Highlights of the 2022 auction season
Daniel PintoAs every June, with the arrival of summer, the first half of the auction season begins to draw to a close. Geneva, New York, and Hong Kong celebrated the 50th anniversary of Gerald Genta's legendary Royal Oak with themed sales centered on this model.
With 2020 and 2021 truly breaking records and heating up a market that seemed on the verge of imploding, this 2022 season left several certainties and reassuring signs for the industry, which, amid the turbulence of Bitcoin and the stock market, seems to be becoming more attractive every day to investors seeking refuge—and beauty.
While it's impossible to judge the health of a market, or an industry, based solely on auction results, we're left with a positive feeling once the circus is over and the opinions of key industry figures are known. Overall, the signs are reassuring, with prices that, while no longer experiencing the explosive rise of previous years, have stabilized without losing ground. Major collectors have once again taken refuge in brands and pieces with pedigree, favoring those with interesting stories behind the product.
During New York week, two private collections made headlines: the Nevada Collector and the Kairos Collection . The former is a veritable parade of Patek's vintage bestsellers throughout its history. Among them, we highlight this one-of-a-kind 2499, with a pink dial and signed by the legendary retailer Gobbi Milano . One of the finest examples of a Patek perpetual calendar chronograph we've seen, it surpassed its estimate, closing at USD 7,700,000.
The sale of the "Nevadian" collection totaled USD 20,700,000, a resounding success and reaffirming Patek's position as the king of vintage. However, this total was dwarfed by the more than USD 21 million achieved by the "Kairos" collection, which, unlike the "Nevadian" , was composed entirely of modern Patek references, encompassing all of the top models in the catalog from the last 30 years. Seemingly unique pieces, such as the 5531R-012 World Time Minute Repeater, which reached USD 2,200,000, were followed by very limited editions, such as the 5950⁄1A-010 monopusher chronograph, a watch made in just 10 pieces, which doubled its estimate to reach USD 693,000.
The Royal Oak , which was celebrating its 50th anniversary , was well represented, with several themed auctions in its honor, led by Phillips, where very special pieces were sold, such as the black PVD version believed to have belonged to Karl Lagerfeld, former designer of the Chanel house. Another watch steeped in history was the Royal Oak A2, the second model produced, made in 1972 as a prototype for the official presentation at the Basel Motor Show. Undoubtedly the most important Royal Oak in existence, the A2 went for USD 1,100,000, making it for a few days the most expensive Royal Oak ever sold at auction, a record it lost a few days later when Gerald Genta's personal watch sold for USD 2,200,000, setting a new record.
While there were other auspicious results, such as the Perpetual Calendar with Minute Repeater in a black ceramic case that managed to pass the million dollar mark, it is clear that perhaps due to its relative youth, its higher production numbers, or its modern design, the Royal Oak is not yet on the same level as Patek's more special references, and is even sometimes overshadowed at auction by Rolex models, such as the Paul Newman Daytonas , which were produced in large numbers.
Speaking of the crown, it was a fairly quiet season, with some star lots that lived up to expectations, but with generally lower results than in previous years. It seems that prices for steel Paul Newman Daytonas have been on the decline, stabilizing around $200,000, which is quite a departure from 2020 and 2021, when it was common to see them break the $300,000 barrier.
A separate case is the more limited and military versions of the Submariner, which, despite becoming increasingly scarce, have maintained their value as supply dries up and we see them appear less frequently. A special mention should be made of "El Limoncito," a truly perfect yellow gold Paul Newman , which, with its yellowish patinated dial, earned itself that nickname and exceeded expectations, reaching USD 2,000,000.
This example appeared on the market for the first time, and its excellent condition, combined with its excellent condition, made it Rolex's big winner of the season, proving that exceptional pieces will continue to be appreciated even if the brand as a whole is in slight decline. Other gold Daytonas exceeded expectations, notably a beautiful 6269 with full pavé and factory sapphires, demonstrating that gold is back and will continue to be a trend for years to come.
It's not all about Rolex and Patek, although it sometimes seems that way, as brands like FP Journe and Cartier are also on the rise, and this year's results prove it. The Cartier Crash, which we've recently seen on the social media of artists like Kim K, Kanye West, and Tyler the Creator, continues to prove it's in fashion, with a 1990 model shattering its estimates and reaching USD 819,000. Proof that gold, and art deco, are back in full force.
Both Kari Votulainen and FP Journe demonstrated that independent watchmaking is experiencing a boom, joined by niche brands such as Urwerk and DeBethune, which saw record results for their models at auction. The Chronometre Souverain , which Journe himself gifted in 2010 to his mentor, the great George Daniels (who perfected the coaxial escapement and later sold it to Omega), fetched USD 1,400,000, proving that watches with interesting stories attract the interest of serious collectors. This same watch had sold in 2012 for USD 70,000, a fact that illustrates FP Journe's meteoric rise in popularity, further reflected in the fact that more than 50 pieces from the exclusive atelier were auctioned that year. It is rumored that representatives of the brand will be touring Latin America, including Chile, in July of this year to present their models to collectors and potential customers (or "subscribers," as they call them).
In the end, we're leaving with a sweet taste in our mouths after this season, knowing that the boom of previous years couldn't continue forever, but reassured by the prevailing stability and common sense. Great pieces continue to be valued, and as the vintage offering continues to shrink, auction houses are increasingly including modern pieces in their catalogs, seeking to tempt new collectors with limited editions or complicated pieces. As time goes by, what until recently was considered contemporary is now beginning to be considered vintage, and the entry of new fans into the market, driven by the power of social media, continues to drive the demand that keeps the industry going. Buyers went home with incredible pieces, and auction houses can't complain with over $100,000,000 in their pockets for their satisfied sellers. The passion is as alive as ever, and we look forward to reporting on the ground for you during the upcoming season.
