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Property for sale by Auction A person in a suit showcases a luxury watch with a large, domed crystal and intricate design, capturing the essence of sophistication. The focus is solely on the timepiece, symbolizing the excellence highlighted in the Luxury Watch Market Update for Q3 2024. Presented by World of Auctions

Luxury Watch Market Update Q3 2024: Auction Results & Market Analysis

Luxury Watch Market Update: Record Sales and Historic Finds Shape Q3 2024

Overview of the UK Luxury Watch Market

The UK luxury watch market has shown signs of stabilization after experiencing a downturn post-COVID. Watches of Switzerland Group Plc, a leading retailer, reported that the demand pressure for high-end timepieces is beginning to ease, although sales in the UK and Europe fell by 5% in fiscal 2024 due to economic challenges and geopolitical tensions 

Despite these challenges, the market  has seen a significant increase in the sales of pre-owned watches, particularly Rolex models, which have doubled compared to the previous year.  

However, Switzerland Group Plc has issued a profit warning due to a shortage of gold and other precious metal watches from Rolex, which has impacted their sales and profit forecasts. 
Property for sale by Auction A silver luxury watch with a green bezel and diamond-studded face displayed on a beige cushion. The watch shows the day and date, and includes a green tag nearby. Presented by World of Auctions
Property for sale by Auction A silver luxury watch with a green bezel and diamond-studded face displayed on a beige cushion. The watch shows the day and date, and includes a green tag nearby. Presented by World of Auctions

Global Market Trends

Globally, the luxury watch market is projected to reach $49.8 billion in 2024, with Western Europe leading the growth 

The demand for premium brands like Cartier, Rolex, and Patek Philippe remains strong, driven by their heritage and craftsmanship. The pre-owned watch market is also gaining traction, with a 39% increase in interest as consumers view these timepieces as alternative investment assets.  

This trend is further supported by the rise in online sales, which are expected to account for nearly 60% of the second hand market by 2026.  

Auction Highlights and Market Performance

Recent auctions have highlighted the continued interest in both vintage and modern luxury watches. For instance, a vintage Heuer ‘Skipperera’ sold for £15,360 at Bonhams, and a limited edition Bremont wristwatch fetched three times its pre-sale estimate 

In the global auction scene, Phillips achieved a total sale value of $23.3 million in June 2024, with notable sales including Sylvester Stallone’s Patek Philippe Grandmaster Chime for $5.4 million 

Notable Auction Sales in 2024

Record-Breaking Phillips Geneva Watch Auction

The Phillips Geneva Watch Auction in May 2024 set multiple records, with a rare Patek Philippe Reference 2499 perpetual calendar chronograph achieving CHF 3.9 million. A unique F.P. Journe Tourbillon Souverain also commanded attention, selling for CHF 2.1 million, demonstrating the continued strength of independent watchmakers in the auction market.

Christie’s Exceptional Watch Sale

Christie’s “Exceptional Watch Sale” in Hong Kong achieved a total of $31.8 million, with a unique Patek Philippe Reference 5208T-010 selling for $4.5 million, making it one of the highest-priced watches sold in Asia during 2024.

Historic Titanic Rolex Discovery Heads to Auction

The Deep-Sea Legacy

In a groundbreaking development, Sotheby’s has announced the auction of two historically significant Rolex watches worn during expeditions to the Titanic wreckage. These timepieces, worn by oceanographer Dr. Ralph Hollis during the 1996 and 2003 missions, represent a unique intersection of horological and maritime history.

Technical Specifications and Historical Significance

The first watch, a Rolex Sea-Dweller Reference 16600, accompanied Dr. Hollis during his 1996 descent to the Titanic wreckage. The second timepiece, a Rolex Submariner Reference 16610, was worn during the 2003 expedition. Both watches functioned flawlessly at extreme depths, showcasing Rolex’s engineering excellence.

Property for sale by Auction Exploded view of a wristwatch showing its components: a blue watch face with hour markers, a date window, glass cover, bezel, case, crown, and segmented bracelet. The parts are arranged in a vertical, separated layout. Presented by World of Auctions
Property for sale by Auction Exploded view of a wristwatch showing its components: a blue watch face with hour markers, a date window, glass cover, bezel, case, crown, and segmented bracelet. The parts are arranged in a vertical, separated layout. Presented by World of Auctions

 

Expected Auction Performance

Initial estimates at The Titanic Rolex discovery Auction –  place these historic timepieces in the $100,000 to $200,000 range each, though market experts suggest the unique provenance could drive prices significantly higher. The auction is scheduled for December 2024 at Sotheby’s New York.

Material and Design Preferences

Stainless steel remains a dominant material choice, but there is a growing interest in titanium and two-tone watches. Collectors are increasingly drawn to watches with unique dial colours such as blue, green, and pink, as well as enamel and skeletonized designs.  

There is also a noticeable shift towards smaller watch sizes and a preference for leather and rubber bracelets over integrated ones.

Investment and Market Dynamics

Luxury watches continue to be a lucrative investment, with some models appreciating by up to 20% annually. With the rarity and limited production of certain models significantly enhancing their value.  

Despite a challenging market environment, brands like Rolex and Patek Philippe maintain strong market positions, with models like the Rolex Daytona and Patek Philippe Perpetual Calendar showing impressive performance increases. 

Property for sale by Auction A gold wristwatch with a green dial, featuring three subdials and the Rolex logo. The watch has a tachymeter engraved on the bezel and is worn on a person's wrist with a gold metal bracelet. Presented by World of Auctions
Property for sale by Auction A gold wristwatch with a green dial, featuring three subdials and the Rolex logo. The watch has a tachymeter engraved on the bezel and is worn on a person’s wrist with a gold metal bracelet. Presented by World of Auctions

 

Conclusion

The luxury watch market, both in the UK and globally, is navigating through a period of stabilization and growth. While economic and geopolitical factors have posed challenges, the market’s resilience is evident in the robust performance of pre-owned watches and the continued demand for high-end brands. As the market evolves, collectors and investors are increasingly focusing on rarity, craftsmanship, and strategic acquisitions to maximize returns.