Opinion: Christie’s Important Watches Auction Recap

Just this past Wednesday, Christie’s held one of their highly anticipated Important Watches auctions. This time around, about 360 watches were auctioned off, with a total value nearing $9 million. I spent an irresponsible amount of time listening and watching while at work, but it was totally worth it. Non-watch folk probably wouldn’t understand, but between the entertaining auctioneers, killer timepieces, and a handful of curious hammer prices, it was an overall awesome event.

Some of the lot results were curious enough to where I felt compelled to share some of my thoughts on them. Before I ramble, let’s get to the notable lots.

Lot 6: Omega Speedmaster ’57

Omega Speedmaster 57

Estimated Range: $2,000 – $3,000

Realized Price: $3,750

This is a fairly new release for Omega, and the second hand market is just getting warmed up. With a retail of about $7K, Speedy 57s are hanging around the $6K mark on the forums at the moment. So, what’s with the estimated range here? If this went for $2K, it’d be a crazy steal. Even at $3,750, there’s actually still a nice profit to be made if one were to flip it. Maybe the auction hadn’t warmed up yet, but this would have been a smart buy for another $1K.

Lot 71: Rolex Sea-Dweller ref 16660

Rolex Sea Dweller Triple 6 — Photo courtesy of HQ Milton (not the actual auction item; this one is a lot nicer)

Estimated Range: $4,000 – $6,000

Realized Price: $10,625

Over $10K! What? Who are these people? The Triple 6 Sea-Dweller has definitely been a hot item recently, but more so the examples featuring a matte dial and no white gold surrounds on the hour markers. This example came outfitted with a gloss dial with white gold surrounds originally, but, according to the item description, the dial had been redone. A redone dial is a major no-no in the vintage Rolex world. I have no clue how this broke five figures – which is the average price for a desirable matte dial Triple 6. It also comes without the bracelet, and with over-polished lugs. Not a good buy for whomever ended up with this piece.

Lot 80: Rolex Daytona ref 6239 Double Swiss Underline

Rolex Daytona Double Swiss Underline — Photo courtesy of HODINKEE

Estimated Range: $25,000 – $30,000

Realized Price: Reserve Not Met

For those thrown off by the “Double Swiss Underline”, this Daytona is a very specific and rare example. Ben Clymer has studied and written about it extensively. Basically, “SWISS” has been double printed at the bottom of the dial, and there’s a small underline below the word “COSMOGRAPH” on the upper half of the dial. Long story short, there aren’t a lot of these, and typically, their price tag reflects that fact. Less than a year ago, at another Christie’s Important Watches auctions, a cleaner example was sold for a hair under $900,000. So what happened here? Well, one can only speculate, but it’s possible Clymer’s article released right before that auction got some people all juiced up. Granted, it was a nicer example than this one, but so much so that it warranted an $850K dollar premium? Seeing this one fall short of its reserve was like watching your favorite power hitter strike out in the home run derby. Maybe it’s back to reality for certain vintage Daytonas.

Lot 88: Rolex Submariner ref 6538

Rolex Submariner ref 6538 — Photo courtesy of HQ Milton (not the actual auction item)

Estimated Range: $80,000 – $120,000

Realized Price: $173,000

This one was a pissing contest if I’ve ever seen one. The ref 6538 is known by other names like the “Bond Submariner” and the “Big Crown Submariner”, and it definitely pulls in quite the price tag wherever it goes. But, $173K is just silliness. Maybe it was the domed crystal playing tricks, but the dial looks weird in the picture, with minute marks showing up outside the chapter ring. Even if it was a great example, the hammer price was well above market value.

Lot 200: Omega Speedmaster Dark Side of the Moon

Omega Speedmaster Dark Side of the Moon

Estimated Range: $3,000 – $5,000

Realized Price: $16,250

This was the head-scratcher of the night. Folks, this is a watch currently being produced and sold for $12K at FULL RETAIL PRICE. I was anxiously awaiting this lot because of Christie’s estimate, and the fact that it couldn’t possibly go over retail price. When the auctioneer kicked off bidding at $10K, my jaw hit the floor. After the buyer’s premium, it’d be beyond retail price already. No one could be that dumb, right? Wrong. Bidders in the room could have literally walked down the street and paid less money for this watch. I don’t even know what else to say.

Lot 287: Rolex Explorer II ref 16550

Rolex Explorer II ref 16550 — Photo courtesy of HQ Milton (not the actual auction item)

Estimated Range: $10,000 – $15,000

Realized Price: $20,000

Cream dial Explorer II’s have a pretty strong cult following amongst collectors, and good examples typically hover closely to the $10K mark. I thought the estimated range was a little aggressive, but nothing out of this world. When the hammer fell, my dumbfounded reaction to the Speedy Dark Side rebounded. Why pay $20K for one cream dial 16550 when you can buy two for the same price? I actually want to speak to the person who bought this and find out what’s wrong with them. More money than sense!

What’s the moral of the story here? You can’t judge a watch market by an auction. As fun as the auction was, it left me confused as to what it really means for the market as a whole. I’m hoping it has no effect. However, I’m afraid that as the mechanical watch market grows – which it truly has been – less informed buyers will make foolhardy purchases and drive prices up across the board. It could be that some of the outlier auctions were purely bidding wars between rich collectors, but that will still likely have some influence over prices.

For the budding collectors out there: do your research, ask questions, and buy what you can afford.

by