The luxury watch market ended 2024 on a high note, with the auction seasons in New York and Hong Kong raking up a record-breaking $145 million in total sales, an industry report said.
Iconic brands Patek Philippe and Rolex led the sales across both cities, with the former leading with $30.5 million in sales in Hong Kong, securing 70 percent of the top 10 lots, according to EveryWatch’s 2024 auction report.
Modern watches shined in the New York auctions, raking in $35 million in sales, clocking a whopping 41 percent rise on an annual basis, the report said.
The average price in the NYC auction also jumped to $98,000, posting a 22 percent rise from the previous year’s level.
The NYC auction also saw an 18.2 percent increase in sales this season, reaching $66.3 million.
Watch volumes surged by 25.4 percent in Hong Kong and 27.1 percent in New York, with an impressive average sale rate of 88.5 percent and 90.3 percent, respectively across all auction houses, said the report, which provides insights about the trends, brand performances, and collector preferences in the global watch market.
Cartier, clocking a whopping over 172 percent jump in sales and 66.4 percent rise in average price, strengthened its market position in NYC this year, securing 8th place among New York’s top brands this season, the report said.
Audemars Piguet, on the other hand, excelled in Hong Kong auctions, with a 96 percent jump in sales and 50 percent rise in average price.
The report also revealed contrasting market preferences in the latest auctions, with stainless steel leading in New York, while gold dominated Hong Kong.
Follow us on
