A $17.3 million Patek Philippe minute repeater leads the viewing-only auction.

The atmosphere in the auction room at Geneva’s Palexpo Congress and Exhibition Center on Friday afternoon was markedly different from previous editions. There was the usual excitement among collectors as they eagerly awaited bidding on a host of rare pieces, but there was also a collective anxiety about how things would go as this 10.^Th The watch-only edition almost didn’t happen.

Originally scheduled for November 5th.^Th 2023, a group of online publications and fundraisers began asking uncomfortable questions on social media about how the €100 million already raised was being used for research into Duchenne muscular dystrophy. Audemars Piguet pulled out, followed by others, forcing organizers to postpone the auction until answers were presented in the form of a certified audit.

It was an uncertain, stressful time for all involved, dividing the watch industry into two camps: those who simply supported the watch and those who believed there was something nefarious at play. . We followed up with 15 brands that did not return to the auction for this edition, including Audemars Piguet.

Fortunately, in February this year, a clean bill of financial health was published with the announcement of changes to the charity’s governance structure (which you can read more about in our exclusive interview with Luc Pettavino) and approx. Everyone forgot their differences. Christie has set the date. Most brands restocked their watches. Patek Philippe, Konstantin Chaykin, and Lederer presented a brand new timepiece. And collectors around the world booked their flights. The show was back on.

While waiting for the auction to start, you could hear people talking about how this was probably going to be the last watch-only auction, but that thought was quickly forgotten as the proceedings began.

The auction began alphabetically and briskly, with Rahul Kadakia, head of jewelery at Christie’s, expertly engaging bidders in the living room, on the telephone and via live feed from Christie’s showroom in London. Organized by The first timepieces largely outsold their estimates and things really started to heat up at the letter F with FP Journe’s Chronomètre Furtif Bleu.

This unique piece includes a dial that only the owner can see because it is equipped with privacy technology, just like on a laptop computer. The timepiece also introduced a brand new hand-wound movement in 18-karat rose gold, a first for the watchmaker. The estimate was set at CHF 200,000 to 400,000, but no one noticed as the first bid came from a man in a pink jacket in the front row shouting “A million!” Bidding rose so quickly that it was hard to keep up until the hammer finally came down at CHF 2 million (about $2.2 million USD).

There was no break between lots, except for a dramatic pause when Kadakia reached the letter P and Patek Philippe’s ref. 6310A This one-of-a-kind complication, along with another minute repeater, was expected to cause some excitement. Unlike previous years, the bidding was slow and deliberate as the price rose slowly but surely, keeping everyone on the edge of their seats. It eventually sold for CHF 15.7 million (totaling about $17.3 million with auction fees)—a far cry from the watchmaker’s 2019 record of CHF 31 million, but certainly worth it. I am nothing. For perspective, one could probably pick up a very complicated Grandmaster Chime from Sylvester Stallone and fetch an estimate of $2.5 million to $5 million from Sotheby’s at an upcoming major watch auction.

Patek Philippe president Thierry Stern, a loyal supporter of the Only Watch, did everything he could to support the sale: “We invited our clients to the auction to give them the opportunity to bid on this unique piece. It’s just fantastic for the watch and our clients have all enjoyed the watches and the opportunity to help, so I can only be happy when it’s such a good cause. I am.”

The most heartbreaking sale was Rexhep Rexhepi’s Chronomètre Antimagnétique. A discreet and humble young watchmaker, he looked visibly surprised as his piece was wrangled by buyers from Switzerland, London, Dubai and Bahrain. Every time Kadakia tried to call him, someone would change their mind, and another flare of speech would break out. The final price was CHF 2.1 million (approximately $2.3 million USD). “I was a little surprised, frankly, but I’m really happy,” Rexhepi shared after the auction. “It’s always a big number and I don’t really understand, but the more I look at it, the more comfortable I feel about what I’m doing on my little bench, so I’m very I’m happy.”

London-based collector Michael Hickcox was also delighted to see the recipe doing so well. “Good to see Rexhep’s piece eclipse Journe for value,” he noted, “The student has now become the master and I’m very happy for him.”

Richard Mille’s RM S14 Talisman Origin didn’t disappoint either. This extraordinary pendant timekeeper raised the temperature in the room as bidders quickly exceeded the high estimate of CHF 800,000 and the final London buyer secured the object for CHF 2.38 million (approximately $2,625,000 USD).

Even if there was some wild bidding for the larger pieces, collectors were happy to be able to participate in the auction. “One of the best parts for me was actually placing a few bids, even if I didn’t win anything,” shared California collector Gary Getz. “In the last single watch I never took my hand off my knee, it was absolutely infectious. There was a great balance here today and the results were great.

David Beryon, a Canadian/Swiss collector, also noticed the calm: “It was very interesting how some pieces went higher than I thought, while others went a little lower. But I think between November and now, The excitement was a bit subdued, but it was still a great result.

The final total reached CHF 28,320,000 (over $31,000,000 USD), which was both happy and relieved for Only Watch founder Luc Pettavino. Addressing the room, she emotionally concluded the auction by saying, “Each of you are heroes to the children who suffer from Duchenne muscular dystrophy. Never forget that. You are their hope.”

So, let’s just raise a glass to Watch 2024, and let’s hope there’s more to come.