Fall Geneva Watch Auction by Phillips Net $24 Million
The Fall Geneva watch auctions held earlier this month by Phillips, in association with Bacs & Russo, have come to a close with the tally totaling $24,081,105. The back-to-back auctions on November 11 and 12 netted the highest result for any of the auction houses this season.
One entire day was devoted to the "Heuer Parade: The Crosthwaite & Gavin Collection." The thematic auction dedicated to Heuer (of TAG Heuer) saw 42 lots come up for sale.
A reunion of sorts for influential Heuer collectors from around the world, the "Heuer Parade" witnessed the sale of every single lot. The sale exceeded the estimate of $1.1 million and accomplished just under $1.5 million. It was a rare "perfect sale," with 100 percent of the lots selling and 100 percent-plus of the estimated value achieved.
Five of the lots sold for more than $50,000 each. At the close of the auction, the last watch to sell was a special TAG Heuer Autavia charity watch created for Jack Heuer's 85th birthday. It sold for $37,500 and all of the proceeds went to the Save the Children charity.
The second auction held during the two days was the Geneva Watch Auction: SIX, with 151 of the 153 lots being sold, and achieving 99 percent by value. The auction totaled $22.624 million. Patek Phllippe was, as usual, at the top of the earnings with two lots selling for more than $2 million each. Another highlight was an Omega Tourbillon wristwatch that broke the world record for any Omega sold at auction: $1.434 million.
Other interesting standouts included a Vacheron Constantin Ref. 43045 rare limited-edition perpetual calendar watch with moon phase that sold for higher than its estimate at $57,500, and an Audemars Piguet rare stainless steel watch from 1974 that sold for double its estimate at $50,000.
According to Aurel Bacs of Phillips, the interest in pre-owned, vintage watches and buying at auction continues to grow — attesting to the value of investing in new timepieces for future sale.