The Market

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Taking time out to talk rare watches with Paul Maudsley

Taking time out to talk rare watches with Paul Maudsley 12th October 2017

Look at any car collector's wrist and the chances are it's sporting something interesting and valuable. The symbiosis between cars and watches is well known: think Jo Siffert and Graham Hill with their Heuer Autavias, Steve McQueen’s Heuer Monaco and the ‘Paul Newman’ Rolex Daytona. We spent some time with expert Paul Maudsley to find out what’s making the 2017 market for collectible watches tick…
 
“You're right, the watch market has many parallels with cars and we often have the same buyers; but not so many are interested solely in investment. Our market is going from strength to strength.”
 
To get our heads properly around the theme, we’ve driven out to a local pub in Paul’s 1974 Ferrari 365 GT4 BB. As International Specialist-Director Watches at Phillips, Paul is looking forward to the company’s 26 October ‘Winning Icons – Legendary Watches of the 20th Century’ sale in New York. The headlining entry is the $1m+ 1968 Rolex Daytona with ‘Exotic’ (better known as ‘Paul Newman’) dial, bought new by Joanne Woodward for her husband, the racing driver and actor Paul Newman.

Rare, pink-gold 1940s chronograph
Rare, pink-gold 1940s chronograph
South American market, oversized Omega wristwatch from 1929
South American market, oversized Omega wristwatch from 1929

Since the press announcement of the watch a couple of months ago, the world has been abuzz and, as Paul says, "It’s the most talked-about watch I’ve known in 19 years of auctions and is captivating watch and car enthusiasts alike.
 
“There’s something about a watch that’s emotive: a watch is a statement,” he continues. “As a collector, I go for what I like and advise others to do the same. I collect chronographs, for example. Others might go for military watches.”

 

And like the new car market, with demand outstripping supply on the latest Porsche, McLaren or Ferrari hypercar, there’s profit to be made in trading new watches with a waiting list… if you're allowed to get in on it, of course.
 
“It’s true that some new watches depreciate. But like a LaFerrari or 911 GT3 RS, ‘showroom’ models that simply cannot be bought off the shelf do well – a new Rolex Daytona has a six-year waiting list. We actively source some of the finest and rarest vintage examples for auction, placing them with other modern watches such as a Patek Philippe minute repeater, though that might not trade at a premium.”

Heuer Ref:3147N chronograph from 1966
Heuer Ref:3147N chronograph from 1966
One-off 'Maudsley' Tourbillon designed and made in 2009
One-off 'Maudsley' Tourbillon designed and made in 2009

As with Ferrari, Rolex and Patek Philippe are THE collectible brands and dominate the market. What others catch the watch aficionado’s eye?
 
“Heuer, for starters. I put together the Haslinger Collection of Heuer watches in 2010. An Autavia 2446 M in that very sale sold for £5,400 – but a similar one coming up in the Crosthwaite & Gavin collection of Heuers in November carries an estimate of £50,000-70,000.
 
“Condition is important. Heuers were meant to be worn, and the idea of ‘new old stock’ with box and stickers helped some of the pieces in that auction really take off. In the day, on the wrists of top racing drivers, they were instruments, tools – and were treated accordingly. With Rolexes, collectors look for dial originality and patina but not too much abuse. It’s a fine line.
 
“Research is all-important. The classic car market has been around since the 1940s and 1950s, whereas watches really took off in the 1980s. In May 2015, we grossed more in one watch sale in Geneva than the combined total of the classic car auction at Villa d’Este that same week.
 
“Collectors and experts are interested in production numbers and small variations of dial, movement and case. Some major brands embrace auctions and see it as a convenient way of associating themselves with exclusivity and desirability. We’ve seen this with the cars at events such as the Aston Martin auctions at Newport Pagnell and the Ferrari sales in Maranello.”

Stainless-steel Rolex Datejust Ref:6309 'Thunderbird' from 1955
Stainless-steel Rolex Datejust Ref:6309 'Thunderbird' from 1955
'Vic Elford' limited-edition chronograph made by Autodromo
'Vic Elford' limited-edition chronograph made by Autodromo

So how would one start a collection?
 
“As I’ve said, do your homework. There’s a lot to be learnt from the online forums. Mondani in Italy publishes standard works on Rolex and Patek. They are coffee-table books but are also in-depth and you can learn a lot. ‘Moonwatch Only’ by Frenchman Anthony Marquié and Swiss Grégoire Rossier is the equivalent of Konradsheim’s Porsche 911 Carrera 2.7 RS book and Jess Pourret’s masterpiece on the racing Ferrari 250 GTs.”
 
Okay, so list the ‘iconic watches’, the Gullwings, 275 GTBs and DB5s of the horological world.
 
“Rolex Submariner;  Cartier ‘Tank’; Jaeger-LeCoultre Reverso; Omega Speedmaster; Heuer Autavia; Audemars Piguet Royal Oak. These are all instantly recognisable, safe bets and good places to start.”
 
And to pick a Patek Philippe?
 
“I’d say the 3970. It’s the classic chronograph with perpetual calendar and moonphase. Pure Patek and always collectible.”


For further information, see www.phillips.com, www.moonwatchonly.com and www.mondanibooks.com

Photos by K500 and Paul Maudsley