The November 2024 Geneva Auctions Retrospective — Highlights
Recent auctions in Geneva concluded with a relative bang. Eye-watering results occurred for some truly rare pieces. For many watches, though, the sales were solid but not awe-inspiring. I’ll kick off today’s article with my thoughts on the market, and then we’ll look at several lots.
My colleague Lex recently penned an article about the current sales slump the global watch market is facing. In particular, he means the market for new watches. The trading floor selling rare pre-owned and vintage watches, however, is slightly busier. Recent auctions show that there’s vibrant interest in truly rare and special pieces, but there’s still a different feeling in my view.
Image: Phillips
A quieter roar
During the past decade, we’ve witnessed unprecedented results at watch auctions. Additionally, there’s more mainstream coverage of the events when a famous watch is set to cross the block. In post-pandemic times, though, the auctions feel different. Strong results are no longer a “lay-up,” and I often feel that a significant volume of great watches are being held back until overall interest improves. Heck, maybe my tastes have changed (or others’ tastes have), but I often struggle to find a single lot that leaves me chomping at the bit. Like I said, though, the results are decent, and even if the days of consistently blowing through the reserves are over, good watches are still in demand.
Image: Phillips
Phillips — The Geneva Watch Auction: XX
Phillips always hosts auctions with the most hype and, typically, the most expensive lots. Let’s start with Lot 122, the F.P.Journe Tourbillon Souverain. This watch sold for CHF 1,041,400, which is a fantastic result for a brand that had some quiet results over the past year. Of course, this watch is reportedly one of six made with a shiny pink gold dial. That apparently made the difference despite the lovely tourbillon with a remontoire.
Image: Phillips
Lot 111 — Patek Philippe 2499/100
From the “I wish Patek still made watches like this” department was a new-old-stock 2499/100 from 1980. Lot 111 had an estimate of CHF 500,000–1,000,000 and hammered for CHF 876,300. This 37.5mm yellow gold perpetual calendar chronograph hasn’t been on the market since 2015. It’s part of the last series ever made and is essentially a museum piece. I’d want to wear it, though.
Image: Phillips
Lot 115 — Rolex Daytona 6264 “Paul Newman Lemon”
Lot 115 was a gorgeous Daytona 6264 “Paul Newman Lemon.” The Phillips description calls out less than a dozen known examples of these watches. That fact, the condition of the watch, and the papers helped propel it to a record sales price of CHF 2,480,000. The market for vintage Rolex Daytonas has been painfully slow for the last several years. I don’t think this watch signals the running of the bulls quite yet at watch auctions, but I think that good Daytonas will start to awaken them.
Image: Antiquorum
Antiquorum — Geneva, November 9th–10th
I love sifting through Antiquorum auctions. There’s a bit of everything in one, and as long as you’re comfortable taking a gamble, there are deals to be found. The first watch that made my list was Lot 194, a beautiful Audemars Piguet 5007 ST supposedly designed by Gérald Genta. This 35mm stainless beauty from 1953 contains the legendary VZSSC hand-winding caliber. It also stands up well against the 570 Calatrava from Patek Philippe. The watch sold for CHF 25,000, which was below the CHF 30,000–50,000 expectations. That seems like a deal to me.
Image: Antiquorum
Lot 268 — Longines pocket watch
Pocket watches are quietly hot right now. Vintage pieces will likely never be on the cover of any auction house’s catalog, but collectors are no longer immune to the immense value within these anachronistic relics. Lot 268 was a black-dialed Longines pocket watch from 1941 with a 37.9 ABC caliber. I own a few silver-dialed models, and the craftsmanship is lovely. This piece hammered for CHF 1,400, which is a relatively strong result. Not long ago, this piece would likely have sold for less than a grand. Pocket watches may not be practical, but they’re wildly cool.
Image: Christie’s
Christie’s — Geneva, November 11th
Weirdly, Lot 9 at Christie’s got very little attention. The millionth MoonSwatch produced was a blue Mission to Neptune with a Moonshine Gold-plated central chronograph hand. It was made in 2022, which tells us how successful these have been for Swatch and Omega. The estimate on this lot was a chuckle-worthy CHF 500–1,000. The result was CHF 69,300. Wow!
Image: Christie’s
Lot 139 — Cartier Tank Normale
The final piece I enjoyed from the Geneva auctions was Lot 139 at Christie’s. It’s no secret that I have a crush on the Cartier Tank Normale, but the watch in Geneva was special. It was from 1931, making it a rare early model. The piece had a top-end estimate of CHF 30,000 and sold for CHF 37,800. That’s not a Crash-esque shattering of the auction world, but it shows that Cartier is still doing well with collectors.
Image: Phillips
Final thoughts on the Geneva auctions
Big lots at Phillips made news earlier in November, but as I mentioned, many of the lots I looked at sold in the middle of the estimate range. That’s better than seeing passed lots, and there were still some nice surprises. If you followed the auctions, were there any lots that caught your eye?
