Geneva Watch Auctions XX : what happened this November 2024

As savvy collectors may know, the collectible watch market is paced (and largely influenced) by the biannual auction calendar held in Hong Kong, Geneva, and New York. Auction houses like Phillips, Christie’s, Sotheby’s, and Antiquorum have carefully organized their schedules to host several themed sessions within a few days.

It is often interesting to compare the auction results from different parts of the world (given these events occur in close succession), as trends are not always perfectly aligned. Dealers closely scrutinize these results to set their own prices for the months ahead.

Present in Geneva through our local showroom (41Watch Geneva), with support from a small Parisian team, it was natural for us to attend these events to take the pulse and identify upcoming trends.

As usual, these few days brought together aficionados and onlookers in search of exclusivity and sensational pieces; collectors, dealers, and key players. Geneva was abuzz: The action unfolded not only during the auction sessions but also at the various viewing sessions (where potential buyers and enthusiasts could examine and admire catalog pieces) and during numerous receptions and private parties that set the ambiance for these few days. Geneva auctions also provided an opportunity for dealers and collectors to meet and make private transactions.

As expected, Phillips stood out once again with several record-breaking results and an exceptional success rate of 98.5%, with only two lots remaining unsold.

Let’s briefly analyze the major trends brand by brand.

Cartier Watches

Cartier confirmed its popularity (and the renewed vigor of its sales), particularly with its iconic Crash model (covered in a dedicated article) produced in extremely limited quantities. Phillips showcased three exceptional versions that sold for €243,000 for the Tigrée version, €270,000 for a “Paris”-signed limited edition of 400 pieces, and nearly €650,000 for one of the earliest (and undoubtedly rarest) “London”-signed editions.

Illustration of the Tigrée Crash, sold for nearly €650,000	Illustration of the “Paris” Crash, sold for nearly €650,000

Illustration of the “London” Crash, sold for nearly €650,000	Illustration of the “London” Crash on wrist

Rolex Watches

Rolex achieved strong results, particularly for its iconic Daytona with a “Paul Newman” dial.

For instance, a rare 1970 ref. 6264 featuring a yellow “Lemon” dial sold for nearly €2,000,000 at Phillips, a record for this reference. Only ten examples are known to collectors, explaining this result. The watch, exceptionally well-preserved, came with its original box and papers, ensuring perfect traceability.

Illustration of Phillips' auction room

The pale yellow dial, nicknamed “Lemon”	Some Rolex models sold at Phillips

Another notable record was €5,800,000 for a 1994 Zenith-powered Daytona ref. 16599SAEEC, the first-ever model from the exclusive “Rainbow” collection, offered to select Rolex clients.

Illustration of the 16599SAEEC “Rainbow”

“Mainstream” Rolex models showed more reasonable results overall, reinforcing the dichotomy in today’s collectible market between ultra-high-quality pieces and more modest ones, with the latter seeing stable or declining prices.

Patek Philippe Watches

Mixed results were observed for Patek Philippe, particularly for watches produced after 2000 (especially in steel).

Nevertheless, some exceptional pieces stood out, such as a ref. 2499 Perpetual Calendar Chronograph sold for €470,000 by Christie’s (though tool marks on the dial were visible under magnification).

Illustration of the 2499 chronograph

Phillips sold a similar reference in “new old stock” condition. This exceptional state (and the expertise of Aurel Bacs) justified a significantly higher price of €933,000.

The same 2499 in “new old stock” condition at Phillips

Audemars Piguet Watches

Audemars Piguet did not replicate the success seen in 2022, with relatively low results and unsold lots such as a Royal Oak 5402ST at Phillips. The market favored buyers, possibly reflecting fatigue with steel sports watches and the brand’s reliance on the Royal Oak design.

Disappointments included a 15202IP (platinum) sold for CHF 100,000 (estimate CHF 80,000–160,000) at Phillips and a Royal Oak Perpetual Calendar Ultra Thin sold for CHF 138,000, at the lower end of its estimate.

Illustration of the Royal Oak Ultra Thin at Phillips

In contrast, a unique Royal Oak in platinum with perpetual calendar functions and a mother-of-pearl dial (ref. 25686PT) achieved CHF 428,400, and a rare Royal Oak ref. 14701BC with a ferrite dial sold for CHF 132,000.

Illustration of the Royal Oak ref. 2686PT	Illustration of the Royal Oak ref. 14701BC with ferrite dial

In both cases, the exceptional nature of these watches (and the skill of the auction houses) made the difference.

Independent Watchmakers

Independent watchmakers, led by F.P. Journe, achieved remarkable results. A 1993 tourbillon, one of the first ever produced by F.P. Journe, sold for an astounding €7,819,000, making it one of the most expensive F.P. Journe watches ever sold!

The watch reflects the unparalleled craftsmanship of the brand’s early days

A second tourbillon with a rare salmon dial, sold in 2001, achieved over €1,000,000—mind-boggling sums.

Illustration of a platinum tourbillon with remontoir d’égalité

Urban Jürgensen stood out with a pocket watch produced in collaboration with Derek Pratt. This masterpiece featured a detent escapement and housed a tourbillon, a marvel of horological engineering.

What to Take Away from the November 2024 Auctions?

The market is far from stagnant, showing unprecedented dynamism for exceptional pieces. The Geneva auctions had a few disappointments, but these were minor overall. We can only highlight Phillips’ dominance (as the undisputed leader of records) and the clear trend towards exceptional and high-quality pieces. What is certain is that liquidity is available when horological pieces justify it.