A packed hall brimming with about 400 watch enthusiasts witnessed history in the making on November 13 last year. Jaws dropped at the Phillips in Association with Bacs & Russo auction in Geneva as a stainless-steel Patek Philippe Reference 1518 went under the hammer and fetched CHF 11 million—the highest for any wristwatch.
Emerging victorious after a 13-minute bidding battle, the perpetual calendar chronograph with moon-phase left its counterparts in pink and yellow gold way behind (CHF 1.47 million and CHF 598,000, respectively).
Generally, when asked to choose between steel and gold, one would opt for the latter. But watch business is a different ball game. Aurel Bacs, senior consultant at Phillips, who presided over the auction, points out that this rare steel model was part of the first perpetual calendar chronograph series created by Patek Philippe.
“This enabled a triple pre-sale estimate,” he says. “It was breathtaking to stand in front of so many people in the saleroom. There were another 500 watch enthusiasts from around the world following the auction online or over phone as the watch set a world record.”
Many people, however, would argue that the price generated was solely because of the Patek Philippe legacy. After all, it sold the Henry Graves Supercomplication pocketwatch for a record sum of CHF 23 million at a Sotheby’s auction in 2014. But Sam Hines, international head of watches and deputy chairman (Asia) at Phillips, disagrees.
The Patek Philippe Reference 1518 fetched CHF 11 million, the highest for any wristwatch
“There is no doubt that the brand is one of the finest Swiss watchmakers,” he says. “But Reference 1518 was made during World War II and the stainless-steel case is testimony to the brand’s use of innovative technology, even back then. Only four examples of this holy grail are known in the market, and the version we sold is considered to be in mint condition. It was a closely-contested fight among eight bidders.”
The price, in fact, for this steel marvel does not come as a surprise. For instance, at most auctions, steel Rolexes have more prominence than other models. Even at this auction, the top ten lots featured five Rolexes. The two best-sellers were stainless-steel “Paul Newman” Daytonas, fetching CHF 874,000 each. Whereas, the Ref. 3330, a pink-gold chronograph, and the yellow-gold enamelled Ref. 6085 sold for CHF 598,000 and CHF 670,000, respectively. “Rolex is probably the most sought-after at auctions in the 21st century since it appeals to people of all cultures,” says watch expert, Tim Bourne. “It is fascinating to see the place this brand has sealed for itself. I think it is a bit of a statement, which shows when people have arrived. When it comes to watch collections, about 95 per cent people would own a Rolex, as it represents some significant milestone in their lives.”
Blancpain Villeret Quantième Annuel GMT in steel
Notably, last May, Phillips auctioned a rare Rolex chronograph Ref. 4113 in steel for CHF 2.4 million—the highest price ever paid for a Rolex wristwatch.
“Steel watches have always been part of the industry since sports watches from the 1970’s featured the metal,” says Remy Julia, watch specialist at Christie’s. “The Audemars Piguet Royal Oak A-Series, the Patek Philippe Nautilus or a Vacheron 222 from the same era are good examples. However, the current economic situation is, indeed, forcing brands to come up with offers from the bottom price band, but this is not the only reason for making steel watches. Steel is sober and extremely resistant.”
IWC Portugieser Automatic
The biggest surprise came from Vacheron Constantin, the oldest watch company, when it revamped the Overseas collection last year. Marking the 20th anniversary of the collection, the brand introduced five models and three calibres, including a chronograph and a ladies’ watch movement. Developed over five years, the new watches have a cleaner design, with rounded appearance and more fluid lines.
With this collection, the brand has also achieved its target of producing all its mechanical movements in-house. But it is interesting to note that besides a rose-gold version priced at about 032 lakh, the Overseas chronograph is also available in a robust 43mm steel case, estimated at around 019 lakh.
“There is a pressure on watchmakers to offer timepieces that are more affordable,” says Christian Selmoni, artistic director, Vacheron Constantin. “Of course, one cannot control the price of precious metals. So, the use of steel is a smart option since it is robust and reliable. So, I think we will see more steel watches in the market, because it gives the customer more options.”
The Drive de Cartier watches in steel are fitted with in-house mechanical movements
Julia, however, feels the Overseas is not really an affordable luxury watch just because it is in steel. “It is, in fact, more expensive than the previous Overseas I or II versions,” he says. “Steel will always be in the DNA of a sports watch, just like it was in the original Overseas.” There are also the likes of IWC, which has been making sporty steel watches since 1900. “It is not a new development at IWC, and we have been crafting watches in steel because some of our clients find it more comfortable on the wrist,” says Luc Rochereau, brand director (Middle East and India), IWC.
For other brands such as Blancpain, there is always a first time. The prestige brand from Swatch Group introduced the Villeret Quantième Annuel GMT in a stainless-steel case last year. Previously available only in gold, this is the brand’s first GMT model in steel and is priced at 016.93 lakh. One can also get a glimpse of the mechanical movement decorated with a gold rotor.
“I do not believe that brands are producing steel watches only to make them more affordable,” says Hines. “Steel cases are more durable and ideal for housing delicate mechanisms.”
Another Swatch Group brand known for its automata masterpieces has also embraced steel. Jaquet Droz revamped the Grande Seconde Dual Time models, which were only available in gold until last year.
Counted as one of the best dress watches in the industry, the Grande Seconde models offered only the time function till in 2014, when it was refurbished with an exclusive base movement. Since then, the brand has been experimenting with this line and last year added a date and a GMT hand. Priced at 010.72 lakh, the steel version aims to appeal to a wider audience.
Jaquet Droz Grande Seconde Dual Time
Famed for its association with the royalty and passion for polo, Jaeger-LeCoultre too experimented with the less glossy metal last year. It introduced the Reverso Classic collection in steel to mark the 85th birth anniversary of the iconic model, which was also produced in steel. With this, the brand aims to sell the Reverso to a relatively ‘younger’ clientele. For some, steel is the flavour of the season. “Today, stainless-steel is the most fashionable of all metals because it is multipurpose,” says Hines. “Earlier, watchmakers scorned at the idea of using a ‘cheap’ metal for their watches.”
Essentially a jewellery maker, Cartier is known for its ostentatious diamond-dripping designs. However, last year the maison introduced the Drive de Cartier collection in steel, which was one of the highlights.
Inspired by the curves of vintage motor-racing cars, the watches are fitted with in-house mechanical movements and carry the Poinçon de Genève certification. Even purists such as Greubel Forsey introduced the Signature 1, the brand’s first steel watch. Unlike its chunky double tourbillons and equation of time watches, the Signature 1 is pretty understated with clean lines and a time-only display. The company, however, will release just 33 pieces in steel, priced at about 01.15 crore each.
“People like to be assured that they are collecting something that does not have too many of its kind and the production is small,” says Bourne. “I think some people enjoy the hunt to find the timepiece of their choice and that plays a huge role in making an object desirable.”
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