Highlights From Geneva Auction Weekend
Auction weekend is finally here, and we are ready to analyze some of the most significant watches sold in recent days
The Geneva auction weekend that opened on Friday with OnlyWatch and continued on Saturday and Sunday with the Phillips auction, while for technical reasons the Christie's auction was moved to Monday.
The Geneva auctions are always a crucial time for watchmaking because the prices these timepieces will get will give us an important indication of how the market is moving.
Christie’s - OnlyWatch X
If you follow the world of watchmaking enough, you will surely remember the intense controversy that arose in the fall, just days before the OnlyWatch charity auction.
Only Watch is an initiative started in 2005 to fund Duchenne muscular dystrophy research, promoted by Luc Pettavino. With the support of the watch industry, the event has become a major biennial event for collectors and luxury watch manufacturers because unique pieces made especially for the event by leading maisons are auctioned off.
From year to year, the amount raised by the auction has grown and adding up all the editions, it is estimated that the organization has raised about 100 million euros. However, a few weeks before the 10th edition, Jose Pereztroika and another collector known on Instagram by the nickname Santa Laura raised concerns about the management of the money obtained from the auction. The media uproar raised led the organizers to postpone the auction until May.
This year OnlyWatch managed to raise CHF 28,000,000 about two million less than the amount raised in 2021.
The catalog of almost lots was presented some time ago and we had commented on it together here. A number of maisons were missing from the list, one among them Patek Philippe, which unveiled just a few days ago the watch that was auctioned off.
Patek Philippe 6301A
Actually what you see is a replacement compared to the watch the fashion house had originally chosen. Since 2023 coincides with honorary president Philippe Stern's 85th birthday, a watch dedicated to him had been created for OnlyWatch, with his face inside the dial and the minute repeater complication. After the announcement of OnlyWatch's postponement until a later date, Patek decided to proceed with the production and sale of the reference 1938P, which, being linked to Philippe Stern's 85th birthday, could not be postponed, and that is why we find the 6301A in the auction.
What immediately stands out is the dial made of blue smoked sapphire crystal embellished with a spiral guillochè pattern and hour markers made with baguette-cut diamonds. The back of the case is engraved with the inscription “Only Watch 2024 - Pièce Unique,” and the open case back allows you to admire the 30-255 PS LU caliber with a power reserve of about 65 hours. In addition to the fantastic aesthetics this watch adds the elegant complication of grand and petite sonnerie, all enclosed by a steel case, which, as we have repeatedly recounted, is by far the most sought-after material for Patek Philippe collectibles and much used to make OnlyWatch models.
The estimate of this watch is the highest of the entire auction and ranges between CHF 1,500,000-1,800,000, but, as expected, it was hammered for a record CHF 15,700,000 and was sold by Patek Phillips collector Zach Lu, who is already known to have purchased the first of 175 Patek Philippe Nautilus with “Tiffany” dials at Phillips' auction in December 2021.
F.P. Journe Chronomètre Bleu Furtif
Besides Patek, FPJ has also always taken OnlyWatch really seriously. Since 2015, when it first participated in the auction, the maison has always stood out with creations that are always among the most interesting at the event and that manage to encapsulate all the very high technical tradition and innovative spirit that have always distinguished Journe.
After the Francis Ford Coppola FFC Blue, one of the most absurd watches ever created, capable of telling the time through the fingers of a hand depicted on the dial, this time the fashion house has prepared a watch with a much more classic design.
It is based on the LineSport collection and is made of tantalum, a material that is extremely difficult to work with but has been used several times by FPJ. The dial chosen, on the other hand, is the one that gives the watch its name; in fact, the shade chosen is blue, but it has been worked with a Grand Feu enamel that has the characteristic of obscuring the view of the time to all but the wearer of the watch. This is because the dial becomes readable only if it is hit by light in a perpendicular manner, which is precisely why the term Furtif was chosen, which means stealth in English.
In this case the estimate was CHF 200,000-400,000, but it far exceeded expectations reaching the figure of CHF 2,000,000.
Rexhep Rexhepi Chronomètre Antimagnétique
Compared to initial estimates, the highest result was Rexhep Rexhepi coming in at CHF 2,100,100, about 2000% higher than initial estimates which were CHF 100,000-150,000.
The design echoes the vintage world of antimagentic watches made in the 1940s and 1950s, especially by Patek Philippe. The dial is black enameled with rose gold engravings are achieved through a process that involves first engraving on a silver base and then filling it with gold enamel and firing it in the oven so that it blends with the dial.
The case back is double, in fact the first can be unscrewed to leave only the second sapphire case back through which one can admire the fantastic movement made especially for this watch by Rexhep Rexhepi.
Phillips - The Geneva Watch Auction: XIX featuring the Guido Mondani Collection
For the regular Geneva Watch Auction, Phillips has prepared something very special this year. In fact, inside the catalog are 40 watches belonging to the personal collection of Guido Mondani.
Besides being a great collector, Guido Mondani is one of the greatest experts on vintage watches. Over the years he has published very important books that have paved the way for Rolex collecting first and foremost and are considered some of the most important sources of information for collectors around the world.
This is not the first time Mondani has auctioned off his collection; in 2006, together with Antiquorum, he sold a large portion of his watches, realizing the exhibit figure of 11 million and achieving the white glove, or unsold auction. Now, 18 years later, Guido has decided to put up for auction some of the watches he is most attached to and had not been able to part with before.
Rolex Cosmograph Daytona Ref. 6269
The highlight of the auction is definitely this yellow gold Rolex Daytona 6269, covered completely in diamonds.
The story of how Guido managed to acquire this watch is the perfect example of how much the market and the world of watchmaking have changed from the 1980s and 1990s to today. Walking around Lugano with his wife, Guido, as indeed any enthusiast would, stopped in front of the windows of watch stores and in front of Bucherer noticed this particular Daytona. At the time of the purchase, the automatic version (Ref. 16528) had already come out and consequently this model with manual winding was already obsolete. For this reason when the Italian collector expresses his intention to purchase the watch he is also offered a 50% discount.
In fact, at the time the market was completely different, and such a diamond Daytona was an item that met little with the tastes of enthusiasts who were accustomed to seeing sports watches in steel and sometimes in gold, certainly not covered with diamonds. Guido's foresight was to anticipate what was to become the diamond watch phenomenon that has been dominating the market in recent years, managing to grab one of the first watches that cleared the way for the use of precious stones on a sports watch.
The state of preservation is extremely high, and if you add to that the fact that, according to one estimate, no more than 30 pieces were made, this lot is really something incredible.
The result at auction was excellent, it was sold for CHF 992,000, while the estimate was CHF 600,000-1,200,000.
Rolex Oyster Chronograph “Jean Claude Killy” Ref. 6036
We are looking at one of the most sought-after vintage Rolexes, the Datocompax, also known as the “Killy” in honor of the famous sportsman and Rolex ambassador Jean-Claude Killy. This model is the only Oyster with a full calendar and chronograph complication and was made in four different references between the 1940s and 1960s.
In 1947 the first model in this collection was produced with the reference 4767, a year later the 5036 followed, and in 1951 the 6036 was launched to be followed by the 6236 as well as the last reference.
Usually we are used to seeing this model in the steel version while the yellow gold configuration is rarer, although the rarest of all is this one in rose gold.
Again, the series of events that allows Mondani to purchase this watch has the unbelievable. One day Guido was contacted by his trusted watchmaker who doubtfully asked for help in verifying the authenticity of this watch. The watchmaker was amazed at the watch's state of preservation and thought that for this reason something fake might be hiding. When the watch passes under Guido's many verifications, the latter realizes that it is an original Datocompax in a perfect condition. Of course, he does not pass up the opportunity and decides to purchase it immediately, adding another crazy piece to his collection.
On Sunday it was sold for CHF 609,600, while the estimate was CHF 400,000-800,000
Patek Philippe Ref. 2523/1
One of the most valuable pieces in the auction was this 2523/1, which was sold for CHF 1,754,000 while the estimate was CHF 1,200,000-2,400,000.
This reference is one of the most important when it comes to the World Timer, a complication of which Patek Philippe is a master, making over the years some of the finest watches ever including this very model.
This reference is the refinement work that started several decades earlier. It is the first in this collection to feature two crowns: the first to adjust the outer ring representing cities and the second for the time. It is a turning point for the maison and is a reference that PP is quite fond of, in fact 3 examples of the 2523 are present inside the brand's museum.
We analyzed the highest results achieved in the auction, in our last post which you can find here:
To always stay up to date with the auction results we have created the section “Auctions” on our site, where all the results of many watch auctions are automatically collected and where the complete results of all the auctions held this weekend will also be published.
Christie’s - Rare Watches Including the Property of Michael Schumacher
In addition to OnlyWatch, Christie's also curated the classic auction it does every year at this time in Geneva. This time it was not a normal auction because among the lots that were auctioned off were some watches that belonged to Micheal Schumacher.
To celebrate the 30th anniversary since the first F1 championship run by the German driver in 1994, Christie's together with the Schumacher family decided to create this event. The most important watches in the auction are precisely two models made to commemorate some of the achievements of one of the most iconic drivers ever, and they are specifically a Royal Oak and an F.P. Journe.
Due to technical problems Christie's is experiencing, the auction has been postponed from Monday to Tuesday, May 15, 2024.
Royal Oak Chronograph
The watch is made of white gold and was a gift given by the then general manager of the Ferrari racing department, and great watch enthusiast, Jean Todt to Schumacher to celebrate the six championships he won in F1. As can be seen, in fact, on the case back is the inscription “J. Todt pour M. Schumacher, Noel 2003” and the list of all the championships won by the driver: 1994 and 1995 at the wheel of Benetton, 2001, 2002 and 2003 at the wheel of the Italian car manufacturer.
The dial, on the other hand, is customized with the reference always to the six championships won, through the six stars and the number one depicted in the counter at three o'clock, the prancing horse of the Ferraris at six o'clock, and the red and yellow automotive case at nine o'clock.
The estimate of this crazy collector's piece is CHF 150,000-250,000, but it was auctioned for CHF 415,800.
F.P. Journe Vagabondage
The Vagabondage is one of FPJ's earliest achievements, it is so called because the hours in the watch seem to wander, as the indexes turn on a “plate” and the box at 12 o'clock shows the actual time.
In 2004 Schumacher accomplished a historic feat-he was the first to win 7 consecutive world championships-and to mark the occasion Jean Todt had this platinum Vagabonfage made by Journe, a brand with which the French GM has a close relationship.
If in the Royal Oak there were six stars to celebrate the championships, this time there are seven “Vs,” in addition to the red case and the Ferrari horse that are also represented on this watch.
Besides being particularly sought after as it was customized for Schumacher, this Vagabondage was one of the first to be produced as the watch officially went into production in 2006, while this one dates back to 2004. For this reason, the estimate is CHF 1,000,000-2,000,000 and it sold for CHF 1,497,000.
A total of eight watches belonging to Michael Schumacher's private collection were sold at auction for just under CHF 4,000,000. 96% of the 164 lots offered were sold, reaching a total of CHF 22,821,050, and the most expensive lot was a vintage Patek Philippe Ref. 1518 sold for CHF 2,465,000.
