Sotheby’s 2019 international watch auctions have achieved a total of US$59 million since the beginning of the year, making it one of the most successful seasons in the history of Sotheby’s watch department. Record prices, highly curated live auctions, the growth of innovative online sales and the continued influx of new participants are believed to be the key attributes of the results.
According to Sotheby’s, there were over 1,400 lots of watches and clocks for this season, with almost 40 percent achieved prices over the high estimate. Twelve timepieces were sold over US$500,000 and 108 pieces were sold over US$100,000.
Half of the buyers and the participants had never taken part in watch auctions at Sotheby’s before, said the auction house. This season witnessed a continued growth of online sales. When compared to the same period in 2018, online-only sales for this season were up 85 percent. Over half of the lots were sold online.
Sam Hines, global head of Sotheby’s watches, said: “We are delighted to be market leaders at a time when the global watches market is thriving. Our talented international team has been relentless in their pursuit of exceptional property for our auctions, and we are deeply appreciative of the support and trust of our buyers and sellers which has now made Sotheby's the number one auction house for watches so far this year. We look forward to an equally exciting second half to the year, along with many more opportunities to share our passion with collectors and continue to present them with world-class timepieces."
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