Vintage watches are traded by collectors, with recent auction sales topping estimates, according to Brisbane Times and WA Today. A Rolex Pulsometer sold for $1 million in Geneva six years ago, and a Patek Philippe Nautilus recently fetched $95,000 at a Leonard Joel sale, above its estimate.
Those who collect vintage watches form something of a secret society, trading them behind closed doors or watching the secondary market closely. Some keep their acquisitions in bank safes, while others display them in glass-topped cabinets.
Patricia Kontos, from Leonard Joel's Fine Jewels & Timepieces, has 30 years' experience valuing vintage timepieces and worked at Sotheby's and Christie's. She was a catalyst in the purchase of the Rolex Pulsometer, which she estimates would be worth 30 per cent more today. Cartier Tank watches also performed strongly, with one example estimated between $4000 and $6000 selling for $17,000 plus a 25 per cent buyer's premium.
For those entering the market, Kontos recommends looking at watches from the 1950s and 1960s, particularly chronographs from Amega, Rolex, Longines and Tissot, which are available on the secondary market for upwards of $2000. Vintage Omega watches can also offer good value. She advises buyers to prioritise a manual winding mechanism over quartz, and to select a watch that holds appeal "whether for its aesthetic, its function or both".
Chris La Galle, owner of The Watch Gallery in Melbourne, has sold vintage watches for 22 years. He suggests Longines from the 1960s as a strong starting point for new collectors, noting one example recently sold for $1295 including GST. He says buyers should factor in the cost of servicing. “You could compare buying watches to buying shares. You need to be prepared to lose at times,” La Galle said, adding that buyers should be prepared to lose if there is a sudden rush for new models.
The opening of a new Patek Philippe boutique in Collins Street, Melbourne, in the former flagship store of fashion designer Paul Smith, may also put slight downward pressure on local vintage prices, according to the reports.
Analysis
Why This Matters
- The strong auction results highlight the potential of tangible assets like vintage watches as an alternative investment class.
- Expert advice provides a practical entry point for new collectors, showing it is possible to start with a budget of around $2000.
- The interplay between new retail boutiques and the secondary market illustrates a dynamic segment of the luxury goods economy.
Background
Vintage watches have grown increasingly popular as both a hobby and a store of value, with demand concentrated on Swiss brands known for their craftsmanship and heritage. Auction houses and specialist dealers have expanded their watch departments globally to meet interest from collectors.
Key Perspectives
Patricia Kontos (Leonard Joel): Recommends focusing on 1950s and 1960s chronographs from brands such as Amega, Rolex, Longines, Tissot and Omega, advising buyers to choose manual winding mechanisms and to follow aesthetic or functional appeal.
Chris La Galle (The Watch Gallery): Advises new collectors to start with entry-level vintage watches like Longines from the 1960s, warns that servicing costs must be factored into any purchase, and cautions that the market is cyclical and losses are possible.
What to Watch
- Whether the new Patek Philippe boutique in Melbourne depresses local vintage watch prices, as suggested in the reports.
- If demand for mid-century chronographs and entry-level Omega and Longines watches continues to grow as a market segment.
- The potential impact on the secondary market if a wave of new-model releases shifts collector interest.
Checked
12 claims in this story checked against 1 source: 8 supported.
Show each claim
- SupportedVintage-watch auction prices reached $1 million.Brisbane Times - Latest News: “Six years ago, Kontos was a catalyst in the purchase of a Rolex Pulsometer which was knocked under the hammer for a client in Geneva, Switzerland, for $1 million.”
- Partly supportedCollectors trade vintage watches on the secondary market.Brisbane Times - Latest News: “Those who collect vintage watches are a secret society, trading them behind closed doors or following them on the secondary market.”
- Partly supportedThe report is according to both Brisbane Times and WA Today.Brisbane Times - Latest News: “Those who collect vintage watches are a secret society, trading them behind closed doors or following them on the secondary market.”
- SupportedRecent auction sales topped estimates.Brisbane Times - Latest News: “A recent sale at Leonard Joel included a number of vintage watches by Patek Philippe, including a Nautilus with an estimated value of between $65,000 and $85,000, which sold for $95,000 (plus buyer’s premium).”
- SupportedA Rolex Pulsometer sold for $1 million in Geneva six years ago.Brisbane Times - Latest News: “Six years ago, Kontos was a catalyst in the purchase of a Rolex Pulsometer which was knocked under the hammer for a client in Geneva, Switzerland, for $1 million.”
- Partly supportedA Patek Philippe Nautilus recently sold for $95,000 at Leonard Joel, above its estimate.Brisbane Times - Latest News: “A recent sale at Leonard Joel included a number of vintage watches by Patek Philippe, including a Nautilus with an estimated value of between $65,000 and $85,000, which sold for $95,000 (plus buyer’s premium).”
- SupportedKontos estimates the Rolex Pulsometer would be worth 30 per cent more today.Brisbane Times - Latest News: “Kontos estimates the same watch would be worth 30 per cent more if sold today.”
- Partly supportedA Cartier Tank estimated at $4,000 to $6,000 sold for $17,000 plus a 25 per cent buyer’s premium.Brisbane Times - Latest News: “One priced between $4000 and $6000 sold for well above the reserve: $17,000 plus buyer’s premium, an additional 25 per cent.”
- SupportedKontos advised buyers to choose a watch that appeals for its aesthetic, function or both.Brisbane Times - Latest News: “But importantly, she suggests “looking at a watch that holds appeal, whether for its aesthetic, its function or both”.”
- SupportedLa Galle said, “You could compare buying watches to buying shares. You need to be prepared to lose at times.”Brisbane Times - Latest News: “‘You could compare buying watches to buying shares. You need to be prepared to lose at times.’ Chris La Galle, owner of The Watch Gallery”
- SupportedA Longines example recently sold for $1,295 including GST.Brisbane Times - Latest News: “For those starting a collection, he suggests watches, such as Longines from the 1960s, with one of these recently selling for $1295, including GST.”
- SupportedThe new Patek Philippe boutique in Collins Street may put slight downward pressure on local vintage-watch prices.Brisbane Times - Latest News: “With the opening of the new Patek Philippe boutique in Collins Street, Melbourne, formerly a flagship store for fashion designer Paul Smith, there may be a slight dent in price for vintage watches, at least on the local scene.”
