Underground Auction Of Rare Watches Earns $1.3 Million—Nearly Double High Estimate

Sotheby’s auction of 24 unconventional high design timepieces, held in a wine cave in Geneva, was sold out within an hour, the auction house said. The sale titled “Rough Diamonds” achieved approximately $1.3 million, nearly double its high estimate.

The top lot of the sale on Thursday was a unique Patek Philippe set, reference 3290, designed in 1962 by Gilbert Albert and featuring a bracelet watch, a ring and a necklace. Each piece was created in yellow gold, decorated with enamel and set with pearls. The lot sold for 393,700 Swiss francs ($435,727), shattering its high estimate of 50,000 Swiss francs. The auction house said it took more than six minutes to settle the bidding war between eight phone bidders.

Two other lots also saw outstanding results. They were:

• A likely unique white gold bracelet watch with day and date, Cobra “Royal Khanjar,” by Audemars Piguet, dated 1985, achieved 165,100 Swiss francs ($182,724), well above its high estimate of 100,000 Swiss francs.
• A unique car-shaped white gold, diamond and emerald-set quartz wristwatch, designed by Jacqueline Dimier for Audemars Piguet, circa 1995. It fetched 107,950 Swiss francs ($119,474), besting its high estimate of 80,000 Swiss francs.

The auction was created in collaboration with the creative watch collective, heist-out, founded by Maxime Couturier and Lorenzo Maillard. The timepieces are billed as atypical and gender free by today’s standards. The idea was to showcase a selection of avant-garde and overlooked bejeweled and embellished vintage watches that the two parties believed have been overlooked by collectors. Judging from the response, it appears they were correct.

“Rough Diamonds was born from the desire to bring to market a concept watch sale that truly resonated with collectors,” said Josh Pullan, global head of Sotheby’s Luxury Division. “The results of tonight’s sale, with all 24 lots selling to such a diverse and enthusiastic group of buyers has validated that vision which we shared with heist-out.”

The three-day exhibition and sale were held underground at La Corne à Vin, a cave-like wine bar in the center of the city. In addition to Patek Philippe and Audemars Piguet, the sale featured high-design timepieces by Jaeger-LeCoultre, Chopard, Piaget and Vacheron Constantin. Several of the watches were created by important designers, including Charles de Temple, the aforementioned Gilbert Albert, Jacqueline Dimier and Daryoush Shafa. At the opening night of the preview, held Monday, there was talk of officials from watch brands whose pieces were in the sale attending the auction. They were in the city for the Watches and Wonders watch fair. All buyers requested anonymity, which is typical at auctions. The auction house said most of the watches were bought by private individuals.

More than 200 persons, mainly from Europe (with higher numbers in Switzerland, France and the UK), the Middle East and Asia, registered to bid on the 24 lots, placing nearly 350 bids on the timepieces, the auction house said. The 24 watches were sold to 23 different bidders.

All lots were curated to respond to specific criteria. They had to be at least 30 years old, with some dating from the early 1950s. All were to have two or more of the following attributes: technical innovation, exceptional design, rare materials, historical significance, notable ownership or provenance, exquisite craftsmanship and rarity, the two parties said. In addition, all watches needed to look and feel gender-free through a 2024 societal lens.

“Anyone should feel entitled to wear any of the twenty-four watches from the selection,” Sotheby’s said in a statement. “This meticulous selection process ensures that each timepiece in this Rough Diamonds sale possesses not only intrinsic value but also a rich story and heritage that adds to its overall appeal.”

There was a lively scene during the opening night of the exhibition with discussions around the watches on display. Throughout the blue-lit cave, timepieces were presented in cases in the main rooms and in some of crevasses within the subterranean space. A long tunnel led to a display case revealing the Patek Philippe watch and jewelry set. In addition to wine, Scottish whisky brand Glenturret provided samples of its products.

“As we ventured into this project alongside Sotheby’s, it became clear from the outset that our aim was to inject dynamism and create an immersive auction experience. From conceptualization to the selection of watches and the design of the scenography, both parties recognized the potential in disrupting the status quo with a fresh format,” the heist-out co-founders said in a statement. “In an industry where each new release often melds into the next, it is invigorating to pay homage to the trailblazers of yesteryear and affirm that audacity has always been pivotal in shaping watch design.”