Editorial: Happenings at the Geneva Spring Auctions 2023
The Geneva auction weekend is typically a good barometer for where the market is headed in the near term because it’s the opening act of the season, with the Hong Kong and New York sales following later in spring. At the same time, the Swiss city is also where many of the serious players and would-be players turn up during the auctions, perhaps because its more central location compared to its North American and Asian counterparts. Inching downwards Trends that became clear last season – six months ago – continued into the spring sales. Most obviously, the values of “hype” watches have continued to creep downwards. This was exemplified by the Patek Philippe Nautilus ref. 5980/1400G – white gold and entirely set with diamonds – that sold for CHF533,400 including fees. While times were good, the model was a million dollar (or franc) watch – the exact same watch sold for CHF937,500 a year ago at Phillips. More notably, the last time an example, before the pandemic at Christie’s in 2018, it achieved CHF612,500. Prior to the auction season, independent watchmaking appeared to be resisting the forces of gravity, with demand and prices for such watches continuing to be robust. Now it appears the genre is enduring the same decline as sports watches with integrated bracelets. Take for example the unique Voutilainen Minute Repeater 10 with a steel case and open dial sold at Phillips for CHF342,900 – a solid result but more or less its original retail price. Just ...
Fratello
