Patek Philippe & Major Auction Houses: Market Analysis

patekova · 2022-04-21T14:57:27Z

Explore the pivotal role of major auction houses in fine horology, particularly for Patek Philippe, through patekova's 30-year journey. Discover market trends, expert insights, and collector experiences.

patekova

WPS member · Patek Philippe forum

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In this insightful article, WatchProSite contributor patekova shares a deeply personal reflection on the transformative role of major auction houses in the world of fine horology, particularly concerning Patek Philippe. Drawing on over three decades of experience, patekova illuminates how these institutions have shaped the collecting landscape and continue to influence market dynamics. His unique perspective offers a valuable guide for both seasoned collectors and those new to the auction world.

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As background, in 1989 I had the pleasure of attending the viewing for this legendary auction at Tiffany in New York. This auction opened up a whole new world for me and for a lot of other people. The auction by Habsburg, Feldman / Antiquorum truly changed the course of watch collecting in general and Patek Philippe in particular. Prior to then, auctions were rather sleepy affairs, predominated by pocket watches. Patek Philippe was barely known by other than a relatively few connoisseurs. This auction in a sense "put Patek on the map" and ignited the vintage watch market. Spurred by all the excitement I bought one of the 150th anniversary pieces, a yellow gold officer's campaign watch, which I purchased from an AD.

While this post is focused on the auction world I preface it by stating my preference and practice when buying current production Pateks is to buy direct from my AD. I want a brand new watch and want my name on the Certificate. This started in 1989 and has continued to this day. When buying direct, you can be pretty confident you are getting a perfect watch (and in the rare instances where it is less than perfect Patek will happily rectify the problem). Also, in supporting your AD and Patek you in effect become part of a family. Like many of you, I have attended numerous Patek exhibtions, dinners and events. This is very special. So I urge you in buying current production Pateks to buy brand new from your AD.

For the last 30+ years I have read virtually every watch catalogue for the Geneva, HK and New York sales of the current big three, Phillips, Sotheby's and Christie's. This post is focused only on these 3 auction houses.

I have attended more viewings and auctions than I care to remember. I have bought many vintage and discontinued Pateks at these auctions. I have numerous friends, from the lowest to the very highest levels at these auction houses and have enjoyed countless dinners, lunches, etc with them. I have seen how diligently they work and how seriously they take their work, often working almost unimaginably long hours leading up to the big auctions. I have seen the quality of the catalogues reach ever higher and higher levels of sophistication and quality. From the extraordinary quality of the images to the almost encyclopedic knowledge conveyed in the reviews. I have seen 8+ pages of text and images devoted to the rarest and most historically important pieces., And if you are pursuing one of these "whales" the department will gladly email you many high resolution images taken from all angles of case, dial and movement to help you make your decision.

The watch departments at these 3 auction houses provide substantial revenues to their companies and are taken very, very seriously by those companies. And the people who work in these departments are deserving of the greatest respect and appreciation for their contributions to our knowledge and to the hobby/business generally.

That said, please be under no illusions. The auctions are a business and in buying, one must be quite careful and wary. One must do their own due diligence and research thoroughly. You are buying "as is" and should approach making a purchase accordingly.

Patek understands the important role these companies play in expanding their brand and drawing excitement for all the world records, which is why each Patek magazine focuses 2 pages to the exceptional prices vintage and special Pateks achieve at auction.

If you have never attended an in person auction of the big 3 I highly recommend. It is an incredible experience. A readily available substitute is to watch online live. At the pinnacle IMHO is Aurel Bacs at Phillips. Truly amazing. Perhaps one of the most knowledgable historians out there, certainly so in the watch auction world. Plus it is like attending a show. Great fun!

Auctions at the big 3 are coming up in both Geneva and HK. I urge you to check out the catalogues, all of which are available online. These catalogues are really works of art in themselves. In paper versions they are suitable for any library of horology.

In conclusion, perhaps my greatest source of whatever knowledge I have about Patek and its history, beyond all the treatises, blogs, magazines, etc. comes from the auction world, particularly in reading and studying the catalogues, trying on the watches at viewings, attending auctions, following the results and occasionally being the lucky winning bidder.

Key Points from the Discussion

While the author's extensive experience with auction catalogues is acknowledged, a contributor raises a point about the historical presence of all 'big three' auction houses in the watch market over the entire 30-year period, suggesting that some became major players more recently.
The author clarifies that Phillips did have a watch department and conducted auctions, including a notable one in 2001 featuring a Patek Philippe Ref. 2497 in platinum with Aurel Bacs as International Director, before re-entering the market in 2014.
A collector shares their diverse buying strategy, noting that their acquisitions are primarily from dealers (60%), followed by auction houses (25%), authorized dealers (10%), and friends (5%), emphasizing that due diligence and relationships are crucial regardless of the source for pre-owned watches.
The author emphasizes the importance of pushing auction houses for detailed information and high-resolution images when considering a purchase, acknowledging that while mistakes can happen, this approach has led to acquiring truly exceptional Patek Philippe timepieces.
A contributor praises the author's insights, highlighting how the post illuminates the professionalism and extensive efforts auction houses invest in informing bidders, despite ultimately being a business.
The author observes a growing trend in recent years: an increasing percentage of modern and current production watches, including those from smaller independent brands like F.P. Journe, appearing in major auctions, a shift from the historical dominance of pocket watches and then vintage wristwatches.

The Discussion

FabR

Apr 21, 2022

"[I]n supporting your AD and Patek, you in effect become part of a family." A significant and highly nontrivial statement which I fully embrace, for it perfectly sums up the essence of Patek --- first and foremost, a family for all of its incredibly fortunate collectors! Thanks again for a nicely-written post and your informed point of view on the broader subject ;-) Cheers.

patekova

Apr 21, 2022

to thank you for the exceptional job you are doing as moderator. You understand what it means to serve as "moderator". You fulfill that non partisan role in an exemplary way, with knowledge, restraint and great diplomacy. Best, Patekova

patrick_y

Apr 21, 2022

Thank you Patekova for this summary of your experience of auction houses. And just in time for the May auctions! Thank you for also making it objective by mentioning not only the pros, but also the cons and reminding us to be wary That being said, to have read catalogues for Phillips, Christie's, and Sotheby's watch auctions for 30+ years might not be entirely accurate, perhaps our memory plays tricks on us, as one of those auction houses didn't even have a watch department 30 years ago. Antiquo

watch-guy.com

Apr 21, 2022

I collect mainly vintage so I obviously have minimal experience with AD. I have bought from AD, auction houses , dealers and friends MY ratio is probably 60% dealers, 25 % auction , 10 %AD 5% friends I have had good and bad experience with all modes of buying. Except for the new pieces from the AD, I have bought pieces that needed a service, pieces that I thought did not need a service- needed small adjustments. What I am trying to say is auction houses are no different to any other second hand

patekova

Apr 21, 2022

I have been attending auctions in person yearly (other than during the pandemic when I often attended remotely) since 1989. Initially it was Antiquorum, (the leader), Sotheby’s and Christie’s. While most people think Phillips first sold watches at auction in 2014 that is simply not true. Attached is an image of the cover from one of Phillips early auctions, Geneva in November of 2001. It was an exceptional catalogue both for the watches (featuring a 2497 platinum) and the artistry of the catalog

patekova

Apr 21, 2022

Smart of you to push the auction houses to supply every detail you need to make the most informed decision possible. And yes, we have all made mistakes. Certainly I have, but I have also bought some truly incredible, rare and mint Pateks. BTW, for accuracy’s sake, I did not attend the 1989 auction, only the viewing for it which literally changed my life in wonderful ways. Seeing those amazing watches in one place was breathtaking, especially for someone who at that time was only interested in vi

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