In photography, there is a concept called the Exposure Triangle that any proficient photographer should know and master. Simply put, it is the relationship between the ISO, shutter speed and aperture of the camera, and all three elements work together and are affected by one another.
Remembering this cause and effect relationship is paramount when getting the right exposure for a photograph. When it comes to watches, a similar triptych exists which generally defines and impacts the final price achieved by a timepiece at auction. These three components are rarity, condition and provenance. Today let’s look at the importance of a watch’s provenance.
With the rising popularity of watches, both contemporary and vintage, and the amount of information widely available online and via social media, a greater number of collectors are visiting watch auctions in search of a great timepiece to bid on and acquire. Some collectors look mostly for a watch in pristine condition, others maybe will focus on purchasing unique pieces or examples made in extremely small numbers, but for some it is all about the story behind the watch or the person who previously owned it. If we look at some of the greatest watches ever sold, many of them highlight a significant history.
The Patek Philippe Henry Graves Jr. Supercomplication, which became the world’s most expensive pocket watch when Phillips Watches Senior Consultant Aurel Bacs placed a winning bid on behalf of a client, was the masterpiece in Henry Graves Jr’s collection, a New York banker and arguably one of the most important collectors who has ever lived. Along with James Ward Packard, these two men are said to have kept Patek Philippe afloat during the maison’s most difficult times.
Oscar winning actor Paul Newman’s own Rolex ‘Paul Newman’ Daytona achieved the highest result for any wristwatch ever offered at auction at the time it was sold, without a doubt due to the watch's provenance and because it had become a symbol for a whole family of rare Rolex chronographs with exotic dials nicknamed after the actor. Long thought to have been lost, when the watch re-appeared with a traceable history going back all the way to the summer when Paul Newman gifted his watch off his wrist to his daughter’s boyfriend, the watch had the cool factor and a perfect provenance. It is no wonder it achieved the record.
Other examples of watches with great provenance would be the Rolex ‘Bao Dai’ ref. 6062 which belonged to the last emperor of Vietnam, a Patek Philippe owned by Eric Clapton and the upcoming Rolex GMT-Master and Day-Date worn by Marlon Brando and Jack Nicklaus respectively, which will soon hit the auction block at Phillips during the New York GAME CHANGERS thematic sale.
But apart from celebrities, famous collectors or members of a royal family, there are many timepieces appearing at auctions with backgrounds that would satisfy any collector in search of interesting and unique human stories. The hardest part then is making sure that the provenance is real and authentic. One way to reassure the potential buyer is when a timepiece is consigned by the original owner or the original owner’s family, just as it is the case with all the lots offered during the ‘FIRST’ evening sale of the Hong Kong Watch Auction: NINE.
Among the most interesting lots of this evening sale are three Rolex sports watches belonging to Japanese owners who must have led full and very interesting lives. Lot 849 is a “four-liner” Rolex Submariner ref. 5512 which was purchased by Keinosuke Hara, a Japanese motorcycle enthusiast and engineer who once designed and built at Tokyo Hatsudo Company, on his way back from the Daytona Beach Motorcycle US Grand Prix in 1962. Lot 850, a Rolex Submariner ref. 5513, was acquired by one of the first Japanese sushi chefs in Johannesburg, South Africa in the 1980s.
Finally lot 851 is a testimony to the original purpose and robustness of diving watches with this Rolex Sea-Dweller ref. 1665 seen on the wrist of its original owner, a doctor by trade, during his inauguration to become a licensed diver in Tokyo, or during his dive in Bali.
These three watches represent the lifestyle of individuals who accomplished personal milestones during a time which was quite different than the world we live in today. One can only imagine how watching a race at the Daytona Beach speedway must have felt back in the 60s, or the time it must have taken to fly from Japan to South Africa. This is why great human stories are important and should not be overlooked when buying vintage timepieces. You’re not so much buying a watch as you are buying a piece of history and getting a time capsule of different eras.
With first owner watches, you also come across watches which are unique and custom orders from very distinguished collectors. Case in point is lot 806 which is a Panerai PAM636 “Lo Scienziato” housed in an 18K pink gold Radiomir case at the request of a very loyal Panerai client.
Lot 845 is even more special as it is a Patek Philippe Sky Moon Tourbillon ref. 5002G with red-painted numerals on the dial, a probably unique configuration. Patek Philippe is known to accept special commissions in case of exceptionally important clients and seeing it on a piece such as the Sky Moon Tourbillon speaks to the importance of that specific collector.
Lot 822, a Patek Philippe Nautilus “40th Anniversary” ref. 5976G, is a timepiece that acknowledges the support of loyal clients to the maison over the years. Since the watches were only offered to special collectors, buying it at auction is the only way to jump ahead of the (very) long waiting list for such a timepiece. This is another reason why "first owner" watches are attractive for collectors as they can finally get access to limited edition watches no longer available. The same goes for lot 827 which is the URWERK UR CC1 “King Cobra” based on a prototype Patek Philippe watch from the late 1950s designed by Louis Cottier. Although a very modern watch, there is no doubt that this timepiece is already an instant classic and will become more sought after in the future, especially since the release of the UR-111C last year as the direct descendant of the King Cobra.
Sometimes though, purchasing watches from their original owners simply allows you to acquire a beautiful collectible timepiece as a full set with all its accessories just like lot 833, a Lemania based perpetual calendar chronograph from Vacheron Constantin. Over the years, boxes or small accessories can be easily lost, so seeing watches sold with their full set gives some peace of mind to the buyer who will trust that if someone could take good care of a presentation box, then he or she must have treated his timepiece with the same level of care.
The Hong Kong Watch Auction: NINE ‘FIRST’ evening sale showcases a great selection of timepieces for collectors searching for unique and limited watches, or simply for those looking for watches with great stories to tell.