In the spring of last year, Bucherer and Sotheby’s began a partnership to bring auction-quality collectible goods together and present them at special events.
The first was an exhibition of watches, vintage jewellery, designer handbags and collectible sneakers at a luxury exhibition in Bucherer’s Geneva flagship.
WATCHPRO called the partnership a coming together of strange bedfellows, at the time, but the relationship is clearly working because it has grown to deliver in-person exhibitions and events in Geneva, Zurich, Paris and New York.
Josh Pullan, global head of luxury at Sotheby’s, says working with Bucherer has been a meeting of minds. “We see opportunities the same way,” he says.
A significant extension of how the retailer and auctioneer work together is launching this month, with Bucherer providing authentication, servicing and repairs for watches on Sotheby’s online store where — unlike at auction — they are consigned for sale at fixed prices and will be offered with two year Bucherer warranties.Â
The aim is to give collectors around the world online access to one of the largest collections of pre-owned luxury watches, certified by the watchmakers of Bucherer, and sold through the trusted Sotheby’s estore.
In the UK, Bucherer has a dedicated certified pre-owned zone at its showroom in London’s Covent Garden and the Selfridges Wonder Room.
In the United States, the flagship Bucherer Time Machine in Manhattan also has a luxurious CPO lounge.
Time Machine has already held events with cross-category collectibles including sporting memorabilia, handbags, jewellery and watches sourced from Sotheby’s.
For customers, the primary advantage of buying watches via the partnership is the multi-step inspection, authentication, service and repairs that Bucherer can provide.
In order to be given a Bucherer guarantee, its specialists open every single watch to ensure it is authentic and in perfect working order.
If necessary, the experts then maintain or repair the watches. In the final step, the watchmakers attest to their work with their signature and Bucherer provides a two-year international warranty.
Most of the watches will be sourced from Switzerland and sold globally, either at the Sotheby’s online marketplace or through Bucherer.
Bucherer-authenticated watches have also been finding their way into Sotheby’s auctions since last year, thanks to the partnership.
“We’re especially proud to be the only auction house to offer this level of certification and warranty, ensuring each watch gives its wearer only joy and peace of mind for years to come. The partnership with Bucherer also marks another important milestone in the continued growth of our curated online marketplace, which continues to innovate since its launch nearly two years ago,” Mr Pullan says.
Among the world’s largest primary authorised dealers, Bucherer has been a long term leader in CPO watches.
For Tourneau in the United States, which was acquired by Bucherer in 2018, pre-owned watches has been the equivalent of its second largest brand after Rolex.
Stav R Martens, Bucherer’s head of CX, CRM and commercial partnerships, says the relationship is flourishing because it excites customers when they see cross-category curated collectibles together online or in store.
Record auction sales
Auctioneers like Sotheby’s have continued in 2022 where they left off in 2021, with record sales for prestigious watches.
The latest report from Mercury Project, which tracks auction results for Antiquorum, Bonhams, Christie’s, Sotheby’s and Phillips, saw the spring sales in the second quarter of 2022 generate sales of CHF 347 million, up 56% on the same season in 2021.
Sotheby’s had a particularly strong start to 2022, increasing its market share from 22% in 2021 to 26% in the first six months of this year.
The average price for each watch sold by Sotheby’s this year has been CHF 53,960, up from CHF 35,185 last year.
Mr Pullan concedes that the secondary market has cooled in recent months, but believes that a growing global population of collectors will keep the sector buoyant.
Collectors are also getting younger.
Bidding from people aged under 40 had doubled this year, and for under-20s it has quadrupled,” he tells WATCHPRO.
More women are also taking part, with a rise of 33% in the number of bidders.
