Yahoo Finance A $17.3 Million Patek Philippe Minute Repeater Leads Only Watch Auction
The atmosphere in the auction room on Friday afternoon at Geneva’s Palexpo Congress and Exhibition Centre was palpably different than in previous editions. There was the usual excitement among collectors as they eagerly waited to bid on a host of exceptional pieces, but there was also a collective sense of worry about how things were going to go as this 10th edition of Only Watch almost didn’t happen.
Originally scheduled for November 5th 2023, a group of online publications and collectors had started to ask uncomfortable questions on social media about how the €100 million already raised was being used to fund research into Duchenne muscular dystrophy. Audemars Piguet pulled out, followed by others, forcing the organizers to postpone the auction until answers could be presented in the form of a certified audit.
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It was an uncertain, stressful time for all those involved, dividing the watch industry into two camps: those who supported Only Watch and those who were convinced that there was something nefarious at play. We followed up with 15 brands that did not return to the auction for this edition, including Audemars Piguet.
Fortunately, in February of this year, a clean bill of financial health was published along with the announcement of changes to the charity’s governance structure (which you can read more about in our exclusive interview with Luc Pettavino) and nearly everyone forgot their differences. Christie’s set the date; the majority of brands re-submitted their watches; Patek Philippe, Konstantin Chaykin, and Lederer presented brand-new timepieces; and collectors the world over booked their flights. The show was back on.
While waiting for the auction to begin, you could hear people talking about how this was probably going to be the last Only Watch auction, but as proceedings got underway, that thought was quickly forgotten.
The auction started alphabetically and in a fast and furious fashion thanks to Rahul Kadakia, Christie’s Head of Jewelry, who expertly managed the bidders in the room, on the telephones, and via live feed from Christie’s showroom in London. The first timepieces were sold largely above their estimations and things really started to heat up at the letter F with F. P. Journe’s Chronomètre Furtif Bleu.
This unique piece featured a dial that can only be seen by the owner as it is fitted with privacy technology, like on a laptop computer. The timepiece also introduced a brand-new hand-wound movement in 18-karat rose gold with a central seconds, a first for the watchmaker. The estimation was set at CHF 200,000 to 400,000, but no one was paying attention to that as the first bid from a man in a pink jacket in the front row screamed out “One million”! Bidding escalated so fast that it was hard to keep up until the hammer finally came down at CHF 2 million (around $2.2 million USD).
There were no breaks between lots, except for a dramatic pause when Kadakia arrived at the letter P and Patek Philippe’s ref. 6310A. This one-of-a-kind complication, featuring a grande and petite sonnerie with minute repeater, was expected to cause some excitement. Unlike in previous years, bidding was slow and thoughtful as the price increased slowly but surely, putting everyone on the edge of their seats. It finally sold for CHF 15.7 million (which totals to around $17.3 million with auction fees)—a far cry from the watchmaker’s 2019 record of CHF 31 million, but certainly nothing to sniff at. For perspective, one can likely pick up the much more complicated Grand Master Chime from Sylvester Stallone for and estimated $2.5 million to $5 million from Sotheby’s in the upcoming Important Watches Auction.
Patek Philippe’s President Thierry Stern, a loyal supporter of Only Watch, had done everything he could to support the sale: “We invited our clients to come to the auction to give them a chance to bid on this unique piece. It is fantastic for Only Watch and for our clients. They all enjoyed the watches and the opportunity to help, so I think when it is a good cause like this, I can only be happy.”
The most heartwarming sale was the Chronomètre Antimagnétique from Rexhep Rexhepi. A discreet and humble young watchmaker, he looked visibly shocked as his piece was fought over by buyers from Switzerland, London, Dubai, and Bahrain. Every time Kadakia tried to call it, someone would change their mind, and another flurry of bidding would ensue. The final price was CHF 2.1 million (roughly $2.3 million USD). “I was a little surprised, quite frankly, but I am really happy,” shared Rexhepi after the auction. “It is always big numbers and I don’t really understand, but the more I see this, the more I feel comfortable about what I am doing at my small bench, so I am very happy”.
Michael Hickcox, a London-based collector, was also delighted to see Rexhepi do so well. “It was nice to see Rexhep’s piece eclipse Journe in terms of price,” he noted “The student now becomes the master and I am very happy for him.”
Richard Mille’s RM S14 Talisman Origine did not disappoint either. This unusual pendant timekeeper raised the temperature in the room as bidders quickly exceeded the high estimate of CHF 800,000 with the final London buyer getting what he wanted at CHF 2.38 million (roughly $2,625,000 USD).
Even if there was some frantic bidding for the big pieces, collectors were delighted to be able to take part in the auction. “One of the best parts for me was actually getting a few bids in, even if I didn’t win anything,” shared Californian collector Gary Getz. “At the last Only Watch I never got my hand off my knee, it was complete pandemonium. There was a great balance here today and the results were great.”
David Berrivin, a Canadian/Swiss collector also noticed the calmer vibe: “It was very exciting how some pieces went higher than I thought, while others were a bit lower. But I think between November and now, the excitement had come down a little bit, but it was still a great result.”
The final total tallied up to CHF 28,320,000 (over $31,000,000 USD) making Only Watch’s founder Luc Pettavino both happy and relieved. Addressing the room, he emotionally concluded the auction by saying “Every one of you are the heroes of the children suffering from Duchenne muscular dystrophy. Never forget that. You are their hope.”
So, let’s raise a glass to Only Watch 2024, and let’s hope there are many more.
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