Last month I provided an update about the slow down in the secondary watch market. This month the headline is about a watch that could possibly sell for US $1 million or more, when it is auctioned by Sotheby’s New York on 11 December. Of course, it helps when the watch is one of the fabled Heuer Monaco’s worn by Steve McQueen during filming of the ‘Le Mans’ movie released in 1971. The Monaco wristwatch has been given an estimate of between US $500,000 - 1 million.
But the fact that you can still have these estimates, and indeed the million pound plus sales already achieved this year like the Only Watch charity auction held on 10 May in Geneva at which a Rexhep Rexhepi, RRCA Chronomètre Antimagnétique, sold for CHF 2,100,000, (approx. £1,843,000), speaks to continued interested by collectors at the top end of the market. There might now be less buyers aggressively investing in the secondary watch market chasing hype watches, but collectors still appear interested in rare timepieces they would like for their collections.
I asked Paul Maudsley from Remontoire Ltd about this top end of the watch collecting market. Paul is a fine watch dealer who has worked in senior level positions within the auction world including roles as Director of Watches for both Bonhams and Phillips. He commented:
“At above, let’s say £1 million for a watch at auction there are only a smaller number of international buyers in this zone, who are all largely known collectors. Their net worth is such that it’s almost like an asset class to them. Despite the recent cooling off in the secondary watch market these high-end collectors who are passionate about watches will spend to buy super rare and important watches”
It’s also interesting to look across some of the other collecting categories. One being the super car collector market. Again, for the right car and it must be the right car, collectors will spend. An example being at RM Sotheby’s, Monterey, auction held 15 – 17 this August a 1995 Ferrari F50 sold for US $5,505,000, (approximately £4,197,12), including buyer’s premium. The result was a new world record price for a Ferrari F50. The super car is the 47th of 349 numbered examples built and one of 55 original US-delivery F50s. The car was also distinguished by being the Platinum winner at Cavallino Classic Palm Beach in 2023.
Back to this month’s watch auction report, I will be covering the Heuer Monaco worn by Steve McQueen in the 1971 ‘Le Mans’ film, plus the work of some independent watchmakers and their amazing creations.
Iconic Heuer Monaco worn by Steve McQueen to be auctioned
Sotheby’s New York have just announced that they will be auctioning one of the iconic watches worn by Steve McQueen (1930 - 1980) during filming of the 1971 film ‘Le Mans’. The historic watch will be sold during their Important Watches sale on 11 December, with an estimate of US $500,000 - 1 million. The watch will be included in the ‘Heuer Champions’ section of the 11 December auction, celebrating the brand’s rich heritage and connection to motorsport. This will be the first time the watch has appeared on public view in over 50 years since McQueen wore it on film.
…For enthusiasts of racing, McQueen, or vintage chronographs, this watch represents the ultimate addition to any collection—a true 'end game' piece.”
The watch is a Heuer Monaco, Reference 1133B and one of just six Heuer Monaco models with blue dials sent to the ‘Le Mans’ film set by Heuer. As Sotheby’s noted of the six reference 1133B models, two were fitted on stainless steel bracelets, and four with leather straps as worn by McQueen in the movie. This example is one of these four specimens. Two of the six watches used for filming are in the TAG Heuer museum collection. This piece is one of the last movie-worn watches to come to auction.
The provenance of the watch is documented. Following the filming of the movie the watch was owned by Bevan Weston, a mechanic, who worked on the set supporting the number 8 Ferrari 512. Weston would go on to work for the McLaren racing team. Weston sold the watch to a private collector in 2010, who has now decided to consign the watch to auction.
The US $2.2 million Steve McQueen, ‘Le Mans’ Heuer Monaco, sold in 2020
By way of useful comparison, the most recently auctioned of the Heuer Monaco ‘Le Mans’ film wristwatches was sold by Phillips in Association with Bacs & Russo in 2020. This Monaco watch was offered at Phillips ‘Racing Pulse’ auction held in New York on 12 December 2020. The watch had been worn by Steve McQueen in the film while driving the Porsche 917 in his role as racing driver Michael Delaney. McQueen gifted the Heuer Monaco to the film’s Chief Mechanic and McQueen’s personal mechanic, Haig Alltounian. The caseback of the wristwatch is inscribed “TO HAIG Le MANS 1970.” Like the current Sotheby’s watch the Phillips’ Heuer Monaco is a Reference. 1133, fitted with a Calibre 11 automatic movement, on a leather strap. The Phillips’ watch sold for US $2,208,000 million, (approximately £1,674,350), including buyer’s premium. The result was and still is a world record sale for any Heuer Watch.
The race to be first – the automatic chronograph movement
As a reminder apart from the now famed square case and blue dial the launch in 1969 by Heuer of the Monaco also saw the introduction of the Calibre. 11, one of the world’s first automatic chronograph mechanical movements. The resulting watch was given the designation, Reference. 1133 and named after the Formula One racing track in Monaco. Its introduction was overseen by Heuer’s legendary CEO, Jack Heuer.
Interestingly, as Sotheby’s noted in their announcement about the upcoming auction, the Monaco was not initially a commercial success but ‘its association with McQueen and Le Mans cemented its status in popular culture’.
The subject of which Swiss watch brand, or joint venture, designed and introduced the first automatic chronograph movement has always been a matter of great discussion. What is not in doubt is that the race to be first resulted in some now iconic watch movements. Of these the most well-known is probably Zenith’s ‘El Primero’ automatic high frequency beat chronograph movement also launched in 1969.
Clockwork and URWERK
I have wanted to cover a timepiece by the Swiss based independent URWERK for some time now, given their incredible modern designs and innovative watchmaking. One spectacular creation from the brand was the ‘AMC Project’ featuring an Atomic Master Clock (AMC) paired with a titanium wristwatch. In 2019 this piece won the Prix de l’Audace at the Grand Prix d’Horlogerie. Also in 2019, Phillips in Association with Bacs & Russo auctioned one of the URWERK, AMC Project, Atomic Master Clock and wristwatch pieces. Sold at their ‘Game Changers’ auction in New York it fetched an astounding USD $2,900,000, (approximately £2,210,690), including buyer’s premium.
URWERK was founded in 1997 by Felix Baumgartner and Martin Frei. Felix Baumgartner is a graduate from the Schaffhausen watchmaking school. Martin Frei studied at the Lucerne's college of art and design in 1987. As URWERK note about their brand:
"Our watches are unique because each has been conceived as an original work. Above all, we want to explore beyond the traditional horizons of watchmaking."
The watch covered in this report is a URWERK, Reference. UR-105 TA, ‘Clockwork Orange’, limited edition PVD coated titanium wristwatch with a satellite hour display from circa 2016. Powered by an inhouse Calibre. UR 5.02, automatic movement with the case sized at 39.5 x 53mm on a leather canvas effect strap. The watch is accompanied by its presentation box, certificate and instruction manual.
Bonhams auctioned the wristwatch at their Luxury Online Watches and Handbags sale held between 2 – 13 August in Hong Kong. As the auction house catalogued the watch was accordingly inspired and named after the iconic, and controversial, 1971 film "A Clockwork Orange" by Stanley Kubrick.
One of a limited edition of just 100 pieces, the distinctive timepiece features bright orange numerals and markers set against the matte black PVD titanium case. The inhouse automatic mechanical movement is regulated by a double turbine. The piece incorporates a satellite hour display by which four small satellite disks, each bearing three numerals for the hours, sweep past the minute scale to show the time.
The watch sold for HK$384,000, (approximately £37,510), including buyer’s premium. The estimate was set between HK$300,000-600,000.
Japanese independent’s highly creative watch designs
Jiro Katayama is a Japanese independent watchmaker and founder of the brand Otsuka Lotec. Recently two of his watches have come up for auction at Bonhams in Hong Kong, and I think his watchmaking is well worth covering in this report. Additionally, the prices for the watches are not in the stratospheric range enjoyed by the leading Swiss independents. As Bonhams noted about his design in their cataloguing:
‘Katayama's background as a car designer influences his watch designs, giving them a unique blend of industrial and nostalgic aesthetics’.
Each watch is hand-assembled by Katayama himself using a modified Miyota movement with low production runs, making them rarer to see on the market. The watches are denoted by numbers such as No.6 and No.7.
At their Luxury Online Watches and Handbags sale from 2 – 13 August in Hong Kong, Bonhams offered a rare Otsuka Lotec. No.7, stainless-steel wristwatch with jumping hours from circa 2020. The striking design incorporates a circular steel case with wire lugs and a turret-like dial structure with three display windows for hours, minutes, and seconds. The case is sized at 40mm and has a transparent case back. Power is provided via a modified Miyota movement with a custom module developed by Jiro Katayama. As Bonhams note the watch displays time through jumping hours and rotating disks for minutes and seconds. The watch came with its presentation box, certificate and instruction manual.
Estimated at HK$20,000-40,000 the watch jumped ahead of the estimate to sell at HK$96,000, (approximately £9,405) including buyer’s premium.
Another very distinctive, Jiro Katayama, Otsuka Lotec wristwatch to sell at Bonhams in Hong Kong recently was an Otsuka Lotec. No.6, brand-new stainless-steel wristwatch with retrograde hours and minutes from circa 2019. With a brushed silver dial and case sized 42.5mm diameter on a leather strap. The watch has a Miyota 9015 automatic movement. Accompanied by its presentation box and certificate. The watch sold for HK$204,800, (approximately £20,060), including buyer’s premium. The auction was held on 28 May at the Hong Kong, Admiralty.
Inspired by Greek mythology and ocean Jellyfish
It is certainly quite some combination for an inspired design. The name of this clock is ‘Medusa Green’. Medusa of course was the ancient Greek mythological Gorgon whose glance could turn mortals into stone, and whose hair was made from snakes. Added to which, as Bonhams note, about the design of the clock:
‘Like a mystical jellyfish lighting up the deep sea, the Medusa glows in the dark, thanks to Super-LumiNova. Beneath the time display is a pulsating heart, the movement that animates this mechanical marvel’.
Then again, this piece is the result of a collaboration between leading independent, MB&F and L'Epée, who are renowned for their horological timepieces. The resulting outcome was always going to be spectacular.
But before we explore the Medusa Green in depth, some background is useful to have about MB&F. The Swiss based independent brand was established in 2005 by Maximilian Büsser with the brand name MB&F standing Maximilian Büsser & Friends. The ethos for the brand is engage in creative and innovative horological projects with partners. Many of their creations are called ‘Machines’. MB&F have worked on several previous projects with L'Epée. Based in the Jura region of Switzerland L'Epée was established in 1839. Today the brand makes some amazing timepieces including exquisite small scale model replicas of classic racing cars fitted with timepieces within the model car to create a desk clock.
The MB&F x L'Epée Medusa Green, Reference.73.6000/134 featured in this report is a new old stock limited edition, in stainless steel and brass. The clock has a 7-day power reserve with a hand-blown glass dome. The clock is from circa 2019 and is one of 50 pieces produced. The case size is 25 x 32.3cm and the clock movement is manual winding. Beautifully formed the hand-blown glass dome is from the Venetian Island of Murano, famed over centuries for its glass making. As Bonhams note in their cataloguing the transparent dome is shaped to resemble the bell-shaped body of a mature jellyfish with its supporting legs like the tentacles of the jellyfish. The clock can be hung either from the ceiling or placed on a desk.
To tell the time two rotating rings are provided, one for the hours and the other for the minutes. The time is displayed by a single fixed indicator that extends over these rings. The clock is accompanied by its presentation box, warranty card, instruction manual, gloves, ceiling cable and 8 tentacles for ceiling hanging.
Auctioned By Bonhams at their Luxury Online Watches and Handbags sale in Hong Kong between 2 – 13 August. Estimated at HK$95,000-180,000 the clock floated away at HK$153,600 (approximately £14,990), including buyer’s premium.
