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This is How Covid-19 Has Changed Auctions and the Vintage Watch Market
News
This is How Covid-19 Has Changed Auctions and the Vintage Watch Market
Turning to Digital
No one will be surprised that the one answer all auction houses had was: Digital!
Phillips is also adding online sales to their portfolio of auctions according to Thomas Perazzi, Head of Watches for Phillips Asia: “While Phillips started online sales years ago with other departments, this year we have decided to have the first watch online sale here in Hong Kong but it won’t be only the first watch online sale, it will also be the first cross-department Phillips Hong Kong sale which means we will offer a selection of contemporary art, jewellery and watches all in one online sale.”
Just a few weeks ago, Bonhams in Hong Kong held ‘The Centennial Collection: Part II’ watch online-only sale; “We will also introduce ‘Luxury Online’ – a cross-category one-stop shopping experience covering watches, jewellery, wine and whisky. Each sale will be open for bidding from a week to 10 days, before a fresh selection of luxury lots is unveiled next,” says Tim Bourne, International Director of Watches, Bonhams Asia.
Christie’s is also seeing digital engagement as a top strategic priority for the 254-year-old auction house; “Christie’s is prioritizing online-only sales within our existing calendar to ensure continuous engagement with prospective global buyers and clients. We have since trebled our aggregate online-only sales to 27 sales (from 9) over April and May,” explains Alexandre Bigler, Vice President & Head of Watches, Christie’s Asia Pacific.
Vintage Watches Still Thrive
Last November in Hong Kong, Christie’s sold a unique Patek Philippe ref. 2523 with a blue enamel dial double-signed by Gobbi, Milan for HK$70,175,000 (US$9,013,623) — the most expensive wristwatch ever auctioned in Asia. Phillips achieved world auction records for any Patek Philippe ref. 5002 and Rolex “Pre-Daytona” ref. 6238 last November as well during their Hong Kong sale.
Online Auctions as the Future?
Can we then imagine a future where online auctions become the norm for auction houses? It would be heartbreaking to lose the theatrical performance of Aurel Bacs for instance; the room auctioneer is after all the one who has the power to convince someone to add that extra bid which could push a rare timepiece into world record contention. But having online auctions only would also cater to a small portion of collectors’ needs.
The problem that arises then for collectors is how confident a bidder would be getting the watch he imagines buying if he has never seen the watch in person. Bacs muses: “In my view, the more important aspect is, how do I get all the thousands of bidders to a degree of knowledge and understanding that they are, in total confidence, able to raise their paddle?” That’s when auction houses rely on their team of experts to reassure their clients and answer all the questions they might have.
“The live auction platform continues to have a strong foothold in our area of business. However, we are indeed beginning to see some structural changes in the industry, where digital influence on buying and consumption preference is undeniable,” Bigler notices at Christie’s. “The new scenario has enabled us to fully embrace the digital realm, making it a “new normal” within our business in current times.” With that said though, Bacs still thinks that we are far from having cyber previews or cyber auctions. Examining vintage watches is also very much a tactile experience; the sharpness of a lug, the sound of a movement being wound up, the smell of old oil when the caseback is removed, these are elements that can push someone to make another bid. These sensual experiences are far from being replaced.
His thoughts are echoed by Perazzi: “As we have noticed in the last year, the focus has been more on quality, how a watch has been preserved over the years or decades. Polished cases or re-lumed dials are no longer accepted by the market so the interest has dramatically dropped.”