Highest Annual Total in the Company’s History Auction Sales Top $109 million *Up 22% on 2018*
Driven by Record Prices, including for An Independent Watchmaker and An English Watch $4.6m for George Daniels’ Legendary “Space Traveller I”
Landmark “Masterworks of Time” Collection Generates Enthusiasm among International Collectors
2019 In Figures
A Record Year
• Auction sales achieved an unprecedented $108.7m – up 22% on 2018 (153% on 2010)
• 44% of the lots realised prices over their high estimate • Average lot value: $49,000 (up 10% on last year) • 7 timepieces sold over $1m (16 over $500,000) • Record for an English watch & an independent watchmaker: $4.6m for George Daniels’ Space Traveller I
• Record year for private sales • More Sales – New Experiences: Record number of lots sold: 3,369 lots (24% more than last year) Cars & Watches: Auction highlights are exhibited alongside RM Sotheby’s flagship sales around the world
An Ever-Expanding Globalized Market
• 100 countries across the globe participated in our watch sales (17% more than last year)
• Half of the buyers had never taken part in watch auctions at Sotheby’s before
The Continued Growth of Online Sales
• 56% of the lots sold online, four times more than five years ago • 80% of the bidders participated online • 65% of the buyers placed their winning bids online (up 20% over last year)
• The proportion spent online has more than tripled in the past five years. This year, it was up 22% over 2018
• Top Watch sold online set an auction record for a Millennium wristwatch by George Daniels: a Millennium in yellow gold from 2000 sold for US$ 289,800 in Hong Kong in April.
• Online-only Sales have doubled in value since 2018. Many of these were driven by innovative thematic and partner sales. For example in February, an IWC Big Pilot’s watch that was worn by Oscar nominee Bradley Cooper while attending and performing at the 91st Academy Awards ceremony, sold for $75,000. Proceeds went to the Antoine de Saint-Exupéry Youth Foundation.
MASTERWORKS OF TIME – History in the Making
Pocket watches stole the show this year, with “Masterworks of Time”, one of the most important collections of timepieces remaining in private hands, setting many landmarks. With two additional auctions scheduled in 2020, the first wave of auctions has already brought $15.8 million, thereby surpassing the low estimate for the entire 800-watch strong collection (est. $15-27m). Two of the highest prices of the year were achieved in London in July:
World record for a timepiece by an independent watchmaker and an English watch: George Daniels’ legendary “Space Traveller I”, rocketed to a sky-high $4.6m – over 30 times the price set by the watch 31 years ago (pictured left and on p.1). Conceived to honour the astronauts that the great watchmaker so admired, this is one of the most technically accomplished watches of all time. For further information, a post-sale release is available here.
Record for a 17th-Century Watch: A masterpiece of enamel, Jehan Cremsdorff’s extraordinary gold, enamel and diamond-set verge watch, realized $2.7 million. When this watch last appeared at auction in 1986, it took collectors by storm, soaring to CHF 1.8 million ($998,336) – then the highest price for any pocket watch ever sold at auction.
PRIDE OF PLACE FOR PATEK PHILIPPE
• A Reference 2499, first series made in 1951 realised US$ 1.5m
• A Skymoon Tourbillon Reference 5002 in pink gold, circa 2011 fetched US$ 1.4m
• A Skymoon Tourbillon, reference 5002p-001 from 2006 fetched US$ 1.1m
• Record for a Reference 2497 in pink gold: a model from 1953 with a remarkable case by Emile Vichet achieved US$ 979,775
• Record for a Reference 5208: a reference 5208P-001 from circa 2014 made US$ 888,145
• Record for aReference 5020: a possibly unique platinum perpetual calendar chronograh made in 2008 achieved US$ 709,900Continue reading