Sotheby's Hong Kong Oct 7 auction results

Sotheby's Hong Kong launched the auction season with a sale held in Hong Kong on Oct 7. Unsurprisingly following yet another "Black Monday" on the markets yesterday none of the lots really hit the roof. Prices remained reasonable making me think that we are entering a buyer's market. This sale was mainly dedicated to modern watches and we need to wait for the Geneva Nov sales to see how the vintage market will react.

Here are the results for two particularly interesting VCs. Prices are given including buyer's premium but excluding applicable VAT.

LOT 1432 : Platinum Mercator with Africa/Europe/Asia dial. With a ridiculous low estimate of HKD 90,000—130,000 (euro 8,000 - 11,500 / $ 11,600 - 16,700 doubled its low estimate selling for HKD 187,500 ($ 24,000 / € 17,756) which remains in my opinion a really affordable price for such an amazing watch.

Sotheby's Hong Kong Oct 7 auction results

LOT 1434: Set of 2 Hommage aux Grands Explorateurs, Zeng He and Magellan dials. This is the very 1st time I'm seeing any of these watches on the secondary market!! Estimate ridiculously low (once again) at HKD 280,000—400,000 (euro 24,700 - 32,250 / $ 36,000 - 51,500) doubled its hihgh estimate selling for HKD 800,000 ($102,400 / € 75,762) 

Sotheby's Hong Kong Oct 7 auction results

Sotheby's Hong Kong Oct 7 auction results
Wow, you are fast Alex. Thanks for sharing the "good news". (nt)
10/07/2008 - 12:58
Re: Sotheby's Hong Kong Oct 7 auction results
10/07/2008 - 17:50

How does one read the minutes on the last two?

I supposed the hours were 10 and 6, but the minutes 10:35 and 6:23 relatively?

Those were my best guesses...

your guess is a good one :-) you can find more info on the Great
10/07/2008 - 18:56
Explorers by clicking on the article on top of the page.
Sotheby's poor auction results
10/08/2008 - 07:19
From sources, the value of the total 1,500 lots were estimated at HK$2 billion.  However, Sotheby only managed to get about HK$47 million.  This result clearly shows that even the buyers are holding back or extremely careful in spending. I believe if it happened in Hong Kong, it could happen in every part of the world. Perhaps, the "good time" for the buyers is looming to get good deals.  This may not be a bad thing for the whole watch industry. I personally has experienced that some brands have already cut down luxurious events or only held cocktail events instead of sit-down dinners. Regards Ling
Re: not that bad, IMO
10/08/2008 - 17:34
I agree that collectors will be careful with spending, but I wouldn't say that 70% sold lots was such a poor result.  And with all due respect to you and your sources, there were 228 watches for sale, not 1,500 - perhaps that's the number for the total of all the various auctions Sotheby's held during the past few days.  The HK$ 47.5 million is the total for the watch sale alone. Please bear in mind that I'm only trying to keep things in perspective for the watch market.  Some of the lots sold did quite well, above expectations.  Again, given the current state of the economy, I would say that Sotheby's did relatively well.  In fact, it was the highest total for a non thematic sale conducted by Sotheby's in HK.  So perhaps not stellar, but certainly not poor. Regards, Sean
I am not sure your figure is correct.
10/08/2008 - 20:12
Please check Sotheby's website. With all due respect, I would consider about USD6 million total sale as poor result. Regards Ling
Re: I did check
10/09/2008 - 02:35
Directly from Sotheby's press release on October 7th: Grand total: HK$ 47,574,750 (US$ 6,088,141) Sold by lot: 70.2% Sold by value: 65.7% Lots offered: 228 Lots sold/unsold: 160/68 "We were very pleased with the sale today, which brought a total of HK$ 47.574,750 (US$ 6,088,141), making it the highest total ever achieved by Sotheby's Hong Kong in a various-owner sales of Important Watches." You are, of course, absolutely entitled to see the glass as half empty.  I still think it's a respectable result in the current conditions. Regards, Sean
Sotheby has to say they are pleased. Can they say otherwise?
10/09/2008 - 08:02
This is important to boast the confidence in watch market.  Quite normal and logical. Regards Ling