Mondani Editore Report from the auctions week end in Geneva: Last week end i went to Geneva to attend Antiquorum, Sotheby's and Christie's auctions.
I am happy to inform you that the environment was great; no economincal crisis seemed to exist there.
Many people from different countries attend the three sales and all auction houses achieved extraordinary results, in particular Christie's.
Christie's confirmed, once more, its leadership in the fiend of watches. With an amazing result of US $ 29.1 Million, it achieving the category‟s highest result thus far in 2011.
The Room was full of dealers, collectors and journalists and the atmosphere was really exciting.
The sale was a true marathon: 9 hours and the auctioneer Aurel Bacs, International Head of Christie's Watch Department, was outstanding!
Patek Philippe watches played the leading role, breaking numerous world records. Rolex, along with Vacheron Constantin, Audemars Piguet, and Cartier, also saw outstanding results, as well as independent brands such as F.P. Journe. Standouts included the 1953 Rolex „Neptune‟ ref. 8382 (selling for five times its estimate for SFr.609,000), a 1945 Rolex ref. 3525, and the 1910 Vacheron Constantin scarab-form pendant watch.
The top lot of the sale was a rare pink gold calendar wristwatch with moon phases, ref. 3448, manufactured in 1968 by Patek Philippe, which sold for SFr.2,099,000 / $2,338,286 / €1,700,190 (from an estimate of SFr.500,000- 1,000,000), setting a world record price for this reference at auction. This watch previously unknown, was recently rediscovered by a Christie's specialist.
Bids came from private collectors and museums as well as from investment funds, proving that quality watches are now considered a world class collector‟s asset. With 222 buyers from 39 different countries, Asia and China in particular played a pivotal role showing unprecedented depth of audience for fine collectors‟ watches.
James Bond's Mythical Rolex wristwatch specially adapted for ‘Live and Let Die’ by film production designer Syd Caine in 1972 sold immediately after the morning session for SFr. 219,000 ($243,966 / €177,390).
Even Antiquorum, in spite of all the problems they had, achieved a very good result: CHF 11'675'347.
The auction of 603 collectible timepieces enjoyed competitive bidding thanks to active internet participation, with 355 registered bidders in addition to the many telephone bidders and strong in-room presence. International participation came from Taiwan, China, Hong Kong, the Russian Federation, the United States, Germany and Japan.
The top lot of the auction was unquestionably the recently discovered Patek Philippe full 24-hour repeating pocket watch (lot 603). This previously unknown highly complicated pocket watch has in addition to the unique 24 hour repeater, an unusual type of five minute repeating. This exceptional timepiece sold for an astounding CHF 2'098'500.
Sotheby's result was CHF 7,178,475 and the top lots of the sale were:
Lot 267, Patek Philippe: an extremely fine and rare platinum minute repeating Tourbillon wristwatch enamel dial. CHF 410,500
Lot 43, Richard Mille. An exceptional limited edition oversized platinum and diamond-set Tourbillon curved tonneau skeleton wristwatch. CHF 362,500
Lot 34, A. Lange & Söhne. A Fine and rare limited edition platinum Tourbillon wristwatch with chain, fusée and power reserve indication. CHF 314,500
Lot 47 Greubel Forsey, A very fine and rare 18k White gold double Tourbillon semi-skeletonized wristwatch with four fast-rotating co-axial barrels and 120-hour power reserve CHF 250,000 - 350,000
Lot 268 Patek Philippe, A Fine and rare platinum rectangular Tourbillon wristwatch with ten-day power reserve. CHF 194,500
Lot 38 Audemars Piguet, A fine oversized limited edition alacrite and titanium Tourbillon wristwatch with power reserve, dynamographe and function selector. CHF 194,500
Lot 258 Patek Philippe, A rare 18k pink gold world time wristwatch. CHF 188,500
Lot 52 Richard Mille, A very rare 18k white gold Tourbillon semi-skeletonized watch with power reserve. CHF 182,500
Lot 132 Rolex. An exceptionally rare and historical 18k yellow gold automatic centre seconds wristwatch with date and bracelet presented to German Chancellor Konrad Adenauer. CHF 170,500
The good news is that Christie's result was + 33% versus November 2010 result and Antiquorum + 28%.
http://www.collectingwatches.com/en/mondani-blog/780-report-from-the-auctions-week-end-in-geneva.html
