Sotheby’s first “Watches Weekly” sales set new benchmarks for online watch auctions

Art Daily
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Record for a watch sold in an online auction: a brand new Patek Philippe Nautilus, ref. 5711 in platinum with blue jeans dial, circa 2014 fetched HK$ 3,750,000 (US$ 484,000) (lot 24, est. HK$ 3-5m / US$ 387,200-645,300) in the second sale which included 30 vintage and modern wristwatches by Patek Philippe. Courtesy Sotheby's.
Record for a watch sold in an online auction: a brand new Patek Philippe Nautilus, ref. 5711 in platinum with blue jeans dial, circa 2014 fetched HK$ 3,750,000 (US$ 484,000) (lot 24, est. HK$ 3-5m / US$ 387,200-645,300) in the second sale which included 30 vintage and modern wristwatches by Patek Philippe. Courtesy Sotheby’s.

GENEVA.-Sotheby’s first two weekly online watch auctions have achieved great success since their launch on 1st April. The new format, designed to provide great responsiveness to trends in the market and more ways for sellers to offer their property, attracted collectors from around the world, many of whom were new to Sotheby’s (54%) and under 40 (40%). The sales also set new benchmarks for online watch auctions, including a record for a watch sold in an online sale.

STRONG PERFORMANCES

• The first two sales totalled HK$ 17m (US$ 2.2m) (est. HK$ 12-19m / US$ 1.5-2.4m)

• 95% of the lots sold, with over half of them achieving prices above their high estimate

• 100% of the lots sold in the first sale which featured a selection of 19 stunning Rolex wristwatches and rare pieces by Audemars Piguet

NEW AND YOUNG PARTICIPANTS FROM AROUND THE WORLD

• Participants from around the world (incl. Asia, Europe, North and South America and the Middle East)

• 54% of participants were either new to Sotheby’s or the watch department

• 40% of participants were under 40

KEY HIGHLIGHTS

• Record for a watch sold in an online auction: a brand new Patek Philippe Nautilus, ref. 5711 in platinum with blue jeans dial, circa 2014 fetched HK$ 3,750,000 (US$ 484,000) (lot 24, est. HK$ 3-5m / US$ 387,200-645,300) in the second sale which included 30 vintage and modern wristwatches by Patek Philippe

• A Rolex Paul Newman Daytona, reference 6241 in stainless steel, circa 1968 soared to HK$ 2,375,000 (US$ 306,518) in the first sale (lot 4, est. HKD 1-2m / USD 129,000 – 258,000)

• A Rolex Daytona, reference 6263 in stainless steel, made for made for Mohammed Bin Rashid Al Maktoum, circa 1975 realised HK$2m (US$ 258,000) (lot 5 in the first sale, est. HKD 1.6-2.4m / USD USD 206,400- 309,500)

A SWIFTER TURNAROUND

This new format offers a swifter turnaround between appraisal and sale. For example, lot 5 in the first sale was consigned only a few days before the opening of the sale and was listed for sale within 48 hours of Sotheby’s receiving the property.

The third “Watches Weekly” sale, featuring 18 pieces by A. Lange & Söhne and 25 watches by coveted Swiss makers (offered without reserve), opened yesterday and is off to a strong start, with nearly 2/3 of the lots sold within 24 hours. The sale is open for bidding until 22 April.