As the luxury market begins to pick up again, auctions are acting as an opportunity for consumer immersion and spending. 

It is no secret that the prices of luxury items continue to rise, and the standards for experience rise with them.  A store can no longer be a typical place to make a purchase, but rather a special, bespoke experience for each consumer. Auctions fulfill this need, acting as a fusion of experience, competition, and procurement of luxury goods. These purchases can be kept private, which is also appealing to wealthy individuals who prefer a quieter lifestyle. 

Focus has shifted from vague excitement to genuinely significant timepieces. Vintage watches are the perfect purchase in a currently tenuous, risk-averse society. The value of a completely unique item, experience and the dopamine rush of winning an auction have all combined to create a record-breaking auction season for Sotheby’s, Christie’s and Phillips. 

Sotheby’s Hong Kong auction took place in April of this year, closing at USD 52.9 million. This record-breaking number came after 13 hours of bidding, and over 800 bidders came determined to leave with something special; 97% of lots sold. The auction was the largest ever held in Asia. 

The highest-selling item was a circa. 1987 yellow gold Cartier London Crash with a light brown strap. The model is famous for its distorted dial, which references Salvador Dalí’s “Persistence of Memory” from 1931. The watch sold at Sotheby’s for USD 1.99 million and is believed to be one of three made in 1987. The watch is an astonishing take on the classic wristwatch, a beautiful blend of watchmaking as art and painting. 

Sothebys.com

Circa. 1987 Cartier Crash London

The auction also sold another yellow-gold watch with a chocolate-brown strap for USD 1.93 million. Created by Patek Phillipe, the soft, square dial and thick strap make this watch unique, but not as immediately awe-inspiring as the Crash. 

Sothebys.com

Patek Phillipe Vintage Gold Watch

Christie’s also sold a Cartier Crash, but with a light grey strap, dating to 1990. This model sold for just over USD 2 million. This watch was sold at a Various Owner Auction in Geneva. This live auction marked a return to form for the auction tradition, achieving 42.3 million before close. Additionally, 60% of lots sold above their high estimate. The auction is the perfect place for mixing experience with consumption, hence all these record-breaking numbers. 

Christies.com

Cartier Crash London from 1991, yellow-gold bezel with a light grey strap.

Phillips takes the spotlight with a record USD 78.5 million in two days and 100% of lots sold in June. The auction was the highest-grossing auction held in the US. The auction almost doubled a record set by Phillips in December, USD 43.5 million.

The F.P Journe Chronomètre à Résonance “Souscription, No. 007” sold for USD 13.9 million, making it the most expensive watch ever sold by an independent maker. The watch is a mix of white and yellow gold around the bezel, with a deep turquoise strap. This sale cements Francois Paul-Journe as a watchmaker to watch at future auctions or sales. 

Phillips.com

F.P Journe Chronomètre à Résonance “Souscription, No. 007”

The auction serves as a blend of appreciation for amazing craft feats, hopefully friendly competition, a unique experience, and consumption. This makes the auction a perfect site for the new luxury frontier.