The secondary watch market, plus an exceptionally rare Patek Philippe and Captain Bob Maloubier’s Fifty Fathoms.
While I am definitely on the side that views watches as collector items to enjoy rather than investment pieces per se, it is important to recognise that all pre-owned watches be they vintage or modern do have a market value. The market itself is always evolving with watches bought and sold on the secondary watch market every day around the world. Auctions of course feed into this secondary market as both private individuals and dealers use auctions to consign and bid on watches globally.
However, given the more recent economic issues related to higher inflation, an energy crisis, and rising interest rates, can a picture be formed regarding what is happening in the secondary watch market? In answer there is probably no definitive statement as there are so many variables, and not all the variables are economic related. But there are some tools that help give some insight into market trends. One analysis tool is the Bloomberg x Subdial Watch Index, along with others such as the Chrono24, ChronoPulse – Watch Index.
This article will look at the Bloomberg x Subdial Watch Index. Subdial are a UK based secondary market watch dealer who also provide market updates through their online collector's newsletter and market analysis via their Bloomberg x Subdial Watch Index.
Their index is a tracking tool made up of the top 50 most traded watch models on the pre-owned market globally. These tend to be newer watches within the index basket. The 50 watches in the index basket comprise 44 Rolex models, 5 Patek Philippe Nautilus models, and 1 Audemars Piguet Royal Oak model. The index is calculated by taking into account the latest secondary market pricing for each of the 50 models as well as their relative weighting based on sales value. This in turn shows average overall pricing values over time within the index basket. Currently the index basket of 50 watches is down 26.4% in the last 24 months as at 28.7.2024. The index does not include auction market prices.
You might well think wow, when looking at this graph, but it does reflect a cooling off in the secondary watch market since the heights of early 2022 which has been well documented. But it is important to remember everything needs to be seen in context. Firstly, this graph shows pricing from the higher point of the market in 2022, but there is also the other side of the curve during 2019 to 2022. To gain some insight to this timeframe please see the Chrono24, ChronoPulse – Watch Index. Secondly, the watch collecting market like all other collector markets will change over time and those changes can be as much about evolving tastes as they are economically related. Additionally, the basket of 50 watch models used in the Bloomberg x Subdial Watch Index is not the whole pre-owned secondary market nor the pre-owned vintage market. Watch collecting continues to be enjoyed by enthusiasts around the world with as much passion as ever. Providing some further insight into this broader picture Ross Crane, Co-Founder and CEO of Subdial noted for this article.
"The secondary market has been stable through the first half of 2024, with much less volatility than we saw last year. Cartier has continued to surprise to the upside, you can see this both in prices (our Cartier index is up 3.5% over the past 12 months) and in the level of interest we are seeing in Cartier watches on the platform. Rolex continues to be a strong performer on the volume front, interestingly we've seen a slight narrowing of interest versus the last two years. The latest generation of steel sports has outperformed prior generations and the more esoteric pieces, which is counter to the story you hear a lot, that steel sports watches are no longer popular, it's not true!"
Having considered the bigger picture, let's take a look at some great watches that sold recently at auction.
Captain Robert "Bob" Maloubier and the Blancpain, Fifty Fathoms watch
It’s not often that you get the chance to bid on a watch once owned by someone who helped create a legendary wristwatch. The Blancpain, Fifty Fathoms, divers wristwatch is renowned in watch history as one of the earliest modern professional diver’s wristwatches. The watch was launched in 1953 under the leadership and direction of Co-CEO, Jean-Jacques Fiechter, who was a keen scuba diver himself.
In the early 1950s, prior to the Fifty Fathoms’ launch, the French Naval combat diving unit also wanted to find a practical diving wristwatch that could be used in military operations. The French national war hero Capitaine Robert "Bob" Maloubier (1923 – 2015), along with his colleague Lieutenant Claude Riffaud, worked collaboratively with Jean-Jacques Fiechter at Blancpain to help specify the requirements needed for the Fifty Fathoms to be used as a military diver wristwatch.
Fast forward to 2003, and the 50 th anniversary of the Blancpain, Fifty Fathoms, and Blancpain launches a special anniversary model of its famed diving watch. This is the Blancpain, Fifty Fathoms 50th Anniversary Series I, reference. 2200A-1130-71 in stainless steel, powered by a Caliber. 1151 automatic movement. Sized at 40 mm in diameter.
One of these anniversary watches is given to Robert "Bob" Maloubier and specially engraved on the case back, ‘1953 – 2003, Au Capitaine Robert "Bob" Maloubier père de la Fifty Fathoms, Limited Edition’. The reference in the engraving ‘père de la’ means ‘father of the’, referring to the Fifty Fathoms.
This rare important watch, as owned by Capitaine Robert "Bob" Maloubier, was brought to auction by Antiquorum at their Important Modern & Vintage Timepieces auction held in Monaco on 13 July.
Estimated at €25,000 - €50,000 the watch went on to sell at three times the low estimate for €107,584, (approx. £90,770), including buyer’s premium.
The watch was accompanied by a torch-shaped box, international warranty, technical booklet, Medal of the ‘Commando Hubert’ engraved ‘BOB’, and the "Carnet de plongée," (Dive Log), from Captain Robert "Bob" MALOUBIER from 1954.
Patek Philippe watch makes £100K at North Yorkshire auction house
The world of high value watches sold at auction is not exclusively restricted to just the big international auction houses. Sometimes amazing finds can be offered for a sale by regional auction houses. This was the case when Tennants Auctioneers, based in Leyburn, North Yorkshire, sold an exceptionally rare Patek Philippe, Calatrava, reference 2585, stainless steel cased automatic wristwatch from circa 1956. The watch case is sized 35mm wide in diameter.
Given a please come and bid estimate of between £8,000 - £12,000 the watch flew away to fetch £105,000 hammer price, before buyer’s premium is added, at the auction house’s 13 July Fine Jewellery, Watches & Silver sale.
What makes this watch so valuable and collectable is firstly its considerable rarity, secondly the fact that it is cased in stainless steel which is not common at all for Patek Philippe wristwatches from this period. Thirdly, it is powered by the very high quality Patek Philippe, calibre 12-600 AT automatic movement. The calibre 12-600 AT is Patek Philippe’s first self-winding automatic movement calibre introduced for production.
Now this watch is not in perfect condition by any means. The silvered dial with baton markers and a sub dial for seconds has discoloured to a russet light brown and the hands show tarnishing. This degree of patina will be great for some collectors but not necessarily for others. Additionally, the original matching numbers 18K gold rotor for the automatic movement is detached and some of the parts needed to re attach it are missing. Finally, the watch has no paperwork and would benefit greatly from some detailed research as well as obtaining its all-important Patek Philippe, ‘Extract from the Archives’.
Nevertheless, on the day the watch sold well. In part this is due to the watch being fresh to the market and for the fact of its discovery. To hear more about the story of the watch I spoke with Adam Wasdell, Watch Specialist, at Tennants Auctioneers.
“It's superb to still find very rare new to market watches like this. The watch had been kept in a draw for years. When we first received the watch, it was without its gold rotor, but the owner was able to find the rotor. The watch itself is all original, the watch lugs are still crisp, and the dial has nice patina. It needs some sympathetic careful restoration and servicing. There was a lot of interest in the watch with a packed saleroom on the day, it eventually sold to a phone bidder.”
By way of comparison two Patek Philippe, reference 2585 have been sold by Phillips in
Association with Bacs & Russo in recent years. The most recent sale of a reference 2585 was at Phillips’ Geneva watch auction in November 2017. The watch sold for CHF100,000, (approx. £88,280), including buyer’s premium. Phillips’ cataloguing also confirms the absolute rarity of this watch.
1960s, ‘Red Racing’ version adds a dash of colour to the ‘Speedy’
What’s not to like about this watch? This stunning rare Omega, ‘Red Racing’ Speedmaster Professional chronograph, reference. 145.012 wristwatch from circa 1968 was sold by Tennants Auctioneers at their 13 July Fine Jewellery, Watches & Silver sale. Estimated at between £20,000 - £30,000 the watch made the lower estimate of £20,000 hammer price, before buyer’s premium is added.
The ‘exotic’ racing black dial has red five minute / hour baton markers, an outer fifth of seconds track and three sub-dials for seconds, 30 minute, and 12-hour registers. The seconds, minute and hour hands are red, and the watch has a tachymeter bezel. The watch is sized 42mm in diameter.
Tennants Auctioneers added that the reference 145.012, was only produced for two years between 1967 and 1968, making it a sought after rare piece. In all there were two generations of the Racing dial Speedmaster with three executions in total. The reference in the cataloguing to ‘Second Execution’ for the watch denotes that this version had the ‘Professional’ and ‘Omega’ logo painted in white and the dial marked ‘T Swiss Made T’ below 6 o’clock.
The only detractions for this watch were that the tachymeter black bezel insert is a later replacement along with the bracelet, but with Omega parts. Despite this the watch made for an excellent piece for a ‘Speedy’ enthusiast collector.
Helicopter missions, and an Omega Speedmaster 'Ed White' wristwatch
For collectors seeking a more affordable ‘Speedy’ in relative terms to the Omega, ‘Red Racing’ Speedmaster, reference. 145.012 wristwatch covered above they could have looked to this Omega Speedmaster 'Ed White' reference. ST 105.003-65 from circa 1966. Sold by Gardiner Houlgate, at their Corsham, Wiltshire salerooms on 26th June. The watch fetched £5,500 hammer price, before buyer’s premium was added against an estimate of £5,000 to 6,000.
Of course, the 'Ed White' chronograph reference. ST 105.003-65 is itself a rare watch. This reference model from the Omega Speedmaster family was produced in the 1960s. It gained its name from being worn in 1965 by NASA astronaut Edward 'Ed' Higgins White, (1930-1967), during his space walk outside of
the Gemini 4 capsule. Historically the first American to walk in space. Tragically White was killed in 1967, along with two other astronauts, during pre-launch preparation for the Apollo 1 Saturn moon flight mission.
The watch is powered by the famed Omega, Calibre. 321, manual winding chronograph movement. This Calibre was used in the original Speedmaster launched in 1957. More recently Omega has relaunched the Calibre. 321 for some of their new heritage Speedmaster models.
The watch is also referred to as ‘Pre-Moon’. As Gardiner Houlgate noted in their cataloguing the production period of the 105.003 was short, lasting around three years from 1963. In 1966 it was superseded by the Omega Speedmaster 'Professional' ref.105.012. It was this watch that was famously worn by NASA astronauts, Neil Armstrong and Buzz Aldrin on the first moon landing in July 1969.
Apart from the many reasons listed above as to why the 'Ed White' Reference. ST 105.003-65 is seen as a collector item by ‘Speedy’ enthusiasts; this example has another reason to make it collectable. Looking at the watch it is well used, with a scratched and scuffed bezel, discoloured dial and worn hands and obviously lacking its original bracelet. However, the provenance as catalogued by Gardiner Houlgate makes up for this. Accordingly, the watch was purchased in the early 1970s by the vendor from a Canadian Army officer. It was then worn by the new owner on various military and United Nations helicopter flying operations.
This makes for great provenance. I also think the watch would look perfect on a new Omega military style strap.
