Sotheby's Important Watches Auction Achieves $8.2 Million

SOTHEBY’S IMPORTANT WATCHES AUCTION ACHIEVES $8.2 MILLION

19 LOTS EXCEED $100,000

Led by Four Vintage Rolex Wristwatches

Strong Sell-Through Rate of 84%

40% of Lots Sell to Online Buyers  

Sotheby’s Worldwide Sales of Watches in 2018 Cross $88 Million With More Online Auctions to Come

NEW YORK, 6 December 2018 – Yesterday’s sale of Important Watches in New York totaled $8,2 million, with a strong sell-through rate of 84%, and 94% of sold lots achieving prices at or above expectations (estimate $6.5/10.2 million).  The sale featured 19 lots sold for more than $100,000, led by one of the most coveted vintage Rolex watches on the market – a 'Padellone' Ref 8171: A Fine Stainless Steel Automatic Triple Calendar Wristwatch with Moon Phases circa 1952 – which sold for $387,000, nearly doubling its high estimate of $200,000.

Daryn Schnipper, Chairman of Sotheby’s International Watch Division, and Sam Hines, Worldwide Head of Sotheby’s Watches, commented: “Yesterday’s sale was the culmination of on outstanding fall season for Sotheby’s global watch team.  The New York sale followed strong and in some cases record results achieved in London, Hong Kong, Geneva, Dubai and online, bringing our running global total to $88.2 million, a more than 56% increase over 2017 and with online sales yet to come.”

Katharine Thomas, Head of Sotheby’s Watches & Clocks Department in New York, and Nate Borgelt, Head of Sale for Sotheby’s Watches in New York, added: “We saw spirited bidding from a buoyant market that responded well to pieces from private hands that were fresh to the market, such as the superb Rolex Submariner Ref 6536/1, which sold for more than nine times the high estimate, setting a new world auction record for the model.  The overall strength of the market is reflected in today’s well-rounded top ten – which included vintage Rolex wristwatches and complicated modem examples from important houses, as well as the perennial favorite of complicated Patek Philippe models.  We were encouraged to see a significant number of new participants across price levels and strong participation online.”

AUCTION HIGHLIGHTS

Rolex

‘Padellone’ Ref 8171

A Fine Stainless Steel Automatic Triple Calendar Wristwatch with Moon Phases

Circa 1952

Estimate $100/200,000

Sold for $387,000

The selection of vintage Rolex’s was led by the “Padellone” Ref 8171 (the Italian word for frying pan), one of the most coveted vintage Rolex watches on the market. At 38 mm, its dial was substantially larger than other models at the time.

A. Lange & Söhne

Tourbograph 'Pour le Mérite' Ref 702025F

A Limited Edition Platinum Tourbillon Split Seconds Wristwatch with Power Reserve Indication and Chain and Fusée

Circa 2005

Estimate $200/300,000

Sold for $300,000

In 1994, A. Lange & Söhne introduced the Tourbillon 'Pour le Mérite', the first wristwatch to include both a tourbillon and a fusée-and-chain transmission. Nearly one decade later, in 2005, the Tourbograph 'Pour le Mérite' was launched. Along with the tourbillon and fusée-and-chain transmission, the firm added a split seconds chronograph complication, making the Tourbograph the most complicated watch in its oeuvre until the introduction of the 2013. 

Patek Philippe

A Rare and Important Yellow Gold Open Faced Perpetual Calendar Split Seconds Chronograph Minute Repeating Watch with Moon Phases

Made in 1911

Estimate $100/150,000

Sold for $225,000

Appearing for at auction for the first time, the present watch features three important complications:the perpetual calendar for astronomical functions, the split seconds chronograph for timing two events at once, and a fine minute repeating complication which chimes the hours and minutes, activated from a slide at the case band.

Patek Philippe

Ref 3939H

A Fine and Rare Pink Gold Minute Repeating Tourbillon Wristwatch

Made in 2005

Estimate $200/300,000

Sold for $225,000

Leading the selection of Patek Philippe wristwatches was the Ref 3939H, one of the most understated complicated wristwatches produced by Patek at the end of the millennium. The classically-proportioned 33-millimeter case hearkens back to the elegance of Patek’s iconic Calatrava, and is further complemented by a white enamel dial made by Donzé in Le Locle.

Breguet

Double Tourbillon Ref 5347

A Rare and Impressive Platinum Double Tourbillon Wristwatch

Circa 2012

Estimate $80/120,000

Sold for $200,000

Breguet’s highly exclusive Double Tourbillon collection pushes the boundaries of haute horology.The Reference 5347 boasts an impressive 46 mm case diameter with a depth of 18 mm, and a sapphire crystal display back revealing a lovingly engraved manual wound movement. The base plate depicts the night sky, complete with a vision of Earth and Saturn.

WATCHES ONLINE 

Sotheby’s is pleased to continue our auctions of clocks & watches with Watches Online open for bidding beginning at 12 pm EST through 11 December. The sale will feature a diverse range of property, including timepieces and accessories from a variety of brands.