Old Is More Than Gold

With vintage Rolexes and Omegas reaching stratospheric prices at auction, experts tell us why it’s a good time to invest in pre-owned luxury timepieces

- Amrita Katara

Prices for vintage luxury timepieces have experienced a meteoric rise in recent years, fuelled by record-breaking auction results, leading to an explosion of the pre-owned watches market. A sector once considered niche has emerged as a multi-billion dollar industry worldwide, reflecting a burgeoning demand for such timepieces. Alexandre Bigler, head of watches for Asia-Pacific for Christie’s, says, “The vintage market is super exciting, and has been growing in Asia since 2010 … [Buying a watch is] not only about how much money you have; it’s about your knowledge, your expertise, your patience to wait, your hunt, looking around, going to preview around the world meeting collectors. So there’s a whole community out there.”

One of the biggest records for a pre-owned watch was set in 2021 at the Phillips Geneva Watch Auction, where a pristine Rolex Daytona Reference 6263 Paul Newman sold for US$17.8 million, making it the most expensive watch ever sold at auction. Another stunning record was set in 2022 at the Phillips London Watch Auction, where a Patek Philippe reference 1518 in stainless steel realised approximately US$7 million, setting a new benchmark for the brand. Such astronomical public sales help fuel the skyrocketing prices for vintage luxury timepieces.

Unfortunately, the desire for older pieces and the hype around skyrocketing values has spawned an increase in “Frankenwatches”— supposedly vintage watches that are cobbled together using a mix of original and aftermarket parts. A popular strategy is to take an inexpensive vintage case and dial and pair them with a modern, high-grade Swiss movement.