Rare timepieces have a value but what about a used watch? Sometimes it’s not necessarily the quality of the piece which is important but the story behind it. There have been several cases in recent years where some ordinary watches have commanded high prices because of their history.
In November 2013, 50 used Rolex watches went under the hammer at Christie’s in Geneva. All the watches were Oyster Daytonas, a model which goes back to the 1960s. The materials used were not of particular note or value or created from a precious metal, nor were any of these worn by a famous person. However, more than $1 million was reached for the top item, a 1969 model named ‘Paul Newman’ after the Hollywood actor. This particular watch was never worn by the star, but the watch got its name because he wore this model during the 1970s.
POW
Similarly, a used Rolex worn by an RAF pilot captured by the Germans during World War Two fared well in the auction room, fetching £50,000. It had belonged to Flight Lieutenant Gerald Imeson, who had been imprisoned at the Stalag Luft III camp — the venue for the Great Escape. The prisoners had their own watches confiscated but were given Rolexes to wear instead. This turned out to be a generous present, especially as he subsequently paid £170 to keep his watch. A watch of the same type and age was also up for sale at the auction in Buckinghamshire, but without the war story it fetched rather less at £24,000.
While the story and history of the watch can make all the difference, there are still timepieces which do well at auctions because of the materials that are used to make them. For example, the world’s most expensive watch in all probability is a 201-carat Chopard model which generated $25 million in 2000 — equivalent to £15 million in today’s money. It’s a multi-coloured piece which is more jewellery than watch as it’s studded with diamonds. Some collectors have expressed their distain for the piece.
Watch Competition
Another watch to do well at auction was a 1933 Patek Phillippe pocket watch made for the US banker Henry Graves. This sold for around $11m in 1999, helped by the story behind the watch. Graves was in competition with car-maker James Ward Packard to own the world’s most complicated watch. It was indeed a masterpiece, taking three years to make, and it included a chart of the stars to be seen over New York City.
As brands go, Patek Phillippe is probably in the lead when it comes to watches rising in value. The most expensive wristwatch ever sold at an auction was a 1944 model that fetched $5.5 million. Such watches have always commanded high prices because of the company’s history and the fact only limited numbers were ever made.
Few people buy a watch to make money. For most of us it’s about keeping time, but a watch with a story behind it can be very valuable.
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