Seconds out at watch auctions
What would you buy with a spare US$11 million? Would it be a 22-bedroom estate, a luxury yacht, or an island in the Maldives? Possibly. But with that kind of money to spend, who would think of using it to buy a watch?
Well, someone did in 1999 at a Sotheby's auction in the United States when an anonymous 'private collector' bid for a rare timepiece over the telephone. It was a record-breaking sale for the famous auction house, and the Henry Graves pocket watch made by Patek Philippe in 1933 fetched a staggering US$11,002,500, more than double its pre-sale high estimate.
The story of this rare item began in 1925, when Patek Philippe was commissioned by New York banker Henry Graves to produce the world's most complicated watch. It still is.
The act of collecting watches affects people in different ways. It is an obsession with some, a mechanical-based hobby for others, and a wealth-accumulating passion for the rest.
'Collectors are often people you would never believe have a fantastic collection. It's a universal product that everyone in the world can associate with,' said Tim Bourne, director of Sotheby's China and Southeast Asia watches department.
Sotheby's second watch auction for this year is being held on October 30. Until three years ago, before Mr Bourne came over from Britain to set it all up, this event was not held in Asia. According to Mr Bourne, the event has been highly successful since the local culture is often drawn to displays of wealth.
The most expensive watch ever sold by Sotheby's in Hong Kong was a Patek Philippe platinum, perpetual calendar, tourbillon minute repeating wristwatch with retrograde calendar. It went for HK$3.32 million. That was in April 1998, when most people were suffering from the Asian crisis and needed the money.
'People are mad on watches over here,' Mr Bourne said. 'In this part of the world, they really keep them in fantastic condition.
'There are a vast number of individual collectors, with two, three or four hundred watches. In Hong Kong and Asia, watches are something that can show how successful people have become.'
For the coming auction, between 1,500 and 2,000 people are expected to view the collection for four days prior to the auction. Before that, Mr Bourne will travel throughout Asia holding exhibitions of about 350 watches in this collection.
The collection is not the usual assortment of retail timepieces that most people are familiar with. The watches range from a woman's hot-pink, bejewelled Patek Philippe, which is in the shape of a 'P', to a Hong Kong handover-inspired man's watch with the SAR skyline on the face.
In Sotheby's catalogue for the April auction held in Hong Kong, there was a Vacheron Constantin wristwatch 'with moonphase' estimated at US$77,000 to $100,000. But there are also price estimates of around US$900, which in itself is not unreasonable for something relatively rare, and crafted by hand.
For the serious collector, it is not always about a display of wealth. Many collections are kept in a safe to be taken out and studied at odd times.
Often the collector has a passion about what are known as the 'complications' of a timepiece and also its rarity, rather than the overall look.
'I started collecting as a kid,' says Australasian-based Paul Durrant, director of wireless application solutions group Platypus Asia. 'You're either mechanically-minded or you're not, and I think a lot of people collect watches because they are just amazing pieces of machinery.
Brands are important to watch buffs, and Sotheby's regards Patek Philippe currently to be the world's number one watchmaker.
In Asia, Piaget and Cartier, Franck Muller and Langer und Sohne are very popular.
FOR HONG KONG-BASED Eric So, a consuming hobby has become a full-time job. He recently started a watch trading company, and showcases his wares on Web site Katoso.com. He also has a showroom where he displays his personal collection, plus the many he buys throughout Asia. Prices range from HK$200 to HK$170,000 for Patek Philippe and Cartier, to name two.
'I was given my first watch a long time ago, and I've been collecting ever since ,' Mr So said.
What appeals to him, he said, are features like the chronograph and case design. His favourite brand is Omega, and his Web site has a special section on the brand, 'which is well-known among international collectors'. Current favourites in Hong Kong, he says, are sports watches by Omega and Rolex.
Another recent market feature is a result of the plunging Japanese economy; watches from Japan have filled the marketplace and prices have fallen by almost half the cost for such timepieces.
Tim Bourne (above), Sotheby's China and Southeast Asia watches department director, has dealt with a buyer on the top end of the scale who has bought thousands of watches over the years for his personal enjoyment. He cannot name the person, but when asked where someone would keep so many watches, Mr Bourne says: 'In his palace, I assume.'
