Two auction results this cycle reveal the current state of the top watch market. In London, Phillips auctioned four unique Rolex Cosmograph Daytonas for £37.3 million. Meanwhile, in Hong Kong, Sotheby’s set a record with a single Cartier watch, marking a significant shift in collector focus.
Phillips’ London sale centered on four one-of-a-kind Daytonas, each representing a season. As of September 28, the total sales reached £37.3 million. Notably, three of the watches sold for over £10 million each: the Summer Daytona at £10.3 million, Autumn at £10.2 million, and Winter at £10 million. Proceeds went to charities, including the Roger Federer Foundation. The tightly clustered prices of these top lots show the unbounded demand for Daytonas with compelling stories, even as they defy traditional pricing benchmarks.
Seasonal Daytonas Shine in London
The sale of these unique Daytonas highlights the high demand for watches with distinct stories at the top of the market. A watch expert expressed astonishment at the results, noting that these charity lots, with their unique configurations, appeal to buyers motivated by both the cause and the prestige of ownership. This phenomenon demonstrates how narrative and scarcity can drive prices far beyond typical market valuations.
In Hong Kong, Sotheby’s sold a unique white-gold Cartier Cheich for HK$26,520,000 (approximately $3.4 million), setting a record for the most valuable Cartier wristwatch ever auctioned. This sale shows that top collectors are now willing to invest significant amounts in unique Cartiers, a trend previously associated mainly with Patek and Rolex. The Cheich’s provenance and singularity attracted a level of interest that positions Cartier as a serious contender in the high-end auction market.
Cartier Sets a New Record in Hong Kong
While auction results soared, the broader market showed contrasting trends. The Federation of the Swiss Watch Industry reported a 56% year-over-year decline in Swiss watch exports to the United States in September. This drop contrasts with the 9.1% growth in Swiss watch exports by value in August, the fourth consecutive month of increases, with the 12-month moving average turning positive for the first time in two years as of September 17. The August growth had signaled a recovery, making the September decline particularly striking.
Swiss Exports to the US Plummet
These auction results and export figures offer two key insights. First, the market for unique pieces operates independently, driven by scarcity and narrative rather than broader category trends. Second, the export data reflects the broader market forces, with the 56% drop in US shipments likely influencing allocation and shipping strategies.
