Spiral二十周年對談 | Head of Watches, Asia, Phillips, Thomas Perazzi: Independent watchmakers gained immense popularity

Please share with us an auctioned watch that most impressed you in the past 20 years.

The Patek Philippe Ref. 96 Quantieme Lune wristwatch, once belonging to Aisin-Gioro Puyi, the last Emperor of the Qing dynasty. It was the longest, deepest and most extensive project that I have ever participated in during my auction career to date. We were entrusted with the sale of the watch in 2019 and launched an unprecedented research project with a worldwide team of watch specialists, historians, journalists and scientists who spent three years investigating the journey of this watch, as well as Puyi's treasured artefacts. The catalogue and videos we created to promote this watch are unprecedented in the industry.

On the day of the auction, we saw global participation from collectors across 56 countries, and a packed saleroom of collectors, journalists, and watch enthusiasts from across Asia witnessing this memorable sale. After six minutes of spirited bidding, the timepiece was sold for HK$49 million to a Hong Kong based collector, the highest result for any Patek Philippe Ref. 96 ever sold, and a record of any wristwatch previously owned by Emperors that have been auctioned. In addition, this remarkable watch was covered by international media across 6 continents, creating a phenomenon.

In your opinion, which models performed the best in auction over the past 20 years?

I would definitely highlight important vintage wristwatches. The demand for well preserved timepieces has dramatically increased over the last decades worldwide. To mention few examples, I would bring to the attention of the increased value of references 1518, 2499 and 2523 signed by Patek Philippe.

In the past two decades, what incidents or issues happened in the watch auction market impressed you most?

In 2017, Paul Newman's Rolex Daytona sold for a staggering $17.8 million at Phillips in New York, becoming the most expensive wristwatch ever sold at auction at that time. And the sale of the Patek Philippe Ref. 96 Quantieme Lune wristwatch, once belonging to Aisin-Gioro Puyi, as mentioned.

On the other hand, the rise of independent watchmakers in the auction market over the past two decades has been a fascinating journey. Independent watchmakers like Philippe Dufour and F.P. Journe started gaining attention for their unique, handcrafted timepieces from the early 2000s. In mid 2010s, as collectors sought alternatives to mass-produced Swiss watches, the demand for independent brands grew. Watches from makers like Roger Smith and Kari Voutilainen began fetching higher prices at auctions.

And since early 2020s, watches from independent makers started breaking records at auctions. And since early 2020s, watches from independent makers started breaking records at auctions, highlights including a Philippe Dufour Simplicity 20th Anniversary model sold for over $1.5 million at Phillips in 2020, five new F.P. Journe auction records being set at Phillips in 2021, and Rexhep Rexhepi’s Chronomètre Contemporain I in pink gold sold for HK$7.24 million (approximately $924,000) at Phillips Hong Kong last year. 

How would you describe the development of the watch auction industry in the past two decades?

The watch auction industry has undergone significant transformation. The early 2000s saw the establishment of dedicated watch auction departments within major auction houses. This period laid the foundation for the specialized market we see today. During this period, collectors began to show increased interest in vintage and rare watches, driving up prices and demand. In mid-2010s, the rise of online auction revolutionized the market, making it more accessible to a global audience. Social media platforms also played a crucial role in promoting watch auctions, with influencers and collectors sharing their finds and auction results.

From late 2010s to early 2020s, we saw numerous record-breaking sales, such as Paul Newman’s Rolex Daytona. These high-profile auctions brought significant attention to the market. Moreover, independent watchmakers like F.P. Journe, Philippe Dufour, and Rexhep Rexhepi gained prominence, with their watches fetching high prices at auctions.

Today, the watch auction industry continues to grow with more diverse offerings to cater to a wide array of collectors. Online platforms and digital marketing have made auctions accessible to a global audience, and the growth of a passionate collector community has driven demand and interest.

Have you observed any significant change in the demand and preferences of watch collecting among collectors and watch enthusiasts over the past two decades? Are there any differences in taste and preferences between collectors from Hong Kong and the other markets?

Independent watchmakers like F.P. Journe, Philippe Dufour, and Rexhep Rexhepi have gained immense popularity. Collectors appreciate the unique craftsmanship and limited production runs of these brands. They are also increasingly drawn to watches with historical significance and provenance. The condition and rarity of a watch have become crucial factors in determining its value. Well-preserved vintage watches are highly sought after.

There is also a growing demand for limited edition watches and bespoke pieces. Collectors value the exclusivity and uniqueness of these timepieces. Customization options offered by some brands have also become popular, allowing collectors to create unique and personalized watches.

Investment potential is another issue. Watches are increasingly seen as investment assets. Collectors and investors are drawn to the potential for appreciation in value, especially for rare and limited-edition pieces. All these trends reflect a broader shift towards valuing individuality, craftsmanship, and exclusivity in the watch collecting community.

Thanks to technology, collectors are now able to share and exchange in all the continents and that had an impact on the evolution on knowledge and desire. I would say that a Hong Kong collector has now the same collecting taste of a collector based in the USA or Europe.

What’s your impression of SPIRAL magazine over the past 20 years? Any change or surprise you would expect from SPIRAL in years to come?

In the past 20 years, Spiral magazine has consistently captivated watch enthusiasts and industry professionals with its unique perspective and excellent content. Spiral has not only provided a diverse range of watch-related information but also a distinctive viewpoint through in-depth stories and diverse columns.

Looking forward, I anticipate Spiral magazine continuing to surprise and inspire its readers, uncovering new facets of the watch world, and fostering a community of enthusiasts who share a deep appreciation for the intricacies of horology. Happy 20th anniversary Spiral!