Watch Auction: A Treasure Trove of Luxury Timepieces

In recent years, luxury watch auctions have emerged as vibrant marketplaces as luxury watch collectors converge to acquire some of the world's most exquisite timepieces. These events offer a unique opportunity to own watches that are not only functional but also rich in history and craftsmanship.

The allure of these auctions lies in the diverse array of timepieces available, ranging from vintage classics to contemporary masterpieces. 

The luxury watch auction scene continues to evolve, attracting a broader audience. A notable example is the December 2024 auction of "The GOAT Collection," where former NFL quarterback Tom Brady's memorabilia, including designer watches, garnered $9 million. This event attracted over 800 participants from 45 countries. 

What is a Watch Auction?

A watch auction is a public or private event where luxury, vintage, and collectible items, including timepieces, are sold to the highest bidder. These auctions can take place in physical locations or through online platforms specializing in high-end watch sales.

Watch auctions feature rare and historically significant timepieces, including limited-edition models, prototypes, and watches with notable provenance. Bidders include collectors, investors, and enthusiasts looking to acquire unique watches that may not be available through traditional retail channels.

Auction houses typically authenticate and appraise each watch before listing it for sale, ensuring transparency and accuracy in valuation. These events provide a fascinating glimpse into the world of luxury horology, where craftsmanship, heritage, and exclusivity drive demand.

How Does a Watch Auction Work? 

A watch auction follows a structured process, typically managed by a professional auction house or an online platform.

1. Watch Selection and Authentication

Auction houses curate a selection of watches for bidding. Each timepiece undergoes thorough authentication, appraisal, and documentation for legitimacy and transparency. Experts assess factors such as brand, model, condition, provenance, and rarity before setting an estimated value.

2. Auction Catalog and Preview

Once authenticated, the watches are listed in an auction catalog, which is available online or in print. Potential buyers can review detailed descriptions, high-quality images, and condition reports. Many auction houses also hold previews where collectors can examine watches in person before bidding.

3. Bidding Process

• Live auctions are conducted in-person or streamed online where an auctioneer announces each watch, and bidders raise their paddles or bid virtually.
• Online auctions are hosted on digital platforms where participants place bids within a specified timeframe.
• Sealed bidding. Some auctions accept private bids in which the highest offer wins without real-time competition.

4. Winning and Payment

The highest bidder at the end of the auction secures the watch. The buyer must then complete the payment, which includes the hammer price (final bid) plus a buyer’s premium (auction house fee, often at 10 to 25%). Payment methods vary but typically include cash, cheques, wire transfers, or credit cards.

5. Watch Delivery or Collection

After payment, the watch is shipped securely to the buyer or made available for pickup. Some auction houses provide certificates of authenticity and service records along with the purchase.

6. After-Auction Market Trends

High-profile auctions can influence the market value of specific watch models. Rare timepieces that fetch record-breaking prices often increase demand for similar models, making watch auctions a key driver in the luxury watch market.

Pros and Cons of Purchasing Watches in Auction Houses

Purchasing a watch at an auction house can be an exciting and rewarding experience, but it also comes with risks. 

Pros

1. Access to Rare and Collectible Watches

• Auctions offer a chance to acquire rare, vintage, and limited-edition watches unavailable in retail stores. Some timepieces have historical significance, celebrity ownership, or unique provenance.

2. Potential for Competitive Pricing

• If there’s low competition for a particular watch, you may be able to buy it below market value. Some models appreciate in value over time, making them a good investment if bought at the right price.

3. Expert Authentication and Transparency

• Reputable auction houses conduct thorough inspections and authentication to verify the watch’s originality. Condition reports and provenance details provide confidence in the purchase.

4. Exciting and Engaging Buying Experience

• Live auctions create a thrilling atmosphere where bidders compete for sought-after timepieces. Online auctions allow global participation from collectors and investors.

Cons

1. High Buyer’s Premium and Fees

• Auction houses charge a buyer’s premium, which increases the total cost. Additional fees may include taxes, shipping, and handling charges.

2. Risk of Overpaying

• Competitive bidding can lead to emotional spending, causing buyers to pay more than the watch’s actual value. Market hype may drive prices up beyond reasonable investment potential.

3. Limited Return or Refund Policies

• Most auction purchases are final and non-refundable, so there’s little room for returns or disputes. If the watch has undisclosed issues, resolving them may be difficult.

4. Condition May Not Be Perfect

• While auction houses provide condition reports, some watches may have unseen mechanical issues or require servicing after purchase. Buyers must conduct thorough research before placing bids.

Popular Luxury Watch Auction Houses 

Luxury watch auctions are held by some of the world’s most prestigious auction houses. Here are some of the most notable ones that regularly hold luxury and vintage watch auctions:

1. Phillips in Association with Bacs & Russo

• One of the most influential auction houses for high-end watches
• Specializes in vintage Rolex, Patek Philippe, and Audemars Piguet timepieces
• Holds record-breaking sales, such as Paul Newman’s Rolex Daytona, which sold for $17.8 million in 2017

2. Sotheby’s

• A globally recognized auction house with dedicated watch sales in New York, Geneva, Hong Kong, and London
• Offers a mix of modern, vintage, and investment-grade watches
• Known for selling ultra-rare Patek Philippe and Breguet timepieces

3. Christie’s

• One of the longest-standing auction houses for historic and museum-quality watches.
• Hosts exclusive watch auctions featuring brands like Rolex, Omega, Vacheron Constantin, and F.P. Journe
• Holds themed sales, such as the "Rare Watches" auction in Geneva

4. Antiquorum

• Specializes in horological auctions, offering a wide range of vintage and contemporary timepieces
• Known for selling iconic watches with significant provenance
• Has a strong online bidding platform for international buyers

5. Bonhams

• A London-based auction house that frequently holds "Fine Watches and Wristwatches" sales
• Features an eclectic mix of modern luxury watches and classic vintage pieces
• Provides competitive pricing compared to larger auction houses

6. Heritage Auctions

• A US-based auction house that offers accessible luxury watches with a mix of vintage and modern models
• Attracts collectors looking for unique and limited-edition pieces
• Ideal for first-time buyers entering the watch auction world

7. Kaplans Auktioner

• A Swedish auction house known for selling Scandinavian and European timepieces
• Features a strong lineup of Omega, Rolex, and independent watch brands
• Offers both live and online watch auctions

8. Catawiki

• A growing watch auctions online platform featuring weekly luxury watch sales
• Accessible to both seasoned collectors and new buyers
• Provides authenticated listings of Rolex, Tudor, and other popular brands

Sought-after Luxury Watch Brands at Watch Auction Sites

Certain luxury watch brands and models consistently attract high bids at auctions due to the rarity, historical significance, craftsmanship, and investment value of these fine timepieces. Here are some of the most coveted brands and some of the most auctioned models in watch auctions:

1. Rolex

• Rolex Daytona "Paul Newman" (Ref. 6239, 6263, 6264, etc.) – Paul Newman's personal Daytona sold for $17.8 million in 2017.
• Rolex Submariner (Ref. 6204, 6538, 5513, etc.) – Early "Big Crown" Submariners from the 1950s are highly sought-after.
• Rolex GMT-Master "Pepsi" and "Batman" (Ref. 1675, 126710BLRO, 116710BLNR) – Vintage Pepsi GMTs fetch premium prices.

Why? Strong resale value, iconic designs, and historical significance

2. Patek Philippe

• Patek Philippe Grandmaster Chime (Ref. 6300A-010) – Sold for $31 million in 2019, the most expensive watch auctioned
• Patek Philippe Nautilus (Ref. 3700, 5711, 5990, etc.) – Discontinued models, especially steel versions, have skyrocketed in value
• Patek Philippe Perpetual Calendar Chronograph (Ref. 1518, 2499, 5270, etc.) – Vintage pieces are grail watches for collectors.

Why? Extreme exclusivity, handmade movements, and investment potential

3. Audemars Piguet

• Audemars Piguet Royal Oak (Ref. 5402ST, 15202ST, 16202ST, etc.) – The original Gerald Genta design is a collector’s dream.
• Audemars Piguet Royal Oak Concept GMT Tourbillon (Ref. 26589IO) – High complication and limited production boost demand.
• Audemars Piguet Royal Oak Offshore (Ref. 25721ST, 26470ST, etc.) – Large, bold designs with strong resale value.

Why? Pioneered luxury sports watches, limited production runs

4. Omega

• Omega Speedmaster "Moonwatch" (Ref. 2915, 105.003, 145.012, etc.) – First watch on the moon; vintage models are highly valued.
• Omega Speedmaster "Snoopy" Editions – Limited-edition models commemorate NASA’s Apollo 13 mission
• Omega Seamaster 300 "Spectre" (Ref. 233.32.41.21.01.001) – Worn by James Bond, adding to its desirability

Why? Strong historical ties, space heritage, and collectible limited editions

5. Vacheron Constantin

• Vacheron Constantin Overseas (Ref. 222, 4500V, etc.) – Highly collectible due to its rarity and elegant design
• Vacheron Constantin Patrimony Minute Repeater Ultra-Thin (Ref. 30110) – High complications drive auction appeal
• Vacheron Constantin Tour de l’Île – One of the most complex watches ever made, auctioned for millions

Why? One of the "Holy Trinity" brands, known for exquisite craftsmanship and limited production

6. F.P. Journe

• F.P. Journe Chronomètre Bleu – Despite being an entry-level model, demand outpaces supply
• F.P. Journe Tourbillon Souverain – Innovative tourbillon design, highly collectible
• F.P. Journe Astronomic Blue – Sold for $1.8 million at auction in 2019

Why? Independent brand with limited annual production and innovative mechanics

7. Richard Mille

• Richard Mille RM 56-01 Tourbillon Sapphire – Transparent sapphire case makes it a technological marvel
• Richard Mille RM 11-03 Chronograph – A favorite among athletes and celebrities
• Richard Mille RM 27-01 Rafael Nadal – Ultra-light tourbillon made for tennis legend Rafael Nadal

Why? High-tech materials, extreme skeletonization, and celebrity endorsement

8. A. Lange & Söhne

• A. Lange & Söhne Datograph (Ref. 403.035, 405.035, etc.) – A collector-favorite German chronograph
• A. Lange & Söhne Grand Complication – One of the most intricate watches, extremely rare
• A. Lange & Söhne Lange 1 (Ref. 101.032, 191.032, etc.) – Unique off-centered dial and large date window

Why? Meticulous German craftsmanship, low production numbers, and timeless designs

How to Participate in a Watch Auction

Participating in a watch auction can be an exciting experience. Here’s a guide to help you get started in getting those treasured timepieces and estate sale watches:

1. Choose the right auction house.

• Research reputable auction houses that specialize in luxury watches.
• Check if they offer live, online, or private auctions.

2. Register for the auction.

• Most auction houses require pre-registration before allowing you to bid.
• Provide identification and financial details (credit card or bank account) to secure your participation.
• Some auctions may require a refundable deposit or pre-approval for high-value bids.

3. Review the auction catalog.

• Browse the auction catalog online or in print to find watches of interest.
• Pay attention to detailed descriptions, condition reports, and estimated prices.
• If possible, attend a pre-auction viewing to inspect the watches in person.

4. Set your budget and strategy.

• Determine your maximum bid before the auction starts to avoid overspending.
• Consider additional costs such as the buyer’s premium, taxes, and shipping fees.
• Decide if you’ll bid early to set the pace or wait until the last moment for a strategic move.

5. Place your bids.

Auction houses offer different bidding methods:

• Live bidding: Attend the event in person or bid via phone or online
• Online auctions: Participate in digital auctions with real-time bidding
• Absentee bidding: Submit your maximum bid in advance, and the auction house will bid on your behalf.
• Sealed bidding: Place a confidential bid, and the highest offer wins.

6. Winning the bid and payment.

• If you place the highest bid, the auctioneer will declare you the winner.
• You must complete payment within the specified timeframe, usually within a few days).
• You pay for the watch via cash, cheques, wire transfers, credit cards, or some other payment method.

7. Receive your watch.

• Once payment is processed, you can arrange for pick-up or insured shipping.
• Some auction houses offer post-sale services such as authentication documents, servicing, or appraisal reports.

An Explanation of the Bidding Process

The bidding process in a watch auction follows a structured sequence, whether it takes place in a live auction hall, online platform, or through absentee bids. Here’s how it generally works:

1. The auctioneer announces the lot.

• Each watch is assigned a lot number in the auction catalog. The auctioneer describes the watch, including the brand, model, reference number, condition, and estimated price.

2. The starting bid is set.

• The auctioneer begins with a starting bid—this can be a predetermined amount or based on initial pre-bids.
• Bidders can start placing offers above the minimum bid.

3. Bidders compete with increasing offers.

Different bidding methods apply depending on the auction format.

• Live bidding (In-person and virtual) – Raise a paddle or signal to the auctioneer to place your bid.
• Phone bidding – A representative places bids on your behalf over a phone call.
• Online bidding – Click to bid in real-time on an auction house’s digital platform.
• Absentee/proxy bidding – Submit a maximum bid in advance, and the auction house automatically bids for you up to your limit.
• Sealed bidding – Private bids are submitted, and the highest offer wins without real-time competition.

4. The auctioneer calls out the bids.

• The auctioneer announces each new bid increment, usually following a set pattern (e.g., increasing by 5%, 10%, or 20% depending on the item’s value).
• Bidders compete until only one remains willing to bid higher.

5. The winning bid is declared.

• When no more bids are placed, the auctioneer declares the highest bidder as the winner with the phrase "Going once, going twice, SOLD!".
• The final amount is called the hammer price (this excludes additional fees like the buyer’s premium).

6. Payment and collection

• The winning bidder must settle payment within the auction house’s specified timeframe.
• The total price includes:
  • Hammer price (Final bid amount)
  • Buyer’s premium (Auction house fee, typically 10–25%)
  • Taxes and shipping costs (Varies based on location and service chosen)
• After payment, the watch is shipped securely or made available for pick-up.

Upcoming Watch Auctions in 2025

Here are some notable watch auctions scheduled for 2025. Auction dates and details may be subject to change. Check the respective auction house websites for the latest updates.

1. Phillips: The Geneva Sessions Spring 2025

• Dates: March 5–12, 2025
• Location: Online Auction
• Details: Phillips is hosting an online auction featuring a curated selection of luxury watches.

2. Sotheby’s: Important Watches II

• Dates: March 12–19, 2025
• Location: Hong Kong
• Details: This auction offers a range of significant timepieces, attracting both local and international bidders.

3. Antiquorum: Important Modern and Vintage Timepieces

• Date: March 22, 2025
• Location: Monaco
• Details: Antiquorum presents a collection of both modern and vintage watches.

4. Bonhams: Weekly Watches

• Dates: March 21 to April 2, 2025
• Location: Online Auction
• Details: Bonhams' online platform features weekly auctions, offering a variety of timepieces to a global audience.

5. Sotheby’s and Heist-Out: AREA_51 Auction

• Date: April 3, 2025
• Location: Geneva
• Details: A collaborative auction inspired by UFOs, featuring 51 eclectic, extraterrestrial-themed lots.

6. Phillips: The Geneva Watch Auction: XXI

• Dates: May 10 to 11, 2025
• Location: Geneva
• Details: Phillips presents its 21st Geneva Watch Auction, featuring a curated selection of rare and significant timepieces.

7. Sotheby's: Important Watches I

• Date: May 11, 2025
• Location: Geneva
• Details: Sotheby's offers a collection of important watches from renowned makers, catering to discerning collectors.

8. Phillips: The Hong Kong Watch Auction: XX

• Dates: May 24 to 25, 2025
• Location: Hong Kong
• Details: Phillips' 20th Hong Kong Watch Auction showcases a diverse array of luxury timepieces appealing to both local and international bidders.

9. Sotheby's: Fine Watches

• Dates: June 3 to 17, 2025
• Location: New York
• Details: This auction features an array of fine watches, offering collectors the opportunity to acquire exceptional pieces.

10. Jones & Horan: Fall Featured Auction

• Dates: October 2 to 23, 2025
• Location: Online
• Details: Jones & Horan's Fall Featured Auction presents a selection of watches available for online bidding over a three-week period.

Conclusion

Luxury watch auctions have solidified their place as a key avenue for collectors, investors, and enthusiasts to acquire rare and exceptional timepieces. The thrill of bidding, the prestige of owning a sought-after model, and the potential for appreciation make watch auctions an enticing prospect. 

With luxury watch auctions continuing to set new records and attract global attention, the future looks bright for this exclusive marketplace.