In the first half of 2024, the cooling trend in the luxury watch market has extended to auctions, with Phillips maintaining a “white glove” record only at its New York auction, while Hong Kong and Geneva fell short. This aligns with the broader slowdown in high-end watches in mainland China and Hong Kong, reflected in a 3.3% decline in Swiss watch exports. Despite the downturn in watch auctions, the jewelry auction market remains robust, with Phillips and Sotheby’s reporting significant sales, particularly in Geneva and Hong Kong, driven by high-quality pieces and strong buyer interest, especially in rare and antique jewelry.