The Wristwatch Comes of Age by Daryn Schnipper

from Investing in Wristwatches Rolex

Rolex, Building Icons by Mara Cappelletti

Submariner 200m=660ft, Ref. 5512, which sold for CHF25,000 in 2014 (See p.192)

by Daryn Schnipper

Sotheby’s has been honoured to participate in the Investing in Wristwatches series of monographs. These exciting new books trace the development of the wristwatch market from its grass roots beginnings in the late 1970s until today. Offering a detailed perspective of the auction market through the most soughtafter brands and their iconic models, these books illustrate market trends and developments over the last forty years.

As a collectable, the vintage wristwatch experienced a sudden growth in interest that caught many established watch collectors by surprise, and was met with great disdain – cries of ‘It won’t last!’ and ‘It’s just a phase!’ were common. Ironically, this echoed the same reaction from consumers when wristwatches were first introduced in the early 20th century. The idea of wearing a timepiece on one’s wrist conjured up a decidedly feminine connotation, especially when compared to the much larger and more masculine pocket watch.

The advent of World War I rapidly changed this line of thought. The wristwatch became recognised for its practicality; after all, with a flick of the wrist, one could instantly know the time. In the trenches, this could mean the difference between life and death. Following the end of the war, the public accepted the more practical wristwatch into the mainstream consumer market. What followed was an explosion of design development and production, largely unabated until the Swiss watch quartz crisis decades later.

Fast forward to the 1980s and the collectors’ market for vintage wristwatches was virtually a blank slate. There were no research resources or literature available. As a result, collectors had little knowledge about the production of vintage pieces. The majority of these early wristwatches had lain dusty, oxidised, and mostly forgotten at the bottom of drawers and in safety deposit boxes scattered around the globe. As the market solidified and prices rose, journalists took notice and covered the market with numerous articles. Indeed, collectors were coming together around the world, forming relationships and founding clubs all dedicated to a mutual passion for vintage wristwatches. The uptick in publicity raised awareness, leading to the unearthing of an abundance of vintage pieces. What ensued was the classic conundrum: what was collectable and what was not? Enthusiasts were learning on the go with no resources to guide them.

The market in the 1980s was one of organised chaos, as collectors fiercely debated which attributes made a wristwatch collectable: was its brand name or style, mechanical complexity or historical import of greatest significance? The answer to these questions changed repeatedly over the years. Eventually, collectors settled on brand as the key starting point.

In 1983 Helmut Kahlert, Richard Mühe, and Gisbert Brunner published the first book about wristwatches, Armbanduhren, which detailed the history and development of the wristwatch. This new book provided a roadmap of sorts to the scope of timepiece production. Other books followed: in 1986, I Signori Del

Geneva, 16 November, 2004 Rectangular two-colour gold duo-dial wristwatch with flared sides Ref. 971 Prince c.1930

CHF 7,000 – 9,000 US$ 5,600 – 7,200

SOLD CHF 7,800

Originally released to the market in 1928, the Rolex Prince, or ‘Doctor’s Watch’, was an unbelievably accurate wristwatch. Often fitted with a chronometer movement, the model featured a subsidiary seconds register below the hours and minutes section of the dial, enabling a doctor to time pulses and respiration rates, hence its moniker. Rolex capitalised on this concept during the period, marketing the watch to professionals in the medical sector. This reference 971 features a two-tone gold case.

1 New York, 15 June, 1999 Rare rectangular platinum wristwatch Ref. 1490 Prince c.1930

US$ 35,000 – 40,000

SOLD US$ 23,500

2 New York, 15 June, 1999 Rectangular gold jump-hour wristwatch with bracelet Ref. 1490 Prince c.1930

US$ 7,000 – 9,000 SOLD US$ 12,650

3 New York, 15 June, 1999 Rare rectangular two-tone gold duo-dial wristwatch Ref. 1490 Prince c.1930

US$ 12,000 – 15,000

SOLD US$ 18,000

Two models were introduced during the late 1920s: the more subdued rectangular ‘doctor’s watch’, Ref. 1343, and the flared-sided Brancard, Ref. 1490. In 1930, Rolex introduced the platinum ‘Brancard’, at the time it was the most expensive watch that Rolex offered for sale.