EveryWatch releases the Hong Kong and New York Fall 2024 Auction Report

Record-breaking $145 million in total sales highlights shifting watch collector preferences and modern watches' outperformance.

NEW YORK, NY, UNITED STATES, January 24, 2025 /EINPresswire.com/ -- EveryWatch proudly presents its Fall 2024 Auction Season Reports for both Hong Kong and New York. Together, these reports showcase the evolving dynamics of the international watch market, analyzing performances from top auction houses (including Sotheby’s, Phillips Bacs & Russo, Christie’s, and Antiquorum), standout brands, and iconic timepieces.

Key Findings Across Hong Kong and New York Auctions:
- Total sales reached $66.3M in New York, reflecting an 18.2% increase from 2023, with modern watches leading the charge.
- Modern watches shine in NYC: Sales hit $35M (+41% YoY), average price jumps to $98K (+22% YoY).
- Watch volumes surged by 25.4% in Hong Kong and 27.1% in New York, with an impressive average sale rate of 88.5% and 90.3% respectively across all auction houses.
- Patek Philippe and Rolex led across both cities.
- Patek Philippe led with $30.5M in sales in Hong Kong, securing 70% of the top 10 lots, including the season’s highest sale, the Perpetual Calendar Chronograph 1518, at $2.46M.
- Cartier strengthens its market position in NYC: Sales up 172.3% YoY, average price rises 66.4% YoY, securing 8th place among New York's top brands this season.
- Audemars Piguet excels in Hong Kong: Total sales up 96% YoY, average price rises 50% YoY, and sale rate grows 8% YoY, reflecting strong market performance.
- Independent Watchmakers on the Rise: Philippe Dufour and F.P. Journe achieved exceptional results, reflecting growing demand for artisanal craftsmanship.
- Contrasting Market Preferences: Stainless steel led in New York, while gold dominated Hong Kong.

"Fall auctions in Hong Kong mirrored trends in Geneva and New York, with diverse results reflecting market recalibration", said Marc Montagne, Author of Invest in Watches & Director of CPO at Audemars Piguet. "Amid this, Audemars Piguet saw a 96% sales growth, underscoring its rising demand for preowned and resonance with discerning clients in the region."

The full Auction Season Report Fall 2024: Hong Kong Edition is available at Everywatch.com.

Japanese Independent Watchmakers shine in Hong Kong:
- Masahiro Kikuno’s prototype SO exceeded estimates by 7,411%, selling for $110,941.
- Otsuka Lotec’s models Shinonome and No. 6 also outperformed expectations, showcasing growing interest in artisanal timepieces.

Phillips Bacs & Russo maintained dominance in NYC auctions with a 100% sale rate. "We were proud to close out a record-breaking year at Phillips New York, achieving $30.3 million (including clocks and accessories) with just 179 watches sold," said Paul Boutros, Deputy Chairman and Head of Watches, Americas, Phillips Bacs & Russo. "Our New York Watch Auction: XI sale marked four consecutive years of 100%-sold 'white glove' sales here, and bringing our annual sale total to $53.7 million the highest annual result ever for any watch auction department in the Americas. In the midst of tremendous market enthusiasm for highest quality collectors' timepieces, modern independent makers such as Philippe Dufour and F.P. Journe achieved exceptionally strong results. With bidders from 70 countries represented, we saw increasing demand for watches from the 1980s through the present day and significant bidding for well-preserved vintage watches from Patek Philippe and Rolex."

The full Auction Season Report Fall 2024: New York Edition is available at Everywatch.com.

About EveryWatch
EveryWatch is the premier global platform for watch insights, providing collectors, enthusiasts, and professionals with unparalleled access to historical and current market data. Tracking over 4 million watch sales from 990+ auction houses, dealers and marketplaces, EveryWatch uses advanced analytics and AI-driven tools to empower informed decisions in buying, selling, and collecting.

Sharannath Mohanram
EveryWatch
media.press@everywatch.com
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