Watch Auctions Unveiled: Secrets, Strategy, & History in the Making

At W.O.E., we’ve commented on the watches worn by some of history’s most infamous individuals including US Presidents, Usama Bin Laden, and Muammar Gaddafi. In recent years, several watches with provenance calling back to these historical figures have been sold at auction where they garner massive results propelled at least in part by their historical significance. The recent sale of Egyptian President Gamal Abdel Nasser’s Rolex for $840,000 is just the latest example.

Beyond challenging provenance, the auction world has also seen its share of bad press, with many calling into question the originality of certain high-profile lots including the story of an Omega Speedmaster that was faked with insider help from Omega HQ in Switzerland. Not a good look.

We admit we’re no experts in the field of high-profile auctions or vintage watches so we looked to Tony Traina, a talented writer, researcher, and friend of the page to delve deeper into the good, the bad, and the ugly of modern watch auctions. As it turns out, watch auctions are their own wilderness of mirrors.

Tony has his own newsletter called Unpolished. If you are interested in learning more, you can subscribe HERE.

What The World Of Watch Auctions Reveals About History, Strategy, & Brand Power

By Anthony Traina

An estimated 5M people attended President Nasser’s funeral in 1970.

On October 1, 1970, more than 5 million people attended the funeral of Egyptian President Gamal Abdel Nasser. One of the most respected leaders in the Arab world, Nasser died suddenly at the age of 52. It’s thought to be one of the most-attended funerals in history.

Gamal Abdel Nasser (1918–1970) was an Egyptian military officer and revolutionary who became the country's second president, serving from 1956 until his death. A central figure in modern Arab history, he championed Arab nationalism, led the nationalization of the Suez Canal, and pursued policies that transformed Egypt but sometimes sparked regional conflicts and polarized opinions.

Nasser wore his Rolex Day-Date ref. 1803 “President” throughout his life.

On Nasser’s wrist during most of his time as president: A gold Rolex Day-Date ref. 1803 “President.” It can be seen in various photos, from his negotiations with world leaders to playing with his five children.

In December 2024, Nasser’s Rolex Day-Date sold at Sotheby’s New York for $840,000. As far as I can tell, it’s the third most expensive Day-Date ever sold. More than a watch, it’s a historical artifact that tells the story of Nasser and the formation of the modern Arab world.

Almost as interesting as the watch and the big result is the rumored buyer: Rolex.

Hammering for $840k, Nasser’s Day-Date was reportedly purchased by Rolex. (Photo Credit: Sotheby's)

It’s just the latest example of a brand purportedly buying one of its own historically important watches at auction. Patek Philippe, Zenith, TAG Heuer, and even Movado are all known to be active in the auction market.

The influx of money into watches has turned auctions into big business, with brands' moves—whether covert or public—highlighting both the opportunities and risks. Understanding the players, their motives, and behind-the-scenes dynamics is key to finding extraordinary watches at auctions; without a strategy, you risk costly mistakes.

What Is A Watch Auction?

(Photo Credit: Christie’s)

A few times a year, the major international auction houses—Christie’s, Phillips, and Sotheby’s—host watch-themed auctions in the world’s major horological hubs of Geneva, New York, and Hong Kong.

It’s where the most historically important, expensive, and rare watches typically come for sale. But they’re not without controversy, the most notable scandal involving a record-breaking Omega Speedmaster in 2021 that turned out to be a put-together “Frankenwatch.”

The Omega Speedmaster “Frankenwatch” sold in 2021 for $3.4M. (Photo Credit: Phillips)

While auctions are public affairs and record-breaking results garner headlines, the real stories and action happen behind the scenes.

Covering the watch industry, I’ve attended several watch auctions. I’ve seen Rolex representatives bidding in the auction room for their historical pieces, methodically building a collection ranging from some of the best-preserved examples in the world (paying millions for top-condition Milgauss and Daytona examples) to the most historically important.

But auctions aren’t just for high-end pieces. I’ve bought watches at major and regional auctions – and from familiar toolmakers like Heuer and Enicar, not top luxury brands like Patek Philippe. There’s something for everyone if you know how to navigate it.

From Watch To Historical Artifact

The caseback on Nasser’s Rolex tells a story. (Photo Credit: Tony Traina)

Take Nasser’s Day-Date. Its caseback engraving begins to tell its full story:

“Mr. Anwar El Sadat 26-9-1963”

Anwar El Sadat, a lifelong friend of Nasser and fellow graduate of the Egyptian Military Academy, became Egypt's vice president in 1969 and succeeded Nasser as president in 1970. Nasser can be seen wearing the Day-Date while he visited soldiers and negotiated with diplomats, reshaping the modern Arab world – a witness to history in a way few objects are.

Rolex purchased a GMT-Master formerly belonging to Pan-Am pilot Captain Clarence Warren for CHF 177,800. (Photo Credit: Sotheby’s)

It’s far from the first watch Rolex has won. Luckily, these watches haven’t been doomed to some vault deep beneath Rolex HQ in Geneva. At Watches & Wonders last year, Rolex displayed several historically important GMT-Masters to celebrate the launch of a new GMT-Master II. This included Captain Clarence Warren’s GMT-Master ref. 6542 (which sold at auction for CHF 177,800), worn on the first Pan-Am flight from New York to Moscow, when then-Vice President Richard Nixon requested Warren to pilot his visit to the Soviet Union. For his airborne accomplishments, Rolex would later feature Capt. Warren in an advertising campaign. Also on display was Jack Swigert’s Rolex GMT-Master ref. 1675, worn while he was the command module pilot of Apollo 13. 

As W.O.E. has covered before, modern watch brands are machines dedicated to marketing as much as mechanics. The activity of these brands in the auction market is no different. These big auction results make headlines in mainstream news, helping to reposition luxury watches as heritage objects that can last generations and even witness history. It’s the type of storytelling and brand-building that brands dream of.

A LIP belonging to Charles de Gaulle sold for over $500k. (Photo Credit: Artcurial)

And these big results aren’t limited to Rolex. Former French President Charles de Gaulle’s electric LIP watch recently sold in an auction of his personal effects for more than $500,000. In an auction of hundreds of his personal items, it’s his watch—a simple electric model from a French maker – that sold for five times more than any of his journals, letters, or medallions.

Sure, it’s marketing, but it wouldn’t be so effective if it didn’t hold a grain of truth.

Especially through the middle of the 20th century, the men and women making history often had watches on their wrists as they led their governments, piloted command modules, or served their country. These were tools that helped guide those who shaped or reshaped the world.

Strategic Operations & Watch Auctions

A Tudor Submariner issued to the South African Navy. (Photo Credit: James Rupley/W.O.E.)

Somewhere along the way, many of these toolmakers turned into luxury brands. Of course, they still make tools too—for civilians or the military—but auctions are another public stage upon which the secretive drama of the Swiss watch industry now plays out.

While the spectacle of auctions and the high prices capture headlines, the real story happens behind the scenes. Auctions are also more accessible than ever. All offer online, phone, and in-person bidding, with the largest auctions often having more than 2,000 registered bidders.

Preparation is key: evaluating the watches, understanding the players, acting with discipline and strategy, and avoiding the emotion of the moment.

If you’re looking to get involved in auctions, whether you’re spending $100 or $100,000 here are a few tips to get started.

Understand The Incentives

(Photo Credit: Phillips)

Auction Houses & Specialists: Every party comes to an auction with its own incentives and acts accordingly. The most important to know is that auction houses represent the seller, not the buyer. Their goal is to achieve the highest price for the consignor of the watch. Of course, they want both buyer and seller to be happy, and there is the risk of reputational damage if deals go south. But their goal is to achieve the best result for their client, the seller.

Auction houses make money by charging a commission on sales (called the “buyer’s premium”), typically somewhere in the range of 25 to 27 percent. This means they typically don’t take a financial stake in a watch, but make money by selling the watch. While they will provide information and condition reports, keep all of this in mind when reviewing the information provided. The goal will be to illustrate the potential of a lot without focusing on its issues or making any guarantees.

(Photo Credit: Hodinkee)

Buyers (Dealers, Collectors, Brands): Anyone can throw their hat in the ring and bid at an auction, but they may have different goals. Private collectors want to own historically important watches for all the reasons a collector might – from pure passion to pure ego. Watch out for the latter: ego knows no rationality.

As we’ve discussed, brands might also bid at auctions. This could be to acquire historically important pieces for their archives or museums. Or, they might want to “protect” the perception of their brand on the secondary market. Either way, it’s important to know that big-time, institutional money might be after a lot, particularly if it has historical importance.

Finally, dealers are always lurking. If there’s an opportunity to resell a watch for more money, expect a dealer’s paddle to go up. For large institutional dealers that hold significant inventory, there also may be incentives to bid up certain watches to “protect” the value of their existing inventory. For example, a well-known secondary market player has significant stock in indies De Bethune and F.P. Journe and is known to actively support those markets at auction.

The Crowd: There’s also the crowd. That’s everyone from media to influencers to curious onlookers. They cover the news and can amplify record-breaking or scandalous results to generate clicks or headlines.

Do Your Homework & Build Your Own Relationships

(Photo Credit: James Rupley/W.O.E.)

In the watch industry, professionals often move between roles—media members move to auctions, dealers become specialists, and vice versa. All are invested in maintaining a healthy market and ensuring steady growth, so buyers feel confident in spending on expensive watches. This means they all have their own relationships and generally don’t want to disrupt the status quo.

This dynamic explains why it’s important to build your own relationships before spending significant sums at auction. This requires being on the ground to assess the situation. When possible, it’s best to attend auctions and auction previews in person.

Watch auction previews are a great watch to learn more about vintage watches. (Photo Credit: Asharq Al-Awsat)

Auction previews are perhaps the best way to experience vintage watches in person. You’ll hear stories from specialists that don’t make their way into catalogs. But it’s also the best way to make connections, assess watches, and learn. Put your ear to the ground and see if you catch any gossip (there’s always gossip).

On the day of the auction, being in the room is the only way to get a feel for the important players, who’s bidding on what, and the general vibe of the sale.

Because auction specialists ultimately represent the seller, it’s often helpful to have an independent third-party dealer you trust to help vet watches. Once you develop a personal relationship with auction specialists, they are also more likely to tell you more information about a watch. Flaws that might not be readily disclosed but that they’re comfortable telling to a valued client.

Last Call

(Photo Credit: Bonhams)

Watch auctions, though public, carry a certain air of espionage. Specialists whisper discreetly into phones, connecting with clients around the globe. When brands like Rolex bid, they often don’t even raise a paddle; a nod to the auctioneer often suffices – visible only to those who know to look for it.

While these professionals act in rational self-interest, they may exploit private collectors driven by passion. That’s why coming to auctions well-informed is essential. Armed with knowledge, you can bid strategically. If you’re ready to try your hand at auctions – good luck!

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Read Next: An Inside Look At The Swiss Watch Industry

About The Author: Tony Traina is the editor and founder of Unpolished, a weekly newsletter about what’s really happening in watches. He’s a former editor at Hodinkee. Subscribe to receive Unpolished in your inbox.