SJX Watches
Editorial: Geneva Auctions Spring 2024 Part I - Only Watch
A longer-than-usual Geneva auction weekend just concluded, having started with Only Watch 2024 and concluded with Christie’s watch sale – both of which were postponed for different reasons. Only Watch set the tone for the rest of the sales. The appetite for buying was muted. Most watches performed as expected: desirable brands and watches did well, though not as well as they would have in 2022 or early 2023. A handful of watches were outliers and performed spectacularly. That said, there were more watches that sold poorly compared to either of the last two instalments. In sum, it was a reflection of the overall market for collectible watches. A night-time cyberattack On a sunny Friday morning in Geneva, just before Only Watch was scheduled to take place in the afternoon, it emerged that Christie’s had suffered a company-wide cyberattack that brought down its website, app, and everything else digital. According to a Christie’s representative, the cyberattack began in the early hours of Friday last week, which was fortunately daytime in Asia, so its Hong Kong office was able to respond. Even though the hack took place just before the watch and jewellery auctions in Geneva, the cyberattack was probably timed to take place before the following week of art sales in New York, where Christie’s will sell over US$800 million of art. Tess Pettavino making the opening speech. Image – Only Watch A colourful event Because of the cyberattack, Christie’s postponed its watch...
