheme (KPCS), which prevents “conflict” diamonds from entering the mainstream market.
The end watch weighs 373.30 grams and is completely wearable.
Diamond records have proved popular in India, with the most diamonds set on a ring being broken by SWA Diamonds last May.
Pre-owned timepieces are beating jewelry at auction and outselling hard-to-get newer models.
The pre-owned watch market is having a banner year. The five top auction houses for the category — Phillips, Sotheby’s, Christie’s, Antiquorum and Bonhams — finished 2021 with a combined total of CHF 634 million ($646 million) in watch sales, according to The Mercury Project, a study by auction-focused consulting firm Hammertrack. In the first half of 2022, the five houses sold CHF 379 million ($386 million) worth of watches — 47% more year on year than 2021 and 133% more than the first half of 2019.
This year is likely to set a new record, surpassing the $900 million mark, the study says — and that doesn’t include sales by non-auction dealers. Secondhand-timepiece vendor WatchBox, for example, posted sales of $310 million in 2021. Its tally for the first half of 2022 was $200 million, and the projected figure for the full year is $400 million.
A collector’s market The boom is partly due to organic growth from a steadily burgeoning community of collectors with no qualms about buying pre-owned watches. Over the past five years, online resale platforms for luxury timepieces have evolved from bulletin-board-style marketplaces run by largely anonymous sellers, to organized professional dealers who own, authenticate, restore and service their inventory. And the scale of that inventory has exploded: A 2021 study by McKinsey & Company valued the secondhand watch market at $18 billion in 2019, predicting a jump to $32 billion by 2025.
In fact, watches now outpace jewelry at auction: Auction sales of pre-owned jewelry rose 55% in 2021, while watch sales doubled, according to Hammertrack. In 2022’s first half, jewelry sales were up only 8% year on year against watches’ 47%.
The other main factor driving the boom in pre-owned timepieces is the shrinking number of new ones at retail. Brands are producing fewer watches, mainly offering limited editions at premium prices, and that puts many new models beyond the reach of most collectors. Hot commodities like the Rolex Daytona are obtainable only through waiting lists, which can be decades long. In contrast, a buyer could get a nice secondhand Rolex Daytona or other coveted model right now, online or at auction.
Outrageous prices The Rolex Daytona and Patek Philippe Nautilus are prime examples of how some watches have become commoditized. Patek discontinued the Nautilus Ref. 5711-1A with blue dial in 2021 — partly because it was overshadowing the rest of Patek’s collection, including the company’s elite complications, and partly because the hype was elevating prices to absurd levels, many times beyond retail. While the Daytona is still in production, it has been selling for up to five times its retail price, which makes it ripe for speculators.
That said, the Daytona and the Nautilus are exceptions, and over the past year, prices for these models have retreated from the all-time highs they reached in early spring 2022.
Some dealers welcome the correction.
“It’s been a wild ride the last few years, and I, for one, am looking forward to the watch market getting back to normal,” says Ken DeVaul, director of timepiece operations for retailer International Diamond Center (IDC) in Clearwater, Florida. “I got tired of talking about watches through the financial-commodity lens of resale value. I got into this business because I really enjoy watches, not because it outpaced the stock market.”
The era when a “few flippers” could buy a watch at list price “and make an easy $20,000 or more by selling to us dealers is pretty much over,” he continues. “In fact, all Rolex sports models have come down in price over the past year, inching back to [the manufacturer suggested retail price (MSRP)], where they typically lived in the past.”
Dealer Eric Wind of Florida-based Wind Vintage describes “the pre-owned hysteria” as “not much different than people paying crazy amounts for cryptocurrencies and non-fungible tokens (NFTs). The speculators were mainly active in the primary retail market, and they aren’t true collectors. The real collectors are in the vintage and independent markets.” His advice to consumers: “I personally would not recommend paying huge premiums over retail price for modern, currently produced watches right now. I am not bullish [about the value of goods on the secondary market].”
Steel and small brands The Daytona and Nautilus hype may have subsided, but it’s left its mark: a lingering preference for stainless steel sports watches.
“Steel sports models have been super popular for several years now,” says Leigh Zagoory, a watch specialist at Sotheby’s. “But trends are cyclical, and true collectors covet watches for different qualities. They’re looking for more rare examples of specific models, and those vintage pieces can only be sourced on the secondary market.”
The recent surge also shed some light on a hitherto more niche corner of the pre-owned market: independents and smaller brands. More collectors are discovering these watchmakers’ superior technical prowess and craftsmanship, especially compared to the hype models. As a result, interest in brands that were almost unheard of 10 years ago is soaring.
The top 10 watch brands that sold at auction in 2021 were a mix of established elite and smaller independents, according to the Mercury Project study. Patek Philippe was the clear leader, with 378 lots netting a total of CHF 338.8 million ($350.8 million). Next came Audemars Piguet, Rolex, F.P. Journe, A. Lange & Söhne, Richard Mille, Cartier, Greubel Forsey, Omega, and Vacheron Constantin.
Uptick in demand Bidders are interested in rare, top-quality watches, especially those with private-collection provenance, and they’re still willing to pay top dollar. Last year at auction, 29 lots surpassed the $1 million mark — a result that would have been rare 10 years ago. Phillips, Christie’s and Sotheby’s saw record sales in 2021. Among the auction houses, Phillips in Association with Bacs & Russo is leading the pack with a 33% market share, followed by Christie’s, Sotheby’s, Antiquorum and Bonhams.
“Over the last number of years, everything was seemingly on fire, with unprecedented demand across the board for both the primary and secondary markets,” says WatchBox CEO Justin Reis. “But we have witnessed a substantial increase in activity across the $50,000 to $100,000-plus spectrum. Consumer interest has markedly increased for high-end independent brands, with no signs of a forthcoming slowdown.”
Paul Boutros, head of watches for the Americas at Phillips, has found that “demand continues to be extremely strong for rare, best-quality collectors’ watches — especially in vintage and independents. For modern-production watches, prices achieved in our spring 2022 auction season were in line with the results we saw a year earlier.” Indeed, he adds, “those prices were more realistic than the peaks seen on the secondary market in early 2022 — though still significantly above retail in most cases.”
For dealers, the only downside of the surging secondhand market is keeping up with demand. There are rumors that retailers are training their staff in how to let customers down gently when their choice of model is not available.
“More people are interested in watches than ever before,” says Wind. “So my challenge is just continuing to engage with current and prospective clients. I get thousands of emails and messages each day, wanting to speak about watches.”
Rolex remains king We asked three dealers to name their Holy Grail watches for collectors right now, and all of them chose models by Rolex, proving that the brand with the crown on the dial still reigns supreme.
“I predict the Rolex James Cameron Deepsea will be discontinued. When this happens, it will become an instant collectible.”
Ken DeVaul Director of timepiece operations, IDC In 2012, a special Deepsea model, the Deepsea Challenge, accompanied filmmaker and explorer James Cameron on his 10,908-meter dive in the Mariana Trench. The commemorative D-Blue version of the Deepsea was introduced in 2014 to mark the event. It goes for $14,500 at retail, while models on the pre-owned market sell for up to $16,000.
“2023 will be the 60th anniversary of the Rolex Daytona, so this model is my pick as the one to watch next year.”
Paul Boutros Head of watches for the Americas, Phillips in Association With Bacs & Russo Introduced in 1963 to mark Rolex’s sponsorship of the Daytona Speedway, the Oyster Perpetual Cosmograph Daytona has become the world’s most coveted sports watch. The latest model has a black Cerachrom (ceramic) bezel, a state-of-the-art movement and a black Oysterflex rubber strap. It sells for about $46,000 at retail, and up to high six figures on the pre-owned market, depending on the model and provenance.
“Whatever Rolex comes out with will be hot, especially this year’s new left-hand GMT-Master II.”
Justin Reis CEO, WatchBox The new GMT-Master II is ideal for lefties, with the crown and the date window on the left of the case so it’s comfortable to wear on the right wrist. The green and black color combo is exclusive to this line, with the option of either a Jubilee or Oyster bracelet. It’s $10,500 at retail, or up to $40,000 on the secondary market.
It’s raining bling! Audemars Piguet CEO François-Henri Bennahmias isn’t holding back before his impending departure from the brand in 2023. Instead, true to his persona, he’s upping the ante for the Q4 celebrations of the Royal Oak’s 50th anniversary with a flashy lineup of 20 Royal Oak Selfwinding Rainbow pieces (10 in 41 mm and 10 in 37 mm) fully set—from the dial to the bezel to the case to the bracelet—in emeralds, rubies, tourmalines, tanzanites, tsavorites, chrysoberyls and spessartites. Unlike other “rainbow” watches, these are arranged in monochrome settings such as a fully yellow chrysoberyl-set version to one dressed in solid rubies.
Adding to the difficulty in setting the variations of stones is that each watch had to be adjusted according to the typology, hardness and other specifics according to the makeup of each type of stone. The baguette stones were also cut in 179 different sizes for the 41 mm version and 153 different sizes for the 37 mm iteration before being hand-polished.
To make sure the stones covered as much surface as possible, Audemars Piguet and Salanitro arranged them in an invisible setting—a jewelry technique in which as little metal as possible is revealed around the gems to give the appearance that they are floating—on the dial and bracelet links. To achieve this, tiny grooves were cut into the 18-karat white gold cases with the stones attached inside via hidden rails mounted in the metal. This kind of setting is notoriously difficult and only 10 out of 80 artisans at Salanitro’s studio are able to complete the task. They worked for a month and a half on the setting alone for each set.
The AP’s Royal Oak Selfwinding Rainbows contain the caliber 4309 for the 41 mm version—the most recent self-winding hours, minutes and seconds movement in this diameter—and the Caliber 5909 for the 37 mm model. The 5909 is based on the Caliber 5900, which first appeared this year in other Royal Oaks of the same case size. Like other 50th anniversary editions, these will also come with a 22-carat pink gold oscillating rotor that spells out “50 years.” The Audemars Piguet logo and “Swiss Made” label have been cautiously printed on the sapphire crystal so as not to interfere with the gems.
Jaeger-LeCoultre has held the record for the world’s smallest mechanical movement – since 1929. The caliber 101, a mere 14mm long and less than 5mm wide, is still used today. It drives two new high jewelry models from the brand, the Snowdrop and the Bangle. Both are made of 18k pink gold and designed as bracelets, according to standards of high jewelry making, with integrated cases and movements. Each is set with about 20 carats of diamonds, all classified as IF-internally flawless to VVS clarity grade.
The Jaeger-LeCoultre Snowdrop, with 20.9 carats of diamonds. JAEGER-LECOULTRE
The Snowdrop is set with of 904 diamonds, 204 of which are substantially sized pear-shaped gems. The remainder are classic brilliant cuts, for a total of 20.9 carats. The design was inspired by the white bell-shaped flowers of the same name that grow through the snow in the Vallee de Joux watchmaking district of Switzerland. The case is integrated with the manchette-style bracelet, with a circle of pear-shaped diamonds surrounding the dial to form a flower. Waves of diamonds repeat the petal pattern in perfect symmetry throughout the bracelet.Recommended For You
The Jaeger-LeCoultre Bangle watch, with 19.7 carats of diamonds. JAEGER-LECOULTRE
The diamonds in the center of the bracelet are set according to the griffe or claw method, which minimizes the amount of metal surrounding the gem and allows more light to pass through from different angles. The bracelet’s structure is supported by two bands of gold with diamonds that are grain-set, a linear setting technique in which tiny beads of gold are pulled up from the surface of the metal and pushed over the stone to secure them. The gemsetting work for this piece represents 130 hours of work by Jaeger-LeCoultre artisans.
The Jaeger-LeCoultre Bangle watch, with 19.7 carats of diamonds. JAEGER-LECOULTRE
The Bangle watch is a swirling, geometric Art Deco design with an interplay of symmetry and asymmetry. The bracelet is set with 996 diamonds totaling 19.7 carats, graduated in size to emphasize the sweeping, 3D curves of the design. Altogether, there are 144 griffe-set diamonds and 852 grain-set diamonds. The Bangle opens with a simple twist of each side.
Setting diamonds into the Snowdrop watch by Jaeger-LeCoultre. JAEGER-LECOULTRE
Over the past 90 years, Jaeger-Le Coultre’s caliber 101 has been used in jewelry watches under its own name as well as in creations by other high-end brands. These rare timepieces have graced the wrists of many notable women, including Queen Elizabeth II, who wore one for her coronation in 1953. The movement has benefited over the years from many improvements in materials and machining, but its dimensions and architecture remain unchanged. The present, fourth-generation movement, caliber 101/4 has 98 components (compared with the original 78).
Jaeger-LeCoultre has held the record for the world’s smallest mechanical movement – since 1929. The caliber 101, a mere 14mm long and less than 5mm wide, is still used today. It drives two new high jewelry models from the brand, the Snowdrop and the Bangle. Both are made of 18k pink gold and designed as bracelets, according to standards of high jewelry making, with integrated cases and movements. Each is set with about 20 carats of diamonds, all classified as IF-internally flawless to VVS clarity grade.
The Jaeger-LeCoultre Snowdrop, with 20.9 carats of diamonds. JAEGER-LECOULTRE
The Snowdrop is set with of 904 diamonds, 204 of which are substantially sized pear-shaped gems. The remainder are classic brilliant cuts, for a total of 20.9 carats. The design was inspired by the white bell-shaped flowers of the same name that grow through the snow in the Vallee de Joux watchmaking district of Switzerland. The case is integrated with the manchette-style bracelet, with a circle of pear-shaped diamonds surrounding the dial to form a flower. Waves of diamonds repeat the petal pattern in perfect symmetry throughout the bracelet.Recommended For You
The Jaeger-LeCoultre Bangle watch, with 19.7 carats of diamonds. JAEGER-LECOULTRE
The diamonds in the center of the bracelet are set according to the griffe or claw method, which minimizes the amount of metal surrounding the gem and allows more light to pass through from different angles. The bracelet’s structure is supported by two bands of gold with diamonds that are grain-set, a linear setting technique in which tiny beads of gold are pulled up from the surface of the metal and pushed over the stone to secure them. The gemsetting work for this piece represents 130 hours of work by Jaeger-LeCoultre artisans.
The Jaeger-LeCoultre Bangle watch, with 19.7 carats of diamonds. JAEGER-LECOULTRE
The Bangle watch is a swirling, geometric Art Deco design with an interplay of symmetry and asymmetry. The bracelet is set with 996 diamonds totaling 19.7 carats, graduated in size to emphasize the sweeping, 3D curves of the design. Altogether, there are 144 griffe-set diamonds and 852 grain-set diamonds. The Bangle opens with a simple twist of each side.
Setting diamonds into the Snowdrop watch by Jaeger-LeCoultre. JAEGER-LECOULTRE
Over the past 90 years, Jaeger-Le Coultre’s caliber 101 has been used in jewelry watches under its own name as well as in creations by other high-end brands. These rare timepieces have graced the wrists of many notable women, including Queen Elizabeth II, who wore one for her coronation in 1953. The movement has benefited over the years from many improvements in materials and machining, but its dimensions and architecture remain unchanged. The present, fourth-generation movement, caliber 101/4 has 98 components (compared with the original 78).
