Buying Time
What’s behind the surge in record- breaking prices for rare vintage pieces
Ours is a society that often glorifies debuts, with the latest fad barely in the spotlight before the next big thing comes along. The situation is no different in the world of watches, which rides on the mint appeal of up- and- coming technologies, new designs and innovative movements. But watch collectors can get just as excited about rare vintage pieces, and in recent years many such items have made headlines after fetching outrageous prices at auction.
“At auctions, especially reputable ones, one can explore extremely fine and rare museum- quality timepieces that are often well preserved and in great condition,” says Thomas Perazzi, head of watches at Phillips Asia. ” The sale room also boasts an exciting atmosphere, with bids pouring in from all over the world, simultaneously on the telephone, in the room and online.”
SPECTACULAR STARS
In the past 12 months especially, a steady slew of watches, from vintage to brand new, has secured jaw- dropping auction prices. Among this year’s biggest auction stars is the A Lange & Söhne 1815 Homage to Walter Lange, created especially for charity ( see page 36). Cased in stainless steel, an accessible material almost never used by the high horology brand, the mythical creation sold for a spectacular 852,500 Swiss francs ( about HK$ 6.6 million).
Of course, no discussion of recent vintage watch auctions would be complete without mention of the Rolex Daytona Paul Newman wristwatch from 1969 that sold for a whopping US$ 17.8 million at Sotheby’s sale of Important Watches in Geneva in 2017.
A staple for many watch aficionados, the classic Rolex Daytona is offered in an attractive combination of precious materials or stainless steel with an elegant two- tone dial. It is also packed with history, with newer models fitted with a reliable, in- house automatic chronograph movement that has evolved from the highly successful Zenith El Primero.
Coupled with the celebrity mystique surrounding it – Eric Clapton, Ellen Degeneres and Adam Levine are among the better- known Daytona wearers – the watch is something of a marketing
miracle. Certainly among its more popular celebrity owners is Newman, whose first- edition Cosmograph Daytona in stainless steel with an engraved tachymeter bezel and “tropical” subsidiary dials in a richly weathered toffee brown currently holds the record for the most expensive wristwatch ever sold at auction.
Despite its impressive price tag, though, it still came in shy of the Patek Philippe Henry Graves Supercomplication that went for US$ 24 million at Sotheby’s Geneva in 2014. Created without computer- assisted technology, it is the most complicated watch ever built by human hands, and the most expensive ever sold by Sotheby’s. “The Supercomplication is a masterpiece that transcends the boundaries of horology and has earned its place among the world’s greatest works of art,” says Daryn Schnipper, chairman of the International Watch Division at Sotheby’s.
Rolex and Patek Philippe consistently perform at auction, but Perazzi considers Omega a surprising recent auction star, especially at Geneva Watch Auction: Seven in May. Barrelling past its modest 100,000 Swiss francs estimate, a vintage Omega in white gold that once belonged to Elvis Presley sold for 1.5 million Swiss francs at auction ( see page 37). The diamond- studded time- only ticker was gifted to Presley by record company RCA Records to celebrate his sale of 75 million records.
AUCTION BOOM
John Reardon, international head of watches at Christie’s, believes the vintage and pre- owned watch world is currently experiencing an awakening, with more people entering the world of watch collecting. “The extraordinary auction results we’ve been seeing are driven by social media, new scholarship and amazing new discoveries, as well as global market trends in collecting art and luxury objects,” he says. Indeed, one headlining star at Christie’s last year was a Rolex Oyster Perpetual Submariner in stainless steel from circa 1956, featuring time only on its Gilt Explorer Dial. One of the very first Submariner models since its 1953
launch, the vintage ticker is fitted with the automatic calibre 1030 and its original Nato strap. Numbered 200/ 666, it was last owned by the descendant of its original owner, and topped
Christie’s An Evening of Exceptional Watches auction this year with a US$ 1.06 million price tag.
Reardon says: “I knew this Submariner was something special, but I didn’t expect it to fetch more than US$ 1 million. Its condition as found was exceptional and the preservation of the dial was key. It was preserved in a way never before seen with other surviving examples with this configuration. At that point, we knew a record was in the making.”
Uncommon pieces such as these are in hot demand, he says. “Pieces of this magnitude continue to send trembles though the marketplace as collectors seek rare pieces in perfect condition. Nothing is quite like the drama and excitement of an auction, live or online, with people competing to purchase a watch they desire.”
The combination of rarity and condition is important, says Schnipper. “At the end of the day, it’s about acquiring the best possible example of any brand or model of interest within one’s budget. People look to auctions because they want variety and diversity, and auctions offer a broad range of pieces, from vintage and historical to modern and cutting- edge contemporary. There’s something for everyone, from beginner to expert collector.” Phillips Asia’s Perazzi adds: “Our specialists amass timepieces of great provenance and quality from around the world, meticulously curating catalogues. Through word of mouth and successful auctions, more clients approach and transact with us.”
TRIPPING THROUGH TIME
Seasoned collectors tend to seek out older, obscure models with a unique back story. Collector Adrian Ng, an anaesthetist in private practice, draws this parallel: “If you consider a watch to be an article of fashion, perhaps newness matters. If you appreciate it as an art piece, then you’ll realise that you might never be the first owner of a Picasso.”
Collector Shing Chow Cheng, managing director of an investment house, adds: “Patience always pays. Collecting luxury watches is a personal quest for self- awareness, for what’s artistically attractive to oneself. Research and watch; those who blindly chase after good investments will almost always fail.”
“If you consider a watch to be an article of fashion, perhaps newness matters. If you appreciate it as an art piece, then you’ll realise that you might never be the first owner of a Picasso” — Adrian Ng, collector