Hong Kong's Red Hot Watch Market Sizzles With $18 Million Auction

Christie's Breaks US$100 Million Barrier For Global Watch Sales Hot on the heels of this weekend's art and fine wine sales, the auction giant Christie's held its Important Watches Autumn Auction on November 30 in Hong Kong. One of the world's most intense luxury watch markets, both for retailers and auction houses, Hong Kong has seen an influx of mainland Chinese watch buyers in recent years. Motivated by the same factors that have made them among the world's most avid collectors of gold and jewelry, Chinese traditional and contemporary art and rare wines -- portability, "face" and inflation among them -- mainland Chinese watch buyers are a regular sight at auction in Hong Kong, pushing particularly rare or interesting lots far beyond high estimates. Buyers from mainland China, Hong Kong and further afield were obviously ready to buy today, with the auction realizing a grand total of HK$140.9 million (US$18.2 million), selling 90 percent by lot and 94 percent by value. Purchased by a private Asian bidder, the top lot, a rare Moulinié, Bautte & Cie. gold, enamel and pearlset flintlock pistol-form perfume sprinkler with concealed watch (made for the Chinese market around 1805) sold for HK$3.98 million (US$511,032). In all, six of the top ten lots broke the HK$3 million barrier, with the remaining four selling well above HK$2 million. Three anonymous buyers aside, Asian private collectors purchased five of the top ten lots, with one Southeast Asian and another European collector making up the remainder. Beyond simply being a solid auction, Christie's announced today that the HK$140.9 million sale closes the most successful year of watch auctions for any auction house operating in Asia. Buyers today were attracted both by the brands available and, according to the auction house, the four centuries worth of watches under the hammer. Collectors unsurprisingly homed in on leading watchmakers like Patek Philippe and Rolex, but also showed a strong preference for historical pieces made specifically for the China market centuries ago, such as the top lot from 1805. In all, the auction brought home a 94 percent sell-rate by value, with 67 percent of watches selling above their high estimates. Sam Hines, Christie's Head of Development for Asia, also noted today that the sale saw record attendance on the auction house's online bidding platform, LIVE TM. Aurel Bacs, International Head of Christie's Watches, also announced today that 2011 global watch sales for Christie's have officially broken the US$100 million barrier, making this year the most successful year of watch sales in the company's history. While traditional watch auction markets like New York continue to be key for auction houses like Christie's, clearly Hong Kong is becoming as important as a watch auction market as it is a wine auction market.

Hong Kong's Red Hot Watch Market Sizzles With $18 Million Auction

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Published November 30, 2011

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Hong Kong's Red Hot Watch Market Sizzles With $18 Million Auction