The collectible watch market
CARTIER, YELLOW GOLD CRASH LONDON, C. 1990, SOLD FOR 819’000 CHF
How do you define a “watch” and what milestones have shaped its history?
Mathieu Ruffat:The Cambridge English Dictionary defines a watch as “a small portable device capable of working in any position, used to tell the time and provide other information”. “Clocks” have been around since the 13th century, but the first “watch” was invented in Nuremberg, Germany, by Peter Henlein in around 1510. Then in the late 16th century, the Earl of Leicester had the idea of attaching a timepiece to a bracelet and gifting it to Queen Elizabeth I: the wristwatch was born. The next milestone came in 1777, when a Swiss watchmaker named Abraham-Louis Perrelet devised an automatic watch that could self-wind using the natural motion of the wearer’s arm, an invention that was quickly adopted and refined by Abraham-Louis Breguet. Wristwatches remained largely a women’s accessory until the late 19th century, with men preferring pocket — or “fob” — watches. It was only in the early 20th century that wristwatches became popular with men, having proved their utility to soldiers in the Second Boer War. The appearance of battery-powered quartz watches in the 1970s revolutionised the industry, but they attract little interest from collectors today, aside from a few rare exceptions.
What makes a watch collectible and how do you determine its value?
M.R.: What counts as a collectible watch depends on the collector and their individual interests, but generally speaking, timepieces — as opposed to the ordinary watch — have a number of distinguishing features. These include the movement type (mechanical, automatic or battery-quartz), precision (which must be measurable), number of complications1, brand, provenance and history, rarity (number made or still in circulation), condition, and of course, alignment with current tastes.
Speaking of current tastes, what brands are most popular today?
M.R.: Traditionally we distinguish between industry heavyweights like Patek Philippe, Rolex and Audemars Piguet and the rising tide of independent watchmakers producing extremely limited editions. These include companies like F.P. Journe, Philippe Dufour, George Daniels, Rexhep Rexhepi, Richard Mille and Kari Voutilainen. Many are relatively young brands that have quickly established a strong presence on the secondary market. At the last Christie’s Rare Watches auction in Geneva for example, Patek Philippe accounted for 31% of the 164 lots up for sale, Rolex 29%, Audemars Piguet 12% and independent brands 14%. We’re also seeing strong interest in asymmetrical models like the Cartier Crash, Cartier Tank Asymétrique and Gilbert Albert designs for Patek Philippe.
1 A complication is any function on a watch that goes beyond telling the time.
BREGUET, A POSSIBLY UNIQUE WHITE PERPETUAL CALENDAR RETROGRADE DATENO. 3218, FROM PAUL IRIBE, LOVER OF COCO CHANEL, C. 1935, SOLD FOR 1’920’500 CHF
PHILIPPE DUFOUR, YELLOW GOLD GRANDE AND PETITE SONNERIE MINUTE REPEATER, NO., C. 1992, SOLD FOR 5’127’000 CHF
AUDEMARS PIGUET, MICHAEL SCHUMACHER’S UNIQUE WHITE GOLD ROYAL OAK CELEBRATING SIX FORMULA 1 WORLD CHAMPIONSHIPS, REF. 25960BC, C. 2003, SOLD FOR 415’800 C
What are the key market trends?
M.R.: Watch sales have grown considerably at Christie’s over the past five years, rising from US$150 million to US$250 million between 2019 and 2023 — a clear indication of the market’s vitality. Following strong post-pandemic growth, the market stabilised in 2023 before showing renewed vigour in the first half of 2024.
Can you describe the typical watch collector?
M.R.: The typical watch collector can be found on every continent and in relatively equal amounts, with 36% of buyers located in Asia and the rest either in Europe, the Middle East and Africa (33%) or the Americas (30%). Watch collecting is a predominantly male domain, with men representing 90% of our buyers. The average age is 49, but younger collectors are on the rise: Gen Z (people born between 1997 and 2010) already accounts for 35% of buyers. Budgets vary widely, with entry-level timepieces starting at CHF 5,000 online. This makes it a relatively accessible market, although watches can sell for several million (Christie’s holds the record for the most expensive watch ever sold: a Patek Philippe Grandmaster Chime that sold for CHF 31 million in 2019).
What advice would you give to first-time buyers?
M.R.: The first essential step is to protect yourself from counterfeits. The risk is particularly high if you use certain online platforms that provide insufficient visibility in terms of traceability and/or opportunities for pre-sale inspection. These measures are essential for checking that all parts are original. At Christie’s, we’re responsible for ensuring these checks are carried out, offering buyers peace of mind about authenticity.
Once the purchase is complete, buyers can track a watch’s value over time based on the liquidity of the underlying market, for example using auction results. This is true both of modern watches (made since 2000) and vintage timepieces (produced up to the 1990s). It’s vital that collectors enjoy wearing their watches when the occasion arises. So the most important thing is to buy what you like.
Mathieu Ruffat
Specialist, EMEA & Americas, Watches Department at Christie's
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