China’s fascination with horology dates back to before the 10th century; during the 18th and 19th centuries in particular, the country’s wealthy elite were among the greatest patrons of the Swiss watch industry, ordering large numbers of enamelled and gem-set pocket watches for their extensive collections.
East Asia is once more proving to be a force in the global watch market and, according to the Swiss Watch Federation, the region last year accounted for 42.9 per cent of exports of new mechanical watches from Switzerland.
This rediscovery of the fine timepiece has led to a boom in the Hong Kong salerooms, where Antiquorum, Christie’s and Sotheby’s each stage twice-yearly, 400 to 500 lot blockbuster sales which regularly gross between $2.5m and $8m. Since May 31 2005, this has resulted in 2,353 watches being auctioned in Hong Kong for a total of $33m.
But despite China’s timekeeping heritage, the collecting market remains relatively young, both in terms of the sophistication of the buyers and the age and type of watches which they covet.
At Antiquorum’s Hong Kong auction on April 23, a 1994 Patek Philippe pocket watch fetched almost HK$3.5m
In April this year, for example, Sotheby’s held an HK$18m sale of 169 lots, where the top five prices realised were for wristwatches with an average age of four-and-a-half years. This is a direct contrast with the European and American markets where the best-selling pieces tend to be vintage models from the 1930s, 1940s and 1950s.
Indeed, the top lot at that last Sotheby’s Hong Kong sale, a Patek Philippe Celestial that fetched HK$1.15m was only made in 1995.
“Buyers from East Asia are very conscious of trends and the latest watch models,” says Vanessa Herrera of Sotheby’s Hong Kong watch department.
“Many wealthy Asians are buying watches as accessories and to form collections, and they will switch watches in the same way they switch cars or clothes to ensure they have the most fashionable piece of the moment.
“Their choices are based on the brands they recognise and that, of course, is dependent on the marketing of new watches. Names such as Omega, Rolex and Vacheron Constantin have done a great deal of marketing over here and, as a result these names are becoming very popular in the used market.”
Ms Herrera says Patek Philippe, which has long been recognised in the region, remains the most coveted name and is now being bought by enthusiasts from mainland China and not just Hong Kong. Buyers are now appreciating the more complicated models.
“People are more sophisticated and complex wristwatches are becoming popular although, historically, this has never been a market for complications.”
How Chinese collectors are both embracing the new and returning to their horological roots could be seen at Antiquorum’s Hong Kong auction on April 23, where a 1994 Patek Philippe pocket watch fetched almost HK$3.5m.
It is exactly the sort of timepiece that would have fascinated any past Emperor, with its minute repeating movement, heavily gem-set case and matching stand on which to display it.
With sales of Chinese ceramics and Chinese contemporary art booming, the auction houses are finding that the wealthy buyers drawn to these subjects are now sinking money into watches, and these new enthusiasts are further enriching the market.
As a result, the international watch departments of the three major houses lend great consideration to whether or not a watch consigned in, for example, New York, might achieve a better price in Hong Kong.
“Asian buyers are very keen on limited editions and they always want watches that are difficult to obtain new in their country,” says Daryn Schnipper, the New York-based head of Sotheby’s worldwide watch department.
“That means that if we have a really unusual piece, such as a Parmigiani Type 370 Bugatti watch, we might hold it back for a Hong Kong sale on the basis that it would achieve a better price for the client.
“Another area which is particularly strong over there is that of vintage women’s watches. In Europe and America, there is very little interest in small, ladies cocktail watches but they are quite sought-after in Hong Kong,” adds Ms Schnipper.
Heavily gem-encrusted modern watches are immensely popular, too, and Asian men have embraced the cult of big watches with brands such as Panerai, Franck Muller and Jacob all finding favour in the orient.
Yet this enthusiasm for modernity is occasionally tempered by a sense of tradition, with some buyers still being guided by ancient Chinese superstitions in regard to numbers.
Watches made in limited editions tend to sell particularly well if their edition numbers feature eights and threes, but those containing fours are difficult to shift.
