Another Record-Breaking Auction Or An Overdue Reality Check? Results And Analysis From The Phillips Hong Kong Watch Sale: Two

Lot 373: Patek Philippe Reference 2523/1 World Time.

However, there was another figure, significantly less advanced by the closeout house, which uncovered that, while the present market is more excited than any time in recent memory, it is likewise considerably more specific. About 30% of the parcels in the list didn’t sell (115 out of 386), a far more prominent rate than in the deals toward the beginning of the month – Phillips sold 100% of their parts on premiere night, during their themed tempered steel chronograph closeout , or more 90% on the subsequent night, both phenomenal outcomes.

Lot 25: Rolex GMT-Master reference 1675.

While the Hong Kong Watch Sale: Two showed that authorities will keep on offering above and beyond the high gauge for the most significant watches – Daytonas, GMTs and Patek Phillipe amazing complications were by and by solid entertainers, so were watches made for the Sultanate Of Oman (Lots 30 , 36 , 37 ) – numerous pieces neglected to get an opening bid.

“For us this was likely the most astute [auction] to the extent the condition of the market,” said Paul Boutros, Head Of Americas for Watches at Phillips. “There’s been discussion about Asia easing back down, yet we saw unbelievable cooperation and prevailing upon offers from all Asia, not just in Hong Kong. What we are seeing notwithstanding, is that the market is experiencing an emergency as far as contemporary watches, where there is more inventory then there is request.”

Lot 110: Audemars Piguet “Regal Oak Offshore Grand Prix.”

Lot 111: Audemars Piguet “Regal Oak Offshore Grand Prix.”

Lot 112 – Audemars Piguet “Imperial Oak Offshore Grand Prix”

Pieces which a couple of years prior brought excessive costs don’t create a similar fervor as they used to. This was generally clear with Audemars Piguet Offshores, which were practically totally left behind, just as well as the free movers – even those with enormous neighborhood following like Urwerk and Greubel Forsey.

Lot 130: Greubel Forsey Tourbillon 24 Secondes Asymétrique.

Lot 127: Urwerk UR-103 with precious stone set case.

However, the inverse was valid for extraordinary and low creation present day pieces, for example, Eric Clapton’s reference 5004 , which sold well over its high gauge (hammer cost was HK $6,280,000). “Watches that are more promptly accessible sold for short of what we foreseen, while the unique watches sold for considerably more than we suspected,” said Boutros.

Somewhat more amazing were passes on Patek Philippe complications, including two World Timers (Lots 165 and 168 ) and brief rehashing ceaseless schedules (Lots 171 and 386 ), while Day-Dates and Datejusts were likewise avoided generally. No interest was shown either for the two Paul Newman dials (Lots 228 and 231 ), which are so regularly sell off favorites.

Lot 165: Patek Phillipe Reference 5110 Worldtime.

Lot 30: Rolex Datejust made for the Sultanate of Oman.

Lot 36: Rolex Day-Date made for the Sultanate of Oman.

Several elements may clarify the blended outcomes, including the circumstance of the occasion – gatherers in Europe needed to awaken at 3:30 a.m. to tune into the deal, while those in North America needed to pull a dusk ’til dawn affair to have the option to follow it – just as negative trade rates and extra delivery costs which added generous expenses to the last mallet cost of these watches.

“When a sale house does a task effectively, it’s drawing in purchasers from everywhere the world,” said Boutros. “The time region contrast presents a test, yet we actually saw incredible support across the globe, and vintage Rolex and Patek Philippe pulled in winning offers from Europe, the U.S., Asia.” When inquired as to whether the vicinity of the sales anily affected the degree of investment in Hong Kong, Boutros said Phillips accepts there was “insignificant effect,” and that customers present in Geneva likewise took an interest in the sale in Hong Kong.

Lot 247: Audemars Piguet Royal Oak Quantième Perpetuel Automatique.

The uplifting news, on the gatherers’ side, is that the combination of elements recorded above opened the entryway for some truly fascinating arrangements, for example, a pink gold and hardened steel Patek Philippe time-just with tear-drop hauls ( Lot 186 ) which sold for under $3,000, or the Audemars Piguet Royal Oak Quantième Perpetuel ( Lot 247 ) which somebody got for roughly $16,000 (before purchaser’s premium). What’s more, obviously, by and large, it’s critical to take note of that the absolute throughout the last three sell-offs for Phillips is $53 million – solid execution, market changes notwithstanding.

For all the outcomes from the bartering, click here .