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he watch auction market has grown dramatically in the past 35 years. Back in 1989, only about 400 watches were auctioned each year. Today, that number has soared to over 50,000. In terms of sales, the increase is just as impressive: from $10 million in 1989 to nearly $1 billion in 2023, with expectations that we’ll surpass this in 2024.
Interestingly, despite this huge growth, the average price of watches at auction has actually decreased – from $25,000 in 1989 to around $19,500 today. In the early days, auction catalogues featured only the best pieces, handpicked from the top auction houses. Now, with so many watches up for sale, there’s a wider mix of high-end and everyday pieces. Traditional auctions in May and November, held in Geneva, Hong Kong, and New York, still set key trends for the market. But with weekly online auctions, we’re seeing more frequent sales and up-to-date price information year-round.
This faster pace benefits collectors and sellers alike. There’s no need to wait six months for the next big auction to gauge the market – prices for rare or new models are updated almost weekly. Among the big brands, Patek Philippe continues to lead the pack, with the highest auction sale in 26 of the last 36 years. Rolex, Vacheron Constantin, and Breguet have each held this title briefly, but Patek’s dominance is unmatched.
In terms of auction houses, Antiquorum was a pioneer in building the watch collecting scene as we know it. Christie’s and Sotheby’s joined the field in the 2000s, but the game changed when Phillips in Association with Bacs & Russo entered in 2014, quickly setting records. Phillips holds the single largest watch sale record – over $74 million in 2021 – while Christie’s achieved the highest annual total of $236 million in 2023. Sotheby’s recently introduced a flat premium, drawing collections from high-profile names, and they showcased some remarkable Patek Philippe models in Geneva this November.
Interest in independent watchmakers has surged as well. Only 16 pieces from independents were auctioned in 2005, compared to 641 in 2023. Prices have climbed, too, with the average now at $199,000, and a George Daniels piece hitting $5.7 million this year. These early works from independents are likely to become even more sought-after in the future.
