Sotheby's First Watches Weekly Sale sets new benchmarks for online watch auctions

SOTHEBY’S FIRST “WATCHES WEEKLY” SALE

Sets New Benchmarks for Online Watch Auctions

100% Sold

Record for a Watch Sold in an Online Sale

New, fast and dynamic format

attracts collectors from around the world

9 April 2020 – Sotheby’s first weekly online auction concluded on Tuesday with a great success. The new format, designed to provide great responsiveness to trends in the market and more ways for sellers to offer their property, attracted collectors from around the world. The sale, which featured a selection of 19 stunning Rolex wristwatches and rare pieces by Audemars Piguet, also set new benchmarks for online watch auctions, including two of the highest prices ever paid for a watch in an online sale.

•  The sale totalled of HK$ 6.4m (US$ 826,000), well above pre-sale expectations (est. US$ 497,000 - 818,000)
•  100% of the lots sold, with half of them achieving prices above the high estimate
•  New record for a watch sold an online auction: a Rolex Paul Newman Daytona, reference 6241 in stainless steel, circa 1968 soared to HK$ 2,375,000 (US$ 306,518) (lot 4, est. HKD 1-2m / USD 129,000 – 258,000).
•  Second highest price realised by a watch in an online sale: A Rolex Daytona, reference 6263 in stainless steel, made for made for Mohammed Bin Rashid Al Maktoum, circa 1975 realised US$ 258,000 (lot 5, est. HKD 1-2m / USD 129,000 – 258,000).
•  This new format offers a swifter turnaround between appraisal and sale. For example, lot 5 was consigned only a few days before the opening of the sale and was listed for sale within 48 hours of Sotheby’s receiving the property.

Our next “Watches Weekly” sale, featuring 30 vintage and modern wristwatches by Patek Philippe, opened yesterday and is off to a strong start, with several watches receiving bids within the first minutes of the sale (more here).