Auctioneers are having to sharpening their PR skills in the current climate after a considerable cooling in demand for luxury watches from the first half of 2022 to the same period this year.
The picture is far from bleak because 2022 was an all-time record year, with total sales at Antiquorum, Bonhams, Christie’s, Sotheby’s, Phillips and Poly Auction totalling CHF 701 million, almost double 2019’s result.
The auction industry for luxury watches contracted in much the same way as the broader secondary market for the hottest watches cooled after spiking in the first quarter of last year.
Collectors and trade buyers put off purchases in the expectations that there would be greater bargains down the line, and so it proved from March to the end of 2022.
The slide was arrested at the beginning of 2023, and that has shored up sentiment in both the auction and wider secondary market.
That has helped Christie’s rack up its best-ever first half results with more than $122 million in combined sales across six live and eight online auctions in Hong Kong, Dubai, Geneva and New York between March and June 2023.
Hong Kong was the standout performer, with total H1 sales of $57 million, almost half the auctioneer’s worldwide total.
Collectors and the trade are far more discerning in their purchasing this year, which has led auctioneers to hold more tightly curated sales with fewer watches crossing the block and a focus on the rarest pieces.
For example, a Patek Philippe Ref. 2523J Dual Crown World Time sold for a record $8.5 million and a Patek Philippe Ref. 6002G Sky Moon Tourbillon went for $5.8 million, both at Hong Kong sales.
In Geneva, Christie’s held the first-ever thematic auction dedicated to an independent watchmaker.
Forty watches went under the hammer at The Art of F.P. Journe sale. All sold, the majority achieving mid-to-high-end estimate prices including a rare Tourbillon Souverain Souscription that was bought for $3 million.
The Journe sale achieved a total of $15.3 million.
“We are delighted and proud of the results achieved by the Christie’s Watches teams across the first half of the year. This performance is the result of consistent growth, building on the concerted efforts of our specialists, and, importantly, on the collective commitment to delivering the best experience for sellers and buyers alike. Relationships built on trust, expertise and a quest for excellence by our specialists who think and act long-term – these are Christie’s hallmark values that can be seen at work as our House is poised to maintain its trajectory through the second half of the year,” says Emmanuel Danan, Christie’s global managing director for luxury.
