Reference guide for collecting vintage watches

In the 2007 Hong Kong Sotheby's spring auction, which included the 12008 Hong Kong Sotheby's fine watch auction, the total turnover reached 4757 million HKD, setting a new record for total turnover in Hong Kong Sotheby's watch auctions. Adding to the prestige of the auction was the Omega "Beijing Olympic - Eight Series", which sold for 962 million HKD. In addition, fine watches from Patek Philippe, Vacheron Constantin, Jacob & Co, Audemars Piguet, and Panerai also achieved excellent results.

Fine watches are of immense value.

The "Century Collection — Important Asian Family Watch Collection" auction, featuring 2 lots, was entirely sold out after enthusiastic bidding from buyers around the world, with a total turnover of over 3500 million, achieving a "white glove" auction. The 12 watches launched in the Sotheby's spring auction all came from an Asian family's collection spanning nearly a century. Among them, a Patek Philippe 5002P model "Sky Moon Tourbillon" platinum watch (year 2003) sold for 1175.15 million HKD, setting a world auction record for a modern watch. It is understood that this watch is considered the most complex Patek Philippe, with watchmakers meticulously setting 686 components into a limited-sized watch case, a truly ingenious masterpiece. This is also Patek Philippe's first double-dial watch, with the back displaying a precise celestial chart. Among the 186 Patek Philippe craftsmen worldwide, only one is proficient in this advanced skill. Since its production in 2001, it has been limited to two pieces per year worldwide, making it quite rare. The competing A. Lange & Söhne "Tourbillon Pour Le Merite" limited edition platinum watch also sold for a high price of 592.75 million HKD. The concurrently launched fine watch session also achieved a turnover of 3700 million and a sell-through rate of 80%. A Patek Philippe 5029J model limited edition 18k automatic minute repeater gold leather strap watch was well-received by buyers, achieving a result of 360.75 million HKD.

Vintage watches are of immense value internationally. Taking Patek Philippe as an example, a perpetual calendar watch from the 20s of the 50 century sold for only 80 USD in the early 1s, rose to 1987 USD in 5, jumped to 1988 USD in 8, and broke the 1989 USD mark in 10. As we have entered the 21 century today, Patek Philippe watches have once again refreshed the world auction record for vintage watches. When collecting watches, one should first consider the brand. The greater the brand, the higher the collection value. The world's top ten watches selected by consumers largely indicate the brand's market recognition. For watches of the same brand, the older the age and the fewer the quantity, the greater the appreciation potential.

Vintage watch collecting knows no borders.

Art knows no borders. As a high-level investment art piece, vintage watches occupy a favourable position due to their preciousness, decorative nature, functionality, brand status, and global appeal, making them a traditional category for showcasing wealth for 300 years. An exquisite vintage watch is a work of art; whether it is the unique design and manufacturing process or the complex installation of the movement, it can attract collectors from all over the world. The collection value of vintage watches is generally evaluated in five aspects: style, appearance, brand, age, and the condition of the movement. The complex functions of the watch are also one of the conditions for appreciation. For example: sun, moon, and star displays, moon phase functions, perpetual calendars, tachymeters, pulsometers, telemeters, etc.

Currently, some of the more famous brands include Patek Philippe, Vacheron Constantin, Audemars Piguet, Blancpain, IWC, Piaget, Cartier, Jaeger-LeCoultre, Rolex, and Girard-Perregaux. The high-quality movements and classic designs of these prestigious watches not only reflect the status of the buyer but also make them collectibles with historical value and significance. Every year, Swiss watch brands increase their prices by 5% to 10%. Driven by these price hikes from Swiss brands, the auction prices of prestigious watches have also been rising since 2006. At a Christie's auction in 2006, a Patek Philippe stainless steel chronograph, model 1463, sold for the high price of 91 hundred thousand Hong Kong dollars, while another Piaget ladies' 18K gold and diamond-set oval bracelet watch fetched 258 hundred thousand Hong Kong dollars. In 1933, an American banker commissioned a watch from Patek Philippe; this timepiece featured over 900 components and 24 functions, and could keep accurate time until the year 2100, making it arguably the most complex watch in the world. 66 years later, this watch, which took 8 years to craft, dominated the auction market at 1100.25 million US dollars, breaking the record of 1960 hundred thousand Hong Kong dollars set in 1998 by a gold perpetual calendar minute repeater pocket watch 18K.

Exquisite antique pocket watches are exceptionally rare and top-tier collectibles. Beyond their noble provenance as witnesses to history, their design and craftsmanship are truly remarkable. Once antique watches transitioned from being the most personal and practical of human possessions to objects of collection, significant capital entered the market. For over 20 years, the investment craze for antique watches has been surging, reaching its zenith. In 1988, Sotheby's in New York successfully held a dedicated antique watch auction featuring over 200 watches from the estate of American modern artist Andy Warhol. Among them were prestigious brands such as Patek Philippe, Vacheron Constantin, Rolex, and Omega, with final prices reaching two to three times their estimates. The most precious case material is platinum, followed by 18K gold, 14K gold, 9K gold, silver, gold-filled, silver-filled, and steel. Among gold alloys, red gold is the most prized. Furthermore, under equal conditions, shaped watches are more valuable than standard ones; for instance, rectangular cases are more expensive than round ones, elongated rectangular cases are more valuable than square ones, and triangular cases are more valuable than square ones.

Mechanical watches existed during the Qing Dynasty.

At the beginning of the 18th century, a large number of British-made mechanical timers were imported into China. The Chinese mechanical clock industry also emerged during the Kangxi reign of the Qing Dynasty. Influenced by these imported timepieces, mechanical clock manufacturing factories gradually appeared in places like Guangzhou. Initially, these were imitations, but techniques matured over time, leading to the successful production of numerous clocks that were both accurate and magnificently decorated. The combination of European technology and traditional Chinese craftsmanship brought Chinese clockmaking to its peak in the late 18th century, during the Qianlong period. Compared to large Western clocks, smaller Western watches are more suitable for collectors to handle. Ruyi watches and snuff bottle watches are undoubtedly two of the most unique categories. For example, the Qing Qianlong gilt-copper and enamel plum blossom pattern watch-inlaid ruyi was a gift for the Emperor, crafted by Liverpool artisans. It features carved and gilded surfaces with a rouge-red crackle-glaze enamel ground, showcasing exquisite and magnificent craftsmanship. Another focal point for the market is the Western copper-bodied painted enamel snuff bottle with an inlaid pearl and grape motif; it is covered in silver floral foil and translucent rouge-red glaze, with a clock inlaid in the lid, a white enamel dial, two hands, full Roman numerals, and a hinged cover bordered by a row of pearls, demonstrating delicate and refined workmanship. For investors looking to prospect for Qing Dynasty palace clocks, it is advisable to do some research first. The Palace Museum is the world's richest repository of mechanical clocks from the 18th to 19th centuries, housing over 1000 pieces. When you see a clock that catches your eye at an auction, it is worth visiting the Palace Museum to view similar collections for comparison.

Consult watch yearbooks before collecting antique watches.

The collectible value of a wristwatch depends on its artistry, history, and craftsmanship, which are, to some extent, objective values. International luxury brands possess deep cultural connotations and heritage, thus holding objectively recognised collectible value. Beyond artistry, technical complexity has also become an important standard for assessing the collectible value of a wristwatch.

The antique watch collecting craze only began in 1985. Before this, whether pocket watches or wristwatches, they were merely timekeeping instruments—valuable commodities in the market, just like any other mechanical product. However, by 1985, antique watches underwent a dramatic transformation; people were surprised to find that socialites in New York and Hollywood stars were wearing pre-World War II antique watches, setting a new fashion trend. Consequently, this wave of nostalgia spread from the United States to Geneva, Paris, London, Tokyo, and Hong Kong. Top international brand watches challenge various complex functions, and materials and craftsmanship are also crucial, such as pink gold, platinum, white gold, diamond setting, and enamel work. Whether a watch is limited edition or has a special serial number are also elements that determine the scarcity of an auction lot. For antique watches, special attention must be paid to condition; if there is damage or scratching, the collectible value will be significantly diminished. Brand, condition, and taste—none can be overlooked.

After a detailed study of the brands, designs, and evolution of various collectible watches and pocket watches, we discover that brands well-known in the domestic market like Rolex, Omega, Titoni, Enicar, Cyma, and Longines are not synonymous with modern fashion watches; they all have deep historical roots. The world's top ten antique watch brands—Patek Philippe, Vacheron Constantin, Audemars Piguet, Breguet, IWC, Piaget, Cartier, Jaeger-LeCoultre, Rolex, and Girard-Perregaux—are all authentic, historic names. The youngest among them is the widely known Rolex, founded in 1905, which corresponds to the 31th year of the Guangxu reign in the Qing Dynasty. The oldest, Vacheron Constantin, was founded in 1755, corresponding to the 20th year of the Qianlong reign in the Qing Dynasty. The world's number one watch brand, Patek Philippe, was founded in 1839. The original name is PATEK PHILIPPE, abbreviated as P&P. Before a unified translation existed, it was translated in various ways, such as Patek Philippe, Patek Philippe, Patek Philippe, Patek Philippe, Patek Philippe, etc. However, these famous manufacturers all develop fashion and dress watches based on their traditional designs. The most convenient aspect of collecting Western antique watches is that the 500-year history of antique mantel clocks, the 400-year history of pocket watches, and the 100-year history of widespread wristwatch usage all occurred and developed alongside the Industrial Revolution. Western-compiled resources such as "Watch Yearbooks," "Watchmaker Registers," and "Official Tax Records" provide complete documentation of the history and characteristics of major brands. These can also be easily and clearly accessed online.

Auctions are held twice a year in Beijing, Tianjin, Shanghai, and Guangzhou, where high-end antique watches occasionally appear. In 1998, a pair of Piaget diamond couple's watches were auctioned in Beijing, selling at the reserve price of 8 hundred thousand yuan, leading Hong Kong watch enthusiasts to exclaim it was a massive bargain. For those new to antique watch collecting, European prestigious watches from the late 30s to the late 50s offer great potential, while investing in domestic watches produced from the 20s to the 60s of the 50th century is also an economical and effective approach. The year, historical value, provenance, and the decorative nature of the timepiece itself determine its worth. There is still huge room for imagination in the domestic collection market for authentic, exquisite, and well-preserved antique watches.