Auctions F.P. Journe Souscription Tourbillon, Chronomètre À Résonance Hammer For Over $2.5 Million At Phillips Geneva Watch Auction XI
Today at Phillips Watch Auction XI in Geneva, a crowd accumulated under a tent at Hotel La Réserve, just as a record number of participants (as indicated by Phillips) watching on the web, got quite a show as two firmly watched parcels – a “souscription” F.P. Journe Chronomètre À Résonance and “souscription” Tourbillon Souverain, both with a solitary owner and indeed from a solitary assortment, broken their high gauges. The Chronomètre À Résonance, parcel 49, pounded for CHF 1,040,000 ($1,097,182 at the hour of distribution) and the Tourbillon Souverain, part 101, for CHF 1,400,000 (about $1,476,976). Offering for the two watches was dynamic, and the outcomes significantly surpassed the high gauges, which were CHF 150,000-300,000 for the Tourbillon Souverain and CHF 80,000-160,000 for the Chronomètre à Resonance. Altogether, the two watches fetched CHF 2,440,000 (counting purchaser’s premium) or about $2,574,158.
Lot 101, CHF 1,400,000.
We examined these watches in May, and I think it is worth reviewing a portion of the high point s, just to explain a portion of the setting behind the present outcome. The two watches are from the primary arrangement of each model, and both have had just a single owner – a similar owner, actually, who is Parisian jeweler Lorenz Baümer. The two watches were made accessible to gatherers on a souscription (subscription) premise. The Tourbillon Souverain dates to 1991, and it was the first tourbillon wristwatch to likewise join a spring-powered remontoire d’égalité – a consistent power mechanism initially created by John Harrison for his exploratory marine chronometers. The Chronomètre à Resonance was presented by F.P. Journe in 2000, additionally under the souscription system.
Like the Tourbillon Souveraine, it was a significant authentic first; before its presentation, resonance watches had just been made in tiny numbers (by Antide Janvier and A. L. Breguet, among others), and nobody had at any point placed the framework into a wristwatch previously. In the two cases, the watches are of incredible complexity, yet additionally request much of the watchmaker as far as ability in change and general setting up. The Chronomètre à Resonance, for example, has two adjusts which should be acclimated to run within an extremely close capacity to bear day by day deviation in rate for the resonance impact to occur.
Lot 49, CHF 1,040,000.
You have, hence, two watches which assumed significant parts in horological history, and which addressed significant firsts throughout the entire existence of the wristwatch. In addition, F.P. Journe’s watches hold fast to a genuinely severe plan language – Journe broadly accepts that, by and large, his watches should fall within a traditional reach regarding size, and his watches are normally comparatively quite meager, set close to watches of comparative complexity from different producers. There are, in Journe’s watches, a few components of watchmakers who have impacted him – Breguet particularly – however there are likewise numerous parts of his watches which, from a plan stance, mirror no vision other than his own. Without this quite shrewd combination of truly conspicuous and inventive plan, with the general soul of one of watchmaking’s most noteworthy past bosses, the watches would essentially be amazing mechanisms, without the power to energize equally in the two style and mechanics.
Million Dollar Babies: How They Got There
These consistent components in Journe’s work have implied that, throughout the long term, a little yet exceptionally committed gathering of authorities has followed his work intently and, all things considered, have helped prepare for the present outcomes. In May 2015, Ben Clymer took a gander at a portion of the contentions for theorizing that F.P. Journe watches would keep on ascending in both prevalence and worth. Five years back, he noted, “Journe watches have never precisely been sales management firm sweethearts – with present day pieces ordinarily selling for a small amount of their present retail costs. That, obviously, is no real way to quantify the achievement of a watch, yet resale esteem is something that numerous authorities essentially can’t overlook – in the event that you put cash into something, you want to know you can receive cash in return. This week, however, a few F.P. Journe pieces sold at sell off well above what one may expect, and we are starting to see that, similar to unique pieces from Lange, exceptional Journe watches can likewise excel on the public market.”
The article noticed that bizarre or unique Journe watches may to be sure be required to command ever more elevated costs. In 2015, the article notices, CHF 106,250 for a Chronomètre à Resonance ( at Christie’s, at “Significant Watches” in Geneva ) was an astounding and noteworthy outcome for a watch which, at that point, regularly sold for, “… the high 40s through low 60s relying upon age and design.” However, much higher closeout results were not far behind.
Lot 79, Christie’s “Significant Watches” closeout, Geneva 2015
One quite consistent side effect of the potential for F.P. Journe’s watches to achieve closeout results such as those seen today has been hammer costs at the Only Watch benefit sell off, which has raised a huge number of dollars for research into strong dystrophy. At Only Watch 2015, a F.P. Journe Tourbillon Souverain Bleu pounded for CHF 550,000 . This was followed by a sledge cost, in 2017, of CHF 1.15 million for a unique Journe split-seconds chronograph, and once more, in 2019, and again at Only Watch, the Astronomic Blue pounded for CHF 1.8 million. The hunger for unordinary and significant Journe watches was plainly there, and keeping in mind that for the most part the seven-figure results were kept to unique pieces – in 2017 and 2019, surprising and modern complications also – the stage was set for a more extensive enthusiasm for non-unique pieces as well.
Astronomic Blue, Only Watch 2019, CHF 1.8 million.
Ascent Of The Souscription
Journe’s first arrangement – which is to say, souscription series – Tourbillon Souverain and Chronomètre a Rèsonance watches have always commanded good outcomes at closeout however have not, verifiably, risen quite so drastically in cost as they would have (in any event, not until the present time). Indeed, one reason the present outcomes were so astonishing – agreeably astounding for the dispatcher, I am certain – is that they address an expansion in a significant degree available to be purchased results for these watches. Additionally in 2015 (the year we all ought to have begun to focus harder on these watches, evidently), there was at that point an indication of this, with part 212 (a souscription Tourbillon Souverain) at Phillips Geneva Watch Auction: two pounding for CHF 269,000 on a high gauge of CHF 120,000. This was the principal souscription tourbillon to come available to be purchased openly ever, that I am aware of.
No. 9/20, souscription Journe Tourbillon Souverain
This result, while great for 2015, from the outset appeared to address a new roof preferably more over a new median. A year-2000 first arrangement Chronomètre à Resonance pounded at Christie’s in Hong Kong a year ago for HK 2,000,000, or about a quarter of 1,000,000 dollars. However, one more outcome from 2018 at Phillips meant that seven-figure results, under the correct conditions, probably won’t be far out, with a souscription Tourbillon Souveraine pounding for CHF 468,00 0 on a high gauge of CHF 184,000.
The Crying Of Lot 49 (And 101)
Even for somebody watching distantly, the fervor in the room was tangible when the first souscription watch (parcel 49, the Chronomètre à Resonance) came up. Offering was fast fire and climbed quickly, regularly with huge additions, through low, mid, and high six figures, with various intense authorities plainly willing to leave behind huge entireties for a chance at owning a watch which, for Journe gatherers as well as for genuine lovers as a rule, has that uncommon combination of horological refinement, verifiable significance, faultless provenance, and extraordinariness which so frequently amounts to noteworthy outcomes. The high gauge for the part of CHF 165,000 appears to be somewhat traditionalist by and large, yet nonetheless, the last sledge of CHF 1,040,000 is extraordinary for an arrangement delivered Journe Chronomètre à Resonance.
The long interruption between the two tranches of autonomous watches in the present sale only served to build the feeling of expectation, and when parcel 101 came up, it felt very nearly an inescapable result that it would reach seven figures too. It was as yet a somewhat exciting encounter to watch the offering – as with for parcel 49, exceptionally powerful and with forceful augmentations now and again – move towards the sorcery CHF 1,000,000 imprint. With an end-product of CHF 1,400,000, Aurel Bacs and Phillips finished off the two Journe parcels with results which may represent some time as new benchmarks, as these early souscription watches don’t frequently come on the block. A amazing point, coincidentally, is that a similar oar won the two parcels, which clearly implies there is somebody who might be listening who is very serious about early Journe specifically, and free horology when all is said in done – not actually an amazement per se but a remarkable data point nonetheless.
Incidentally, in the event that you like dramatization and watches (and who doesn’t), I would emphatically recommend checking out the second portion of this bartering tomorrow, where there might be some extremely solid activity around a few of the parcels from Jean-Claude Biver’s assortment. You will likewise, obviously, be blessed to receive the relentless Aurel Bacs; I have not watched him on the platform in some time and had failed to remember exactly how much his tremendous energy keeps the procedures engaging. (I have in my notes that in spite of the moist environment in Geneva recently, he didn’t take his first taste of water until four hours, six minutes into the auction.)
The sell off, notwithstanding travel limitations, reached a wide crowd – as per Phillips there were offers coming in from upwards of 67 unique countries, with 642 bidders from the US, a “tremendous number” from Canada, and magnificent portrayal from Europe just as exceptionally solid support from China (counting Hong Kong) – there was strangely solid investment from New Zealand, including one bidder who was willing to compete earnestly for the Journe pieces, into the high six figures.
These results address, I, two or three intriguing prospects. To begin with, obviously, it’s incredible news for F.P. Journe regarding building apparent incentive for his extraordinary watchmaking, which as far as horological merit has since a long time ago had the right to command such charges. Furthermore, it makes me wonder about potential movements in the focal point of gravity of horological gathering. The perch has been controlled by only a couple significant brands, regarding excessive costs as well as progressively high outcomes, for a long time now, however there are signs that gatherers are starting to show expanding interest in autonomous watchmaking. Shanghai Watch Gang fellow benefactor Austin Chu, for example, who has, at 23, effectively assembled a significant assortment and who has 114,000 followers on Instagram , as of late told the New York Times that , ” [independent brands are] the future for me … I truly extol them for keeping the watch business innovative and fun.” Chu explicitly refered to MB&F, H. Moser & Cie, and De Bethune, however this might be suggestive of a bit by bit expanding sense among authorities that autonomous horology has much to bring to the table, not just regarding feeling all the more by and by associated with the making of watches than is now and then conceivable with the set up blue-chip names, yet additionally as far as building an all the more actually expressive and basically more fascinating collection.
See the index for Geneva Watch Auction: XI right here , and in the event that you’d like around four hours of dynamite viewing, tune in tomorrow at 8 AM EST for part 2.