Auctions in Geneva, the results full of surprises

From my own experience, an auction is a place where a number of interests are confronted in a single event taking place over a week end. Private individuals and professionals from the entire globe are gathering around a few selected timepieces and auctioneers representing the international auction houses. Each sale is carefully prepared over months. This intensive preparation work culminates on the day of the sale when sellers are excited after a long wait to see their belongings reach the highest possible amount and buyers are trying to get the best deal based on their own specific expectations.

Keeping this in mind, it is obvious that there will always be varying level of satisfaction perceived right after the sale. Up to that point, I believe that this all makes sense and follows a logical path.

Lot 212 Patek Philippe ref. 1504 hammered at CHF 265k

Coming to the results themselves, we have seen a great enthusiasm through all four sales with records being broken one after the other. And this, I believe, is the starting point for questioning the authenticity of these results. Considering the uncertainty of the global economy, most of us are wondering how such results can be achieved while everyone is expecting a global crisis to break any minute.

On the contrary, I strongly believe that this climate of global uncertainty triggers such record breaking results. The entire banking system is being widely challenged making it safer to possess valuables rather than digital figures on a screen with a lot of unknown in the equation. The same applies for private individuals and corporate entities. This added to the initial passion for watchmaking leads to such results as the historically important and complicated Breguet with equation of time offered by Christie's that hammered at CHF 2.75 million after a fierce competition between two giants of the industry.

The next question is raised: what is the role to be played by the brands ? Well, can we really expect them to do a great job providing all archives information in a very open and transparent way, featuring the best pieces in their museum while having absolutely no impact on the market ? I trust that all brands who are doing their job well perpetuating the tradition and sharing the knowledge around an exclusive know-how are harvesting the well-deserved fruit of their labour. Patek Philippe has strongly enhanced attractivity of its past production through a complete devotion for its patrimony that has required a strong dedication of employees supported by corporate actions such as the publication of several books depicting its rich history.

Rolex ref. 4113 Split Second Chronograph hammered at CHF 2 million

The best examples offered this week-end have performed extremely well rewarding all efforts achieved by Patek Philippe. Our best pick mentioned in our previous article, lot 212 from Sotheby's sale hammered at CHF 265k surpassing with no surprise the initial estimate of CHF 20-40k.

Other brands have also triggered great results for their finest examples. The magic of Aurel has once again played out when he announced live a new world record at public auction for the Rolex reference 4113 (lot 56 of the start-stop-reset sale) that hammered at CHF 2 million, breaking the previous « 30-minute » old record of CHF 1.65 million hammer for the reference 6263 « tropical oyster sotto ».

Antiquorum has also created the surprise with some exceptionally rare pieces that overperformed. Starting with lot 84, an Urban Jurgensen pocket watch chronometer which hammered at an impressive CHF 620k (with initial estimate of CHF 30-50k). Pursuing with lot 164, a Vacheron Constantin pocket watch with one minute tourbillon that won the first prize at Geneva Observatory in 1931 that largely exceeded its initial estimate of CHF 50-70k to reach CHF 150k. Concluding with the extremely rare Audemars Piguet pocket watch including an enamel scene that sold for 6 times the initial low estimate.

The Urban Jurgensen "Commander Krusenstern" chronometer hammered at CHF 620k

These results reflect the extremely demanding market that is always more educated and seeking for the best quality. Another witness of this trend is Universal Genève, for which it is important to remember that there is no current production. The prices achieved by the several examples offered throughout the week end confirm that experienced collectors with asserted taste for the finest watchmaking where strongly represented among the audience and bidding fiercely to ensure they acquire the highly sought-after timepieces.

All results are available on respective auction house's website and should be read keeping in mind the diversity represented at auction.

The Vacheron Constantin pocket watch with one minute tourbillon has reached CHF 150k