On April 3, 2005 Antiquorum organised a thematic auction dedicated to Vacheron Constantin’s Quarter Millennium anniversary hitting a record breaking CHF 18,123,069 in sales. Three weeks after the auction we decided to undertake a cross interview as to get the personal impressions of 4 different parties, directly or indirectly concerned about this sale.
The intervewees are: Osvaldo Patrizzi - founder of Antiquorum, Claude-Daniel Proellochs – CEO of Vacheron Constantin – a collector who requests to remain anonymous but who bid aggressively at the auction and Marc Djunbushian expert in vintage watches and owner of Time Gallery in Paris.
The Purists: What are your general impressions following the Quarter Millenium auction?
Osvaldo Patrizzi (OP)fantastic! I had said that if we made CHF 15 million it would be a dream and we made CHF 18 million. We obtained Patek Philippe prices from a brand which until now? had not really attracted collectors. It’s a start and we are going up.
Claude-Daniel Proellochs (CDP): It was a beautiful collection and very well presented. The high prices are at the level of the quality of the pieces. Even though the sale was destined for collectors it is a good way to judge the attractiveness of the brand. It is very positive for us and very motivating for our employees and retailers. It is also reassuring for our clients to see that our pieces go up in value.
Marc Djunbushian (MD): It was a great event. I saw pieces I had never seen and we must underline the excellent work done by Osvaldo Patrizzi and his team. The world exhibition was also a great idea, and the results are not at all surprising. Vacheron is finally at the price level it deserves. Before, those who bought Vacherons were “in the know” and collectors have finally understood that Vacheron is an attractive brand. The only reserve I may have is with the presentation of the catalogue. I think a chronological presentation of the pieces would have been more clear as to the history and progression of the brand.
The Collector (TC): The pieces up for auction were fantastic and a 250 anniversary is a once in a life time opportunity. The prices were quite high but thematic auctions always lead to higher prices and here every one was ready to pay a premium to be part of VC history. If the prices were as high it’s because collectors were ready to pay the price, the market is often right.
TP: What should be done to consolidate Vacheron Constantin’s new notoriety?
OP: At Antiquorum we have opted for a strategy consisting of offering for sale only impeccable timepieces, if the watch is beautiful and in pristine condition the market shall follow.
CDP: The brand is on the right tracks and collectors now know the prices. Today the brand is dynamic and develops harmoniously. I think it is important for collectors to know that there is a certain continuity.
(Esprit des Cabinotiers)
MD: Let’s wait and see but I think that collectors shall follow. There may be a small slowing down but things will take off right after. The market cannot absorb in the same year 250 exceptional watches, those sold by other auction houses and those available through vintage watch dealers. Prices will stay stable and I think it’s logical.
TC: The big problem with Vacheron until now was that there was hardly any literature on the brand, unlike Patek. The more information available, the less the collectors would feel as if they are stepping into the void. Furthermore, the fact that the brand has set up a museum and bids aggressively for certain important pieces of its history is a strong signal to collectors.
TP: Ever since the auction have more Vacheron pieces being offered on the market?
OP: No, its still as hard to find a Vacheron Constantin but we will have some good surprises for 2005!
MD: I don’t have a higher demand for Vacherons nor do I have more people wanting to sell theirs but I do have many people coming into the shop asking for an appraisal.
TC: It was quite difficult finding interesting pieces almost for a year preceding the sale. I feel that everyone was holding on to the watches waiting for the auction to see the prices. Today I don’t see more Vacherons but the prices offered have nothing to do with what one could see even a year ago.
TP: Some of the auction highlights such as the minute repeaters or the ref 6087 chronograph did not reach the expected prices. How do you explain this?
OP: When the pieces are expensive there are less buyers. Furthermore collectors need to see that an expensive piece will have some stability in the market, which the ones you refer to have. Their prices are bound to go up.
MD: There were 250 lots and every lot cannot go for the maximum. Sometimes during a sale there are slower moments. The minute repeaters are in my opinion at their market price but the chronograph, when you see its state and rarity definitely deserved to go at a higher price.
(ref 6087 sold CHF 86,250 – scan courtesy of Antiquorum)
TC: The chronograph you mention was placed at the very beginning of the auction and probably the buyers were holding on for other pieces. I am certain that had the watch been placed at the end or at least middle of the sale after some of the big pieces it would have gone for a much higher price. The buyer got a very good deal! Regarding the minute repeaters the least expensive one sold for over CHF 200 000 which is quite a lot of money. There were so many exceptional lots for sale but also quite a few pieces which could be obtained at a relatively good price (ie: the chronographs or triple calendar models) that maybe the collectors concentrated on them.
TP: What do you think about the prices obtained by the Anniversary pieces?
OP: the Tour de l’Ile made a world record for a contemporary watch. Even Patek’s Sky Moon Tourbillon didn’t go as high. The prices are exactly what we expected and we are quite happy.
CDP: It is very positive for us. It is always delicate to place modern pieces at auction because they risk going for less than their retail price, even for limited series pieces. We received a favourable reaction from collectors on these anniversary models and it is a great pride for us.
(Tour de l’Ile – scan courtesy of Antiquorum)
MD: Quite extraordinary! There are few people who can actually afford to pay the prices the Tour de l’Ile and the Esprit des Cabinotiers went for. I wasn’t expecting them to go higher. It is not today that the prices of these watches, which are all unique, will increase but in 5-10 years. Today collectors look for history of a watch and in a few years time these watches will be very sought after.
TC: I read here on The PuristS that many were disappointed with the prices. But how many modern pieces, no matter how limited, actually sell for their retail price at auction? Can one be disappointed when the Tour de l’Ile sells for over CHF 1 800 000 and the Esprit des Cabinotiers for over CHF 2 200 000? A collector willing to pay such amounts for a modern timepiece is taking a big risk because modern watches have no history and the collector is stepping on unknown grounds contrary to vintage pieces. Let’s have this discussion in a few years when these watches show up in the market again. My real disappointment comes from the fact that the Esprit des Cabinotiers is now part of a private collection. It is a piece which deserves to be in a museum for all to admire. Vacheron should have bought it!
