The vintage watch market saw extraordinary growth over the past decade, with more and more collectors becoming drawn into the field. It’s easy to understand why, as this period has also seen many historically important watches appearing on the market, generating increased momentum and hype, and leading to higher prices across the board – most notably for pieces by Rolex and Patek Philippe.
To illustrate this growth, in 2010 the record price for a wristwatch was set by a Patek Philippe Gold Chronograph Ref 1527, which made $5.7m, a price which has since been beaten no fewer than seven times. In 2017, Paul Newman’s Rolex Daytona made headlines selling for $17.75m, and in 2019, a unique Patek Philippe Grandmaster Chime made $31.2m – a truly staggering price.
The market today remains strong and collectors continue to be particularly attracted to watches offering rarity, complexity and good provenance. For example, in last year’s main auctions, three new world records were set for vintage Rolex watches, all at Antiquorum: a 1955 Oyster Chronograph 6034 in rose gold (a rare material for this model), which was last sold in 2014 for $68,200, made $660,400; a 1979 COMEX Submariner 1680 which was last sold in 2014 for CHF$191,000 made CHF$524,000; and a 1969 Mark II Red Submariner 1680 with a tropical dial made CHF$191,000.
We do not just need to look at vintage watches to see incredible prices. Recently we have seen the Patek Nautilus 5711 blue dial make a huge return for owners who only had to hold onto it for a couple of years, buying it new (if you were on the waiting list) for about £23,000 and selling it for a market value around £60,000. Ten years ago, this watch was relatively easy to find in retail stores, but it quickly became one of the hardest watches to source in the second-hand market, and one of the most desired, with huge hype around the model.
It has a timeless design that has not needed to change significantly since it was introduced in the early 1970s, and it will not look out of date for the foreseeable future. In 2020 we saw a slight price adjustment, but in January this year, after a month of internet speculation, Patek Philippe HQ confirmed that the model was now discontinued (much to the chagrin of people already on the 10-year wait list), so we would expect the value of this already collectible and sought-after watch to reach new heights. And in such a fast-moving market for both vintage and modern collectible watches, it is as important as ever to ensure that you have regular valuations and that your insurance is up to date.
Finding the right protection for your watch
Whichever watch you choose to invest in, be sure to get a valuation certificate – this is evidence to support an insurance claim. It is also important to include the value of your investment under your home contents policy, as in the event of a claim you don’t want to realise you are underinsured.
To find out how to avoid the underinsurance trap – read more here.
If you would like to discuss your collection, call our team of specialists at Aston Lark on (+44) 020 8256 4901.
