For those of you who have been following us for some time will certainly be accustomed to reading various articles devoted to watches that have achieved eye-popping figures in major international auctions.
Talking about record-breaking figures has become such a habit in the watch industry that, many times, a watch that is inexplicably seen at a high figure makes more headlines than a watch that deserves more attention but is sold at a low figure.
In this regard, one must also dispel the myth that a high figure equates to an excellent and sought-after watch because, most of the time, behind a low figure is a ninety-figure piece that one is able to buy with a “derisory” amount of money because it is perhaps not fully included in that specific auction.
And for these reasons, we will take you on a tour of what we believe were the most interesting and undervalued watches sold in this spring auction season we have just left behind.
Vacheron Constantin Mercator
In the auction held in April by Monaco Legend Group, one of the first watches undervalued by the market is a fantastic example of the Vacheron Constantin Mercator. It is a watch featuring a yellow gold case with a diameter of 36 mm that has become iconic for its unique way of marking the passage of time.
Indeed, the two retrograde compass-shaped hands on the dial indicate the hours on the left side and the minutes on the right side. First presented in 1994, this specimen had an estimate between EUR 15,000 – 30,000 and finally came to a total figure, including commission, of EUR 26,000.
Rolex Cellini
Also from Monaco Legend Group, a completely unique Rolex Cellini was sold that could have realized a much higher figure than the one at which it was hammered.
This elegant model from the crowned house is named after the Italian Renaissance artist Benvenuto Cellini and is famous for being distinguished by its circular shape. In the case of this example sold at auction, however, the yellow gold case has an unusual rectangular shape.
The watch features a dark mother-of-pearl striped dial, yellow gold channels and diamond lines. Icing on the cake to make this watch very rare is the iconic Khanjar logo featured on the case back.
This would have suggested a sale price well above the estimates of EUR 8,000.00 to 16,000.00. However, after an unusual calm in the hall for this rare object, the sale ended at only EUR 11,050, including commission.
IWC Skinny Ingenieur SL
The third watch sold almost below its initial estimate – between EUR 8,000 – 16,000 – was a rare IWC Skinny Ingenieur SL sold for only EUR 11,050.
Also sold by the well-known Monaco auction house, this iconic watch design was introduced in 1954 and, as the model name suggests, was intended for scientists, engineers, doctors, and, on a larger scale, for those working in magnetic environments.
The 1970s marked a milestone in the history of this watch as the famous designer of the Royal Oak and Nautilus, Gérald Genta, was asked to redesign the Ingénieur. So, the third generation of the Ingénieur came to life, which included a complete “steel line” (SL).
In 1981, however, the quartz Ingenieur SL “Skinny” was introduced with a 34 mm diameter case faithful to Genta’s design.
In 1983, through the use of the same “Skinny” case as the quartz model, IWC decided to make a yellow gold model with reference 9225 (like the lot sold by Monaco Legend Group) and automatic movement.
Despite the rich history encompassed in the model, the legacy of the world’s most famous watch designers of all time, and, last but not least, the champagne dial embellished with the coveted red Khanjar logo at 9 o’clock, this spectacular watch failed to snatch a record sum but, at the same time, allowed the lucky owner to take home a showpiece for a very low figure.
IWC Grande Complication
Turning instead to Christie’s, we were treated to the sale of one of the 50 IWC Grande Complications officially unveiled at the Basel fair in 1990.
Inside its 42.5 mm platinum case, we find an automatic caliber comprising 568 components capable of bringing to life 18 different functions including a perpetual calendar, a chronograph and a minute repeater.
Made thanks to a team of watchmakers and engineers, as well as two watchmaking prodigies – Dominic Renaud and Giulio Papi – this fantastic and super-complicated watch sold for EUR 75,600, a very low figure given the small number of existing examples and the level of complications it encompasses.
The initial estimate was EUR 51,000 – 102,000.
Audemars Piguet Royal Oak 5402 “Serial A”
This true “Grail Watch” for lovers of vintage sports watches represents one of the most famous icons in the entire watchmaking world. The Royal Oak by Audemars Piguet has always been an object of desire for many, especially in the case of an extremely rare example ref. 5402 serial A produced in 1974 being part of the first 2000 units produced.
Sold at Christie’s for a total figure of EUR 52,920, this rare watch, with an initial estimate of between EUR 41,000 – 61,000, we would have quietly expected it to be more hard-fought during the auction. All the more so given that we witnessed, almost a year ago, in the celebration of the model’s 50th anniversary, dizzying figures even more than three times higher than this one.
Jaeger-LeCoultre Memovox Polaris
Another watch that could boast an adjudication price well above the EUR 25,200 realized is a Jaeger-LeCoultre Memovox Polaris specimen also sold by Christie’s with an initial estimate of EUR 20,000 to 30,000.
Besides being of relevant collecting and historical interest, the model auctioned represents one of the rarest pieces of its reference, the E859, as it is a prototype produced in 1963.
Debuted in Basel in 1951, this famous pride of the Jaeger-LeCoultre house was created with the aim of offering a wristwatch with an unusual complication, namely an alarm, making it the first self-winding watch with an alarm in history.
H. Moser & Cie The Perpetual 1
Another watch sold at a figure we considered quite low was The Perpetual 1 from the Moser company founded back in 1805 and returned to business in 2005 after a 26-year stop following the quartz crisis.
With an initial estimate of EUR 14,000 to 28,000, this technologically advanced perpetual calendar watch was sold by Christie’s auction house for a total of EUR 14,700.
This is a rather low figure for a watch equipped with a perpetual calendar that instantly changes the date at midnight, from the end of the current month to the first day of the following month, without indicating any incorrect intermediate days.
Blancpain Skeleton
With an initial estimate between EUR 4,700 – 7,600, this fantastic Blancpain platinum watch went for EUR 7,000. A low figure considering the fantastic workmanship present on the movement components observable through the presence of a skeletonized dial.
Zenith El Primero
Another watch that one lucky collector was able to win for a small sum was an example of the iconic Zenith El Primero with reference SP 1301.
This fantastic 1970 tonneau case chronograph, for which not much introduction is needed (if you are interested, read our article “The Race for the First Automatic Chronograph in History“), was sold for only €6,000 by the well-known Phillips auction house.
The initial estimate of this watch was between EUR 4,700 – 9,300.
Breguet Type XX “Big Eye”
This iconic Breguet military model, recently presented in a new edition, was sold at a figure of EUR 22,000, a rather low price for the historical importance of this splendid watch.
Featuring a steel case with a diameter of 38 mm, the Breguet Type XX represents one of the most sought-after and famous military aviator watches ever. The estimate of this model from 1965 was between EUR 18,000 – 28,000.
Breguet La Tradition
The penultimate watch we discuss is the Breguet La Tradition in yellow gold with a semi-skeleton dial.
This fantastic watch with a minimalist and elegant design that allows a glimpse of all the careful workmanship performed by the maison’s skilled watchmakers, was made in 2006 and was auctioned at Sotheby’s for a sum of EUR 13,000.
The initial estimate for this Breguet was between EUR 7,000 – 11,000.
Patek Philippe 5070J
The last watch we believe has always been undervalued is one of the most interesting and uncommon models from the Patek Philippe maison. It is the elegant chronograph with the reference 5070J-001, yellow gold case with a diameter of 42 mm, which was auctioned at Christie’s for a sum of EUR 44,000.
This is a rather low result considering the general prices of watches from the renowned Geneva-based maison. The initial estimate for this specimen was between EUR 37,000 – 74,000
Final take
We wanted to focus on watches that we believe are – thankfully – undervalued. This allows young collectors to find rare and fascinating timepieces at a relatively low price.
In other cases – as we have seen throughout the article – we can find watches that a few months ago were registering record figures at a relatively low price. This is mainly thanks to the general adjustment of the market in the last months.
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