TIMELESS TICKERS

IN THE PHYGITAL WORLD, AUCTION HOUSES SUCH AS CHRISTIE’S HAVE CLOCKED THE HIGHEST-EVER SALES THIS YEAR FOR TIMEPIECES, WITH YOUNGER AND DIVERSE BUYERS SNAPPING UP SOME OF THE MOST EXCLUSIVE WATCHES ON THE PLANET.

- PRIYA KUMARI RANA

EVEN THOUGH IT’S ONLY half-way through the year in terms of sales, it’s been a phenomenal one for watches as a whole, bought both online and at live sales. These hybrid sales have been the real winners. At The May Spring Hong Kong (live evening) sale, the ‘Legends of Time’ smashed a few records, with private Asian buyers contributing to 80% of the total sales of $34,850,855. The Dubai Edit sale in March-April for Watches Online also had 558 participants from 37 countries, and became the biggest sale in the region (totalling $14.1 million), and establishing the city as a global hub for collectible watches.

“The top lot sold online in the first half of 2021 was Lot 1 of the Dubai sale: a Patek Philippe Sky Moon Tourbillon (Ref. 5002P-001; manufactured in 2004), for $1,590,000, setting two records — for the most expensive watch sold at an auction in West Asia and for any watch sold online at Christie’s,” says Nitin Nair, associate specialist, watches department, Christie’s.

“WE HAVE BEEN WORKING on our online-only sale platform and digital tools since 2011, and this helped us respond quickly to market changes,” says Nair. In the luxury group alone, Christie’s held 49 online sales in 2020, a 100% rise from 24 in 2019.

“As far as global sales go, in the first half of 2021 we registered participants from 79 countries with a total of 3,700 registrants overall (an increase of 28% against the first half of 2020), of which 1,300 were new registrants, 35% higher than a year ago,” he adds. The market is also opening up to a younger and more diverse profile. In the first half of the season, 39% of buyers at the watch sales were new to Christie’s, of which 40% were under 40.