FROM THE AUCTIONS. The auctions and the stops during the period of the fight against the Covid-19

In recent months, the countries are facing a serious crisis due to the Covid-19 virus, which is experiencing a high number of infections and unfortunately also victims. On 11st March, the World Health Organization reported that the spread of coronavirus is to all the effects a pandemic and has emphasized the need for every nation to take appropriate action.
After the case of the two Chinese tourists in Rome on 31st January, in February in Italy was identified an epidemiological outbreak in the northern regions, opening to the succession of decrees and restrictions to safeguard citizens, with the consequent stop of many activities. Events that are started to spread all over the world.

Credits commons.wikimedia.org, Baseworld

The 2020 has started with announcements from many companies and manufacturers that, in contrast of the spread of the danger of the virus Covid-19, have decided to not participate at the international events. One of the first to communicate this decision was Bulgari, followed by other brands until the final decision to suspend the various salons such Basel, Zurich and the Palexpo in Geneva. A right and understandable choice that reminds what happened in 2003 with SARS outbreak.
While already in February many fairs have announced the postponement nor the cancellation (in Italy the postponement in October of the “Mercante in Fiera” was communicated only around the beginning of March), auction houses around the world have tried to hold on confirming their respective auctions. However, the spread of infections has led to the inexorable decision to suspend everything.
In this context, many auction houses have continued through the online platforms such Christie’s (with 78% of sales) and Sotheby’s (94% sold), whose March 10-11 telematics auctions were held in the United States before the current restrictions decided by President Trump. Antiquorum on the contrary has firmly maintained the date of 21st March for its Geneva auction which for obvious reasons took place without public in the room. This has offered an assessment parameter on the current situation: the final result was CHF 3,281,374 (including commissions) for a 67% of sold (the November 2019 auction had an 80% sales with 822 lots against the current 295). In the after auction newsletter Antiquorum reports that the bids have come from twenty-four different countries and that many watches, including Jaeger-LeCoultre and IWC, have aroused particular interest, exceeding the catalogue estimates.

Images courtesy of Antiquorum: lot 295 Rolex ref. 6241 “PAUL NEWMAN” (sold at CHF 181,250) and lot 293 Patek Philippe 5131/1 cloisonné (sold at CHF 150,000)

The top lots of the Antiquorum auction are visible on this page and definitely move away from the results we are used to. However, it should be pointed out that the auction, for reasons to be established, didn’t have in the catalogue a large number of watches with estimates of more than 100.000 EUR and that nevertheless the results have to be considered more than positive given the time and apprehension surrounding the advance of the coronavirus. The best result were obtained by Rolex Cosmograph Daytona ref. 6241 with Paul Newman dial, sold for CHF 181,250 and the Patek Philippe ref. 5131/1 Hours of the World, cloisonné dial and matching gold bracelet (the only known one), sold for CHF 150,000.
If the Rolex 6241 has reached its price, the Patek Philippe 5131, strong of its unicum, had a rise of about 15% above the market average. Even the rest of the lots sold, although on my opinion many estimates were excessive – and therefore unsold – have had a succession of increases confirming the interest of collectors and traders is not lacking. Results in hand the watches of the crowned house, which by some years dictate the market, have shown that haven’t suffered and represent more than 20% of the watches sold. Examples are the results of the classic Cosmograph Daytona ref. 16520 with “6” straight (box and warranty) sold for CHF 27,500 (lots 155, 156 and 226), a GMT-Master ref. 1675 with a “gilt” dial (box and guarantee) auctioned for CHF 40,000 and a Sea-Dweller ref. 16660 COMEX (box, warranty and additional accessories) that reached CHF 95,000. To get out of the Rolex world, are to note the result of a beautiful example of Reverso ref. 201 leCoultre with a particular chocolate dial estimated CHF 6,000-10,000 and sold for CHF 16,250, the two Audemars Piguet Royal Oak “Jumbo” ref. 15002 in gold CHF 81,250 (currently a record) and steel at CHF 60,000. Vintage and military watches have also attracted attention with the CHF 25,000 of the 1937 IWC Mark IX.

Images courtesy of Antiquorum: lot 162 Rolex GMT-Master ref. 1675 (sold at CHF 40,000), lot 193 LeCoultre Revero ref. 201 (sold at CHF 16,250), lot 199 IWC Mark IX (sold at CHF 25,000) and lot 281 Audemars Piguet Royal Oak ref. 15002 (sold at CHF 81,250)

On the English territory Watches of Knightsbridge hasn’t changed its auction day of the 28th March with the participation that will be held online and no longer in room. Bonhams is opening bids for its online auction, which is expected to close on 9th April, while in the US Heritage Auction is regularly scheduled for the 26th March.

In Italy, the online auction of Wannenes (131 lots) was held on 18th March, while the online auction of Cambi (dedicated to a collection of pocket watches, 76 lots) will end on 9th April.
The Bolaffi auction was one of those that, after Antiquorum and Watches of Knightsbridge, should have started the period of watch auctions, however, after a postponement from 30th March to 28th April, the choice was to present a smaller auction with specific and commercial lots, postponing the other pieces for a future physical sale. The Bolaffi auction was held online on 25th March for a total of 62 lots, with a sale rate of 90% and a realisation of EUR 234,000.