Auction Watch: the ONLY WATCH 2011 Results of Antiquorum

As expected the ONLY Watch 2011 went with no hitch last week. It raised EUR 4.5 million, about USD $ 6,075,000 at this moment. Let’s take a look at some of the results. [see all the watches: studio pics & in-the-flesh, hands-on]

Antiquorum Auctioneers – The gathering of unique 40 timepieces achieves EUR 4.5 million in the Only Watch Charity Auction: Monaco, September 24, 2011 – Your fourth edition of the biennial Only Watch Charity Auction held at the Hotel Hermitage in Monaco on September 23, within the presence of H.S.H. Prince Albert II of Monaco, closed with an outstanding result of EUR 4’563’000. The auction room was full as well as the strong internet and intense telephone bidding. International participation included Japan, Switzerland, Hong Kong, China, america and the Russian Federation. Ronnie Wood in the Rolling Stones was also present in the room to support the auction.

Perhaps the most controversial piece was the Patek tourbillon / minute repeater, Ref. 3939, Lot 30. The “Wish Price” with this dream piece was EUR450,000 – EUR650,000. It went for EUR1.400.000, about USD $1,890,000! There have been a lot of haters for this piece. It’s perhaps the least-flashy of the watches in the auction. It’s from the manufacture that some consider old and stodgy. It’s in stainless steel, which is particularly odd for a Patek. And the size? It’s only 33.3mm! So whomever won this piece has a great gift for his wife. 😉 All that said, it’s still an extraordinary finish for this watch.

Lot 23 was the Ikepod Hour Glass. 2-3 weeks ago I wrote:

“I only say timepieces and not watches if without other reason than the always iconoclastic Ikepod is presenting an hourglass (lot #23) for 2011! It’s a restricted edition of one (see non-limited flavor). It’s fantastic. Something quite different from one of my favorite brands. The “Wish Price” with this item is 15,000 – 25,000. Compared to the other items in this auction the hourglass is a steal. And you’ll will never need to get it serviced as long as you never drop it.”

Looks similar to their estimate nailed it. And we were correct relating to this item being a deal compared to much of the rest of the auction.

And what of Lot #28, the MB&F Horological Machine No.4 Thunderbolt “Flying Panda?” Earlier, I wrote:

The two large horizontal cones/tubes which are the displays remind the wearer of the A-10 Thunderbolt warplane. The two pods look like jet turbines. And also the “Flying Panda” angle? Well, there’s a little panda sitting atop the watch holding reigns, not unlike Ben-Hur on his chariot, or even Santa on his sleigh. Make no mistake, it’s a strange combo, but if anyone has the horological street-cred to pull it off, MB&F does. The facts: manual wind, twin mainspring barrels, and 50 jewels. The “Wish Price” for this item is EUR 170,000 – 230,000.

This MB&F finished at EUR 170,000, frankly, rather disappointing in my opinion. I really could have seen this easily hitting EUR250,000, especially given that these official estimates of hammer prices are intentionally low. Was it the economy? Maybe collectors move to the finest houses in economic downturns and times of certainty. That explanation would at least seem to partially explain the amazing result for the Patek.

Let’s search for a few of the other pieces as well as their results …

Lot 2: Bell & Ross, BR01 Casino
Wish Price: EUR20.000 to EUR40.000
Result: EUR18.000
Analysis: A bit of a disappointment. Though I don’t think it is surprising. I find all of the poker and gambling-related watches to become rather gaudy and quickly-dated.

Lot 5: Bovet, Amadeo Dragon & Phoenix
The J12 was originally published in white or black ceramic in (I think) a few different sizes. Over time Chanel Watches South Africa expanded the J12 set with added sizes (smaller really) and some more complicated models like a chronograph and after a GMT as well as moon phase model. Yes a tourbillon was available, as well as unique J12 model with an Audemars Piguet motion inside it. This was likely enough since Chanel was promoting J12s for his or her good looks and prestigious name. Wearing a Chanel watch is really a no-brainer for ladies, but what about to obtain men?There are a few watch men I understand who make it a point to simply abstain from contemplating any timepieces with a fashion house name. That means brands like Louis Vuitton, Dior, Ralph Lauren, Burberry, Ferragamo, and Chanel are simply out of the question. That is a shame since these brands make some fantastic watches. Let us explore unhealthy side of buying a “fashion brand watch” until we talk about the great. To begin with, you are of course getting something with a known fashion title that frees you getting any street cred being an educated watch guy – regardless of how good the watch is. Next, since it is out of a (mostly) European fashion label, most likely you’re spending a lot for which you are getting lots of this time. Last, there is frequently a feminine slant to many of these brands which doesn’t make it the very manly of alternatives – but that it is this last reason why prevents most men from exploring these watches.
Wish Price: EUR180.000 to EUR220.000
Result: EUR70.000
Analysis: “Ouch” would be an understatement here. Bovet is among those “newish” brands that has attempted to conjure up a rich and deep aura around itself. Pascal Raffy has become a watch industry celeb second only to maybe the Great J.C. Biver. In my estimation, this may be due partially that we are talking about a pocket watch. I don’t particularly care how well-heeled the first is. If you drop tens of thousands on the watch, you’re going to want to wear it at least a few times. And unless you’re decked-out in morning dress, this year a pocket watch is a bit of an affectation. The EUR70.000 here has to be a bit of an embarrassment no matter how you spin it.

Lot 11: Corum, Golden Bridge
Wish Price: EUR55.000 to EUR70.000
Result: EUR50.000
Analysis: A little low. This watch has a bit of the Richard Mille look that has been popular of late. I expected this to choose a bit more.

Lot 16: Franck Muller, Crazy Hours
Wish Price: EUR20.000 to EUR40.000
Result: EUR44.000
Analysis: Franck Muller pieces continue being popular. I don’t get it.

Lot 38: Van Cleef & Arpels, Jules Verne From The Earth Towards the Moon Poetic Complication
Wish Price: EUR100.000 to EUR150.000
Result: EUR215.000
Analysis: Wow, never saw that one coming. Not really my personal taste, but a beautiful piece nonetheless.

A final deliberation over the diminutive Patek. Years ago a man’s watch was full-sized at 36mm, then later at 38mm. During the last decade we’ve seen this creep up to 45mm in many cases (yes, Panerai and Graham, we’re looking at you). You would have to go upwards of 45mm before many people would today raise their eyebrows and ponder whether a watch was simply too big. I guess 45mm is the new 38mm? So it’s nothing like Patek has offered a 37mm watch here and it’s being called small. 33.3mm is REALLY small. I wonder if this might be a new trend bringing us back to case-size sanity? I think it’s important to note that purely from an engineering standpoint, placing a tourbillon and minute-repeater into a 33.3mm case is a lot more of a feat than doing so in a 48mm case.

And let’s look a bit more at the steel issue. The Patek, by far the highest priced item here, is stainless, as is the Ulysse Nardin “Freak Diavolo.” Is that this a new trend in high-end watches? Or more appropriately, is it coming back into vogue. I believe that the use of stainless steel in expensive watches was first done bu Audemars Piguet with their Gerald Genta-designed Royal Oak circa 1972. Traditionally, fine watches can be found in gold or some other rare metal. Is steel back?

Here are the top 10 watches in terms of final hammer prices:

The Chanel Watches Buy Online Code Coco set is also admirable in the meaning that it symbolizes Chanel’s unwillingness to abandon its origins like a couture style house for the interest of watchmaking snobbery, not to mention its commitment to a rigorously guarded individuality based on the aesthetic principles of its creator, Gabrielle (“Coco”) Chanel. Designing collection after collection over several years that communicate an original idea when keeping the brand new signature style codes can't be an easy task. The inspiration for your opinion is really a handbag. The case is designed to resemble the clasp of the 2.55 handbag developed by Mademoiselle Chanel, with a name that comes from the date she made it : February 1955. The layout, in one form or another, has been produced by the maison ever since, and it has certainly had a great deal of grip for the business, becoming one of the most iconic and recognizable designs on the planet.

The Patek, Gagarin Tourbillon, Breguet, Chanel, Celsius, Franck Muller, Frederique Constant, Piaget, Ulysse Nardin, and Van Cleef & Arpels all beat their estimates. From the forty watches in the auction, nearly half (18) failed to hit their minimum estimate. Overall, I think that while the auction did raise a lot of money for charity, and gave the manufactures some fine P.R., the results show the realities from the world’s financial woes.