Luxury watch market favors vintage as Phillips leads H1 2024 sales
During the initial six months of 2024, Phillips dominated the luxury watch auction sector, generating CHF 39.6 million. Christie's followed with CHF 24.8 million, while Monaco Legend and Sotheby's reported $23.6 million and $15.8 million, respectively. Prominent brands such as Patek Philippe and Rolex commanded impressive prices, although newer models encountered difficulties. Vintage timepieces thrived, particularly those featuring gold-steel combinations. At the May 2024 auction in Hong Kong, a Cartier magnetic pendulum clock fetched $1.92 million, setting a new world record. In 2023, significant transactions included a Patek Philippe 2523 J for $8.5 million, Marlon Brando's Rolex GMT-Master for $4.75 million, a Philippe Dufour for $5.32 million, and a Richard Mille for $4.19 million.
Key facts
- Phillips led H1 2024 with CHF 39.6 million in watch sales.
- Christie's had CHF 24.8 million, Monaco Legend $23.6 million, Sotheby's $15.8 million.
- Vintage watches outperform newer production models.
- Gold-steel combination trend resurfaces with 'Old Money' aesthetic.
- Cartier magnetic pendulum table clock sold for $1.92 million at Phillips Hong Kong May 2024.
- Only four Cartier magnetic clocks were made by Maurice Couët; this is the only known surviving example.
- Patek Philippe 2523 J sold for $8.5 million in 2023, one of three with North America cloisonné enamel dial.
- Rolex GMT-Master owned by Marlon Brando sold for $4.75 million in 2023.
- Philippe Dufour Grande & Petite Sonnerie Wristwatch No. 1 sold for $5.32 million in 2023.
- Richard Mille RM53-02 Tourbillon Sapphire sold for $4.19 million in 2023.
Entities
Artists
- Maurice Couët
- Marguerite Koch
- Antoine Gerlach
- Louis Cottier
- Marlon Brando
- Petra Brando
- Mohammed Zaman
- Philippe Dufour
- Qianlong
- Emma De Gaspari
Institutions
- Phillips
- Christie's
- Monaco Legend
- Sotheby's
- Patek Philippe
- Rolex
- Philippe Dufour
- Cartier
- Richard Mille
- Stern Frères
- Phillips Hong Kong
- Christie's Hong Kong
- Christie's Geneva
- Sotheby's Hong Kong
- Artribune
Locations
- Hong Kong
- China
- Geneva
- Switzerland