How the Most Rare and Valuable Watches Are Traded Among Elite Collectors
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Before social media became the lingua franca of the watch world, there were forums. And on those forums, collectors—especially collectors of vintage Rolex—often traded timepieces amongst each other.
The advent of Instagram in the early 2010s, coupled with the explosion in interest in vintage timepieces, drew attention to this corner of the watch world, and with that attention came increased competition for the finest examples. In the case of six- and seven-figure watches, high-end dealers, like James Lamdin, founder and vice president of vintage and pre-owned watches at Analog:Shift, became trusted intermediaries, negotiating sales for pieces not once or twice but often multiple times as they made the rounds of the collector community.
“There are watches out there that may not be massively rare by reference, but are by example,” Lamdin tells Robb Report. “Tropical patina, ghosted bezel, or celebrity provenance—it’s that watch. When those watches go into a collection, usually it’s with the implicit understanding that they’re valuable and people will want them from you and will make you a profit when you sell them.”
The best dealers have built relationships with collectors around the world and often have first right of refusal when those pieces come back to market. But even still, the most coveted models can still slip through their fingers.
Eric Wind, of Wind Vintage in Palm Beach, Fla., has lost and found some of the world’s most storied watches. In 2015, when he was vice president, senior specialist at Christie’s in New York, Wind came across a “super rare” 1957 Audemars Piguet Ref. 5516 perpetual calendar that had languished in rural Florida until the nephew of the original owner consigned it to Christie’s. The first perpetual calendar wristwatch to feature a leap-year indicator, the piece was one of just nine made by Audemars Piguet in the 1950s. Wind considers it “the one in the best condition.”
He showed it to one of Christie’s better-known clients, Patrick Getreid, owner of the OAK Collection, who purchased it in 2015 for $545,000. In 2023, Getreid consigned it to Christie’s in Hong Kong. That’s when Wind decided to give the piece another shot.
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“I had registered to bid on it but at the last minute, I got cold feet,” Wind continues. “It was starting kind of high compared with what Getreide had paid for it. I was bidding remotely from Florida, but when no one else is bidding, you’re kind of wondering if you’re a genius or a fool. Is there something everyone else knows that I don’t? The question was about market value. The watch ended up passing and I purchased it via private sale—or private treaty, as it’s known—after the sale. I had two clients who really wanted it. I offered it to both, but one was more ready to pull the trigger and he got it. It never saw the light of day.” That Audemars Piguet perpetual calendar, Wind says, “remains one of my top five watches on the planet.”
As he reflected on the piece’s winding journey, Wind considered his own role in its comings and goings. “It was fun to be part of the lifecycle of that watch, from when it was discovered in rural Florida and consigned to Christie’s, and then sold to a great collector, who sold it again,” he says. “I imagine it will come back to me at some point. I don’t know if it will be two years from now or 40 years.”
Another grail watch that Wind helped shepherd to a client was an exceptional Paul Newman Rolex Daytona Panda reference 2623 with a full set and a tropical dial that was sold by a small Swedish auction house just under a decade ago. “Another dealer got it,” Wind explains. “I was still at Christie’s, and I fell in love with the watch. This dealer who had it for a year then sold it to an Italian dealer, who then sold it to a collector in Asia. I was tracking the watch on Instagram and saw the collector post it. By that time, I had become a dealer.
“I made an offer to the collector to purchase it on behalf of my client,” he adds. “It had been owned by a Swedish boat captain and had been given to him by the family he worked for, the equivalent of the Rockefellers in Sweden. We had to arrange shipment to the U.S. by Malca-Amit armored transport. Whenever these high-value watches move around, you have to deal with armored shipments, customs, proper transportation, and a lot of paperwork. It takes some time but it’s well worth it.”
Both the AP perpetual calendar and Daytona were original and unpolished—“the kind of watches I look for,” Wind says. “It’s funny how watches circle around. Within the high-end watch world, we’re not talking about thousands and thousands of watches. We’re talking about a relatively small amount of great watches.”
Eric Ku, a high-end vintage dealer in Northern California, certainly knows the drill.
About 15 years ago, he was offered a first-of-its-kind 1996 Rolex Cosmograph Daytona “Rainbow” reference 16599 in white gold on a leather strap.
“I’ve been hunting jeweled Rolexes for a really long time, before it was a cool thing,” Ku, cofounder of the online auction site Loupe This, says. “The watch first surfaced to me around 15 years ago. It was offered to me by a dealer in the Middle East and was coming from, allegedly, a member of a royal family. At the time, the pricing was completely different than it is today. After going back and forth, I offered $88,000 and the seller wanted $92,000. I lost the watch. I was gutted. I’d been stalking the watch. But at the time, relative to the market, it didn’t make sense for me. It was a really tough time, might have been around the financial crisis. I felt confident it would come back to me, but it didn’t.
“Then, in 2012, Rolex introduced its new rainbow Daytona,” Ku says. “I had no doubt about the authenticity of the watch I’d lost out on, but seeing the new rainbow Daytona completely validated me and erased any scintilla of a doubt that I had about the watch. Fast forward a couple years: The watch was offered to me again privately, by a different person in the Middle East at a significant multiple of the original offering—let’s say in the mid six-figures. I bought it.”
In 2017, Ku sold the watch to an important collector based overseas, “a person of very high taste and connoisseurship who appreciated the rarity of that watch,” he says. The collector, by Ku’s reckoning, also appreciated the story of its journey. “Dealers and old collectors always like trading war stories,” he says. “What’s the one thing that got away and then it came back? The collector got sold on the story.”
Now, the watch is coming back to market on Nov. 8 at Phillips Geneva, where it’s being offered in a sale dedicated to neo-vintage timepieces (Reloaded: The Rebirth of Mechanical Watchmaking 1980-1999) and is estimated to fetch in excess of $3 million.
“It’s probably the sexiest watch of the season,” Ku says.
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