Editor’s Note
A recent Christie’s New York watch auction, achieving $10.9 million with 97% of lots sold, underscores the enduring strength and resilience of luxury timepieces as a tangible asset class.
The watch sale held at Christie’s New York during Luxury Week recorded exceptional results, demonstrating that the sector remains a resilient investment asset. The auction fetched $10.9 million and sold 97% by lot, showing strength across the board, with 89% of lots selling at or above their estimates.
The top lot was the Ultra-thin no. 37/150 for Ferrari, signed Richard Mille, RM UP-01, which fetched $1.4 million.
The sale saw lively participation, with bidders and buyers present in the room, by phone, and online. Clients came from all over the world, with 43% of bids originating from the Americas, 24% from Asia Pacific, and 34% from EMEA. There was strong demand for high-quality vintage watches and creations from independent watchmakers, including the day’s two top lots, both from Richard Mille, each selling for over $1 million. The third-highest price in the sale was for a 1986 Cartier London Crash, which sold for more than double its low estimate to reach $819,000.
Another noteworthy result was an 18k yellow and rose gold 1940 Patek Philippe “Chameleon” hinged bracelet watch, which sold for $378,000, more than three times its high estimate.
A highlight of the sale was a group of four IWC Pilot’s Watch chronographs in white ceramic with deep blue dials, taken to space by the Polaris Dawn crew. These customized watches, offered to benefit the St. Jude Children’s Research Hospital, raised a total of $277,200. Lot 1 alone fetched $126,000, far exceeding its high estimate of $25,000.