A watch from the legendary Geneva watchmaker Patek Philippe, called the “Sky Moon Tourbillon”, sold for the stratospheric price of 5.8 million dollars (approximately 5.5 million euros) in March, during a sale auction organized on the Internet by Christie’s Hong Kong. This extremely rare, extremely complex model, made in white gold and engraved by hand, has become the most expensive watch sold online.
It must be said that it is increasingly difficult to obtain “such exceptional models on the new market, because official resellers keep these types of references for their best customers, which arouses the enthusiasm of collectors for second hands”explains Geoffroy Ader, watch expert for the Artcurial auction house.
The price trend in the collectible watch market has been trending upward over the past decade, posting an annual return of 7% for the most prestigious brands, according to a study published in March 2023 by the consulting firm Boston Consulting Group. Several emblematic models in the luxury segment have seen their prices skyrocket in recent years, indicates Antoine De Macedo, watchmaker, distributor and specialist in prestige vintage. This is the case of the Patek Philippe Nautilus, the Royal Oak from Audemars Piguet, or even the Cosmograph Daytona and Submariner series from Rolex.
As fans of collector’s watches are not spared from the current slowdown in economic growth, “However, prices have calmed down over the past year or so, even if the enthusiasm is clearly still present”, believes Mr. Ader. Rest, “it must above all be a purchase guided by passion, favoring a model that you like”recalls Mr. De Macedo.
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If speculation seems to have calmed down for the moment, in order to maximize its chances of capital gain in the long term, several essential criteria must be taken into account when purchasing. “In particular, it is advisable to favor mechanical or automatic watches rather than those running on quartz, which are less popular with enthusiasts, while also looking for rarity and quality, which constitute the main sources of profit at the time of resale”, recalls Geoffroy Ader.
He cites as an example “the Swiss brand Rolex, one of the most emblematic of luxury watchmaking, with vintage models that are perfectly usable on a daily basis, which have a strong love rating among collectors. Particularly among the younger generations, especially as some of its new models face demand exceeding the quantities produced”.
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