When it comes to pre-owned and even rare vintage watches, we are now in a buyers’ market.
Auction house Phillips says its American operation has had its best year in history, with sales of $51.1 million, but the spring sales were far stronger than those in the fall, with bankers like Cartier’s Crash and Patek Philippe’s ref. 2499 perpetual calendar selling, but failing to beat their estimates.
Paul Boutros, head of watches, Americas, and Isabella Proia, head of sale, New York, remain positive, pointing to the fact that 100% of lots at its New York Watch Auction: Seven beat their reserve prices to secure sales.
There were bright spots in the sale, mostly from independent watchmakers.
An F.P. Journe Tourbillon Souverain in platinum with pink gold dial sold for $1.24 million, more than four-times its estimate.
But a 1970 Cartier Crash with a conservative pre-sale estimate of $400,000 to $800,000 sold for $453,600.
Patek Philippe’s perpetual calendar ref. 2499 is a bellwether of the auction scene, although subtle differences across the decades and other nuances understood only by the most expert collectors make price comparisons difficult.
That said, a possibly unique Patek Philippe Ref. 2499Â retailed by Howes in 1973 would have hammered for more than $792,300 in a warmer market six months’ ago.
