Sotheby’s First “Watches Weekly” Sales Set New Benchmarks for Online Watch Auctions

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