Expert WATCHPRO readers will not need to be told how hot the luxury watch market was last year, but professional knowledge was not required to make huge profits, if a new report on the 2021 auction market is any indicator.
A study by Art Market Research (AMR) shows auction prices for watches soared by 15.7% last year, beating art (+13.5%), handbags (+6.9%) and jewellery (+2.1%).
The total value of auction sales at the major houses leapt by almost 50% between 2020 and 2021, from $9.4 billion to $14.4 billion.
Across all collectible categories, the US registered the fastest rise with sales up 10%.
In Europe, total sales were up by 3% on 2020. Christie’s and Sotheby’s increased the number of sales in Paris following new tax regulations brought in by the UK after Brexit. UK sales dipped by 2%.
After several years of modest growth, the market for luxury watches at the top four auction houses grew by 59% in the year to December 2021, reaching a total of £400m. The growth is particularly remarkable given the fact that roughly the same number of watches were sold at auction — 12,277 in 2020 compared to 12,291 in 2021 — according to AMR’s research.
Nine of the 10 most expensive watches were sold through Phillips in 2021, helping it retain its market leading position over Sotheby’s in second place, Christie’s in third and Antiquorum fourth.
Patek Philippe dominated the list of most expensive watches sold, but Cartier was the brand to watch, particularly pieces made in the 1960s by the London Cartier factory.
Independent watchmakers also continued to grow in importance, with watches by F.P. Journe and Philippe Dufour in highest demand.
The top 10 list also includes the sale of the first million-pound Omega watch, a rare Speedmaster with broadsword hands and a tropical aged dial, which sold for CHF 3 million.
