|
This week started with a bang as
the Geneva auctions of Antiquorum,Christies and Sothebys exceeded everyone's
expectations to say the least. Record after record is being broken across
the board in both modern and vintage timepieces in every brand but with
Patek Philippe and Rolex setting the pace again. Some things never change
in this market and you can always count on both of these brands to lead
the way in both the modern and vintage markets. While we see certain
examples of Audemars Piguet,Lange & Sohne,IWC,Breguet,FP Journe,Vacheron
Constantin and many others the real collectible market belongs
to Patek Philippe and Rolex at this time. I do believe we will see other
brands rise to new levels in the years ahead but only if they
have positive auction results.This is where the rubber meets the road
in watch collecting. If your an elist collector today without the cream
of your collectibles in Patek Philippe then you are simply missing
out on the most explosive part of this market.
After spending all week speaking with colleagues
from around the globe surveying the "watch landscape" it's evident this
market has legs.What I mean is the current collectible
market is coming of age right before our very eyes. I have been
involved in the international watch industry for 27 years and
I have never seen a time that even closely resembles the current
market. I certainly believe the advent of the internet has been
the single most advantageous occurence to contribute to the growth of
our market. As most of you can attest the very reason for
knowing one another is because the internet connected our pathways.This
pathway has led us all to a greater appreciation of how truly valuable
and fun our passion for watches really is.The fact remains most collectors
enjoy the passion of collecting not for profit but for the enjoyment
and contentment found in procuring a great timepiece that becomes a
very important part of our daily attire and lifestyle.Yes,these watches
set us apart and at the same time bring us great pleasure in the process.
As for the actual marketplace things are
booming and personally I don't see this changing .After a very quiet
early April we have burst into full bloom as collectors worldwide are
searching for the greatest models and willing to pay top
prices for them. It seems there is an endless supply of
new collectors coming aboard daily for the ride while
only very few great pieces exist creating a real supply and demand event.This
is a very important driving force for the current market.
Many of you know that I have been advocating
for years the acquisition of the Patek Philippe Ref 5004 split
second perpetual chronographs. Many of you have acquired these in the
last 3-5 years at prices well below 150k.Today,this model is achieving
it's place in history as a lengendary classic. We have sold
these models in all metals between 175k-275k US in the last 3 months.
I believe the platinum model will rise to the 300k level this year.
Simply said "you cannot keep a great watch down".
In my April 7th update I informed
everyone to look out for the discontinuation of the Patek 5102
G Celestial Sky.
Well,I am proud to say it was officially
discontinued at Basel Fair in April. The watch will be continued only
in yellow gold.
We believe about 300 pieces approximately
exist of this very rare model .Everyone knows my love for this
piece and it's artistic values. Patek has never produced
anything that closely resembles this model and it will go down in history
as one of the all time greats. If you have not ventured out for this
model yet and want this piece in your collection then make
your move now. Also,it appears the 5101P tourbillon is finally making
it's move from the 250k area where it has been since it's arrival in
2003. We are getting calls and emails daily for the entire new line
of Patek Nautilus models such as the 3711,3712 and 5980. All remain
very difficult to obtain and prices are not going anywhere but up from
here.The 5960P remains one of the best new collectibles on the
market .You will not go wrong investing in this one.
All in all, it's hard to cover every single
moneymaker as the entire market for complicated watches and especially
Patek Philippe is blistering hot today and it looks like our best days
are still ahead of us.
Almost on a daily basis I hear from collectors
around the globe asking me questions about the strength of this market
and will it continue in the years ahead. The analogy I use to describe
the watch market today is that of an infant. Over the last 10 years
of the internet explosion and globalization of markets we have seen
this baby finally decide it's time to walk. As we all know as soon
as a baby can walk they immediately begin to run,bounce,leap and
yes even fall occasionally.
The watch market today has moved from it's
infancy stages and is now headed toward the next level of childhood.This market
is where the art collectible market was in the 1960's.You hear about
contemporary,modern or classics bringing 1-50M today for single
paintings. Fast forward 10 or 20 years and if you are around in 2020
you will see the same results in the collectible watch market. It's
a marketplace that is coming of age and doing so in a grand way. Everyone
involved today will enjoy the fruits of this explosion in the years
ahead.THIS BABY HAS LEGS!
Where do we go from here and what are the
best buys in the market today? My best advice is to hold true to your
personal passions and tastes whatever they might be and keep
buying the pieces you can afford. Whether it's a Freak by
Ulysse Nardin,a Paul Newman Rolex Daytona or a Patek Philippe
complication I can assure you that in 5 years you will have made the
right decision. It's really that simple.
This last week was a momentous occasion
for our family. My wife gave birth to our daughter one week ago
today on May 11,2007. I guess this update has been more reflective
than usual and my using the baby analogy above seemed fitting
for the moment.
Thanks to all who have sent their
well wishes as I sincerely appreciate my relationship and partnership
in time with each of you.
As always, I look forward to the days ahead
and hearing from each of you.
Your partner in TIME,
Trent Crowley
President
"The World's Leading 24/7 Watch Auction
House"
|