Highlights: Independent Watchmaking at Marteau & Co

Supporting makers.

After its successful indie-focused First Strike auction last October, upstart auctioneer Marteau & Co is back with The Echo, an online-only auction that opens at noon Geneva time on March 12 with a focus on independent watchmaking.

Marteau & Co was founded just last year, and one of its cofounders is Arthur Touchot, an industry veteran who spent several years as a journalist followed by a stint at a prominent auction house. Now all-in with Marteau, Mr Touchot brings his insider’s to Marteau, explaining its unique position in the market.

The Swiss auctioneer sets itself apart with its intriguing “Maker’s Fee” concept, which rewards the maker of the timepiece with 3% of the hammer price for each watch sold, allowing a brand to benefit from the appreciation of its products. While artists’ resale rights, or droit de suite, is far from a new concept, and has been codified into law in the European Union and United Kingdom, Marteau & Co’s approach is the first instance of its application in watchmaking.

Lot 1 – Daniel Roth Chronograph Ref. 2147

When Daniel Roth launched his eponymous brand in 1988, after helping revitalize Breguet, he also created the genre of independent watchmaking we know today, preceding even Franck Muller and F.P. Journe. With his double ellipse case design Roth pioneered the idea of building a brand around a single strong design language, a contrast to the menagerie offered by other high end brands of the time, an approach later followed by other independents, and even some larger brands.

Mr Roth leveraged with connections with movement maker Lemania to get his brand off the ground with the tourbillon souscription. He again turned to his old partners for the chronograph ref. 2147, and behind the solid case back is a Lemania cal. 2320, but decorated to a higher than usual standard.

The rather strong estimate of CHF30,000-60,000 (US38,000-77,000) shows revived interest in the brand following its 2023 relaunch by Louis Vuitton. It is unfortunate Daniel Roth no longer represents the value it once did, but not surprising.

Lot 2 – Pascal Coyon Series II Chronometer

Finely finished three-hand (often Unitas based) watches may me trendy today, but did it before it was cool, launching the first series Chronometer in 2014 for only US$6,000. Adding to its value proposition. The name comes from its ISO 3159 certification from the Besançon Observatory in France. As such, it bears the viper’s head hallmark of the Besançon observatory on the main plate below the snail regulator, – the latter combined with elegant full bridge design (both inspired by Longines pocket watches) elevate the movement above its relatively pedestrian Unitas ebauche.

Coyon originally offered his chronometer in 41 or 42 mm cases, but was able to shrink it down slightly as collectors tastes changed to 39.8mm, which is relatively compact at 39.8mm considering it uses a pocket-watch sized movement. When movement decoration is a watch’s primary virtue (in this case the dial is also quite good) an oversized movement is more of a good thing.

An estimate of CHF20,000-40,000 (~US$25,000-50,000), which is less than its retail price in Swiss francs, makes the Series II Chronometer quite the value buy, especially considering the gold case. It isn’t difficult to find other independents charging more for similar movements housed in base metal cases.

Lot 8 – FP Journe Chronomètre Optimum

The Chronomètre Optimum is Mr Journe’s idea of a theoretically ideal timekeeper, inspired by the works of Breguet and housing a massive 34 mm solid rose gold calibre designed from the ground up for performance. Starting from the mainsprings, there are two, relatively weak but consistent mainsprings rather than a single strong mainspring for smoother power transmission, and less axial stress on the centre pinion.

Power then flows to F.P. Journe’s signature blade spring constant force device, created at the behest of a collector who wanted to “piss off George Daniels” as Mr Journe says, which acts as a buffer between the mainspring and escape wheel, supplying constant force, and thus constant amplitude, for the first 50 hours of runtime.

On the other side of the remontoir is an unlubricated, double-wheel escapement found only in the Optimum. This drives another seconds hand on the case back, which advances in one second jumps, like a pendulum clock. Further, it is equipped with a free-sprung balance, overcoil hairspring and cap jewels on the escapement.

Marteau’s estimate for this 40mm platinum Chronomètre Optimum is conservative to say the least given the recent explosion in F.P. Journe valuations: CHF80,000-160,000 (~US$100,000-200,000). It will surely sell for more, but the Optimum, despite being one of Mr Journe’s best works, is less appreciated than its peers, the resonance and tourbillon. If there were an F.P. Journe watch to buy in this market, the Chronomètre Optimum is probably it.

Lot 12 – Berneron Mirage Tiger’s Eye

A smaller follow‑up to its debut Mirage 38, Beneron launched the Mirage 34 the following year in 2024, maintaining the brand’s signature organic, flowing design language inspired by the Fibonacci sequence. The more petite generation integrates on-trend hand‑cut stone dials, lapis lazuli in the white‑gold version and tiger eye for this yellow‑gold version

The Mirage 34’s cal. 215 is made by Le Temps Manufactures in Fleurier, and takes after the larger cal. 233 in the Mirage 38 in taking advantage of the unusual case shape to fit an enlarged barrel for 72 hours of power reserve. And like its larger sibling, the plates are 18k gold with arabesque striping that is engraved, not laid down with an abrasive wheel.

The Mirage is among the hottest watches of the moment, so the CHF50,000-100,000 (~US$39,000-78,000) estimate will surely be exceeded. That makes it one of the worst values in the auction, but that arguably increases its appeal to many connoisseurs of independent watchmaking

Lot 17 – De Bethune, Unique DB29 Maxichrono Tourbillon

Debuted ahead of Baselworld 2014, De Bethune’s Maxichrono is one the most ambitious chronographs attempted by a boutique independent. The chronograph three different coupling methods – different as in discrete, and different meaning different – to drive the trio of sweep chronograph hands.

A horizontal clutch drives the sweep hour counter, where slight stuttering during engagement is essentially a non-issue. Then an oscillating pinion pinion drives the minutes counter and a vertical clutch – or “absolute clutch” as De Bethune calls it – drives the seconds hand.

This unique example adds a hint of De Bethune’s Starry Varius line with a small starscape in the centre. The base is thermally blued titanium, while the stars are white gold pins. De Bethune will gladly customise the night sky to depict a specific constellation important time and date, so there is presumably a hidden meaning to these stars.

While later offered sans-tourbillon, the Maxichrono debuted with De Bethune’s 30 second tourbillon. In theory, the greater rotation speed makes the tourbillon more effective at making positional errors in everyday life, at the cost of energy efficiency. It doesn’t help that the watch runs at a spritely 5 Hz, which has similar benefits and costs, but is particularly ideal for a chronograph as it enables a 1/10th second resolution. Even then it will still run for five days on a full wind.

While the DB29 was as somewhat steep ask at launch, at CHF275,000 in 2014, the magic of depreciation make it a relative bargain in today’s market, at an estimate of CHF80,00-160,000 (US$100,000-200,000). That is no doubt a lot of money, but it is also a lot of watch and represents De Bethune’s best and most innovative years, which are hopefully soon to return.

Lot 23 – Anton Suhanov Racer Jumping Hour GMT Unique

After more than a decade as a technical designer for Konstantin Chaykin, Anton Suhanov stuck out on his own with a series of wondrous table clocks. It wouldn’t be until 2019 that Suhanov debuted his first wristwatch – the Racer Jumping Hour GMT.

Perched on an ETA 2824-2 base, the module is Suhanov’s own design, and strongly reminiscent of Konstantin Chaykin modules and movements in design and decoration, including those realised after Mr Suhanov left the company. It would seem Suhanov had quite the influence on Chaykin, or Chaykin had quite the influence on Suhanov – probably both.

It built and decorated to surprisingly high standards considering it was hidden by the dial. That is where this piece unique comes in, as it sports a partially open-worked grey and cyan dial.

The module is a double retrograde, with arcs for both the hours and minutes, and further equipped with an independent jumping 24-hour display, which can be set to GMT time, or any time zone with a full hour offset.

While overshadowed by the module, the case and dial are similarly ambitious. The dial is assembled from over two dozen parts, the largest being the hobnail guilloche base, which is very different from his more recent work. Suhanov remains a watchmaker on the rise, which is reflected in the CHF15,000-CHF30,000 (US$20,000-40,000) estimate.

Lot 30 – Kollokium Projekt No 2B The Prototype

Kollokium is using The Echo to officially launch the Projekt 02 Variant B, the first publicly available version of its layered‑dial concept previously offered only to friends, family, fools and flippers.

The topographical dial composes 67 individual luminous components arranged across nine layers which takes about six hours of assembly each. It is paired with a diecast stainless steel case and textile strap to complete the outdoorsy aesthetic.

The Variant B retails for CHF3,666.66, though this prototype has an estimate of CHF3,000-CHF5,000 (~US$3,850 – 7,712) in part due to the fact that 100% of the proceeds will be donated to the Musée International d’Horlogerie (MIH) in La Chaux-de-Fonds.