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Overall market growth
The May 2024 Geneva auctions exhibited strong market performance, achieving total sales of $122.7 million, a 4.24% increase from the previous year. The auction sold 1,056 lots, reflecting a 6% increase in volume, and the unsold rate improved to 10.51%, down by 2.98%.
Stainless steel continues its dominance as a preferred case material, although we have noticed a particular rise in titanium and two-tone yellow gold and stainless steel watches. When it comes to dials, collectors are looking for either classical or particular options with a strong increase for blue, green and pink dials and particular interest in enamel and skeletonized dials. Analysing the trends for case sizes and bracelet materials, we can clearly highlight a preference for smaller watches (35-40mm) and a return to leather and rubber bracelets, indicating a clear decline in popularity of integrated bracelets, with yellow gold and rose gold holding value better than other materials.
Performance by category
The performance of vintage, modern, neo-vintage and independent brands in 2024 highlighted distinct market trends. Vintage watches achieved $41.7 million in total sales with a 15.12% unsold rate, showing a slight decline but still strong interest. Modern watches generated $34.7 million in sales with a 12.79% unsold rate, maintaining steady demand. Neo vintage watches contributed $19.7 million in sales with a 14.29% unsold rate, indicating stable collector interest. Independent brands, led by F.P. Journe, demonstrated robust growth, with significant sales increases reflecting their rising prominence.
Patek Philippe’s dominance
Patek Philippe led with $52 million in sales from 204 lots, showcasing its strong market presence and a 6.86% unsold rate. The top 5 models of 2024 were characterised by high sales and strong collector interest. The Rolex Daytona topped the list with 71 appearances, averaging $149,665.94 per sale and a 15% performance increase. The Patek Philippe Perpetual Calendar followed with 37 appearances and an average price of $347,600.86, showing a 16% performance increase. The Rolex Day-Date and Datejust also featured prominently, highlighting Rolex’s broad appeal. The Patek Philippe Nautilus completed the top 5, underlining its status as a highly sought-after model.
ABOUT EVERYWATCH
EveryWatch, a premier platform for watch market analytics, has released its detailed May 2024 Watch Auction Report: Geneva Edition. The report breaks down the performance of major auction houses, including Sotheby’s, Christie’s, Phillips and Antiquorum. EveryWatch has also launched an enterprise solution, EveryWatch Intelligence, that enables watch professionals to spot market trends and perform advanced business analyses through a wealth of usable data.
