Independents

I realize we don’t talk about prices here, but from time to time we do discuss auction results (a lesser evil than used/gray prices).

This one merits some exposure and discussion I think. 

Earlier today in HK this RRCC01 from Rexhep Rexhepi brought US$ 922,000 (rounded down to the nearest dollar). 

The watch is one of 25 produced, and has a gran feu enamel dial.  

It was the first CC to come to auction.  

I know there are many Rexhep owners and supporters here.  I’ve met him once, earlier on, and he was gracious and nice.  He was very appreciative of the F.P. Vagabondage I was wearing when I met him (a watch he told me he is a big fan of, and obviously has some familiarity with given his history with Journe). 

So what do people think of this result? 

Is it the announcement of the new generation?  

A final nail in the coffin of the “older generation” indies?

Is it a single swallow that will not make a summer? 

but I must say that this result has set the standard since a Rexhep Rexhepi Chronometre Contemporain has succeeded in achieving a higher price than a Dufour Simplicity and a RW Smith Series 1, comparable time only watches but not so comparable when it comes to auction results.  Well done to the seller, to the auction house and to Rexhep.  I can't bring myself to congratulate the buyer as I think we will agree that this is quite over the top for any time only watch.  I personally think that this might be a one off but I am no authority when it comes to auctions.

And it seems that is how you are viewing the result.
My other suggestion was did this set the standard in terms of the new generation taking over the old? So not a specific comment / observation re price but more so a changing of the guard.

Well to me it is quite strange that there should be a change of the guard as Dufour's watches are generally acknowledged to have the best Swiss finishing followed by possibly Kari so for me, to see Rexhep leap frogging them both in terms of auction results is quite baffling.  Of course one might argue that movement finishing is not the only consideration which is totally understandable but surely then a Rexhep dial being preferred over a magnificent Kari dial would raise quite a few eyebrows.  At the end of the day, perhaps it was just down to availability  - the Chronometre Contemporain are all sold out whereas Voutilainens are still available.

Many other great buys to be had for much less.

Great watch and unfortunately didn’t buy it about 5 years ago when they were for sale between 55 and 60k
But today close to 1 million ?
That’s absolutely ridiculous
And I don’t t like it at all !
This is so far from passion and collecting, look at IG now and it’s all the same crap, talking about a close to 1 millions Rexhep…. And ofcourse most of the times people that have one.
I know some here have one too and I’m glad for them they own it…. But come on…. 20 times more than what it originally sold for ?
And then people complain about a Royal Oak, nautilus or stall Daytona that sell for 2-3 time list.
Dufour, smith, and now Rexhep….. what a freaking bubble
And worst of all it will only bring more speculation to the market
Sorry for the rant but that’s how I feel

I am just unsure of the dynamic here and wondered whether or not this was a true result or a choreographed one.

It all depends if there will be others for sale in the near future or not .

I really like the RRCC, but I don't get these insane prices. It's a three hand watch. A beautifully finished three hand watch, of course, but still...
Paying 3x retail for a 16202 seems more than sensible compared to this.
The independent scene is just like vintage was a few years ago... a playground for the unfathomably rich to play in, which is good for them, but I don't feel any excitement for unreachable ultra expensive and rare watches. I'm not going to be able to buy them anyways.
The industry needs more variety and interest in the 5k-20k price range.

I would never pay more the retail tbh .

more and more suspect at these auction houses and how these results are derived at. I feel that there is a lot of market manipulation going on and when one sees a result like this . . . well, you be the judge.

Pease at least respect the watchmaker he is phenomenal nobody wrote about market manipulation when dufour brought top dollars and then dufour made another 20 to sell for his retirement funds Phillips had a lot to lose if is any possibility to be true

I think everyone here appreciates what RR has tried to do and the watches he has produced.
Regarding Defour, one difference I would note is that he had auction history, many watches had changed hands prior to the current production.
Also, did anyone say that Dufour was done making watches? I don’t think so. And in fact I think many applauded his move to produce new watches at modern market prices.

You buy up 4,5,6 Of these pieces 

...I don't get how the speculation game of multimillionaires could be the reason why you stop collecting. Maybe I'm missing something.

Although the fees would be more around 300k (you pay both the buyer’s premium + the seller’s fee). Add the initial price of the two watches 70k each. Round it to 450k total cost and you end up with 2 watches “worth” a million each…not bad. Risky but a plausible scenario in my opinion.

Moral of the story, always try to go the AD route first for in production watches unless you desperately want it.

Some sort of tax or money laundering thing, right?

Again I will say nobody wrote that when dufour was putting on auction extra 20 pieces

Nobody is slighting the watchmaker here.
Re the money laundering or simply avoidance of currency restrictions; these have been a subject of discussion as it relates to auction results for many years.

Watches are not so different from the art world now, but the final figure is just huge.