The Only Watch auction has always been more than just a sale; it's a celebration of craftsmanship and charity. Founded by Luc Pettavino in 2005, the auction has raised over CHF 128 million, funding vital research that brings us closer to curing Duchenne muscular dystrophy. The 2024 edition, however, was marked by a certain degree of turmoil; originally scheduled for November 2023, the event faced unprecedented challenges, including a postponement and a rigorous financial audit following social media scrutiny. Among the highlights were timepieces that told stories of innovation and artistry. From Patek Philippe’s Grandmaster Chime, which once set the highest auction price for a watch, to the avant-garde creations by independent watchmakers, the 2024 auction showcased the pinnacle of horological excellence. Yet, it was not without its dramas. The withdrawal of 15 unique pieces due to the audit only added to the event's suspense, demonstrating the industry's commitment to transparency and integrity. 

According to the EveryWatch Geneva 2024 Auction Season Report, this auction season achieved total sales of $122.7 million, reflecting a 4.24per cent increase from the previous year. The Only Watch auction itself contributed significantly, with $31.2 million in sales from 47 lots, all sold, highlighting the high demand and unique appeal of the pieces offered. This season also saw a notable increase in participation and a lower unsold rate, indicating improved market alignment and interest in high-end timepieces. 

The report highlighted several key trends. Patek Philippe dominated with $52 million in sales from 204 lots, showcasing its strong market presence and a notably low 6.86per cent unsold rate. Leather bracelets were highly favoured, generating $60.4 million from 310 lots, followed by stainless steel, which brought in $9.8 million from 202 lots. These preferences underline a trend towards traditional materials and compact, wearable designs among collectors. 

Moreover, the auction’s success reflects broader market dynamics. The unsold rate dropped to 10.51per cent, indicating a better alignment of auction items with market demand. This improved alignment suggests that auction houses are becoming more adept at curating selections that resonate with collectors. The strong performance of independent watchmakers, like Rexhep Rexhepi and FP Journe, also stood out, underscoring the growing appreciation for unique, artisanal timepieces. 

Christie’s, the event’s trusted auctioneer since 2017, played a pivotal role in orchestrating this grand event. Remi Guillemin, Head of Watches Switzerland and Americas at Christie's, brought his extensive experience to the fore; with a decade of experience spanning Geneva, New York, Hong Kong, and Dubai, Guillemin has become a cornerstone of Christie’s watch department. His expertise and passion have led to numerous successful auctions, including the first-ever white glove sale at Christie's Geneva in November 2021, and the landmark “Legendary and Unique Watches” sale in November 2022. Fluent in French, English, and Italian, his international profile has been instrumental in bringing collectors together and achieving record-breaking sales. 

Speaking to us after the event, Guillemin shared insights on Christie's role and the evolving landscape of luxury watch auctions. His reflections, along with those of other key players, paint a vivid picture of an event that is as much about the human spirit as it is about horological masterpieces. Excerpts: 

Can you share insights on Christie’s role in the rescheduled Only Watch 2024? How did you adapt your approach following the challenges posed by the pandemic? 

We have been the auctioneer of choice for the charity auction Only Watch since 2017. As Only Watch takes place every 2 years, no adjustments had to be taken into consideration as the November 2021 edition was able to take place without restrictions. 

How has the collector’s market for unique timepieces changed in recent years, especially in light of global events like the COVID-19 pandemic? 

Over the Covid period Christie’s held all auctions online on their in-house online trading platform, active since 2011 and therefore well established and able to adapt to an increased volume. Over this period of time, we welcomed 30per cent of our new and younger buyers in the luxury segment, led by the watches and jewels sales. 

With Christie’s central to the success of Only Watch, could you discuss how you collaborate with watch brands to curate their unique offerings for the auction? 

Only Watch, led by Luc Pettavino and his daughter Tess, are in charge of the support given by the watch brands to this charitable event. 

How has Christie’s leveraged technology to enhance the auction experience, particularly in a time where digital engagement has become more crucial? 

Our new buyers, especially millennials, are more likely to transact digitally and the business has adapted and innovated accordingly. Christie’s improved digital reach has been complemented by investments in our social media activities on TikTok, WeChat, Red and Instagram, meeting and engaging with these clients where they are spending their time. The online platform continues to be our #1 recruiter of new clients, and around half of all sales are now held online. 

We have around 6 million unique visitors to Christies.com each year and produce a weekly newsletter, video stories and editorials to support our sales and events. Our main auction seasons are viewed by thousands of people around the world via our livestreams, increasing access to the theatre of the auction itself. 

Looking ahead, what strategies is Christie’s considering to further engage international bidders to expand the auction's reach? 

We will continue to provide excellent client service experience and our international specialist’s knowledge will make sure to offer the best and most desirable watches on the market. The sale calendar has a good balance between live and online sales spread throughout the year and on top, Christie’s Private Sales offers a selected variety of highly sought-after watches to be bought directly, outside of the auction calendar. 

From your perspective, what are the current trends in the luxury watch market, and how are they influencing the types of pieces offered at auction? 

The recent Rare Watches Auction on 14 May in Geneva was Christie’s first live event to take place in 2024 and the very strong results demonstrate the passion of international collectors for exceptional timepieces. The extraordinary property of Michael Schumacher—6 watches by F.P.Journe, 1 watch by Audemars Piguet and one Rolex Daytona—made headlines all over the world and doubled their pre-sale estimates. This shows how provenance, rarity and quality do play an important role in the watch world. Besides the independent watchmakers, vintage watches were very much sought-after, headed by the Patek Philippe ref.1518 Pink on Pink, which sold for CHF 2,465,000 and set the highest price for a wristwatch this season in Geneva. 

What has been one of the most memorable or surprising moments you've experienced during the Only Watch auctions? 

It must be the 2019 edition when a Patek Philippe wristwatch set the highest price ever paid for a watch at auction. Lot 28, a Grandmaster Chime by Patek Philippe, sold for over CHF 30 million against a pre-sale estimate of CHF 2.5-3.0 million. 

For new collectors looking to participate in their first high-value watch auction, what would be your advice to effectively navigate Christie's offerings? 

Do not bid without having done some market research. Speak to one of our watch specialists and set yourself a bidding limit!