Quick Thoughts On The Sotheby’s Hong Kong Sale: Vintage Rules, Even In Asia
Vintage Is Strong
One takeaway is that vintage watches, regularly mainstream in the European and American business sectors, are now making progress in Asia. One of the additional intriguing parts of the deal, is the cover parcel, a vintage Patek Philippe ( the Double Crown World-Time Ref. 2523/1 ), which is uncommon both in reference and situation on the index cover (commonly, just present day watches are included on the inventory cover in HK). This reference has just come up in multiple times before and is absolutely collectible, which is why it made nearly $1 million ($939,000 including BP to be accurate). However, it should be noticed that this doesn’t demonstrate that vintage is becoming well known in Asia as the offering was done via phone… in English. This, regardless, demonstrates that in the event that you sell it, they will come..and that the sale market is genuinely worldwide. I’m simply happy that Hong Kong has allowed for more vintage pieces to be remembered for their deals, as it adds some welcome diversity.
A somewhat more unassuming example of alluring vintage Patek is this white gold Ref. 96 that sold for twofold its gauge. Notwithstanding the Ref. 96 being perhaps the most common vintage Patek Philippe references, this one is irregular due to being made in white gold. It is uncommon that you see the Ref. 96 in white metals ( there was a platinum one in the Sotheby’s NY June deal talked about here that made twice the high gauge at $56,000), so it is energizing to see one come up in Hong Kong. This specific example is important for the third arrangement with a type 12 400 development and was fresh to the market. It was assessed for $20,000-28,000 (HKD 160,000-220,000) and sold for $43,548 (HKD 337,500).
Another solid example of a vintage model is the Rolex Explorer (Ref. 6610) with red depth rating. This is something that is for the most part held for the Geneva barters and typically wouldn’t have a second look from Hong Kong purchasers, however this Rolex fetched $32,000, twofold the high gauge of $10,000-15,000. Once more, is it dubious who effectively purchased the watch yet the numbers alone show that Rolex vintage is still king.
Current Patek Philippe Is Hit And Miss
Patek Philippe Ref. 5004P
Patek Philippe Ref. 5004G With Special Dial
Now we proceed onward to present day Patek Philippe. This is where it gets fascinating. It is obvious to me from the general outcomes that cutting edge Patek Philippe is battling somewhat (a 5970P sold at $161,000!), except for truly uncommon, fascinating, normally exceptional request watches. For example, there were two 5004s consecutive, one in platinum and one in white gold with a unique Salmon-hued dial . The platinum one passed at $187,000, while the white gold one sold for $412,000 (nearly half a million for sensational impact). Is an uncommon dial worth that much? Seems like it.
Another example where this happened is with the 175th Anniversary Chronograph Ref. 5975. Sotheby’s recorded a white gold Ref. 5975 that sold for $80,000 while a pink gold one sold at Antiquorum sold for $110,000 (covered by Ben here ). This reference in each metal was made in 400 pieces, which means they are of equal extraordinariness, so why improved? It is hard to say however one theory is that pink gold is more alluring, and has been viewed as a more uncommon shade of gold in the history of Patek Philippe (depending, obviously on the particular reference). Or on the other hand perhaps it was the “HODINKEE Effect”?
Other Modern Makers Are Spotty, With A Few Shining Lights
An energizing angle about the present closeouts is the expanded appearance of current, yet in addition autonomous watchmakers. Before, brands such as MB&F, Lange (not technically an autonomous brand, but rather with something of a free brand’s business dynamic) Harry Winston (same, in any event for high complications) and F.P. Journe, had a slow beginning and were frequently hard to sell. Yet, in the present market they are making progress – yet once more, just additional fascinating pieces. The unique gold HM4 Thunderbolt, that we talked about here , made well over the gauge of $129,000-193,545 (HKD 1,000,000-1,500,000) and sold for $241,931 (HKD 1,875,000) which is mind boggling for MB&F as a moderately “new” major part in the bartering world. However, the HM3 made within the gauge ($45,000) and the other HM5 passed .
Harry Winston had a shining second. A producer as a rule shunned in the past by sell off houses – in New York I turned down an Opus 3 once, which did not go over so well with the owner – in the present market they appear to do well indeed. The Limited Edition White Gold Opus 13 (which with all due respect is undeniably more alluring that the Opus 3) sold for $209,674 which was higher than the $103,224 to $154,836 estimate.
And in light of the fact that I can’t help myself (and what post would be complete without precious stones), here’s something with jewels aplenty. This Cartier Panther Bracelet Watch is absolutely absurd and brought in an equally over-the-top cost of $660,000. I reviewed a “more unobtrusive” Cartier Panther piece here which is kind of something very similar (well, not in any way actually).
I think the general takeaway here is that the Asian market isn’t dead however their purchasers (and shippers) have become more specific and refined, which says to me that the folks who were purchasers before weren’t correct watch enthusiasts but instead social climbers. Regardless of the financial decrease, this must mean god things for the worldwide watch sell off market as it will level out the battleground between New York, Geneva, London, and Hong Kong. It will furthermore allow for additional intriguing deals and a more clear comprehension of what is really uncommon and worth its value.
Check out the full outcomes at Sotheby’s here .