Editorial Exploring the Rich History and Impact of Watch Auctions

"Exploring the Rich History and Impact of Watch Auctions: A Journey into the World of Horological Collectibles"

In the fascinating realm of watch auctions, the origins of the very first auction dedicated to timepieces are shrouded in uncertainty. However, a notable event in 1814 London stands out as one of the early auctions involving watches. It was during this period that the concept of watch auctions began to take hold, initially focusing on sought-after pocket watches cherished by the affluent.

Fast forward to 1974, and we witness the birth of the first-ever dedicated watch auction house, Antiquorum, founded by Osvaldo Patrizzi. This historic establishment specialized in auctioning rare and collectible watches, marking a significant milestone in the horological auction industry. Since then, the world of watch auctions has evolved into a thriving platform for enthusiasts, collectors, and investors to acquire or sell valuable timepieces.

Prominent watch auction houses have emerged as powerhouses in the industry, each offering their own unique expertise and selection. Sotheby's, renowned worldwide, conducts regular watch auctions featuring vintage, contemporary, and one-of-a-kind luxury watches.

 Christie's, another notable auction house, hosts watch auctions in major cities globally, showcasing a diverse range of prestigious brands and exclusive pieces. 

Phillips, recognized for its expertise in luxury auctions, boasts dedicated watch auctions that highlight exceptional timepieces from renowned brands and independent watchmakers. 

Antiquorum, a respected name in the industry, specializes in rare and vintage watches, curating extensive catalogs of horological collectibles. 

Lastly, Bonhams and Watches of Knightsbridge provide regular auctions, catering to different preferences with their wide selection of watches.

The history of watch auctions traces back to ancient civilizations, but it was in the 19th century that the auctioning of watches gained prominence. Initially, these auctions focused on pocket watches, eventually including wristwatches as they grew in popularity. While Antiquorum holds the distinction of being the first auction house solely dedicated to watches, established auction houses like Sotheby's and Christie's had been incorporating watches into their broader sales before Antiquorum's inception.

Watch auctions have had a profound impact on the market, with several pivotal moments shaping its course. In 1999, the Patek Philippe Super complication pocket watch commissioned by Henry Graves Jr. set a record as the most expensive watch ever sold at auction, fetching a staggering $11 million.

 This record stood until 2014, when a Patek Philippe reference 1518 in stainless steel surpassed it.

In 2019, Christie's auctioned the Patek Philippe Grandmaster Chime Ref. 6300A-010, crafted in stainless steel and featuring 20 complications, for a remarkable price of CHF 31 million (approximately $31.19 million USD at the time).

Furthermore, watch auctions have played a pivotal role in elevating independent watchmakers. By showcasing unique timepieces from these artisans, auction houses have propelled their craftsmanship and innovation into the spotlight, increasing their market value.

The advent of the internet and online platforms has revolutionized the auction industry, including watch auctions. Online auctions have made participation more convenient for buyers and sellers, expanding the reach and accessibility of these events.

In the contemporary market, watch auctions continue to thrive as a platform for collectors, enthusiasts, and investors to acquire rare and collectible timepieces. Auction houses employ dedicated departments and specialists to authenticate, appraise, and curate watches for auction, ensuring a diverse range of offerings, from vintage classics to modern limited editions and creations by independent watchmakers.

The process of a watch auction involves several key steps. Watch owners wishing to sell their timepieces approach an auction house for consignment, which entails evaluating the watch's condition, authenticity, rarity, historical significance, and market demand. Once accepted, the auction house thoroughly examines and researches each watch, providing accurate descriptions and estimates. Pre-auction promotion generates interest, followed by scheduled viewing days where potential buyers can inspect the watches. Interested buyers register with the auction house to participate, and the auction itself takes place either in person or through online bidding platforms. After the auction, successful bidders complete payment and shipping arrangements, while unsold watches may be negotiated for private sales or returned to the consignor.

It's worth noting that in watch auctions, the "hammer price" represents the final bid amount at which a lot is sold. Traditionally, the auctioneer would strike a hammer to mark the acceptance of the winning bid. The hammer price does not include additional fees or charges. The "buyer's premium" is an additional fee that the winning bidder must pay, calculated as a percentage of the hammer price. This premium serves as a commission or service charge for the auction house. The percentage can vary among auction houses, typically ranging from around 10% to 25% of the hammer price.