2021 has probably been the most extraordinary year ever for the watch auction business with outstandingly high levels of global activity, The Mercury Project agency reported.
In this record-breaking year, all the main auction houses achieved amazing broad-based growth across all key markets. Global watch auction sales from Antiquorum, Bonhams, Christie’s, Poly Auction, Sotheby’s and Phillips (in association with Bacs & Russo) soared to a record CHF 634 million in 2021, double the previous year and up 63% compared to 2019, before the pandemic.
This year has been the most successful year ever for Phillips in association with Bacs & Russo, the name of its watch arm, which sold a grand total of CHF 200.15 million, a record for any auction house, up 63%.
Across the board, in all auction categories combined, 2021 also marks Phillips’ most successful year in the company’s history, totalling CHF 1.02 billion. Nevertheless, the watch auction leader registered a decline in its market share from 38.8% in 2020 to 31.6%, to the benefit of its competitor, Christie’s.
2021 was also a record year for watches at Christie’s with CHF 189.6 million, a 152% increase versus 2020. Driven by the influx of new clients and a major contribution from Asian buyers, its market share jumped from 23.8% in 2020 to 29.9% in 2021. The auction house doubled its number of auctions to 32.
Overall, with total global sales reaching CHF 6.48 billion, the auction house reached its highest level of the last five years.
Sotheby’s watch auctions reached new heights in 2021, with sales reaching CHF 142.3 million for the first time, up 68%. Nevertheless, outpaced by Christies’ impressive growth, the auction house lost 4.3 9 points of market shares to 22.4%.
In 2021, Antiquorum operated 14 auction events, including 4 online-only events. With sales up 226% to CHF 69.9 million, its market share scored 11.0%, a very strong increase compared to 2020 (6.8%).
Bonhams and Poly Auction shared the remaining 5% market share.
Alex Shishlo for Rough&Polished
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