The Residual Value of Watches: Would You Pay $16 Million for the 'Holy Grail' of All Timepieces?

Patek Philippe, Graves Supercomplication watch going up for sale by Sotheby's

Ever wonder what your watch is worth or might be worth on the auction block? Collectors who have dozens of watches in their safes often ask this question, and the answer can be staggering. At the Christie’s Important Watches Auction in New York in June, the sales of watches yielded nearly $8.8 million — underscoring the thriving collector watch market.

The top lot in the auction was a 2008 Patek Philippe Reference 5033 platinum tonneau minute repeater with annual calendar, with original certificate, that sold to a private American collector for $401,000. Also at that sale, a 1994 limited-edition skeleton minute repeater from Vacheron Constantin fetched $233,000. Back in February, a Gruen 1923 World Series pocket watch, previously owned by Babe Ruth, sold for a whopping $717,000.

Vacheron Constantin Minute Repeater sold in June for $233,000 by Christie's

This fall, a couple of hot-ticket watches are expected to garner millions when they come up for auction. Sotheby’s just announced that on November 14 in Geneva, it is selling what many refer to as the “Holy Grail” of watches: The Patek Philippe Henry Graves Supercomplication watch. This watch, often considered the most famous watch in the world, was made by Patek Philippe (which celebrates its 175th anniversary this year) in 1933 for highly prominent New York banker, Henry Graves. It is the most complicated watch ever made. This is the first time this watch will appear on the market since its record sale 15 years ago when it fetched $11 million. It is expected that the watch will now sell for way more than $16 million.

Graves commissioned Patek Philippe in 1925 to build him the most complicated watch in the world. It took the brand three years of research and five years of extraordinary watchmaking to complete the piece. Among its many functions: minute repeater chronograph with Westminster chimes, perpetual calendar, moonphase, sidereal time, indication of sunset and sunrise and the night sky over New York.

In fact, the watch boasts 24 horological complexities – and has remained the world’s most complicated watch built by hand without the aid of computer-assisted machines. The Graves Supercomplication watch has been written about in Stacy Perman’s book, A Grand Complication, wherein he outlines the race to build the world’s most legendary watch. In fact, in the early 1900s Henry Graves, Jr., regularly vied with entrepreneur and inventor James Ward Packard to press Patek Philippe for the most impressive and advanced watch ever made. Graves won with the famed Supercomplication watch.

Rolex watch owned by Eisenhower to go up for sale this September by RR Auction

Another watch rumored to go up for auction (though not confirmed at the time of this posting) is a gold Rolex given to President Dwight D. Eisenhower. R R Auction, based in Boston, is expected to sell this watch – previously in a private collector’s possession – this fall. It should easily fetch more than $1 million. Eisenhower left the watch (via his will) to former colleague Sgt. John Moaney. It was later bought by famous White House collector Raleigh DeGeer Amyx, who, at 76 years old, is beginning to portion out some of his collection.

It is the first time this 1950s 18-karat gold watch will be seen at auction. It is believed it was given to Eisenhower for his service in WWII. The case back is inscribed with his initials, the five stars of a general and the date Eisenhower was named NATO’s Supreme Allied Commander in Europe, December 19, 1950. This auction is supposed to take place in Boston on September 17.

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