Bring a Loupe: The Great Big Geneva Auctions Preview Edition
Welcome back to Bring A Loupe and to Geneva Winter Auction weekend 2024! Here you’ll find a comprehensive wrap-up of lots across price, brand, and auction house. I landed in a foggy Geneva just this morning as I write to you dear readers and spent my day briskly walking between the four major houses, previewing far too many watches for one Hodinkee editor to handle. Okay fine, I won’t complain, it was a great day. I am happy to report that the red-eye from Newark was worth it, the watches are excellent. The people are alright too, with some familiar faces around town. I repeatedly and unknowingly knocked the back my chair against Rexhep Rexhepi’s at the Sotheby’s preview, for example. There goes my allocation.
Due to the long list of picks (complete with live photos!), my per-lot thoughts may not be quite as comprehensive as in a standard edition of this column, but if you’re looking for a true deep dive, Ben has you covered on three Lange Tourbillons that caught his discerning eye in these catalogs.
Let’s start with the basics – the schedule. I always find it annoying navigating to each house’s webpage to figure out when the actual sales are happening live. So I’m doing the work for you – the breakdown is as follows:
Phillips – Reloaded: The Rebirth of Mechanical Watchmaking, 1980-1999: Friday, November 8th at 8 AM EST
Antiquorum – Important Modern & Vintage Timepieces: Saturday and Sunday, November 9th and 10th at 4 AM EST
Phillips – The Geneva Watch Auction: XX: Saturday and Sunday, November 9th and 10th at 8 AM EST
Sotheby’s – Treasures of Time: Sunday, November 10th at 4:30 AM EST
Sotheby’s – Important Watches: Part I: Sunday, November 10th at 6 AM EST
Christie’s – Rare Watches Including Watches For ELA: Monday, November 11th at 7 AM EST
All told, there are a ton of watches for sale this weekend. To be exact: 1,161 in live auctions. This Bring A Loupe is a bit long so grab a cup of coffee or, more generally, your beverage of choice, and settle in. Remember throughout that because of the sheer number of watches I had to pick from, this edition may not look like the others, but hang with me.
Phillips – Reloaded: The Rebirth of Mechanical Watchmaking, 1980-1999
Our weekend kicks off at the hotel formerly known as Hotel President Wilson and now, simply, The Hotel President. The Phillips (in Association with Bacs & Russo) team has set up shop here the past few seasons after decamping from the gorgeous-yet-slightly-inconvenient La Réserve just north of town. Although not much of that matters, what matters is that Phillips has added a second watch auction to this already full weekend. Front-running the madness with a Friday morning start time, Reloaded is a themed sale focused on, to state the obvious, watches produced (roughly) in the 1980s and ’90s. This sale is also a new kind of “single owner sale” in that it features watches mostly from one collection but with the icing on the cake coming from elsewhere.
A former Talking Watches guest has put up a good number of the lots, but key watches, such as the early Journe Tourbillon, were curated and added to round out the catalog. This is interesting in light of the recent underperformance of single-owner sales (think OAK and Zaman), signaling a possible change in how the houses may treat large collections in the future (more on this when we get to Sotheby’s).
In what will be a major test for the young neo-vintage watch market, Reloaded takes very little time to build up to a crescendo. Thirteen watches, including niche picks like Lot 1, an IWC Portofino formerly owned by Günter Blümlein, and Lot 6, an Audemars Piguet John Schaeffer Starwheel Minute Repeater, sit between the auction’s start and François-Paul Journe’s first sold wristwatch. Lot 14 is a Tourbillon Souverain à Remontoire d’Egalité from Journe numbered on the dial “15/93.” Very rarely does a watch enter into the territory of being a true piece of horological history, this one is exactly that. It is early, obviously handmade, and has a real emotional weight in the metal. The estimate is in excess of CHF 2,000,000 and feels… more than fair? The current auction record for a non-unique-for-charity Journe sits at CHF 3,902,000.
As we come off a high that can only be achieved by watching the earliest Journe sell, I will call out a few picks to watch for the health of the “neo” market. Lot 22, Urban Jürgensen’s Reference 3 in pink gold, is close to my heart but also a great example of a brand that caught the neo-vintage wave and hopes to still ride it. Excellent watch in person, the dial is insane. The real test will be Lot 36, an Ebel perpetual calendar chronograph in white gold. Ebel was (maybe still is?) forgotten by watch enthusiasts until that same TW guest started to hoover them up and sing their praises. Now, at my Phillips preview table, two guests were wearing Ebels. While the whole thing is a bit forced, they do wear nice, I’ll say that. This auction is the first time Ebel is being put the to test on the big stage.
Lot 40, “The Oval” by Derek Pratt, is among the most significant and well-crafted watches made in the last 50 years – flat out. The watch deserves an entire article let alone a few sentences and I will be disappointed if it does not see some very serious bidding. Moving on only for lack of space, the 65-lot Reloaded sale will end with a new old stock Lange 1 in stainless steel, Lot 54, and a unique Philippe Dufour Duality, Lot 65. Because, why not?
Antiquorum – Important Modern & Vintage Timepieces
This weekend’s marathon sale at Antiquorum features 677 lots. While I won’t cover all too many, for the patient bidder with a keen eye, there are gems to be had. I’ll offer a preemptive mea culpa for my preview photos – the lighting wasn’t ideal.
Lot 14, a 1930’s single-button chronograph, caught my attention early on. It was away for a quick pre-sale service during my preview but I am confident enough to call this one out based on the photos and CHF 4,000 high estimate alone. After a hop, skip, and a jump we land at Lot 105, a Rolex Oyster ref. 3139 with a cushion case and “bow tie” dial. Even at 31mm, this one jumped off my wrist. Considering that earlier Rolex Oyster cases are bound to come back into vogue at some point, this funky reference should be a good buy in or near the estimate of CHF 2,000-4,000. Lot 193, a 1958 AP platinum dress watch with baguette diamonds, has a semi-punchy estimate of CHF 10,000-15,000 but looked every penny of that on my wrist. Let’s give this watch the If Rich Had a Moderate Amount of Cash to Spend Award for this season, it’s as deserving as any.
This sale also features the best Patek Philippe ref. 3970 of the season. Lot 342 is a second series 3970J with extra strong hallmarks on the case to go along with a complete set of box and papers. While the stated estimate of CHF 70,000 to 140,000 is the lowest of any 3970 on offer (there are five others), I suspect this one will perform the best. Or it could go completely under the radar, who knows!
The highlight at Antiquorum is Lot 592, a Rolex Zerographe ref. 3890 in new old stock condition. The Zerographe was the first Rolex to feature an in-house chronograph movement. Small but mighty at 31mm in diameter, this one has a very high estimate of CHF 150,000-250,000 but the last clean Zerographe that Antiquorum sold went for CHF 225,000. So, take that. Speaking of clean Rolex, Lot 595 is a Daytona ref. 6265 in 18k yellow gold with a black dial – the whole package is very clean, which includes box and papers.
Lot 625 is the other highlight of the sale. Still technically the thinnest watch in the world, Richard Mille’s UP-01 is a sight to be seen and felt. Produced in partnership with Ferrari, the watch hit the market in 2022 with a retail price of $1,888,000. Sunday, the first example will go to public auction with an estimate of CHF 1,000,000-2,000,000.
Phillips – The Geneva Watch Auction: XX
Back at Phillips and The Hotel President, don’t call me Wilson, Aurel Bacs and the team’s main sale will kick off with a run of modern watches as it normally does. Lot 110 and Lot 111, a Patek Philippe ref. 2438 and ref. 2499/100 respectively, will be early tests of the somewhat hot classically styled vintage Patek market. If you’re a Rolex stone dial lover, Lot 112, a steel Datejust with a red jasper dial, will be one to watch. This is one of the rarest stone dials for Rolex (there is another at Christie’s though) and made interesting by the unusual steel case. The catalog is a steady build from there. Lot 121, a Derek Pratt by Luca Soprana Remontoire d’Égalité, is the first example of its kind to come to the public market and wowed me in person – few watches are being made today with this level of craft and hand finishing.
Garnering a ton of attention at the preview was Lot 125, a 1972 Cartier with a crazy case shape. Nicknames like “The Tech Deck” and “The Clown Shoe” were being thrown around the room. Funky vintage Cartier knows no bounds in today’s market and the CHF 20,000-40,000 estimate will likely be far surpassed.
In the independent arena, Lot 135, a Petermann Bédat ref. 1967, and Lot 138, a Sylvain Pinaud Origine, are the first non-Only Watch examples to hit the public market. The Bédat is made unique by lumed hands and the Pinaud Origine took home the “Horological Revelations” Prize at GPHG 2023. These will be two lots to pay attention to if you’re an indie lover.
My personal favorite watch of the weekend is Lot 145, a 1925 AP triple calendar made for A l’Emeraude in Lausanne, Switzerland. AP made just 48 of these, 22 in white gold, and, so far, six are known to the market. I call these “Barr” Calendars as the first example was made in 1924 for L. Stewart Barr, an American client. The caseback of that first watch is engraved: “This is the first calendar wristwatch ever made by us and I believe it to be the only one in existence.” This is true vintage AP at its best and an unbelievably gorgeous watch.
Lot 189 is a Rolex ref. 5517 Milsub with an interesting story. The consignor purchased two 5517s at auction the same year with mismatched serial numbers on the casebacks. They “corrected” both watches by swapping the casebacks, returning them to their original mid-cases, and creating two “correct” Milsubs. The fully graduated bezel insert was sourced recently but is 100% authentic and not a reproduction to my eye. With the story behind the watch clearly disclosed, this could be a great chance to win a “real deal” Milsub at an attractive price, the estimate is CHF 100,000-200,000.
Sotheby’s – Treasures Of Time
Moving to Sunday and to the Mandarin Oriental, Sotheby’s is kicking off its offerings with a true single-owner sale of 31 lots (the consignor’s lucky number). Acquired via public auctions over the past few decades, this collection is garnering a ton of attention thanks to the insanely high-quality vintage Patek Philippes and early Langes present. This owner’s overall collection is large but Sotheby’s worked with them to curate these 31 lots, keeping the single-owner sale tighter than others we have seen recently.
The group of Vacheron Constantin chronographs should not be missed. Lot 7, Lot 8, and Lot 9 are all reference 3307 monopushers with enamel dials in excellent condition, with provenance, and amazing in the metal. I ran into Christian Selmoni, Vacheron’s Heritage & Style Director, while leaving the preview. He stressed that he has only seen a handful of 3307s in his career let alone three in the same room – his was giddy.
As for the Pateks, there are multiple ref. 2499s in the sale but my pick is Lot 18, a ref. 1563 split-second chronograph in a “Tasti-Tondi” case. If I could own one vintage Patek, it would be this exact watch. Three examples are known and while the other two were owned by jazz legend Duke Ellington (now in the Patek museum) and Jean-Claude Biver, this particular 1563 is the best of the trio. The provenance is unconfirmed but a caseback engraving reads “L. Estée” with the monogram “S.G.H.” A very, very similar engraving is found on this Breguet pocket watch which, according to Breguet’s archives, was sold to “Monsieur Gimbel Saks,” pointing to the Gimbel family that built Gimbels and Saks Fifth Avenue. Given the “L. Estée” engraving, there is a possible tie in here to Estée Lauder, another wealthy New Yorker whose brand of cosmetics was sold at Saks, but that is, again, unconfirmed. The watch last sold in 2013 for CHF 1,445,000, Lot 18 carries an estimate of CHF 1,000,000-3,000,000.
Sotheby’s – Important Watches: Part I
Curation is the key word for Sotheby’s in Geneva; the team was intentional in calling out the low number of lots (95) even in its main sale. The flow is quite nice, I will say, starting off with two quality vintage Patek Calatravas. Lot 2, a ref. 2526 in yellow gold, caught my eye as it has been a while since a quality “standard” example of this reference has sold. These enamel dials are getting harder and harder to find uncracked, which this example is – it will be good to see the current market for a clean 2526J on Sunday.
My favorite vintage Cartier of the weekend is Lot 65, a London-made Tank Oblique. In the metal, the watch has an undeniably unique charm that I have come to expect from Cartier London. It is this interesting mix of crudeness and beauty that is almost indescribable. Likely, this is all the result of the handmade one-by-one nature of these vintage Cartier London pieces. You may notice that the watch has been to Cartier for service frequently. Tom Heap, Deputy Director of Sotheby’s in London, told me that he has known of this watch for the last few years. The consignor, a woman in London was wearing it almost daily around the city, regularly bringing it to Cartier to make sure everything was in order. This “Ultra Slim” Oblique is fresh from the family of the original owner, the first example of the model to come to market, and carries an estimate of CHF 30,000-60,000.
While not uncommon to see at auction, Lot 99, a Patek ref. 5004P, is worth a callout. If you’re looking for a complicated Patek to wear a lot, this is it. Subtle enough to wear without worry, important enough to wow any enthusiast, modern enough to not break, and vintage enough to not be oversized on the wrist. Lot 102, an AP Beta 21 ref. 6001 with Royal Oak tendencies, is funky in all the right ways. I’m not sure that a Beta 21 movement is stout enough to wear as much as I would like but the watch has an undeniably cool look. Speaking of funk, Lot 104, a Rolex Coin Watch ref. 3612, has it. This is one of just 10 made as well.
Christie’s – Rare Watches Including Watches For ELA
Like a golf tournament delayed for darkness, the auction “weekend” will finish on Monday with Christie’s at the Four Seasons Hotel des Bergues. This catalog really wowed the Hodinkee crew went released, it is extremely strong, and at the preview, the watches did not disappoint. The first 11 watches were donated by their respective brands to benefit the European Leukodystrophy Association (ELA), a charity that supports research into leukodystrophies and the families affected by these diseases. The highlights are those by Andersen Genève (Lot 1), Konstantin Chaykin (Lot 6), and Richard Mille (Lot 10).
After a stretch of modern watches, including a Lot 23, a Rainbow Daytona, the really good stuff starts. Lot 38, an AP ref. 25563 skeleton chronograph in platinum, is one of my sleeper picks of the weekend. I could be wrong but I don’t think enough people are realizing how rare this watch is (it is a piece unique in platinum). Moreover, AP did not make a lot of chronographs in the 1980s and 1990s – only 67 examples of this reference for example. Sticking with rare AP, Lot 52 is a Royal Oak ref. 14701 in white gold with a ferrite dial, one of only five white gold examples of this reference and the only one known with a ferrite dial – real rarity.
Lot 43, a Patek ref. 3428 in white gold, will stand out as a highlight for true vintage Patek lovers. This is a rare reference to begin with, the short-lived successor to the 2526, and incredibly rare in white gold. White metal 2426s or 3428s always seem to go insane at auction. Given that this example has a perfect dial, a period-correct-although-recently-added Patek mesh bracelet, and full set, it should see a ton of bids, pushing towards mid or high estimate (stated as CHF 300,000-500,000).
Here is a bold claim. Far and away the best watch of the whole season is Lot 58, Breguet no. 3218 from 1935, a retrograde date perpetual calendar in white gold. Similar to the Journe we started with at Phillips, this watch crosses the Rubicon into being truly horologically and historically important. Breguet no. 3218 was originally sold to French designer and illustrator Paul Iribe. The watch is one of two rectangular-shaped Breguet perpetual calendar wristwatches with a retrograde date and if you’re curious about where the other one is, just click here.
Historically interesting and important? Check. Condition? Also check. Just take a look at how sharp the case is, this is insane for a watch of this age. According to the Christie’s team, the watch was given to Paul Iribe’s business partner following his death and was consigned to this auction by the family of this business partner. It had been sitting for awhile, when it arrived at the Christie’s office, all of the hands were loose, rattling around beneath the crystal. The watch is fitted on a very old leather strap (as found) and an Edmond Jaeger deployant clasp, similar to Cartier watches of the era. The estimate is CHF 100,000-200,000 and I wouldn’t be surprised to see an all-in result that starts with a six or a seven.
Lot 83, a Patek Nautilus ref. 3700/4. Less than five examples are known.
Lot 87, a Patek ref. 3424 by Gilbert Albert. The only known example with a Gübelin signature.
Hodinkee