Auction Analysis: Christie's And Sotheby's New York Show A Softening Market, With Some Exceptional Exceptions

Christie's New York, June seventh, 2016

Great Collection Of Early, Honest Daytonas Prove That People Just Care About Condition

First things first – the June seventh, 2016, deal at Christie’s was striking since it had an awesome choice of new to-showcase vintage watches. This incorporated a noteworthy cluster of early Daytonas ( Arthur discussed them here ) that got a ton of attention from authorities. The two most watched were the TWO new mid 6239s – the model of the Daytona – and the outcomes differed. The dark dial watch sold for a strong $81,000 all in, while the white watch neglected to make its save. Neither of these outcomes are extraordinary, clearly, however the way that Christie’s had the option to discover two of these new to showcase is magnificent. It is a disgrace that they were not compensated for it, yet obviously condition bests all in the present market, and these watches essentially didn’t have the perfect condition that specialists search for – specifically, in costly, early Cosmographs. 

The next couple of parcels, similarly new however somewhat later 6239s sold at $37,500 each – not awful, but rather additionally not an extraordinary cost for these genuinely uncommon and attractive watches. The 6239 Tiffany, which came from an immediate relative of the first proprietor, pulled in $137,000 , with the last offering occurring between two vendors. These twofold marked watches are interesting, in light of the fact that signatures are regularly thought to be mistaken, such countless gatherers are hesitant to offer on them at closeout – which I accept was the situation here. This left the watch to vendors, who can take it and bundle it to a customer down the road. 

Lange 1 in Steel With Black Dial Sells For $233,000 – Somehow Disappoints Onlookers

So all of you think about the steel Lange 1 with dark dial that Christie’s relegated – I expounded on it route back here . This is a tremendously uncommon and unique watch in the Lange community – and IMHO, perhaps the coolest watch you can claim in the realm of Lange. The watch had a place with a notable Lange gatherer in the U.S., with direct and completely clear provenance from Pisa in Italy – it was pretty much as great as you could’ve requested, truly. Christie’s put an estimate of $200,000 to $400,000 on the watch, and to be honest, I imagine that was not exactly ideal. Why? Steel Langes are extraordinary watches, without a doubt, however this estimate is just past what anybody, including the market, it appears, considers sensible for a watch this way. In the event that a silver dial steel Lange One, the most acknowledged style of steel L1, sells at say $130k to $150k, can you truly legitimize a top estimate of $400,000? 

Now, I am certain Christie’s decided to give the agent such an estimate to make way for a major deal, however here, it appeared to have the contrary impact. All the authorities I talked with, including two who really offer on the parcel, laughed at the high finish of the estimate – and it appeared to drive potential bidders away. The watch pounded at $190,000 – underneath the low estimate, and sold, all in, for $233,000. Presently let’s get straight to the point – this is a great cost for any Lange 1, even a steel Lange 1, and it’s the new world record for a L1. Had the estimate been $100,000 to $200,000, we’d be singing gestures of recognition of this outcome – however at an estimate of $200k to $400k, it feels somewhat dull. Watch barters, similarly as with life, are tied in with overseeing expectations, and this one, I think, could’ve been dealt with a little better. 

Other Modern, High-End Watches Get Absolutely Hammered, Save Sealed, Lemania Pateks

Now the Lange 1 outcome was uncommon on the grounds that it’s not really a common watch. However, top of the line, however standard creation watches, took a flat out beating in this deal – with a cutting edge PP 5170J going for just $42,000 , a Vacheron never-ending schedule chronograph selling for just $32,500 , and a Breguet QP selling for $15,000! You could’ve additionally bought a platinum Lange tourbillon ON PLATINUM BRACELET for $87,500 . I’m genuinely sure the bracelet cost the greater part of that when new. This needs to hurt – however ought to send a genuine message to Switzerland about creation numbers and quality. 

Now it wasn’t all terrible – some fixed, Lemania driven Pateks did well overall, similar to a 5970P at $233,000 and a 5070P at $149,000 . These were the specific inverse of parcel 160, which was a cracking 5004G that sold at just $161,000 ! This is the cost of a stacked BMW 5 arrangement underneath where it ought to sell – condition here probably been a significant issue. 

Other Vintage Watches Show Mixed Results, Proving Quality Matters Above All Else

Now vintage is consistently the redeeming quality, isn’t that so? As a rule, yes. We saw solid outcomes for great watches like this Universal with two-tone dial , this brilliant Carrera , and this white-gold 570 . The new to advertise Killy pulled in $233,000 , which is about ideal for a nice yet not-mint model. The two new to-advertise 8171s demonstrated precarious as well – the gold watch passed and didn’t sell (and has apparently been eradicated from the Christie’s site) while the steel watch, with mint case however seriously harmed dial brought $161,000 . As an update, Phillips sold a mint illustration of this watch for near seven figures in the no so distant past . Definitely, #conditionmatters, #alot.

First Platinum Minute Repeater (Ever) From Vacheron Brings Down The House

So the Christie’s deal was a truly mishmash, yet one serious and delightful focusing light in the deal with this 1950s minute repeater from Vacheron Constantin in platinum. This is a watch I truly focused on – all things considered, a 50s VC repeater in platinum is a lottery watch for me , and honestly I can’t envision one being more attractive than this model. New to advertise, with its unique box, lash and clasp, it features a stunning two-tone silvered dial with vertical satin finish to the dial, brand name thin case, and just huge style and wrist presence. Goodness, and it’s the primary platinum repeater at any point made. The estimate here was $200,000 to $400,000 (same as the L1 – truly?) and when the residue settled, it sold for $605,000. This is a superlative outcome for a superlative watch, and this was effectively one of my main three watches of the whole watch sell off season. The remove here is that regardless of what the watch climate resembles, a great watch will yield a great outcome. This additionally denotes the second time the Christie’s New York group has uncovered a really top notch watch apparently all of a sudden – the other being this Audemars Piguet never-ending schedule . 

Christie's June 2016 Sale By The Numbers

This deal netted Christie’s $9,067,125 and featured a 87 percent sell-through rate. It ought to be noticed that this was the third significant international closeout by Christie’s in under a month, giving the New York group plainly the most troublesome position. You can see the full catalog and results here .

Sotheby's New York, June eighth, 2016

The Sotheby’s deal, which occurred one day after the Christie’s bartering, showed fundamentally the same as patterns, however in a somewhat extraordinary way. The deal netted $11.7 million, more than the Christie’s deal, yet with a precisely equivalent 87% sell-through. The Sotheby’s deal was reinforced by the Mechanical Marvels assortment ( featured via Cara here ), which itself represented $4 million of the complete sale.

Current Watches, Even Great Ones, Got Hammered (Again) – Bad Ones Got Downright Destroyed

Modern watches, much the same as at Christie’s, truly endured. We saw an ALS Terraluna at $112,000 , or generally 50% of current retail, and a Patek 5170G (dark dial!) sell for $47,500 (retail is $82,000), and those are two great watches from great brands! Then, we have a jewel and steel Hublot Big Bang that retailed new at more than $20,000 selling for $7,500 . 

Vintage Watches Still Did Okay –  Again With Special Pieces Pulling Special Prices

While over all the vintage pieces at Sotheby’s didn’t work out quite as well as those at Christie’s – they just didn’t have close to as many – there were a couple of solid outcomes. This uncommon Daytona with “Tiffany” stamp seen at the six o’clock register pulled down more than $56,000 – an extremely solid cost for a neat watch. A platinum PP 96 got more than $25,000 , which feels spot on and there weren’t an excessive number of notables on the vintage side of things somewhere else here.

The Patek Philippe World Timer With Cloisonné Dial Did Well, But Not That Well

Now this Patek Philippe 1415 from 1949 was the unmistakable feature of the deal from a wristwatch viewpoint – and it ought to be. This watch is perhaps the most excellent Pateks made a century ago, with a dazzling hand-painted cloisonné lacquer focus dial. This is simply the second to feature a “Eurasia” finish decoration, and the dial here is basically perfect. Presently the 1415 is a little watch, yet cloisonné Pateks are fantastic uncommon and extraordinary – to such an extent that this one pulled an estimate of $600,000 to $1,200,000. Like the steel Lange at Christie’s, this was a high estimate for a watch with an apparently little crowd, and however I don’t really accept that it was excessively forceful – I am aware of another veneer dial 1415 at present on proposal for $1.4m – the watch selling at $730,000 with a top reach estimate of $1.2m feels as though it didn’t do that well. I do imagine that basic watch sell off fatigue assumed a part here, being the absolute last parcel in the last offer of the spring 2016 season – after in a real sense twelve other very good quality deals between Geneva, Hong Kong, and New York. As far as I might be concerned, this ought to be a $900,000 to $1.2m watch.

You can look at the whole Sotheby’s catalog here .