We sat down with Thomas Perazzi, Head of Watches Asia and Senior Director from the Phillips auction house to know a bit more about him and his important role in the industry we are all so passionate about.
Antiquorum, Sotheby’s, Christie’s, Phillips. You have made a career in all the best auction houses in the world, what is the experience that has formed you the most?
Thomas Perazzi: Each auction house has its own structure and strategy and therefore, I would say, that each experience has been extremely formative for my career.
Tell us how your job works. What does a director and expert like you do? And how does he find such rare pieces?
TP: Mainly the director of a department is in charge of organizing the auctions. In particular, the selection of objects, creation and care of the catalog, programming of the exhibitions to finish with the auction. Thanks to many years of work, I have had the good fortune and the pleasure of meeting numerous collectors residing in America, Europe and Asia.
This allows me to get to know the largest existing collections and have access to extraordinary watches. I do not hide the fact that, at times, it happens to receive e-mails or phone calls from people unknown to us who possess wonderful and extremely rare objects.
What memories do you have of your first auction and which watch gave you the most emotions in beating it?
TP: The first batter’s rod is never forgotten. The tension is truly something tangible especially knowing that you have the attention of the global market at that precise moment. I had the great privilege of awarding many important watches, including those belonging to historical figures.
Thanks to my passion for watchmaking, each award is exciting but, perhaps, the one I most remember with pleasure took place in 2018 when I won the watch that belonged to Elvis Presley, also obtaining the world record for the most expensive Omega ever publicly sold (until 2021).
What differences did you face in managing a European / world market versus dedicating yourself to China with Phillips? What is the biggest challenge?
TP: The Asian continent is rich in history, culture and tradition and certainly China is the most complex country. Even today, the language barrier is significant and a strong spirit of understanding and adaptation is necessary in order to be successful.
Asia in general is considered the strongest market at the moment, but what perception do collectors have there? Is there a clear division between those who collect and those who invest in watches as simple assets?
TP: The Asian market has radically and drastically evolved in recent years. The arrival of new generations of collectors has influenced the trend of the market and has had important repercussions on auction prices but, I would say, that today interest is aligned with that of the West. Of course, the financial aspect has a certain weight in the choice but fortunately the passion for pure investment prevails.
Some consider watchmaking a market in a bubble, some think that we are only at the beginning of the same path that art has made. What do you think about it?
TP: I believe we are experiencing a new course of collecting and reaching new levels. The art-clock comparison is increasingly strong and confirmed by the interest we receive in our auctions from art collectors. I would like to remind you that art in general has been collected for centuries, the watch market started about 40 years ago and will continue to grow in the future.
How do you manage to give an estimate to unique pieces that cannot be found? For example those that have never appeared on the market.
It is very difficult to evaluate something unique, never appeared on the market or for which there is no evidence in the archives. At Phillips, we have the team of specialists with the highest number of years of work in the industry and we rely on our experience and market sensitivity to provide the most correct estimate possible.
Ten years ago, would you ever foressen auction houses to have such an importance for the watch industry?
Personally, I have always believed that watchmaking was underestimated and I believe that the importance will continue to grow.
What advice would you give to youngsters who want to take the same path as you, or one of becoming a watch specialist in an auction house?
The first fundamental advice is to have a passion for watchmaking. The watch specialist’s career is certainly fascinating but, at times, tiring and with numerous sacrifices to face. Without passion it is difficult to pursue this career.
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