Tick Talk: Patek Philippe minute repeater sells for over $23 million at Only Watch 2024 auction

SINGAPORE – Called off in 2023 due to questions over corporate governance and financial transparency, the 10th edition of Only Watch – the biennial auction dedicated to funding research for Duchenne muscular dystrophy – finally took place on May 10.

The event – which was started in 2005 by Monegasque businessman Luc Pettavino, whose son died from the disease – was back on track after organisers presented a certified audit and announced changes to the charity’s governance structure in February.

Although 16 brands – including Audemars Piguet and Tudor – opted out, 47 others pledged their commitment and contributed one-of-a-kind timepieces to the auction held at the Palexpo convention hall in Geneva, Switzerland.

There was unexpected drama when Christie’s, the auction house hosting the event, became the victim of a company-wide cyber attack just hours before the auction began.

The security breach resulted in no online bidding and no real-time online following of the auction. Watch fans and horology enthusiasts had to rely on social media for updates, with live blogging on the Only Watch Instagram account.

Despite these hurdles, the auction’s results were robust. Compared with the 30 million Swiss francs (S$44.6 million) raised in 2021 for 57 lots, 2024’s scaled-down version still managed to pull in 28.3 million Swiss francs. 

The star of the night was Patek Philippe’s reference 6301P – a unique complication featuring a grande and petite sonnerie with minute repeater – which sold for an astounding 15.7 million Swiss francs.

It went to Mr Zach Lu, a well-known New York-based watch collector in his 30s whose Instagram account (@zachattack_25) has 117,000 followers. He had previously nabbed the Tiffany-blue Patek Philippe Nautilus 5711 that sold for US$6.5 million (S$8.7m) at the Phillips 2021 New York Watch Auction.

Runner-up lots also made headlines. The F.P.Journe Chronometre Furtif Bleu, a unique piece debuting the new calibre 1522 movement, sold for 2.2 million Swiss francs, exceeding its high estimate of 400,000 Swiss francs.

The watch’s grand feu enamel dial, designed to be legible only to the wearer, and its hidden complications – the power reserve and moonphase are on the back – added to its allure.

Independent watchmaker Rexhep Rexhepi was visibly moved when his Chronometre Antimagnetique hammered at 2.1 million Swiss francs, well above its estimate of 150,000 Swiss francs. The piece boasted a classic design, including a dial inspired by the “scientific” dials of historical chronometers.

Richard Mille’s RM S14 Talisman Origine also captivated the room, selling for 2.38 million Swiss francs against an estimate of 800,000 Swiss francs.

Fashioned from rhodonite, titanium and gold, the case bore mysterious engraved symbols and had a talisman motif incorporated into the dial and movement construction. It was fitted to a matching necklace made of Swiss briarwood, gold, titanium and rhodonite, and threaded on metal and rubber string.

Other standout performers included the Furlan Marri Secular Calendar – a collaboration with famous watchmakers Dominique Renaud and Julien Tixier – which went for 130,000 Swiss francs against an estimated 30,000 Swiss francs.

Big brands, including those by French luxury conglomerate LVMH, also contributed pieces, but results were mixed. 

The Louis Vuitton Einstein Automata – with a dial depicting the late theoretical physicist Albert Einstein mischievously sticking his tongue out – fetched 700,000 Swiss francs against an estimated 340,000 to 440,000 Swiss francs.

The Hublot Takashi Murakami Tourbillon – the Swiss brand’s first central tourbillon, surrounded by 12 petals set with 444 gemstones – sold for 420,000 Swiss francs. It was estimated to sell from 350,000 to 400,000 Swiss francs.

However, the Tag Heuer Monaco Rattrapante fared disappointingly. It auctioned off for only 110,000 Swiss francs, less than the 135,000 Swiss francs retail price of the limited edition unveiled at Watches & Wonders in April. 

The absence of online bidding might also have been responsible for other lacklustre performers.

The Urwerk SpaceTime Blade, an unusual piece even by the independent watchmaker’s standards, sold for 65,000 Swiss francs, below its 80,000 Swiss francs estimate.

This contrasted sharply with the brand’s UR-102, which hammered for 280,000 Swiss francs on an estimated 75,000 Swiss francs in 2021. The divergence from its usual design language might also have played a role in this year’s lower result.

Relieved that Only Watch 2024 has moved on from the 2023 controversy, Mr Pettavino emotionally addressed the room, highlighting the event’s impact: “Every one of you are the heroes of the children suffering from Duchenne muscular dystrophy. Never forget that. You are their hope.”