Auction Preview 拍卖前瞻 – Monaco April 2022

The spring auction season is coming…

While the past Christie’s “The Dubai Edit” online auction of last month has been a clear and good indicator of this year’s watch market forecast, in particular on the trend of vintage Patek and Rolex, and current market darlings, namely the hot modern references of Royal Oak, Nautilus and Rolex, the real deals will begin in late April. The big forerunner this year is Sotheby’s, with two Hong Kong auctions (The Nevadian Collector, and Important Watches I) back to back, on April 25 and 26 respectively. And right before that, is Monaco Legend Auctions’ Exclusive Timepieces, Sessions I, II and III, to be held on April 23 and 24.

If everything goes normally, no doubt the top lot of this auction should be the Rolex 6062 featured on the cover of the auction catalog.

However, what caught my attention the most, i.e. my favorite picks, are the following four lots.

Lot 73, Patek Philippe 5101P, with Certificate of Origin, Bulletin of COSC certified chronometer, and original purchase receipt

Estimate: € 100,000 –⁠ 200,000

On today’s market, Patek 5101 and 5100 are truly undervalued steals. In Christie’s “The Dubai Edit” online auction of last month, there was one 5101R without paper and box sold for USD 138,600 including buyer’s premium. Good deal for the buyer. Let’s see how this 5101P goes.

Lot 90, Girard Perregaux and Ferrari Minute Repeater Split Second Chronograph Tourbillon, yellow gold case number No.1, movement Cal. 9898, with paper and box

Estimate: € 60,000 –⁠ 120,000

I am a big fan of GP’s split second chronographs. Some of them are ultra rare such as Ref. 90170, and some are very well priced e.g. Ref. 90200 Ferrari S.F. Foudroyante. However, I never knew GP had made this one — such a super complex and beautiful watch, and once again this proves GP is indeed a treasure to be explored and discovered. The size of this watch is 40mm, basically the same as of Ref. 90170, and I can assure you it will look great on or out of most people’s wrist, not to mention the movement view is so breathtaking. If you have a taste similar to mine, of if you just like to own some ultra rare watch that nobody else is likely to have, or you simply love Ferrari and want a best Ferrari watch to go with your car, grab this at possibly very reasonable price near the upper estimate. That said, the running condition of the watch, including the sound of minute repeater, is to be checked.

Lot 96, Patek Philippe 5070G, with Extract from the Archives

Estimate: € 40,000 –⁠ 80,000

Not a very rare watch, and apparently not in best condition, and without Certificate of Origin and box, but that is exactly why it’s worth bidding. To me, 5070 and 5970 are among the best modern Patek watches in late 1990s and early 2000s. In the last couple of years, they were undervalued compared to the Nautilus and Aquanaut. They deserve much higher market prices that reflect their true values, and it’s nice to see that a somewhat change of wind has started. While I personally think 5070P is the ultimate 5070, a G, R, or J is also great, and ideally one could collect all four. There are a few special versions of 5070, but I feel the regular production versions are the best and most iconic. This particular 5070G, if you could get it around 60k euro (including premium, whatever you actually pay out of your pocket), would be a good buy in the current market. Yes it doesn’t come with original paper and box, but at least there is archive extract. And no worry about the oxidized hands — it’s a common issue with Patek, especially for the white gold hands. Hopefully this will turn off other potential bidders and into your favor. After you get this watch, it’s quite simple to have Patek replace the hands by identical new ones when you send the watch for service. The service cost is relatively small, and the new hands are as original as before replaced, with no impairment to the value of the watch (note we are not talking about vintage Patek here).

Lot 227, Rolex 6200

Estimate: € 350,000 –⁠ 700,000

What can I say? The King Sub is the ultimate Rolex for me personally. When I looked at 6200’s market prices for the last few decades, it’s always going up steadily. It never bubbled, never went down and will not go lower than current market price in future. This is a very rare watch, and it’s not often to see an instance in good condition showing up on the market. This particular lot looks great in pictures, though close examination in person is definitely needed. Interestingly, and quite excitingly, Phillips has another 6200 with extremely rare “Submariner Officially Certified Chronometer” text on the dial, in the upcoming Geneva Watch Auction: XV on May 7 & 8.

Assuming both examples are in honest condition, here in advance, Big congratulations to the new owners! In case each is their first acquisition of 6200, Welcome to the King Sub Club!

Photo Credit: Monaco Legend Auctions