“In March 2020 I thought it was all over, that I would have to change jobs”: if to say it is Aurel Bacs, consultant with his wife Livia Rysso of the watchmaking section of Phillips, the one who in 2017 auctioned the world‘s highest-paid watch, the Rolex Daytona Paul Newman, which sold for $ 17.7 million, means that a year ago the auction world shook from the ground up. «I was wondering how we would have done without the physical part of our events, necessary to study, understand, touch an object. Yet, we have invested heavily in digital, always in the name of excellence, and that is exactly that 2020 we closed with a turnover that grew by 50% and customers tripled – he continues -. The pandemic has given our sector an incredible boost: not being able to spend on boats, houses or travel, many investments have turned to watches, an asset that could be enjoyed even indoors. And last month in Geneva we conducted the most important auction in the history of watchmaking, with a turnover of almost 35 million euros, ”he continues.
Phillips is about to open its new office in Manhattan, designed with a phygital approach, because the revolution has begun and must be embraced, while remaining firm on its principles: “As in every period of crisis, customers prefer to invest in solid brands such as Patek Philippe and Rolex. But there is also a lot of interest in watches from independent manufacturers, such as FP Journe, Philippe Dufor and Roger Smith. “
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2020 was a bumper year for too Sotheby’s: “A record year: the total of our auctions was 97.5 million dollars, they quadrupled in value, and private sales doubled compared to 2019 – explains Sam Hines, head of the watch department of the house. auctions -. This is because collectors have had more time to evaluate and also because digital has allowed us to intercept a wider and younger clientele ». In Manhattan, Sotheby’s also recently opened The Emporium, a shop where lots can be bought immediately: “Watches and jewelry are doing very well – he continues -, as in our Buy Now online platform, launched in September”.
Now the challenge is to understand if this digital frenzy will remain even after the end of the pandemic, when it will be possible to return to auctions with hundreds of people in the room: “Between October and December 2020 we broke three records for online auctions – explains Remi Guillemin, specialist of the watch department of Christie’s – and we have seen the value of lots offered online increase by 211%. Market globalization with more curated online auctions is the biggest trend of 2020. We have also learned to tailor them, and the success of online auctions is also having an impact on physical events. Certainly each market maintains its peculiarities: in Dubai, for example, they like larger, colorful and one-of-a-kind watches; Geneva is the market for pocket watches and the United States for more sophisticated vintage pieces. This is why we also try to guide our customers to sell in the right place ».
And 90 auctions are offered every week online only by Catawiki, a specialized platform present in 60 countries, which attract more and more young people looking for vintage pieces with “democratic” prices: 25% of users are Millennials, but those of Gen Z (18-24 years) have increased this year by 45 %. Speaking of digital avant-gardes, everyone agrees on one aspect: the NFT, the Non Fungible Token, will expand quickly even in watch auctions. Also thanks to this new population of young people, enthusiasts and curious collectors.