On May 11th 1009, Christie’s will be holding an auction in Geneva dedicated to some rare collector’s items from around the world. Last year, the world’s leading auctioneers sold 2500 watches for a total sum of 90 million US dollars. Such purchases are almost never impulse buys, since preparation is a vital part of the game rules for any self-respecting collector. While collectors are passionately dedicated, they must also be meticulous and well organised. As co-director of Christie’s watch department, Aurel Bacs shares with our readers some surprising advice and information. The knowledge and experience of a seasoned professional shine through his words of wisdom.

BL: What should collectors be aware of when planning to buy a watch at auction?
Aurel Bacs: Let’s start with something quite obvious: too many people still don’t know the difference between walking into a store to buy a new and thus theoretically perfect watch, and acquiring a previously owned watch – whether at auction or by many other means. By definition, the latter is rarely perfect and may even be damaged. An auctioneer is not a watch manufacturer; we do not repair or restore the pieces entrusted to us, but instead merely appraise them. It is up to potential buyers to seek out the appropriate information, to ensure they read the auction catalogue properly, and to define not only their wishes, but also their budget. Bidding bears no relation to shopping in a prestigious town centre. After perusing the relevant documents and pre-selecting the watches they have in mind, I advise potential buyers to contact the expert in charge of the watch, around three to four weeks prior to the auction.

At Christie’s we answer all questions, expressing an unbiased opinion on the models presented. Even though all the watches we offer stem from a rigorous selection procedure, we are not their owners and we want clients to be satisfied and become return customers. The recommendations we express generally enable buyers to revise their wish list. Seven to ten days before the sale, they should ideally make an appointment to see the items “in the flesh”, since photos cannot convey the same sensations as those procured by face-to-face contact with the watches. In cases where the pre-auction exhibition is open to the public, an appointment may not be necessary. Buyers often once again rethink their list after this stage. They must also consider their “competitors”: whom will they have to vie with during the auction, and how far are they prepared to go? When a buyer so requests, I can provide bidding advice on the ceiling price that some big collectors tend to aim for in any circumstances. Certain buyers may realise at that point that the bidding is bound to go higher than they can afford and therefore decide to concentrate on other objectives. After this last filter stage, it’s time to pay another visit to the exhibition in order to sense the atmosphere of the sale and ask the experts any remaining questions one may have.

On the auction day, it is well worth arriving punctually in order to choose one’s seat (whether that means right in front of the auctioneer or hidden in a corner of the room), and to bring one’s personal copy of the catalogue duly enriched with notes on the targeted pages. Auctions are conducted at an extremely fast pace and the lots generally go under the hammer within one or two minutes. Buyers must be quick to react and stick to their goals so as not to over-extend themselves beyond the budget they have set. So it’s all basically a question of preparation.

BL: What’s the current situation on the market?
AB : Since our last sale in November, which was a success with 88% of lots sold at highly satisfactory prices, we are witnessing a certain degree of stabilisation. Even though they never ruled the market and were not particularly numerous in the field of previously owned Haute Horlogerie pieces, the handful of speculators haunting the specialised auction rooms have now vanished. The authentic collectors I meet these days are actually in a stable financial situation. Their state of mind is radically different from that of stock market investors who are looking to sell at any price. When I discuss with them a possible 5% drop in the estimated price of such or such a watch they are thinking of selling, most prefer to opt out! Genuine devotees are loathe to part with their treasures! As far as the actual act of purchase is concerned, I am observing more careful reflection on the real motivations behind any such decision. At the end of the day the results are similar in terms of transactions and invoicing, because the quality involved is the same as last year and is measured by several invariable parameters: the brand, the model, its rarity, its complications, the authenticity of the mechanism (does it have a real genetic identity or is it a “me too” product?), its state and its provenance (from a first owner, a museum, a well-known collection?). If these quality criteria are properly met, the watch will find a buyer prepared to acquire it at its intrinsic value. But such items remain a rarity.

BL: Do you think that models auctioned above their estimated price influence the brand image of the watchmakers concerned?
AB: Yes and no. Media coverage of auction results is a relatively recent phenomenon and its potential impact is thus also fairly new. Christie’s has around 5,000 active clients who naturally keep track of results and forge their personal opinion of the brands involved. Beyond this inner circle there are perhaps around 50,000 people worldwide who are sporadically aware of certain auction results. That is definitely not enough to really influence the image of a given brand. Let’s just say it can help from time to time.

BL: How does your May sale differ from the other auction catalogues?
AB: We have focused on quality rather than quantity. Last year I filtered out 80% of the pieces we were asked to auction; this year it was 90%. I am referring to quality in general, and not only to the exclusive nature of a given watch. A small rare steel watch in good condition and estimated at CHF 1000 may meet this kind of quality criteria. Instead of an over-inflated catalogue, we have chosen the cream of the crop, including pieces such as a 1958 anti-magnetic Rolex watch belonging to a total production run of just a few hundred and which could prove an ideal addition to an existing collection; or an incredible Ref. 1526 by Patek Philippe. Imagine stepping into a time machine and being whisked back to 1943 to buy the very first wristwatch equipped with a perpetual calendar, complete with its original invoice, certificate and presentation box. If you were to do so, you would find it in exactly the same state as it is today, meaning absolutely new – a rare treat indeed!