The world is undeniably in a state of Covid-19 chaos, with growing unemployment, a spiraling death rate, and no vaccine on the immediate horizon all contributing to depressed economies across the globe, with the retail industry particularly hard-hit by ongoing lockdowns and social distancing measures.

 

 

But while retailers across the world shutter their doors or open them only to serve a disappointing trickle of customers, auction houses have become virtual one-stop shopping destinations for people buying luxury goods across all categories, thanks to Zoom previews, online video condition reports, and easy online bidding. One particularly hot category is luxury watches – an industry that in 2018 was valued at some US$6.93 billion – and an equally hot destination is Hong Kong.

In truth, Asia’s World City has long held pole position as the world’s biggest luxury watch market, despite boasting just seven million souls. Indeed, the SAR’s insatiable appetite for high-end timepieces has seen the city beat out the USA, Germany and even Switzerland – home of many haute horology labels – to achieve its market leader status. 

Hong Kong’s love affair with timepieces stretches back to the 16th century, when Jesuit missionaries first introduced such chronological accessories to the region. Across the intervening centuries, it has in turns been a manufacturer and exporter of watch parts, a hub for watch assembly factories, and finally, at the dawn of the 21st century, as a shopping destination for discerning timepiece enthusiasts. 

The past decade has also seen the SAR transform into a huge auction hotspot for the sale of rare luxury timepieces, with leading auction houses like Sotheby’s, Christie’s, Bonhams and Antiquorum all hosting multi-million-dollar auctions in the city. What has resulted is a slew of ultra exclusive – sometimes even unique – watches going under the gavel for astronomical prices and setting new records. 

In July alone, Sotheby’s Hong Kong sold a Rolex Daytona “John Player Special” Ref. 6264 for more than US$1.5 million, a record price for that model, and Christie’s sold a rare Patek Philippe Ref. 5033 minute repeater for US$1.95 million. In June, Phillips, in association with Bacs & Russo, drew US$3.6 million for a Patek Philippe Ref. 1518 from the collection of watch industry titan, Jean-Claude Biver. Sotheby’s further made headlines that same month by breaking a record it held since 2018 for most expensive modern Rolex ever sold. The lot was a platinum Rolex Daytona ‘Zenith’ – a one-off creation featuring a Lapiz Lazuli dial – which went under the hammer at HK$25.3 million, five times its estimate.

Christie’s Hong Kong’s decision to differentiate it from the rest of the pack by offering it with its very own “The Masterpiece” sale led to a momentous occasion that birthed a new holder for the most expensive wristwatch ever sold in Asia at the auction house’s Autumn Auctions 2019, where the very first day of proceedings saw a rare 66-year-old pink gold 1953 Patek Philippe Ref. 2523 wristwatch getting sold for HK$70.2m,  smashing last year’s record for the most expensive wristwatch sold at auction in Asia.

“Hong Kong has been the world’s biggest watch market for over a decade”

Despite the coronavirus pandemic – as well as stiff competition from other auction hotspots like Geneva, New York and London – Hong Kong’s reputation for being a true haute horology hub shows no signs of abating. Take, for instance, the November 30 “Ruby Collection” auction, a Hong Kong sale of Patek Philippes from an esteemed single-owner private collection, highlighted by a pair of possibly unique (no one has ever seen them before) models: a perpetual calendar and minute repeater/tourbillon, both with ruby hour markers and estimated to sell for less than US$1 million each. The collection also includes astronomical watches, including the ultra-complicated Sky Moon Tourbillon Ref. 5002, with 12 complications, estimated to fetch from US$1 million to US$1.5 million. 

 

 

With countless luxury watch auction records set in the past year in Hong Kong, and with so many upcoming events to further enhance its reputation, it seems that neither its recent troubles or the coronavirus pandemic can even dent Asia’s World City’s reputation as one of the go-to auction hubs for discerning watch collectors seeking rare, otherwise unfindable statement timepieces of yesteryears.