Three vintage grails set records at Sotheby’s New York watch auction on Tuesday, proving that the timepieces of yore still have plenty of pull and the watch market is indeed alive and well.
More than 1,300 collectors from around the world participated in the Important Watches: Take a Minute sale, with bidders snapping up 98 percent of the lots on offer and pushing the auction total to $20.4 million.
The star of the sale was a Patek Philippe perpetual calendar chronograph. Manufactured in 1957, the ultra-rare Reference 2499 Second Series is believed to be the only one in existence. The watch is one of nine 2499 Second Series models to be cased in pink gold, but the only one to feature a retailer’s signature on the dial. The name of historic Italian store Gobbi Milano occupies pride of place below the moon phase complication. The horological holy grail was picked up by an Asian collector for $4.3 million, making it the most expensive wristwatch sold at auction this year, according to Sotheby’s.
Courtesy: Sotheby’s
Another standout at the auction was a Patek Philippe Reference 2524/1. Produced in 1954 and retailed by Gübelin, the timepiece was part of the last lot of minute repeaters Patek released before temporarily discontinuing the design in the 1960s. Last seen at auction 35 years ago, the coveted piece is one of only two known 2524s in pink gold and the only pink-gold example to showcase a double signature. While the watch didn’t reach its high estimate of $2.5 million, it did spark a bidding war among four collectors before hammering down for $1.6 million and establishing a new auction record for the reference. The sale actually included six minute repeaters, which collectively realised an impressive $4 million.
Courtesy: Sotheby’s
The Crown was well represented at the sale, too. Leading the charge was an extraordinarily rare Rolex Daytona “Paul Newman” Reference 6241 with a “tropical” dial. Produced between 1965 and 1969, the Reference 6241 remains one of the most sought-after Daytonas in the Rolex catalog. This particular 1960s rarity eclipsed the high pre-sale estimate of $800,000, selling to an online collector for $914,400 and setting a new auction record for the model.
“The sale of these trophy watches marks a clear resurgence in vintage collecting—grounded in scholarship and emerging after a period dominated by modern pieces,” Geoff Hess, global head of Sotheby’s Watches, said in a statement. “As we celebrate today’s results, one thing is undeniable: passion—not speculation—is driving the market. True connoisseurs are leading the way, while speculators remain on the sidelines.”
