Fitted with 42 emeralds weighing about 3.3 carats, a Patek Philippe watch is set to be the highlight of a Dubai auction next week.
Christie’s estimate reference 5971 – one of only 10 pieces ever manufactured and to date, unworn – will fetch US$280,000 to $350,000 at the Important Watches the Dubai Sale on March 19 and 20 at Jumeirah Emirates Towers.
However, working out how much the watch is actually worth is much like measuring happiness: it all depends on the person.
In horology circles, a watch’s value is decided by the metals involved – this is made of platinum – the movement – this is a chronograph, a stopwatch, a perpetual calendar, which is very complicated. It has a couple of functions such as the moon phases and a 24-hour dial. It also has calibrated emeralds. There are 42 emeralds and setting emeralds is difficult as a watchmaker needs to match the colour, size, length, diameter and height – a more difficult task than setting rubies or sapphires because emeralds are more fragile.
The waiting list for a Patek Philippe watch can be years long, according to Frederic Watrelot, Christie’s watch specialist in Dubai, therefore the chance to buy one at an auction is one plenty of global watch collectors are willing to take. The pieces set to be included in the auction will be exhibited from Sunday at Jumeirah Emirates Tower Hotel until the sale date, meaning you can look before you buy.
There will be 120 watches up for auction, more than double the number at Christies’ last sale in October 2013, which made a total of Dh5.8 million. The top price of the sale was paid for an impressive 18-carat white gold and diamond set wristwatch by Piaget which sold for $106,250.
However, at this month’s sale, not all the prices are in the eye-watering category. A pair of Voltime stainless steel interchangeable chronograph wristwatches, for example, is estimated to fetch $2,000 to $3,000.
But the adage that goes with any auction should be considered: caveat emptor – buyer beware. One should think twice before scratching your nose in this company.
q&a Frederic Watrelot, Christie's
So are watches a good investment?
A rare watch will always be rare. We always advise clients to buy what they like, but if you buy at the right time and at the right price and buy a rare piece with the proper provenance, which is always important, then there is a good possibility that the piece will at least retain its value. There is no guarantee. We have cases and cases of watches that have been sold and tripled in price three years later. Of course some have only made 2 per cent, while others have made considerably more than 300 per cent.
Is that a yes or a no?
They are viable investment vehicles. They are similar to cars – a modern car may cost $100,000 but the depreciation over two three years is significant. If you buy a watch at auction then the residual value of the jeweller and the retailer has gone and you are left with the true value of the watch.
Are mechanical watches good at time keeping?
A mechanical watch, be it automatic or manual, will be 60 times less accurate than a quartz watch, and that is at best after being serviced in the best environment. But with a mechanical watch 300 years from now you will always find someone capable of fixing it – it is a mechanical piece. A quartz watch means the day the manufacturer decides to stop making that battery the watch is dead, as it cannot be powered. It may be an amazing watch, but it will be a dead watch.
ascott@thenational.ae
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