FFC Watch Auction Results: 4.5 Million CHF Sale

Key Points from the Discussion

• Christie's, the auctioneer for the F.P. Journe FFC, did not charge a buyer's premium for the Only Watch auction, meaning the hammer price directly reflected the buyer's payment.
• In contrast to the FFC sale, the Dufour Grande et Petite Sonnerie sold at Phillips with a buyer's premium of nearly 22% on top of its 3.9M CHF hammer price, making its 'realized price' higher than the FFC's hammer price.
• The debate exists whether the hammer price or the final price (including buyer's premium) better represents the true market value, with the hammer price often reflecting the seller's realized amount.
• Only Watch auctions are unique because the watches are new and unsold, often leading to exceptional results due to their charitable nature and exclusivity.
• The F.P. Journe FFC's hammer price of 4.5 million CHF exceeded the 3.9 million CHF hammer price achieved by the Dufour Grande et Petite Sonnerie just 24 hours prior.
• Some collectors express concern that such high auction results negatively impact the broader collector market by driving up prices.
• The founder of Only Watch, Luc Pettavino, was present at the auction, notably wearing his signature orange suit.