Christie ' S Watches: "Auction Records Are Not The Main Thing"

Christie ' S Watches: "Auction Records Are Not The Main Thing"
Christie ' S Watches: "Auction Records Are Not The Main Thing"

Video: Christie ' S Watches: "Auction Records Are Not The Main Thing"

Video: Christie ' S Watches: "Auction Records Are Not The Main Thing"
Video: Amedeo Modigliani's 'Nu couché' | 2015 World Auction Record 2023, March
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The life of Christie's watchmaker Remy Julia is governed by the auction house's hourly trading schedule. Since 2014, he has headed Christie's Middle East Watch Department in India and Africa. One of his achievements is the rapid growth of watch auctions in Dubai: if four years ago the total revenue for 150 lots was $ 1.2 million, today this figure is approaching $ 7 million for the same number of watches sold.

- What place does Geneva occupy in the schedule of Christie's watch auctions?

- We conduct seven hourly auctions a year: two in New York, two in Hong Kong, one in Dubai (these auctions have opened the trading calendar for seven years now) and two in Geneva. Collectors from all over the world come to Switzerland. Most of the price records are set here. Customers who list their collections for sale want to be sold in Geneva. But, of course, all trades cannot be held in one place. And not for all lots, Geneva is becoming the best auction site. Perhaps a watch valued at $ 10,000 is better put up for an online auction, where it will sell for $ 14,000, than at a live auction in Geneva, where they will go for their $ 10,000.

- Are the lots put up for offline auctions in Geneva, Hong Kong, Dubai different?

- It should be noted that 70% of the auction market for watches is occupied by Rolex and Patek Philippe. This is the average. But in Dubai or Hong Kong, for example, these two brands account for about 50%, since in these cities customers are more focused on modern manufacturers. Here you will find more products from brands such as A. Lange & Sohne, Harry Winston, Breguet. In Hong Kong and Geneva, pocket watches are more popular than in Dubai. In New York, the focus is on Patek Philippe watches, and in Geneva, on vintage Rolex models. In Dubai, I would say, they are interested in everything a little. But if we talk about vintage watches, then in Dubai they should be of the highest standard. Therefore, compiling a catalog is always a long process that requires negotiations, phone calls, meetings over a cup of coffee. And every timewhen I see a photo of a particular lot in the catalog, I remember the owner's face. Each lot has its own story: a clock, accidentally found in a drawer, or a copy bought as an investment is put up for auction. There are times when a customer sells five watches to buy one car. This is normal. I was approached by a man who many years ago, on the occasion of his prom, was presented with a Rolex Daytona Paul Newman watch. And now people are offering to buy his watch for $ 50-150 thousand. He was very surprised when he found out that they really cost that much, and literally told me the following: "Why do I need such an expensive watch when I have an unpaid loan for an apartment?"There are times when a customer sells five watches to buy one car. This is normal. I was approached by a man who many years ago, on the occasion of his prom, was presented with a Rolex Daytona Paul Newman watch. And now people are offering to buy his watch for $ 50-150 thousand. He was very surprised when he found out that they really cost that much, and literally told me the following: "Why do I need such an expensive watch when I have an unpaid loan for an apartment?"There are times when a customer sells five watches to buy one car. This is normal. I was approached by a man who many years ago, on the occasion of his prom, was presented with a Rolex Daytona Paul Newman watch. And now people are offering to buy his watch for $ 50-150 thousand. He was very surprised when he found out that they really cost that much, and literally told me the following: "Why do I need such an expensive watch when I have an unpaid loan for an apartment?"when do I have an unpaid loan for an apartment? "when do I have an unpaid loan for an apartment?"

- But there are also real collectors?

- Yes, this is a separate category of people. They have their own path, their own passion, their own history, which is sometimes difficult to believe. Once I met a man who collected watches with three hands - hour, minute and second - and he was not interested in any others. The collection numbered up to 300 copies, and at some point he faced the problem of how to maintain it in proper condition. After all, this is an expensive pleasure. As a result, he decided to sell his collection and focused on the technologically advanced and versatile Rolex stainless steel watches. There are only about 25 items in his current collection. I have described to you a typical collector's crisis, one that accompanies the life of every collector, forcing a complete change of principles. Today's young collectors experience these crises more and more often, almost every year.

Every time I see a photo of a particular lot in the catalog, I remember the owner's face. Each lot has its own story.

- Three models of Patek Philippe watches with different estimates are put up for sale at Rare Watches. Why is there such a difference in valuation?

- The main criteria are the state, the state, and again the state. Only then can you look at the provenance of the watch, the presence of the original case and documents. In our business, when it comes to vintage watches, rarity, condition, model and its features come to the fore. Take the Patek Philippe 2499, for example. This watch has been in production for 35 years, and during that time the model has changed. It's like with a car: during operation, it becomes clear what needs to be improved, for example, the brakes. So, over the 35 years of Patek Philippe 2499's existence, changes were made four times - and for each of the four series the price will be different. A unique model from the first series, which was sold in Caracas in the 1960s (as evidenced by the engraving on the case of SERPICO Y LAINO, CARACAS), with an estimate of 1.5-2, is taking part in the Geneva auction.5 million Swiss francs (sold for 3,252,500 Swiss francs) and a model from the fourth series of 1981 with an original tachymeter scale, but without outstanding provenance - its estimate "only" 550-950 thousand Swiss francs (sold for 672,500 Swiss francs) … The second important factor is material. If 85% of watches are produced in yellow gold, and 15% - in pink, then the second, of course, will be more expensive. If 99% of the model's watches are produced with a tachymetric dial scale, but suddenly an order comes for a watch with a telemetric scale, then these watches will, of course, be more expensive. Thus, there are rare models, there are rare materials, there are rare dials (for example, of different colors). Or a watch that belonged to Haile Selassie, Emperor of Ethiopia - a model with a special black face was made by his order. This watch went under the hammer for $ 3 million, while the price of a regular model 2497 will be only $ 300 thousand. The price of the standard Rolex Paul Newman Daytona model, "without pedigree", is $ 150-200 thousand, but the watch that was on the wrist of the great racer, and with a personalized engraving, was sold for a record $ 17 million. The presence of the original case and documents can double the price … The cost is also influenced by the polishing of the case. Today everyone wants their watch to shine. But this is wrong. The watch must have scratches, that's part of the story. My main advice: keep the watch in its natural state, do not polish it, do not erase the traces of history. Yes, with a personalized engraving, were sold for a record $ 17 million. The presence of the original case and documents could double the price. The cost is also influenced by the polishing of the case. Today everyone wants their watch to shine. But this is wrong. The watch must have scratches, that's part of the story. My main advice: keep the watch in its natural state, do not polish it, do not erase the traces of history. Yes, with a personalized engraving, were sold for a record $ 17 million. The presence of the original case and documents could double the price. The cost is also influenced by the polishing of the case. Today everyone wants their watch to shine. But this is wrong. The watch must have scratches, that's part of the story. My main advice: keep the watch in its natural state, do not polish it, do not erase the traces of history.

Ref 6263 Paul Newman watch, Rolex. Estimate 300-500 thousand Swiss francs, sold for 420.5 thousand Swiss francs
Ref 6263 Paul Newman watch, Rolex. Estimate 300-500 thousand Swiss francs, sold for 420.5 thousand Swiss francs

1 of 10 Watches Ref 2499, Patek Philippe. Estimate CHF 1.5-2.5 million, sold for CHF 3,252,500 © Christie's Press Office GMT-Master II, Rolex, approx. 2010. Estimate 80-120 thousand Swiss francs, sold for 100 thousand Swiss francs © Christie's Press Service Cloisonné enamel watch, Rolex, approx. 1953. Estimate 350-550 thousand Swiss francs, sold for 348 thousand Swiss francs © Christie's Press Service Watch Ref 2499 / 100J, Patek Philippe. Estimate 550-950 thousand Swiss francs, sold for 672.5 thousand Swiss francs © Christie's press service Chrysler's pocket watch, Audemars Piguet. Estimate 100-200 thousand Swiss francs, sold for 181.3 thousand Swiss francs © Christie's Press Service Tourbillon watches, Thomas Prescher. Estimate 150-250 thousand Swiss francs, sold for 175 thousand Swiss francs © press service Christie's Watch Ref 6263 Paul Newman, Rolex. Estimate 300-500 thousand Swiss francs, sold for 420.5 thousand Swiss francs © Christie's press service

- Have new price records been set this year?

- This year the price record was set by the Patek Philippe 1518 in a yellow gold case that belonged to King Farouk. In the past - the Cartier Tank model from the personal collection of Jacqueline Kennedy: ordinary Cartier Tanks cost about $ 3-4 thousand, but these were sold for a little less than $ 400 thousand. However, we do not want to talk only about records: in this case, people will think that it is too expensive to buy watches at auction. However, this is not the case and we offer watches in all price categories that will interest any collector. Our goal is for the person who made the purchase to understand that they made the right choice. And a record is the result of two or more participants fighting for a lot. Yes, records give the process a positive impetus, but in the auction business this is not the main thing.

- What are Christie's commissions?

- Everything is very transparent here. Full details can be found on the last page of each catalog. If we are talking about a purchase within $ 250 thousand, then this is 25%; 20% for transactions from $ 250 thousand to 2 million; for an amount over $ 2 million - 12%.>

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