Matt's Watch Review For 2010

January 6, 2011

Modern and vintage watches performed very well in 2010. There has been a shortage in product and an increase in demand which has caused a little bit of frenzy lately. On the modern side, all the high end luxury brands have performed well including Patek Philippe, Rolex, Vacheron Constantin, Cartier, IWC, Audemars Piguet, Jaeger-LeCoultre and A. Lange & Söhne. Since my last report in May I attended about six to seven watch shows, four auctions, and both new and pre-owned modern watches sold at a rapid pace. It seems like the Chinese market is absorbing most of these watches. There have been several shows in Hong Kong this year, and I heard that sales were brisk over there. The United States and Europe have also contributed to this strong market.

On the vintage side Rolex sports model continue to be in demand especially for high quality pieces that are in excellent condition. Again, there is a shortage of these types of pieces and new collectors continue to come on board snatching them up. In the fall a world record was broken at Sotheby's Genèva for a tropical Rolex Oyster Paul Newman which fetched over $400,000. Vintage complicated Patek Philippe also remains strong. A Patek Philippe world time wristwatch from the 1950s with a blue cloisonné dial brought over $2,000,000 in Christies Genèva. Pocket watches have also performed well at the auctions especially minute repeaters and enamels which the majority has sold for well above reserve prices.

Overall, all sectors of the watch market performed well in 2010, and I expect 2011 to be even better. I just came back from a watch show in Las Vegas which was on January 3, 2011, and the same trends continue at this venue.