Perhaps the most surprising moment of the fall auction season in Geneva was when the hammer came down on an MoonSwatch at Christie’s for CHF69,300 including fees – exactly the same as a Rolex GMT-Master II “SARU” that sold later in the day.

But as is almost always the case with record prices at auction, there was a story behind the price and a method to the madness. The MoonSwatch was the unique “millionth” example conceived specifically for this auction, where all proceeds went to ELA, a French medical charity.

The ELA sale was spearheaded by Francois-Henri Pinault, the chief of Kering, the luxury conglomerate that owns Christie’s, and certainly one of the most influential people in the luxury goods business. Sitting in the room and opening the sale was Mr Pinault’s fellow trustee at ELA, Zinedine Zidane, the French footballer better known as Zizou who’s regarded as one of the all-time best players and coaches.

Christie’s auctioneer Rahul Kadakia with Zizou. Image – Christie’s

Bidding via phone, the winning bidder of the MoonSwatch – which sold for over 150 times the retail price – announced to the room via a Christie’s rep that his winning bid was for “ELA and Zizou”. It was clearly a statement that he or she would have paid up for whatever watch was on sale, regardless if it was plastic or precious metal. It was a good deed done that was no bearing on the MoonSwatch or watches in general.

To the moon

MoonSwatch aside, the season was positive in terms of sentiment. The atmosphere was clearly more positive than that during the spring auctions, echoing the feeling in financial markets and crypto after the American presidential election. Not only was attendance more substantial, it felt like buyers were more willing to bid – albeit selectively.

It’s clear that the go-go years of the pandemic are well behind us and the watch market in general is down compared to before, both in terms of prices and demand. As a result, the bold, brave, or blind can pick up bargains, as happened this season in Geneva. This is especially so for certain modern watches and vintage timepieces in poor shape. For example, a very worn Patek Philippe ref. 2499/100 sold for just CHF441,000 with fees at Christie’s, less than half what a pristine example would fetch.

But for truly special watches, the revived animal spirits in the financial markets clearly worked their magic. Such watches tended to outperform this season, by several orders of magnitude in some cases.

Selective bidding saw Rolex Daytona “Rainbow” 16599SAAEC sell for CHF5.51 million with fees at Phillips

At Christie’s, for instance, the MoonSwatch was hardly the true highlight. Instead that distinction went to the Breguet no. 3218, a tonneau-shaped watch from 1935 that’s possibly the first-ever wristwatch with a retrograde perpetual calendar. And it happens that the original owner of the watch was Coco Chanel’s lover who died at her villa just months after buying the watch.

Preserved well in honest condition, no. 3218 saw a bit of action in the room, mainly from European dealers, up to the half-million franc mark, whereupon the bidding was all done by phone. A trio of impressively determined bidders kept going until it sold for CHF1.92 million with fees. The winning bidder was represented by Jill Chen of Christie’s Hong Kong. Breguet itself, as it happens, wasn’t in the running for the watch.

Indies up and indies down

Also at Christie’s was another notable watch but for different reasons. A Roger W. Smith Series 2, Edition 3, white gold and no. 03 made in 2010, sold for just CHF252,000 with fees. That’s about a third of its pandemic peak and less than the current retail price, which got to where it is now after several ambitious price hikes in recent years.

The last time I covered a Roger W. Smith watch in detail was in 2019, after which I continued to respect the man and his work – and still hope to own one of his watches – but was increasingly sceptical of the brand’s pricing strategy. Being early is as good as being wrong, but now it appears that watch enthusiasts who are able and willing to buy one are starting to feel the same.

Over at Phillips, it was great contemporary independent watchmaking, but of an entirely different magnitude.

With an estimate of over CHF 2 million, the F.P. Journe Tourbillon a Remontoir d’Egalite “15/93” went on the block with an opening bid of CHF1 million. Before Aurel Bacs could take bids from any of the half dozen or so phone bidders and a handful in the room, Paul Boutros of Phillips’ Americas office shouted a CHF5 million bid.

All of the built-up enthusiasm and desire swiftly evaporated as the huge bid priced out most of the contenders. However, a gentleman collector (who owns an impressive collection of independent watchmaking) raised his hand several times, turning it into a two-horse race. The phone bidder – anonymous but known as an eminent F.P. Journe collector (and certainly not Mark Zuckerberg) – won the watch with a CHF6 million bid, which means he will pay CHF7.32 million with fees.

The price sets the record for the most expensive timepiece made by an independent watchmaker, one that will likely stand for some time. More significantly, it vaults François-Paul Journe, still alive and inventing and making, in the company of brands like Rolex and Patek Philippe.

Aurel Bacs bringing down the hammer at CHF6 million. Image – Phillips

The F.P. Journe tourbillon at Phillips sold on Friday, the first day of the auction season, giving a boost to the brand’s watches across the subsequent sales. Several F.P. Journe watches sold for big sums, mostly tourbillons unsurprisingly, but one stood out, both for its rarity and the fact that is emerged as one of the most valuable lots of the season.

The final lot in Antiquorum’s sale was the F.P. Journe F.P. Journe Tourbillon a Remontoir d’Egalite no. 24. Though not one of the first 20 Souscription examples, this is essentially identical save for the lack of a serial number on the dial. Moreover, it was the last watch sold by Mr Journe himself, prior to him appointing retailers around 2000.

Unsurprisingly given the record price at Phillips on Friday, there were numerous bidders on this watch, mostly on the phone or online. The winning bid, however, was a written bid, meaning that someone placed a bid prior to sale – a statement of confidence and resources if there ever was one. The written bid won the watch for CHF2.93 million with fees.

Also made by a independent watchmaker, but one long departed, was another highlight of the season. The Urban Jürgensen Oval pocket watch by Derek Pratt (and finished by Kari Voutilainen) sold for CHF3.69 million. Notably, the Oval was the third most expensive watch in the Phillips sale, after the F.P. Journe tourbillon and the Rolex Daytona “Rainbow” ref. 16599SAAEC.

An exquisite, hand-made watch that is far more significant than the sum of its parts, the Oval was the subject of a bidding war, but amongst far fewer people than most other top lots, reflecting both the niche appeal of pocket watches and its seven-figure value.

At the end, there were only two bidders, one represented by Tiffany To of Phillips’ Geneva office, and a collector from the East who was in the city but bid via phone with Alex Ghotbi of Phillips Geneva, who won the watch for his client.

The Oval proved that truly special watches, modern or vintage, achieved spectacular and well deserved results. Over at Sotheby’s, that was demonstrated not with a watch, but by an entire collection.

Treasures of Time was a single-owner sale of 31 watches all owned by a veteran European collector. The top four lots in the sale sold – all Patek Philippe – for an astonishing CHF10.3 million with fees, reflecting the rarity and condition of the watches.

The second-most expensive lot was a finely preserved first-series ref. 2499 in pink gold that sold for CHF3.12 million, which is more or less what would be expected.

More surprising was the third-series ref. 2499 with a black dial bearing Breguet numerals. Easily the most striking of the watches in the auction, this example is in excellent condition – but the dial is a later creation installed by Patek Philippe some two decades after the watch was made. The dial, however, is gorgeous.

While in most instances that would not bode well for the price, this ref. 2499 sold for CHF2.28 million, or about double pre-sale expectations, proving its visual appeal and condition trumped an exact match with the archive extract.

The most valuable lot in the gentleman’s collection, as it turned out, was the ref. 1563 split-seconds chronograph.

One of the rarest Patek Philippe models ever, the ref. 1563 is essentially a ref. 1463 “Tasti Tondi”, but with the addition of a split-seconds mechanism. The model is synonymous with Duke Ellington, as the jazz musician owned an example that today sits in the Patek Philippe Museum.

This example, however, is arguably more special than the Ellington watch. This ref. 1563 boasts luminous Breguet numerals, making it unique both literally and stylistically, turning it into a watch worth CHF3.36 million with fees, double what it last sold for back in 2013 at Christie’s.

Continuing its annual tradition, Vacheron Constantin (VC) reveals the year’s Les Cabinotiers collection of one-of-a-kind watches that are both technically complex and decorated by skilled artisans.

The line-up includes two distinct tourbillon offerings, Le Temps Divin Ode to the Four Guardians featuring marquetry dials inspired by mythical animals of East Asia, and Le Temps Divin Armillary Tourbillon Greek Mythology, a pair of double-axis tourbillons featuring hand-engraved decor.

“Divine time”

Known for its pursuit of traditional artisanal techniques like enamelling, wood marquetry, and engraving, the Geneva watchmaker integrates such decorative techniques into its Metiers d’Art and Les Cabinotiers timepieces, which are as much works of art as they are timekeepers.

This year’s collection is titled Le Temps Divin, or “Divine Time”. Though united by a tourbillon regulator, the new models are each very different, both in the thematic inspirations as well as the decorative and technical execution. 

Le Temps Divin refers to the mythological concepts of time from different cultural perspectives. The quartet of “Ode to the Four Guardians” tourbillons is inspired by four mythological creatures of East Asian culture, each representing one season. The Armillary Tourbillon pair, on the other hand, focuses on the ancient Greek god of time, the titan Chronos.

The fabled creatures of the East

Ode to the Four Guardians draws inspiration from the four seasons and their corresponding mythical creatures – dragon, tiger, tortoise, and bird. Each creature is depicted in wood marquetry on a dial that has nothing but an aperture for the tourbillon.

The four unique pieces are each named after a mythical creature: Azure Dragon, symbol of strength for the spring; Vermilion Bird, symbol of luck and prosperity for the summer; White Tiger, symbol of courage for the autumn; Black Tortoise, symbol of wisdom and longevity for the winter.

Artisan dials

While each of these watches is equipped with a tourbillon calibre, it’s really all about the dial. Such graphically-intensive dials are often hand-painted, in either fired enamel or acrylic, but here they are rendered with an artisanal technique known as marquetry. 

Marquetry is a wood-based craft, which is rather unusual in watchmaking. In order to create the desired image or motif, the artisan only uses small pieces of different kinds and shades of wood, which are cut, formed and assembled by hand.

A challenge unique to marquetry when compared to engraving or enamelling is the fact that wood is an imperfect, biological material that requires additional care in treatment and technique. The thin sheets of wood veneer, for instance, need to be stored at a fixed temperature and humidity in order to maintain their state. 

One dial requires ten to 12 different types of wood in order to create the desired motif. Sycamore, padauk, hornbeam, tulip tree, blue myrtle, eucalyptus, maple, burl wood, oak and walnut are among the selected wood types. 

Some pieces of wood are applied in their natural state, while others were lightly tinted or heated in order to obtain a specific shade. Each dial averages about 200 separate pieces of wood, every piece not much thicker than 0.4 mm. Needless to say all these manually-performed operations are infinitely delicate and require a very talented hand. 

The result is nothing short of exquisite; each dial has sharp lines, but the inherent softness of the wood gives it a natural, warm feel. When advantageous, the fibrous nature of the material is put to good use, for example in the tiger’s textured fur. 

A fitting movement

Behind the marquetry dial is one of VC’s most recent tourbillon movements. The self-winding cal. 2160 beats at 2.5 Hz and runs for 80 hours on a single large barrel.

The tourbillon regulator is visible through a cutout in the dial. Its cage is shaped after the Maltese cross, VC’s famous logo and a subtle leitmotif in its movements. Within the cage is a free-sprung balance with an interesting aerodynamic design, featuring both a screwed rim and regulating weights.

The most modern trait of the cal. 2160 is its peripheral winding system. Because of the peripheral winding, the movement is exceptionally thin, at just 5.65 mm.

Comprised of a gold-weighted ring around the edge of the movement, the system relies on a Magic Lever-style winding mechanism that is both simple and effective. The combination of peripheral winding and tourbillon is rare, making cal. 2160 a fitting choice for the artisanal dials.

The finishing on the movement is very well done in typical VC fashion, with Côtes de Genève covering neatly all the upper bridges. Not unimportant is also the fact that the movement bears the coveted Poinçon de Geneve.

The 18k yellow gold case has simple but elegant lines, which are meant to direct the eye towards the marquetry dials. The 42 mm diameter is slightly large, but reasonable given the spare needed for the dial marquetry.

The God of time

The pair of Les Cabinotiers tourbillons steer towards Ancient Greece, calling to mind vintage VC pocket watches decorated with Greek-themed enamel. More complex technically, the Les Cabinotiers Armillary Tourbillon Greek Mythology are also decorated in a very different manner from the Asia-themed quartet.

The pair are equipped with the cal. 1990 featuring a multi-axis tourbillon, with the decoration focused on engraving and metalwork, rather than dial art.

Dating to the 1940s, the Vacheron Constantin pocket watch ref. 111470 with Greek mythological motifs

The first watch, Ode to Chronos, is cased in yellow gold and pays homage to the titan Chronos, the personification of time in Greek myth.

Depicted in classical style as an Olympian figure, the deity is engraved in bas-relief on the case band. Relief engraving of this type is rarely executed on cases, with artisans usually preferring the easier task of working on the dial. 

The bezel and lugs carry a hand engraved geometrical pattern inspired by traditional Greek friezes. The extensive hand engraving of the case took approximately 290 work hours.

Presented in white gold and blue, Tribute to Infinite Time has its case flanks engraved with patterns inspired by the Pantheon in Rome. Done with the taille de joue method, the engraving adds depth to the surface of the case. The technique requires tilting the chisel during the engraving process in order to achieve narrower burrows in the square pattern. 

While covering a round surface with engraved rectangular shapes is undoubtedly challenging, the complexity of Tribute to Infinite Time case is less than Ode to Chronos. The engraving of the former’s case took 120 work hours, less than half of the time require for “Ode to Chronos”. 

Both watches share the same large 45 mm-diameter case, which is also a massive 20.1 mm high, in part to accommodate the large tourbillon. But since the case is essentially a case for engraving, the bulky dimensions are pardonable.

Armillary tourbillon

Both unique pieces feature the same cal. 1990, albeit with slightly different finishes. “Ode to Chronos” features with a black-finished cal. 1990 which features a fine Clous de Paris engine-cut hobnail pattern. “Tribute to Infinite Time” on the other hand, has a blue PVD coating an original engine-cut pattern — angular segments with rounded bases, which continue in a way the case engravings.

The cal. 1990 borrows from the exceptionally complicated movement found in the Les Cabinotiers Reference 57260 from 2015 (some of which are found in the recent “Berkeley ” grand complication pocket watch).

The movement is most notable for the double retrograde time display and the two-axis tourbillon. In both models the movement also serves as the dial, which results in a incongruous aesthetic impression given the classical Greek decoration.

The retrograde sectors only take up half of the watch face space, from what is traditionally 12 to 6 o’clock. The retrograde system is open worked, with hollow snail cams, feelers and slender springs being fully visible for the onlooker. 

A patented system links and synchronises the retrograde minutes and hours. This is important since such a system can suffer from unavoidable play at times, which might cause the hour hand to jump and index a while after the minute hand, leading to erroneous time readings. 

The bi-axial tourbillon is placed at nine o’clock and takes up half of the movement diameter. The two interlocking cages are made of aluminium for lightness and both turn at the same rate of one revolution per minute. The inner cage rotates co-axial with the balance wheel, while the outer cage rotates on an axis perpendicular to it. This theoretically assures better gravity compensation across more usual wearing positions.

The free-sprung balance beats at 2.5 Hz and features a rare spherical hairspring. Spherical hairspring are considered among the best theoretical spring models, since they are inherently more isochronous than flat springs and don’t require abrupt end curves like straight cylindrical hairsprings do. 

Notably, the cal. 1990 has a silicon escapement, a highly unusual feature by VC standards; it is possibly the only current VC calibre with those parts in silicon. But like majority of VC movements, the cal. 1990 bears the Poincon de Geneve.

Key facts and price

Vacheron Constantin Les Cabinotiers Tourbillon Ode to the Four Guardians
Ref. 6040C/000G-153C (Azure Dragon)
Ref. 6040C/000G-157C  (Black Tortoise)
Ref. 6040C/000R-152C (Vermillion Bird)
Ref. 6040C/000R-155C (White Tiger)

Diameter: 42 mm
Height: 11.4 mm
Material: 18K Pink gold
Crystal: Sapphire
Water resistance: 30 m

Movement: Cal. 2160
Functions: Hours, minutes, tourbillon
Frequency: 18,000 beats per hour (2.5 Hz)
Winding: Automatic
Power reserve: 80 hours

Strap: Brown alligator with folding clasp

Limited edition: Each is a unique piece
Availability: At Vacheron Constantin boutiques
Price: Upon request

Vacheron Constantin Les Cabinotiers Armillary Tourbillon Greek Mythology
Ref. 9890C/000R-202C (Ode to Chronos)
Ref. 9890C/000G-151C (Tribute to infinite time)

Diameter: 45 mm
Height: 20.1 mm
Material: Yellow or white gold
Crystal: Sapphire
Water resistance: 30 m

Movement: Cal. 1990
Functions: Retrograde hours, minutes, bi-axial tourbillon
Frequency: 18,000 beats per hour (2.5 Hz)
Winding: Manual
Power reserve: 60 hours

Strap: Black or dark blue alligator with folding clasp

Limited edition: Each is a unique piece
Availability: At Vacheron Constantin boutiques
Price: Upon request

For more, visit Vacheron-constantin.com.

Chunky and water resistant to 600 m, the Zenith Defy Extreme Diver is based on the Defy A3648 of 1969. It shares the distinctive styling of the vintage original, but the Extreme Diver is modern in construction and specs. The case is titanium while the bezel is black ceramic. Originally introduced with either a black or blue dial, the Extreme Diver now gets a silver dial while retaining the signature bright orange flange.

Initial thoughts

Zenith’s catalogue includes several sports watches, including the Chronomaster Sport, but the Defy Extreme Diver is arguably the most distinctive design. With historical roots in the vintage Defy A3648, the Extreme Diver is also original. And the watch also manages to look entirely modern, despite preserving most of the design elements of the vintage original, including the angular case and 14-sided inner bezel.

The Extreme Defy is one of Zenith’s pricier time-and-date watches at CHF10,900, but is still a reasonable value proposition considering the in-house movement and overall build quality.

Stars

Rated to 600 m just like the vintage A3648, the Extreme Diver has a case of brushed titanium measuring 42.5 mm in diameter and 15.5 mm in thickness. Around the trademark 14-sided inner bezel is a unidirectional black ceramic bezel with fluted edges for grip. Large titanium crown guards protect the fluted screw-in crown at three.

The dial is finished in silvery-white with sunburst brushing. Like other Defy models, the dial is decorated with a repeating four-pointed star pattern.

Like on the vintage A3648, the hands and dial sport bright orange accents. The bezel markings, applied indices, and all three hands are filled with Super-LumiNova for visibility in dark conditions.

Powering the watch is El Primero 3620 SC, which offers a power reserve of 60 hours and beats at 36,000 beats per hour (5 Hz). The high-frequency calibre is derived from the El Primero 3600, the brand’s flagship chronograph movements. Visible through the open back, the 3620 SC is fitted with a star-shaped, satin-finished oscillating weight.

Key facts and price

Zenith Defy Extreme Diver
Ref. 95.9600.3620/01.I300

Diameter: 42.5 mm
Height: 15.5 mm
Material: Titanium
Crystal: Sapphire
Water resistance: 600 m

Movement: El Primero 3620 SC
Functions: Hours, minutes, and seconds
Frequency: 36,000 beats per hour (5 Hz)
Winding: Automatic
Power reserve: 60 hours

Strap: Black rubber with folding buckle, white fabric strap with pin buckle and metal bracelet with folding clasp

Limited edition: No
Availability: Now at Zenith boutiques and retailers
Price: CHF10,900

For more, visit zenith-watches.com.

Vacheron Constantin (VC) has just announced its Certified Pre-Owned (CPO) programme. Focused on recent VC timepieces, the CPO offerings will all be certified and serviced by the brand, and accompanied by a two-year warranty. The CPO programme will also allow clients to trade-in their VC timepieces for a new model.

The CPO programme is making its debut with Watchfinder, the pre-owned watch merchant owned by VC’s parent company, the Swiss luxury group Richemont. In time to come, it will progressively be rolled out at VC boutiques, third-party retailers, and even auction houses.

Each CPO watch will be accompanied by a two-year international warranty, a “Digital Passport”, and an VC guarantee letter. Watches sold through the CPO programme will be delivered in a VC pouch with a VC seal tag.

Strictly speaking, CPO programme isn’t the first time VC is offering pre-owned watches. For several years, select boutiques have carried watches from Les Collectionneurs, vintage VC watches restored and certified by the manufacture.

Practically all of the Les Collectionneurs watches are over 40 years old. On the other hand, the CPO programme is distinct as it covers more recent timepieces, including current models.