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IRIS WIMMER-OLBORT You’ve set records in the past few years with Phillips’ watch auctions. Which were the most important AUREL BACS This can be reported quite soberly on the basis of the results. At the top of the list is certainly the Rolex Daytona “Paul Newman”, which was sold in October 2017 in New York for 17.8 million dollars. This is the best result ever achieved for a watch at auction. This lot was what is called a “perfect storm” in English. Because everything that is important to a collector, came together in this watch: It comes from one of the world’s most famous watch brands, from Rolex, as well as from their most popular collection Daytona. In addition, it was not just a model with the much soughtafter Paul Newman dial, but Paul Newman’s actual watch itself. It’s like a big bang for a watch collector. However, we ourselves did not expect such an immense interest and set the watch for a call price of just one million dollars. IRIS WIMMER-OLBORT What were the reactions before and during the auction? AUREL BACS The watch has received more attention than any other previous model. There was not a newspaper or mass media outlet that did not report about it – worldwide! We believe that half of humanity has heard of this watch in the past two years. So the interest of the whole world was focused on the sale of this watch. For me as an auctioneer, that was certainly the most exciting moment in my professional life. When I announced the watch, a telephone company called out: “ten million dollars, please!” So the call price was increased by a factor of ten – something like that has never happened before. It was like a tsunami until the watch finally sold for $ 17.8 million. IRIS WIMMER-OLBORT How does such a record affect the collection of watches? AUREL BACS I think that was a turning point because up to that point no one would have dreamed of such prices for wristwatches. As a result, watches have been raised to a new level as a collectors’ items – in spheres in which paintings, important jewels or outstanding automobiles have been sold so far. IRIS WIMMER-OLBORT Are there other outstanding watches that you have sold for Phillips? AUREL BACS About a year before Paul Newman’s Rolex Daytona, I was allowed to auction a watch from Patek Philippe – the reference 1518 in stainless steel. It was sold in November
2016 in Geneva and generated more than eleven million Swiss francs. Never before had so much money been paid for a watch from Patek Philippe. This also shows that the material value plays a minor role. Although stainless steel is far less exclusive than gold, these steel watches are very expensive because they are so rare. Only four stainless steel models of the reference 1518 are known. This is the very first wristwatch in the world with perpetual calendar and chronograph. Incidentally, the proceeds of this model also came as a surprise to us. IRIS WIMMER-OLBORT What can make such a small object so valuable? In addition, where do these huge price increases come from? AUREL BACS Also in other areas one is always hearing about new record prices. In my view, that is a sign of times. There is just a lot of money in circulation! At the same time, we see that the younger generation is extremely interested in historical objects, because today’s consumption offers so little content. Many goods today have no history and tell us nothing. Even an expensive mobile phone is ultimately a disposable item. Therefore, there are more and more people who want to own something that is worthy of museums. IRIS WIMMER-OLBORT How important is it for a story to be behind an object? AUREL BACS This illustrates another record from last year with a white gold watch from Omega. In May 2018, we sold this watch for $ 1.8 million, which was previously owned by Elvis Presley. The “King of Rock ’n’ Roll” received it in 1961 as a gift from his record company. This has interested both watch collectors and the Elvis fanbase. They came from all over the world – that too is a recent development at auctions. Today, Phillips auctions attract well over 1,000 customers from 40 to 50 different nations. This shows how immense the watch market is today and that the collection of watches is popular in many countries. IRIS WIMMER-OLBORT All the watches you report about are fascinating. Do you have a personal highlight? AUREL BACS I must confess that I have built up a special relationship with the Daytona Paul Newman during the one and a half year preparation period. I worked closely with Paul Newman’s daughter and met his friends. After many conversations, I had the feeling that he must have been an exceptionally fine, interesting, generous, reliable and great man. He has always been charitable, and quite in his spirit, part of the proceeds from the sale of the watch went to the foundation of Paul Newman’s daughter, who works for environmental projects.
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