The Russell Exchange in Kolkata, established in 1940, has stood the test of time as a heritage institution. Initially, auctions were introduced to sell a variety of goods to the British elite and wealthy Indians. Post-Independence, the industry began to flourish, with the establishment of local auction houses focusing on Indian art, jewelry, and collectibles; many of which found themselves shipped into the homes of an increasingly affluent and rapidly booming luxury market.
Liberalisation and its resultant economic growth shifted the auctioneering hub from Kolkata to Mumbai, making it the new centre by the mid-2000s. Mumbai’s elite emerged from colonial-established auction houses, creating catalogues for a new generation of collectors and enthusiasts. Astaguru, established in 2008, has been at the forefront of this wave, offering meticulously curated collections that attract both seasoned collectors and enthusiastic newcomers. Their recent auction, ‘The Exceptionals’, was a resounding success, showcasing exquisite pieces ranging from a vintage natural pearl necklace to limited-edition luxury watches such as a Patek Philippe Nautilus; both pieces were the highlights of the jewelry and watches-focused catalogue, and fetched a handsome 3 crores combined—something that a certain watch aficionado found particularly exciting.
Overseeing much of the auction’s record-breaking run this May was Jehangir Readymoney, a luxury watch consultant and specialist with AstaGuru, who has been instrumental in transforming the auction house into a beacon for watch enthusiasts. His journey from a design background to becoming a pivotal figure in the auction world underscores the blend of expertise and dedication driving this burgeoning sector. Jehangir started in his family's wedding design business before transitioning into watch collecting. His passion, sparked by a vintage Rolex from his grandfather, led to a pivotal role at AstaGuru. “Because at the end of the day,” he muses, “it all boils down to a human sentiment. Most people get into timepieces from their family. Either their father buys them a watch, or a hereditary piece is handed down. And that's just how the watch game is.” Immersing himself in a watch scholarship, joining forums and courses by stalwarts such as Jaeger-LeCoultre, the watch enthusiast graduated to the level of a professional watch specialist, writing his own chapter in Mumbai’s legacy of auction houses.
“As a previous buyer myself, I noticed that only certain types of watches were coming in from consignments,” explained Readymoney, who’s first order of things after joining Astaguru was to elevate the catalogue, reflecting the sensibilities of a truly mature watch market that offered a little something for everyone.
“I wanted to create a fully curated experience,” he continues, “offering everything from vintage to exotic dials, a wide spectrum of ladies' pieces, sports watches, two-tone watches, and different sizes for different wrists. Every buyer is an individual with individual tastes and requirements, so our goal was to provide a full portfolio of watches for all customers to experience and buy.”
This is a moving target, however. The digitisation of auction platforms has played a crucial role in transforming buying habits, making it easier for collectors to participate in auctions from anywhere in the country. While the convenience of online auctions has broadened access, AstaGuru also maintains a physical gallery in Mumbai where buyers can view and appreciate the pieces in person before making their bids.
This blend of traditional and modern approaches ensures that the auction house remains accessible and engaging to a wide audience; one that Readymoney asserts has changed, especially with the advent of social media. “The Indian [luxury watch] consumer has always had access to two things; the retail world, of course, and the second hand ‘watch guy’ that used to come to sell what was available at a jewelry store,” Readymoney explains. “Traditionally, that was the only method. “Before the advent of online dealers, the perception of brands among Indian collectors was limited to whatever was locally available. Collectors primarily focused on top brands like Rolex, Chopard, and Piaget, which were big names in India. Even today, you can find a significant number of these watches in the country."
“Today, collectors have evolved a global understanding of watches,” he says. “You have Audemars Piguet, Rolex and Patek—these brands have largely come into vogue from pop culture, influencers and online collectors. There are a number of [Indian] celebrities too that endorse those brands specifically,” he notes.
I can’t help but think of the dozens of Indian watchspotting pages that have mushroomed over the last half-decade—an extension of desi pop culture that tells us what the Khans, the Kohlis, and Ambanis of the world have on their wrists. Knowingly or not, India’s millions are exposed to dozens of brands on a daily basis; perhaps reflected in increased market interest from Geneva to Tokyo or the several watch owners’ clubs across the country.
Despite successes, challenges remain in educating the public about auctions and vintage watches. The auction house provides detailed guidance, ensuring informed decisions and a deeper appreciation for each piece.
Putting On A Showcase
This auction, with a catalogue boasting a whopping 180 lots, was a landmark event and featured a wide range of pieces, from sought-after gemstones like Zambian emeralds and Burmese rubies to impeccable diamonds and natural pearls. High complication pieces and statement intricate watches were also sought after, reflecting the sophisticated tastes of new and seasoned collectors alike.
“This was our biggest and boldest auction for watches, with the highest turnover we’ve ever done in for a timepiece platform. ,” Jehangir shares. All 105 lots following Lot No. 74 (an exquisite A. Lange & Söhne Automatic Sax-O-Mat 1815) belong to timepieces. From choice vintages to some standout craftsmanship from the 2000s, there was plenty of variety on display—nearly 30 watchmakers across some of Europe’s most eclectic and recognisable marques made an appearance.
“The watches come from all parts of India,” Readymoney, who has hit half a century with his personal collection of watches, explains. “The harder part is the duration part and what watches, how many watches, etcetera. That's my own little secret sauce; the curation of options. Still, it was a lot of hard work to check the photography and research every nuance of the watch, specify that in the description. So, there's a mountain of work required just before. It took me around two and a half months, and quite a few sleepless nights, to be honest!”
Talking about the current trends, he points out that over the last five years, watch brands have dialed down the size of cases to respectable wearable spots, between 36-40mm. “Brands are moving back to their historic needs and sticking to their signatures, gradually improving on them,” he notes, explaining how Vacheron Constantin has returned to its chronographs, making modern interpretations of what they used to be best known for. Even brands like Cartier are following this route, respecting their roots while tweaking designs slightly. In Readymoney’s eyes, this will all soon culminate into a new golden era for watch design.
“Of course, you’ll have seasonal trends such as blue or green dials and so on, but as far as sizes and designs go, brands are going back to what they were originally famous for. This is the time to collect lesser-known brands apart from your APs, Rolexes and Pateks,” he hints. “Brands such as Chopard and JLC also have a ton of exciting vintage and special pieces to collect—their designs are some of the best ever made, and now is the time to buy when the valuation is still low. Look at Cartier; some of the older models have started to spike in value. Dealers understand this and have started to buy entire inventories as a result.”
So, whether you're an avid collector hunting for that elusive pièce de résistance or a novice just dipping your toes into the world of high horology, remember this: in the grand theatre of time, every watch has its moment to shine—sometimes, quite literally.
