These are interesting times in the traditional auction market, with softness seen in the autumn sales last year, so all eyes are on early events of 2023 to see whether prices will begin rising again as inflation in the wider economy and the threat of recession eases.
First out of the blocks is Bonhams, with its popular Knightsbridge auction, which generated top line sales of almost £1 million at an 87% sell-through rate (96% by value).
The days of watches smashing eye-watering pre-sale estimates may be waning, but there were still a number of stand out results, particularly for Rolex, Heuer, Patek Philippe and Audemars Piguet watches.
A rare and early Audemars Piguet Royal Oak Jumbo reference 5402SA from around 1975 in steel and gold, believed to be one of only around 2000 pieces produced, had an estimate of £20,000 to £30,000 and sold for £25,500.
An 18K gold Patek Philippe Aquanaut automatic calendar wristwatch, circa 1999, a water-resistant design featuring a sporty rubber strap, had a pre-sale estimate of £20,000-30,000 and sold for £35,580.
An early Heuer Autavia chronograph wristwatch, reference 2446, circa 1960, sold for £19,125; top end of its £10,000-15,000 estimate.
The Autavia is a celebrated part of TAG Heuer’s history, bringing together the company’s connection to a golden era of motor racing and aviation.
Initially used for dashboard timers for cars and aircraft, the Autavia later made its way onto wristwatches.
The reference 2446 watch sold by Bonhams is a stainless-steel piece housing a 17-jewel Valjoux manual wind movement. It has a black dial and polished baton hour markers, luminous minute markers and a white centre chronograph hand with screw down back.
A Rolex Submariner ‘Kermit’, reference 16610, circa 2005. The stainless-steel automatic calendar bracelet watch has a black dial with luminous filled dot hour markers and a brushed and polished tonneau form case with a green calibrated bezel insert. Offered with an estimate of £8,000-12,000, it went for £15,300.
An 18K gold Rolex Day-date automatic calendar bracelet watch, circa 1979. The timepiece has a black dial with gilt baton hour markers and a fitted 18K president link strap. Accompanied with a spare white dial with applied gilt Roman numerals. Offered with an estimate of £8,000-12,000, it hammered at 16,575.
A Patek Philippe Ellipse in 18K white gold, circa 1975. The timeless automatic calendar bracelet watch design features a sunburst blue dial with white gold baton hour markers and sigma dial. The Ellipse perfectly encapsulates the feeling and quality of Patek Philippe of the era with its fresh and innovative design on a conventional gold watch.
The timepiece was offered with an estimate of £8,000-12,000 and sold for £15,300.
Final scores on the doors for Bonhams Knightsbridge sale, February, 2023
