It’s been another big year for vintage watch enthusiasts and the 10 biggest watch sales of 2023 have included a world record.
There has been something of a settling down in the secondary watch market.
But the long-term trend remains upwards.
And watches still look a great buy for traders and collectors alike.
Why are people buying pre-owned watches?
There are many reasons why buyers are throwing money into the secondary watch market:
There’s pent up demand in the primary market that producers can’t – and maybe don’t want to – meet.
If you want an in-demand, big-name watch you may find yourself returning from the store with a waiting list number rather than a box.
That’s sending buyers into the secondary market.
There’s a lot of money at the top end of the economy.
“Cost-of-living” crises aren’t affecting everyone.
Money is flowing upwards and there are many more high net worth individuals, including a new generation of younger tech and crypto tycoons.
They have money to spend on status symbols.
Watches are also a good tool for diversification for anyone with money to invest or save.
Economic, political and geo-political instability has made this sort of diversification even more urgent for some. Some buyers are looking for small, portable stores of value they can carry with them in flight, or if access to more conventional financial services are cut.
The big auction houses are making the most of this.
And continuing to expand into a vibrant Asian market.
This produces this extraordinary list of the 10 biggest watch sales of 2023.
1 - Roger Smith Pocket Watch Number Two
Phillips of New York auctioned this $4.9 million British specimen in June.
It was made in 1997 by Roger Smith in order to impress his way into an apprenticeship with Isle of Man horological legend George Daniels.
The watch took five years to make, after Smith’s first effort (Number One) was judged too “handmade” by Daniels.
Number Two passed the test though.
It was sold to a private buyer, becoming the most valuable UK-made watch in the process.
2 - Patek Philippe reference 2523J World Time North America
Hong Kong is an exciting new frontier in the watch world. It’s where China’s economic might (personified in a new millionaire/billionaire class) meets the capitalist global market. All of the big auction houses are already there.
And on May 28, a Christie’s gavel went down on a bid of $8.5 million for one of 26 examples of this super rare timepiece.
Only three of the 26 were sold in the decade preceding this auction, and they realised prices above this one.
3 - Patek Philippe Sky Moon Tourbillon
This is a record setter: the most expensive watch sold in an exclusively online auction.
And that may be the future.
Christie’s reported a big response from younger buyers in this sale.
This watch was made in 2015, and is cased in white gold.
It is incredibly complex and includes 12 complications that deliver a perpetual calendar, moon phases, leap years, sidereal time, orbit of the moon and more.
It raised $5.8 million.
4 - Rolex Daytona ‘John Player Special’
I wonder how many younger readers will recognise the British cigarette brand (and motor race sponsors) that this wonderful Rolex is named for?
The Daytona is the racing driver’s watch par excellence. John Player Special cigarettes were sold in distinctive black boxes, and the livery was repeated on the Lotus Formula 1 racing team.
Here, the contrasting shades shine in a Daytona: the 1963 Rolex model that has become so strongly linked to Paul Newman.
Sotheby’s sold the watch for $2.5 million, massively over its estimate, thanks to extremely competitive bidding at the May sale.
Daytonas are very sought after. This one is particularly limited edition due to its yellow-gold housing (probably around 300), and John Player dials.
Sotheby’s described it as a “unicorn” watch, in superb condition for its 55 years. It was almost certainly unused by its single, previous owner.
5 - Rolex Milgauss
The Milgauss might unkindly be called the “nerd’s Rolex”. It was built for scientists, and its special power isn’t going underwater or to high altitude like some adventurous professional models, but withstanding magnetism.
The $2.5 million it raised at Phillips in Geneva in May was a record for the model.
This example was in mint condition, and dated to 1957.
The Milgauss is a discontinued model, and rumours suggest that Rolex themselves were buying back a perfect example of one of their own models.
As a watch that has been worn in CERN, the Milgauss can perhaps claim to be one of the most consequential time pieces in world history. The nerds always win in the end.
6 - The Millennium by Roger Smith and George Daniels
Geneva’s recent watch auctions have seen some very big sales, and this one is historic.
The London Millennium sold for £1.9 million at auction.
This is the only watch made by Roger Smith and George Daniels (remember our first item) that carries both their names.
George Daniels died in 2011. This piece was completed 10 years earlier; the final watch in a series made as part of Smith’s apprenticeship to Daniels.
Roger Smith watched the sale himself, saying: “I'd like to think George would have been very proud to see it do so well."
7 - F.P. Journe Tourbillon Souverain ‘Souscription 2/20’
The ultra-rare 1999 platinum Tourbillon Souverain by F.P. Journe caused an audible buzz when it sold for an astonishing $3 million at auction in Geneva this May.
This piece, dubbed "Souscription 2/20", was just the second wristwatch sold by Journe when he launched his now-esteemed brand.
The model was strictly limited to 20 examples, of which this is number 2.
At 38mm, the angular platinum case sings with refined elegance against the contrast of a yellow gold dial.
This milestone piece encapsulates Journe's philosophical approach to haute horlogerie.
Any collector would see this as a museum-worthy piece of watch-making history.
The record $3 million auction price reflects the demand for the rare high-complications with the Journe name.
8 - The Last Emperor's Patek Philippe "Quantieme Lune"
Most of the watches on this list have sold on their own merits. This watch, which is also extraordinary as a timepiece, has the added pull of its owner, Pu Yi, the "Last Emperor" of China.
The record $6.2 million the piece made at auction in Hong Kong this spring was a landmark moment this year.
Lost for decades, this watch had wonderful provenance and was in flawless condition.
The watch has an exquisite moonphase calendar complication, which along with the compelling story helped it smash records for the reference, the seller, and the continent.
9 - JC Biver 1-of-1 prototype
Jean-Claude Biver's new brand took the watch world by storm when it launched this year, so expectations were high when its very first prototype went up for auction.
The hype was justified when Biver's titanium Tourbillon Minute Repeater piece realised a groundbreaking $1.3 million. This was a new high as the highest price paid for an inaugural watch from a yet-to-launch brand.
A 42mm case and concave bezel enclose a silvered obsidian dial. Inside, a chiming tourbillon movement help maintain Biver's reputation as a watchmaking innovator.
As a unique piece, and a landmark moment in watchmaking history, it seems a fair bet that the buyer should be able to more than make their money back should they ever wish to sell.
10 - Paul Newman Rolex Daytonas
This pair of beautiful Rolexes went for $1.1 million each.
They are beautiful watches. From a reference so closely linked with Hollywood actor and motor racing fanatic Paul Newman. Made Holy Grail pieces because Newman himself owned them.
"Drive Slowly Joanne" his wife Joanne Woodward urged him in engraved text on the 116519 model.
The other was older, a 16520 Zenith Daytona. The reference dates back to 1988.
Either watch would command 10s of thousands of pounds in their own right, giving Newman's name quite a multiplier.
The pre-owned luxury watch market has never been more exciting.
Who knows where it will go in 2024 and beyond.
More and more buyers are turning to secondary markets to find the best watches.
We can help you find your way in this market.
If you want to source a watch, try us.
If you'd like us to sell a watch for you the same contacts will help you get the best price.
Contact us now on (0)1534 639 998 Email: info@paulfrasercollectibles.com.
