Results for Sotheby's Important Watches New York, June 2022

NEW YORK, 15 June 2022 – A unique Audemars Piguet Royal Oak Grand Complication, Reference 26605, was the standout star of Sotheby’s ‘Important Watches’ auction today in New York. Made in 2020 and crafted in hand-finished black ceramic, the extraordinary timepiece eclipsed the pre-sale estimate by more than 2x, selling for $1.1 million – a record for the reference at auction (est. $200/400,000). With today’s $19 million result, from which 89% of lots sold, Sotheby’s year-to-date totals for watches surpass $100 million, marking a 100% increase over the same period in 2021 – in what was a record year for the category.

Facts & Figures

• The New York Important Watches auction totaled $19 million – an increase of over 100% compared with our sale of Important Watches in June last year.
• 89% of lots sold, with 96% of sold lots selling within or above their estimates
• Average lot value: $121,570 (up 118% on last year)
• 8 timepieces sold over $500,000
• Almost half of all lots sold to online bidders

Leigh Zagoory, Head of Sale for Sotheby’s Important Watches, commented: “Hot off the heels of stellar sales in Hong Kong and Geneva this year, today’s incredible result caps the end of a first-half year that continues to demonstrate the resiliency and buoyancy in the watch-collecting market, with bidders participating in the sale from around the world online, on the phones, and live in our New York salesroom. From vintage timepieces to today’s best-in-class models, our sale was reflective of the ever-growing fascination with watches around the world, and its performance sets another important benchmark for the company, as we surpass $100 million for global watches sales year-to-date, firmly putting us on track to have another record-breaking year.”

Audemars Piguet Prevails

The top lot of the sale was an extraordinary Audemars Piguet Royal Oak Grand Complication, Reference 26605 – thought to be possibly unique. Twelve eager collectors on the phone, in the room and online, propelled the watch to an astonishing $1.1 million after a five minute battle – establishing a record for the reference at auction (est. $200/400,000). The watch comes to sale from an important private collection, from which twenty-two other timepieces were also sold, achieving a combined total of $5.8 million.

Another stunning Royal Oak perpetual calendar in the sale, distinguished by a skeletonized dial, well exceeded pre-sale expectations, selling for $529,200 to an online bidder (est. $150/250,000).

The X Collection

Today’s sale was distinguished by the X Collection, a comprehensive and prolific curation of sports watches amassed by a single owner over several decades. 90% of the collection sold, with 80% of the Audemars Piguet models finding buyers. Vintage and modern timepieces from the collection achieved many of today’s highest prices, including:

A white-gold cased Audemars Piguet Royal Oak Grand Complication, with a vivid blue ‘Yves Klein’ style dial soared to $630,000, marking a record for the reference at auction (est. $200/500,000). Created in 2006, the watch features a split-second chronograph, perpetual calendar and minute repeater along with moon phases and leap year indication

Believed to be the very first example to be offered at auction, a very limited and rare ‘Marcus edition’ grand complication with skeletonized dial by Audemars Piguet, fetched an above-estimate $378,000 (est. $180/360,000).

Offered for the first time at auction and accompanied by all of its original accessories, a Richard Mille white-gold cased skeletonized dual time tourbillon wristwatch, Caliber RM003, reached an above estimate $315,000 (est. $150/250,000).

Patek Philippe

Vintage and modern Patek Philippe timepieces captivated collectors today, representing four of the top prices in the sale:

The last lot of today’s auction, a Patek Philippe’s neo-vintage Ref 3970 ‘London Edition’ made in 2015 achieved an above-estimate $579,600 (est. $200/400,000). A limited edition re-release of the Reference 3970 made only in platinum for the 2015 Patek Philippe Watch Art Grand Exhibition at the Saatchi gallery in London, the model was limited to only five pieces, and the present example is believed to be only the second 2015 edition to ever appear on the market. 

One of the most important horological complications ever developed, Patek Philippe’s Celestial (reference 5102) reached $529,200 - nearly doubling its $300,000 high estimate. A prototype piece that was never commercialized by the firm, the present watch was believed to have been Part of the Infamous Musée de l’horlogerie Heist in Geneva in 2001.

All four examples of the highly sought-after Patek Philippe reference 5270, retailed and stamped by Tiffany & Co. – of which none have previously appeared at auction –  exceeded their pre-sale high estimates, achieving a combined total of $1.5 million (est. $640/960,000). Among the four metal combinations, including a pink gold with black dial with a pink gold bracelet (sold for $441,000, est. $200/300,000), pink gold with silvered dial (sold for $277,300, est. $120/180,000) and white gold with silvered dial (sold for $277,200 est. $120/180,000), the platinum example with salmon dial led the group, selling for $504,000 (est. $200/300,000). 

The sale also featured two rare and fine Patek Philippe reference 1463 models; one cased in stainless steel and dressed with Breguet numerals, which sold for $315,000 (est. $250/550,000), and another cased in yellow gold and retailed by Tiffany & Co, which was the sixth example known and came fresh to market from the original family, achieved $189,000 (est. $120/220,000).

F.P. Journe

Appearing for the first time at auction, after remaining in a private collection of its original owner for more than 20 years, a rare and early F.P. Journe Tourbillon Remontoi d’Égalité sold for $882,000 (est. $500,000 - 1 million). The present watch is from the highly sought after first, or 'Reference T', series of the Tourbillon Souverain with remontoire d’égalité visible in an aperture on the dial.

Later in the sale, two determined bidders on the phone and online, drove a fresh to market Chronomètre à Resonance to $453,600 (est. $200/300,000); and an incredibly rare and possibly unique example of the Octa Chronographe, dressed with a Clous de Paris decoration achieved $340,200 (est. $250,450,000).

Rolex Daytona’s Fly

Frenzied bidding drove a desirable Rolex “Rainbow” Daytona to $630,000 (est. $250/550,000). Embellished with multi-color baguette-cut sapphires around the bezel, each gemstone is carefully handpicked and handcrafted to resemble an array of rainbow hues. Only a handful of these pieces are produced each year by Rolex, due to the difficulty in sourcing perfectly calibrated sapphires of the right colour to construct the spectacular rainbow adorning the bezel.  

A Paul Newman Daytona, reference 6241, from around 1969 sold for an above-estimate $315,000 (est. $150/250,000), and a ‘Small Floating’ Daytona reference 6240, stamped and retailed by Tiffany & Co. achieved $201,600 (est. $150/300,000).

More detailed results at sothebys.com