The luxury watch auction takes place in Hong Kong on November 28—here's what to expect from Phillips Head of Watches in Asia, Thomas Perazzi
Phillips Auction Focus
The countdown is on for the next luxury watch auction in Hong Kong. And you don’t want to be (even a minute) late for this one.
International auction house Phillips, in Association with Bacs & Russo, will host the hotly anticipated Hong Kong Watch Auction: FIVE.
After selling off the Rolex “Paul Newman” Daytona for a world auction record price (a whopping US$17,752,500) in New York last month, Phillips is all set for its next watch auction in Hong Kong on November 28.
Curated with Asian tastes in mind, the auction features a fine selection of timepieces originating from the world’s best watchmakers, including independent contemporary innovators as well as historic firms with a long lineage.
Kicking off with a five-day watch auction preview opening tomorrow till November 27, we sat down beforehand with Thomas Perazzi, Head of Watches in Asia, to get his view on the luxury watch market right now. Thomas—a connoisseur of watches in his own right—even discloses his personal watch favourites from the auction itself.
Set your clock ladies and gents, all pieces will go under the hammer at the stunning Mandarin Oriental, Hong Kong on November 28.
Phillips and Bacs & Russo launched the first auction in Hong Kong in late 2015, and in less than two years, the house has achieved mega status among watch auctions in Asia season after season. What's the secret behind this rapid success?
Asia represents one of the most important geographies for the international watch market both now, and in the future. Throughout the year, we have an international team of specialists who search relentlessly around the world for a comprehensive selection of superb timepieces, hoping to appeal to various watch collectors across the markets.
When talking about vintage wristwatches, we look for timepieces that are in impeccable condition and with notable provenance, including independent and contemporary innovators that are fresh to the Asian market.
Phillips is known to offer some of the world’s rarest watches, achieving record-breaking prices at past auctions. The Rolex “Oyster Sotto”, for example, was sold in 2010 and then again in 2016, attracting more than four-times the sale amount six years earlier. How would you explain this jump in price?
In recent years, the collectors’ market has dramatically shifted to a higher level. That said, we have also noticed a new collector generation approaching the auction world with specific interests in iconic watches, which may explain the price differences. Some watches are simply deemed as priceless, like the “Oyster Sotto.”
That Rolex is extremely rare and boasts an attractive stainless steel chronograph wristwatch with ‘tropical’ Paul Newman dial, tachometer bezel, and an outer red 1/5 seconds division track and bracelet. In 2010, it sold for CHF 464,500 at auction, and in May 2016, we sold it for CHF 1,985,000.
