14 November 2018Phillips, the Worldwide Market Leader in Watch Auctions, Achieves CHF 66 Million, the highest annual total ever for watch auctions in Switzerland, more than all of the other auction houses combined
Including The Highest Result For Any wristwatch sold in 2018,
The “Unicorn” Rolex 6265 in white gold, sold for CHF 5.9m
The Geneva Watch Auction: EIGHT Achieves CHF 21 million
The Highest Sale Result of the Geneva November Watch Auctions
With the Highest Average Lot Value and The Highest Sold Rate, 99%
in the most curated watch auction held in Geneva this autumn
Setting Multiple New World Records Including:
The Highest Result Ever Achieved for any Rolex “Jean-Claude Killy” chronograph
Selling for Over CHF 700,000
The Highest Result Ever Achieved for any Rolex Sea-Dweller
Selling for Over CHF 700,000
And Breaking The CHF 1 Million Mark For
A Fresh-To-Market Patek Philippe Ref. 3974 in Platinum, to Many the Most Beautiful Patek Philippe Wristwatch Manufactured in The Last 30 years
Record Participation of More than 1000 Bidders Across all Platforms in more than 60 Countries
Geneva Watch Auction: EIGHT
Lots sold: 214 | Lots offered: 222 Sold by lot: 96% | Sold by value: 99%
GENEVA – 14 November 2018 – The Geneva Watch Auction: EIGHT realised a total of CHF 21,359,750/$21,250,815/€18,741,044 (pre-sale estimate: CHF 12 to 21 million), confirming Phillips’ market leadership in watch sales. The result is more than 50% what its nearest competitor achieved during the same weekend, and makes this the third most successful auction of the year, behind the Geneva Watch Auction: SEVEN and The Daytona Ultimatum, all of which were organized by Phillips in Association with Bacs & Russo.
Held over two days, The Geneva Watch Auction: EIGHT surpassed its pre-sale high estimate with many of the 222 lots offered selling well above their high estimate, including multiple record-breaking watches and memorable bidding battles between passionate collectors.
Leading this weekend’s results was an incredibly rare platinum Patek Philippe reference 3974 (lot 78A), one of only eight publically known in platinum, which sold for a remarkable CHF 1,032,500/$1,027,234/€905,915.
There were strong results across all models for Rolex, including a new world record for a Rolex reference 6236, also known as the “Jean-Claude Killy”. Likely the best-preserved example to ever come to auction, the steel “Killy” (lot 42) realised CHF 702,500/$698,917/€616,373 breaking its own world record in the process.
Another remarkable highlight of the evening was the extremely rare and historically important Rolex Sea-Dweller reference 1665 “Single Red” prototype in stainless steel with no helium valve case, which sold for CHF 708,500/$704,886/€621,638 therefore setting a new world record for a Rolex Sea-Dweller.
Results were notably impressive across all of the early Rolex chronographs presented during the sale in a spectacular riposte to the Daytona Ultimatum auction held earlier this year.
Watches rarely seen at auction included the Omega Speedmaster Alaska I (lot 36) and the Audemars Piguet reference 1533 chronograph, which ignited fierce and lengthy bidding between passionate collectors. The Omega Alaska I sold for CHF 193,750/$192,716/€169,996, while the Audemars Piguet reference 1533 chronograph wristwatch (Lot 101) sold for CHF 384,500/$382,539/€337,360. Both surpassed all expectations by tripling their respective high estimates.
Independent watchmakers continue to be extremely popular. Even before the auction began, Phillips received tremendous interest for the watches included in two chapters dedicated to contemporary watchmakers. Notable results include the F.P. Journe Tourbillon Souverain (lot 14), which sold for CHF 468,500/$466,110/€411,062, more than doubling its high estimate. The Jean Daniel Nicolas Two Minute Tourbillon was another highlight, selling for CHF 110,000/$ 109,439/€ 96,514.
Finally, it is impossible not to mention the tremendous results of recently made watches that are exceptionally difficult to obtain on the high street, including the brand-new Rolex Daytona ‘Rainbow’ in pink gold. The first example sold at auction since its reveal at Baselworld 2018 achieved CHF 243,750 /$242,507/€213,866.
Other notable results were achieved by modern Patek Philippe Nautilus models, including a Tiffany-signed reference 5711/1A (lot 131) CHF125,000/$124,362/€109,675 and the only publically known platinum reference 3800 (lot 105) with slate grey dial and white indexes, sold for CHF 212, 500/$211,416/€186,447
While Phillips had the immense pleasure of welcoming more than 400 enthusiasts who travelled from all over the world to bid on some of the finest watches with their paddles, online and phone bidders also made their presence felt throughout the sale. Participation was particularly strong online. The Geneva Watch Auction: EIGHT saw a record number of online bids, with more than 700 bidders actively participating online and winning almost a quarter of the lots proposed.
Alex Ghotbi, Head of Sale and Aurel Bacs, Consultant and Auctioneer of the auction, jointly comment:
“Firstly, we wish to thank all our clients, consignors and bidders alike, for their trust and for having travelled from far to attend our Geneva Watch Auction: EIGHT. It is an immense privilege to host an auction in front of over 350 clients in the room and over 700 online bidders, with hundreds more bidding via telephone. Secondly, we were thrilled to see how passionately the market reacted to our well curated sale, resulting in an unprecedented sold rate and the highest sale total of any watch auction this season. The team of Phillips watch specialists clearly understood the needs and expectations of the international watch collector’s community, an ever-growing market displaying a great degree of maturity, scholarship and passion. During the Geneva preview, highlights from the Hong Kong Watch Auction: Seven and the New York auction ‘STYLED. Timeless Watches And How To Wear Them’ were enthusiastically welcomed, intensely previewed and received strong interest. We very much look forward to welcoming the community to these two auctions”.
Phillips’s next watch auctions will be the Hong Kong Watch Auction: SEVEN on November 27, 2018 and Styled. Timeless
TOP TEN FROM THE GENEVA WATCH AUCTION: EIGHT
Watches & How to Wear Them on December 5, 2018 in New York.
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Permission for the use of any image is granted for timely reporting and auction review purposes only.
Image courtesy of Phillips / Phillips.com
ABOUT PHILLIPS IN ASSOCIATION WITH BACS & RUSSO
The team of specialists at Phillips Watches is dedicated to an uncompromised approach to quality, transparency, and client service, achieving a sale total of $112 million in 2017 – its second consecutive year as the worldwide market leader in watch auctions.
A selection of our recent record-breaking prices:
1. Paul Newman’s Rolex “Paul Newman” Daytona reference 6239 (CHF 17,709,894/US$17,752,500) – New York Auction: Winning Icons – 26 October 2017 – Highest result ever achieved for any wristwatch at auction.
2. Patek Philippe reference 1518 in stainless steel (CHF 11,020,000 /US$11,112,020) – Geneva Watch Auction: FOUR – 12 November 2016 – Highest result ever achieved for a Patek Philippe wristwatch at auction.
3. Rolex “Bao Dai” reference 6062 (CHF5,066,000 /US$5,060,427) – Geneva Watch Auction: FIVE – 13 May 2017
HEADQUARTERS: LONDON - 30 Berkeley Square, London W1J 6EX | NEW YORK - 450 Park Avenue, New York, NY
VISIT US AT: www.phillips.com
Phillips is a leading global platform for buying and selling 20th and 21st century art and design. With dedicated expertise in the areas of 20th Century and Contemporary Art, Design, Photographs, Editions, Watches, and Jewelry, Phillips offers professional services and advice on all aspects of collecting. Auctions and exhibitions are held at salerooms in New York, London, Geneva, and Hong Kong, while clients are further served through representative offices based throughout Europe, the United States and Asia. Phillips also offers an online auction platform accessible anywhere in the world. In addition to providing selling and buying opportunities through auction, Phillips brokers private sales and offers assistance with appraisals, valuations, and other financial services.
Visit www.phillips.com for further information.
*Estimates do not include buyer’s premium; prices achieved include the hammer price plus buyer’s premium.
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