Sotheby’s Watch Auctions Have Record Year

Sotheby’s had a record year in 2012 for timepiece sales. The auction house recently reported reaching $85 million in total sales for last year. This is a whopping 43 percent increase from the total sales of luxury watches and clocks in 2011.

The record includes hitting $26.5 million in North America, showing year-over-year sales up 83 percent. However, this record remains slightly behind sales in other sections of the globe. Sales in Europe totaled $30.3 million for the year, as compared to Asia’s total of $23.3 million sales.

For North America, this included the selling of the Duc d’Orleans Breguet Sympathique for $6.8 million. The exquisite clock sold in New York during December. This sale set a new record for clocks sold at auction. Additionally, it is the second-highest price for the sale of any one time piece at any auction. This record sale is now second highest only to the selling of the Henry Graves Supercomplication that sold for $11 million back in 1999.

Another high-ticket item sold at auction during the year was the Henry Graves Jr Yellow Gold Patek Philippe. The Minute Repeating Wristwatch went for $3 million, providing a healthy boost in overall sales. It sold in New York during the summer of 2012.

Another booster for the stellar year occurred from some very profitable sales last June. In that month, Sotheby’s sold watches from the collection of the late Reginald H. Fullerton JR. Additionally, watches were sold from the private collection of Henry Graves, JR. who was Fullerton’s grandfather.

Worldwide head of watches Tim Bourne attributes the rise in sales to reconstruction of the department. He stated, “With the reconstruction of the department we have seen tremendous and unprecedented growth in the company’s watch and clock auction and private-sale business, with record-breaking results in Hong Kong, New York and London and clients participating from nearly 70 countries around the world.”

Rebecca M for Raymond Lee Jewelers, premiere fine jewelry and luxury watch boutique and buyer.