Christie's brings Geneva's fall watch auction week to a close on Monday with a 218-lot Rare Watches sale at the Four Seasons Hotel des Bergues, led by an early F.P. Journe Tourbillon Souverain estimated at CHF 650,000 to CHF 1.4 million, according to the trade publication Haute Time.

The sale follows the weekend auctions at Phillips and Sotheby's, and together they give the market a fresh read on collector demand at the top end. The catalog leans toward the categories that have driven recent records: independent makers, vintage Patek Philippe and rare Cartier.

What Christie's is offering in Geneva

Haute Time counts more than 35 vintage watches, 39 pieces by independent watchmakers and seven unique pieces in the catalog. The Journe Tourbillon Souverain, numbered 125/01T and made around 2001, is being sold by the family of its original owner, the publication said.

Two Patek Philippe lots carry estimates of CHF 500,000 to CHF 1 million each. One is a 1978 yellow gold Nautilus Ref. 3700/1 with a "Khanjar" dial, a commission linked to the late Sultan Qaboos of Oman and consigned by its first owner, whom Haute Time described only as a man who worked close to the sultan. The other is a 1948 gold Ref. 1518, the perpetual calendar chronograph that sits near the top of most vintage collectors' lists.

Cartier is again a theme. A 1990 Octagonal Allongée made in London is estimated at CHF 400,000 to CHF 600,000. That follows Christie's own result in May, when a 1990 London Cartier Crash sold in Geneva for more than US$2 million, the highest price paid for a Cartier wristwatch, according to Haute Time. Among the independents, a unique stainless steel Voutilainen Vingt-8 is estimated at CHF 300,000 to CHF 500,000 and a unique platinum Sylvain Pinaud Origine at CHF 100,000 to CHF 200,000.

Accounts of the timing differ slightly. The Hour Markers lists a 1 p.m. CET start, while WatchesbySJX gives 12:30 p.m. Geneva time.

A charity section inside the sale

Part of the auction is the second edition of Watches for ELA, a set of donated pieces sold to benefit the European Leukodystrophy Association, which funds research into the rare genetic diseases and supports affected families. The Hour Markers said the section includes 21 unique watches from brands including Alpina, Bovet, Boucheron, Montblanc and Tissot.

Europa Star reported that the 2024 edition paid for a 500,000 euro research call on Pelizaeus-Merzbacher disease and 400,000 euros of respite weekends for families. Rémi Guillemin, head of watches for Christie's in Europe and the U.S., said in that announcement that the auction house was glad to host the project again.

The best known charity lot is a Cartier Pasha that football great Zinedine Zidane has owned for decades, for which no estimate was published, according to WatchesbySJX. The smaller lots come with modest ranges: a Cédric Johner Abyss at CHF 20,000 to CHF 40,000 and a Konstantin Chaykin Seneca II at CHF 15,000 to CHF 25,000. WatchesbySJX noted that the first unique Kollokium sold at a charity sale hammered at three times its high estimate, and the brand's Projekt 01 is offered here at CHF 4,000 to CHF 8,000.

The benchmark for the week

Phillips set the bar in spring. Its Geneva Watch Auction XXIII in May totaled CHF 74.8 million, with a Patek Philippe Ref. 2523 selling for CHF 7.96 million, according to The Hour Markers. Phillips' fall sale at the Hotel President on Nov. 7 and 8 was built around a 1945 Patek Philippe Ref. 1436 split-seconds chronograph estimated at CHF 2 million to CHF 4 million, as Capital Times reported last week.

Buyer's premiums matter when comparing totals. At Phillips, buyers pay 27% on the hammer price up to CHF 1.6 million, 21% up to CHF 7 million and 14.5% above that, The Hour Markers said. Published results include those fees, so a lot that "sells within estimate" on a results page may have hammered below its low estimate.

For dealers and collectors in Hong Kong and Singapore, the Geneva numbers feed straight into pricing for the December season. The retail side has been mixed: Swiss watch exports rose 11.7% in September, with Hong Kong shipments edging up. The Federation of the Swiss Watch Industry's October export figures are the next data point for Asian demand.