New York Watch Auctions Record Uptick in Sales in the Face of Market Slowdown

Luxury watch collectors showed ongoing strong demand for Patek Philippe, growing interest in modern watches and a preference for larger case sizes and leather straps at the June watch sales in New York, according to an analysis of the major auctions.

Independent and neo-vintage categories, meanwhile, experienced declines in total sales and average prices, said the report from EveryWatch, a global online platform for watch information. Overall, the New York auctions achieved total sales of US$52.27 million, a 9.87% increase from the previous year, on the sale of 470 lots, reflecting a 37% increase in volume. Unsold rates ticked down a few points to 5.31%, according to the platform’s analysis.

EveryWatch gathered data from official auction results for sales held in New York from June 5 to 10 at Christie’s, Phillips, and Sotheby’s. Limited to watch sales exclusively, each auction’s data was reviewed and compiled for several categories, including total lots, sales and sold rates, highest prices achieved, performance against estimates, sales trends in case materials and sizes as well as dial colours, and more. The resulting analysis provides a detailed overview of market trends and performance.

The Charles Frodsham Pocket watch sold at Phillips for $433,400.

“We still see a strong thirst for rare, interesting, and exceptional watches, modern and vintage alike, despite a little slow down in the market overall,” says Paul Altieri, founder and CEO of the California-based pre-owned online watch dealer BobsWatches.com, in an email. “The results show that there is still a lot of money floating around out there in the economy looking for quality assets.”

Patek Philippe came out on top with more than US$17.68 million on the sale of 122 lots. It also claimed the top lot: Sylvester Stallone’s Patek Philippe GrandMaster Chime 6300G-010, still in the sealed factory packaging, which sold at Sotheby’s for US$5.4 million, much to the dismay of the brand’s president, Thierry Stern. The London-based industry news website WatchPro estimates the flip made the actor as much as US$2 million in just a few years.

At Christie’s, the top lot was a Richard Mille Limited Edition RM56-02 AO Tourbillon Sapphire
Richard Mille

“As we have seen before and again in the recent Sotheby’s sale, provenance can really drive prices higher than market value with regards to the Sylvester Stallone Panerai watches and his standard Patek Philippe Nautilus 5711/1a offered,” Altieri says.

Patek Philippe claimed half of the top 10 lots, while Rolex and Richard Mille claimed two each, and Philippe Dufour claimed the No. 3 slot with a 1999 Duality, which sold at Phillips for about US$2.1 million.

“In-line with EveryWatch’s observation of the market’s strong preference for strap watches, the top lot of our auction was a Philippe Dufour Duality,” says Paul Boutros, Phillips’ deputy chairman and head of watches, Americas, in an email. “The only known example with two dials and hand sets, and presented on a leather strap, it achieved a result of over US$2 million—well above its high estimate of US$1.6 million.”

In all, four watches surpassed the US$1 million mark, down from seven in 2023. At Christie’s, the top lot was a Richard Mille Limited Edition RM56-02 AO Tourbillon Sapphire, the most expensive watch sold at Christie’s in New York. That sale also saw a Richard Mille Limited Edition RM52-01 CA-FQ Tourbillon Skull Model go for US$1.26 million to an online buyer.

Rolex expert Altieri was surprised one of the brand’s timepieces did not crack the US$1 million threshold but notes that a rare Rolex Daytona 6239 in yellow gold with a “Paul Newman John Player Special” dial came close at US$952,500 in the Phillips sale.

The Crown did rank second in terms of brand clout, achieving sales of US$8.95 million with 110 lots. However, both Patek Philippe and Rolex experienced a sales decline by 8.55% and 2.46%, respectively. The independent brand Richard Mille, with US$6.71 million in sales, marked a 912% increase from the previous year with 15 lots, up from 5 lots in 2023.

The results underscored recent reports of prices falling on the secondary market for specific coveted models from Rolex, Patek Philippe, and Audemars Piguet. The summary points out that five top models produced high sales but with a fall in average prices.

The Rolex Daytona topped the list with 42 appearances, averaging US$132,053, a 41% average price decrease. Patek Philippe’s Nautilus, with two of the top five watches, made 26 appearances with an average price of US$111,198, a 26% average price decrease. Patek Philippe’s Perpetual Calendar followed with 23 appearances and a US$231,877 average price, signifying a fall of 43%, and Audemars Piguet’s Royal Oak had 22 appearances and an average price of US$105,673, a 10% decrease. The Rolex Day Date is the only watch in the top five that tracks an increase in average price, which at US$72,459 clocked a 92% increase over last year.

In terms of categories, modern watches (2005 and newer) led the market with US$30 million in total sales from 226 lots, representing a 53.54% increase in sales and a 3.78% increase in average sales price over 2023. Vintage watches (pre-1985) logged a modest 6.22% increase in total sales and an 89.89% increase in total lots to 169.

However, the average price was down across vintage, independent, and neo-vintage (1990-2005) watches. Independent brands saw sales fall 24.10% to US$8.47 million and average prices falling 42.17%, while neo-vintage watches experienced the largest decline in sales and lots, with total sales falling 44.7% to US$8.25 million, and average sales price falling 35.73% to US$111,000.

Australian football superstar and Matildas captain Sam Kerr has joined one of the world’s most exclusive luxury watch brands, reflecting on the sacrifices behind a career at the pinnacle of professional sport and revealing she only signed with her new club last week.

As Richard Mille’s first and only Australian partner, Kerr has joined an elite group of global athletes, artists and innovators associated with one of the world’s most prestigious watchmakers.

Speaking in Sydney, the 32-year-old reflected on her next chapter, the extraordinary growth of women’s football and the personal sacrifices required to reach the top of the game.

Founded in 2001, Richard Mille has built a reputation for producing some of the world’s most technically advanced and exclusive timepieces. The Swiss watchmaker is renowned for its use of ultra-lightweight materials, Formula One-inspired engineering and limited-production watches that often sell for hundreds of thousands of dollars and, in some cases, more than $1 million.

Its ambassadors include tennis great Rafael Nadal, Formula One stars Charles Leclerc and Lando Norris, actress Michelle Yeoh and sprint champion Shelly-Ann Fraser-Pryce.

During the Sydney event, Kerr wore the Richard Mille RM 07-04 Automatic Sport, a lightweight model featuring a pink case, blue strap and skeletonised movement. Designed for active lifestyles, the watch reflects the brand’s philosophy of combining high-performance engineering with luxury craftsmanship.

For Kerr, becoming the brand’s first Australian partner is a source of considerable pride.

“Of course, being the only Australian is incredible to me,” she said. “I am very proud to be Australian and I like to put Australia on the map.”

The announcement comes as Kerr prepares for the next stage of her football career following her departure from Chelsea after six-and-a-half years.

While speculation around her future has been mounting for months, Kerr revealed a decision was only finalised recently.

“Everyone thinks that it was decided and I’ve known that (it was) reported that I’d signed somewhere in April, but honestly, I only signed my contract on Wednesday last week,” she said.

“I really hadn’t decided what I was going to do until last week.”

Kerr said she expects details of her new club to be announced around the beginning of July once her Chelsea contract officially concludes.

Despite her excitement about what lies ahead, she admitted leaving one of the world’s biggest football clubs has been emotional.

“I am really sad about it,” she said. “It’s been my home for 6.5 years. I have so many good memories there. I have so many amazing teammates. I’m sad to leave.

“It sucks to leave such a big club like Chelsea too, but it comes to an end to everything, right?”

The 32-year-old also reflected on the transformation of women’s football during her career, describing the Matildas’ rise from relative obscurity to household-name status as one of her proudest achievements.

“What the Matildas have done over the last four or five years has been incredible,” she said.

“The most important thing for me is that you leave the game in a better place.”

Kerr noted that when she began playing, there were few professional pathways for women, limited sponsorship opportunities and crowds that bore little resemblance to those regularly attending matches today.

“We are a part of that generation that still knows what it was like when there was no one in the crowd,” she said.

Today, she said, crowds of tens of thousands remain something the team never takes for granted.

“Even last night we had 20,000 on a Tuesday night nearly. That’s special to us,” she said.

“We feel very lucky that people come out and spend their money and come to a game and watch us.”

Yet behind the accolades, sponsorships and sold-out stadiums, Kerr said there have been significant personal sacrifices.

“I’ve been living out of home since I was 17 years old. I’ve missed a lot of my family’s life,” she said.

“I’ve missed a lot of weddings. I’ve missed funerals. I’ve missed so many things that people don’t see.”

Kerr revealed she was unable to return home for her grandmother’s funeral last year because of football commitments.

“You have to love what you’re doing. You have to want to sacrifice,” she said.

“Everyone makes sacrifices, of course, and what I do is a massive privilege, but there comes a lot of sacrifice with it.”

Away from football, Kerr said Australia remains central to her identity despite spending much of her adult life overseas.

“I think we take for granted in Australia the beaches, the ocean, the open spaces,” she said.

As she prepares for a new club, a new season and a new role with Richard Mille, Kerr said she remains motivated by the same passion that first drew her to the game as a teenager.

“It was really organic,” she said of her relationship with the luxury watchmaker.

“It’s a real family brand.”

New York Watch Auctions Record Uptick in Sales in the Face of Market Slowdown

The Matildas captain has joined one of the world’s most exclusive luxury watch brands, sharing candid insights into the sacrifices required to succeed at the highest level of world football.