While the tax year ended with watchmaking auction sales of over 91 million dollars for Christie’s, the head of the department refuses to speak of an euphoric market. “This term was appropriate in 2007” says Aurel Bacs, “ Today buyers have become connoisseurs who are aware of the value of their investment and are more confident”. The number of experts in watchmaking auction sales has nonetheless continued to grow. “Every six months we see a new increase in the number of clients, notably in Asia” continues the multilingual expert, who spends a lot of time in Indonesia, Malaysia and Thailand meeting new collectors. Buyers and sellers alike are hungry for information and product diversity; they are also relatively young and not shackled by preconceived ideas. As in the new watch market, there are more and more Asian buyers of collectors’ items, but this is where the comparison ends. Their growing hyperactivity is demonstrated by the fact that they acquired only slightly less than half of the 2,000 watches bought at Christie’s auctions in 2010, but generally for far less than American or European collectors. Thus the total value of Asian purchases remains way less than that of the Europeans.

What else was learnt in 2010? “All quality pieces are selling well”, says Aurel Bacs, adding that the idea of quality depends on the brand (Patek Philippe being the undisputed reference), the movement (which needs to inspire a degree of intellectual stimulation in the collector), the rarity of the model and the state of the watch. The strength of the Swiss franc penalises Swiss collectors wishing to sell part of their collections, because it makes items seem expensive compared to peers using other currencies, but still puts buyers in a position of strength when it comes to buying outside Switzerland’s borders.

 

Three areas of choice

Because the auction market cannot be manipulated, supply and demand are constantly evolving and expert watchmakers need to be able to wait, find the right time and place, and persuade hundreds of buyers and sellers to trust them. Always on the lookout for trends, Aurel Bacs intends to strengthen the specialities for which Christie’s in Geneva is famous, and which fall into three categories. These are the Patek Philippe, Rolex and Audemars Piguet vintage pieces; the old pocket watches (from the 18th and 19th centuries) with automatic movements, complications and enamels; and finally, a range of recent creations by independent watchmakers and limited editions from the great manufacturers. On this note, Christie’s is the only house to have offered Philippe Dufour watches and has a waiting list of clients wishing to buy one. Amongst the pieces regularly sought after by collectors, Aurel Bacs also mentions Harry Winston’s Opus and F. P. Journe’s Vagabondage. Of course, when it comes to the great brands’ limited editions, it is Patek Philippe’s commemorative or special boutique pieces that come to mind, followed by models such as Lange & Söhne’s Pour le Mérite.

The sale on November 16th in Geneva should therefore consist of 400 pieces from these three areas of choice, although not solely. The small Rolex 1950s and 1960s sport collections will also have a place of honour, along with Chinese and Turkish enamel pocket watches from the beginning of the 19th century, as well as the fourth and final chapter of the “A Connoisseur’s Vision” saga. This time, ten or so rare and exceptional Patek Philippe watches that belonged to the same legendary collector will take the auction room by storm. We are in for some endless battles.