In the last December, Patek Philippe, the top watch brand from Switzerland, celebrated its 175 anniversary and it caused great affluence in the world, while in the Artcurial, an auction house in France, people focused on the Panerai. On 8th, December, Artcurial organized a Panerai Only exclusive auction in the hour, and this is the first open auction. The watches that are auctioned ranged from a wide span of 80 years, which means from the 1930th to now.
In addition to the business requirements, this auction aims at bringing more attention to Panerai as it is covered due to its cooperation with Italian military. It should be known to all of us, and since its foundation, Panerai designed the unique diving watches, so in its coming 80s anniversary, it held a special auction. The 80th anniversary actually means the birth of Radiomir which it was rolled out for Italian Navy Commondoes in 1936, but the brand itself could be dated back to 1860 when it started as a watch workshop, mainly offering precise navigation instruments for Italian navy. In 1997, Panerai was acquisitioned by Compagnie Financière Richemont. Now Panerai has its own movement and has workshop at Neuchatel where it can assemble movement.
If limiting the range of antic watches, the rate of dealing will reach 80 percent. Limited editions are pretty popular among collectors and dealers. But the turnover rate of medium price has the lowest rate, which only reaches 20 percent. According to the statistics from Artcurial, this auction broke two records. The first one is a quite rare one that was built in 1956 and was bid for 125,800 Euro while a Panerai Radiomir 1938 fitting with a Rolex movement was bid for 103,500 Euro. Both were produced in 1950th.
This auction has Panerai watches ranging from different times, said Romain Rea. There was once a period of time when rare people paid attention to Panerai, but now with more and more collector joining, the success of this auction will facilitate the development of Panerai and makes more popular among people, he added. Developing the base of people of Panerai watches could be helpful in diminishing their gaps with Patek Philippe or Rolex. Obviously, the sales of Patek Philippe or Rolex watches really dwarf Panerai. A couple of weeks ago before the auction, Patek Philippe Henrey Graves Supercomplication was bid for 24 million dollars. In the November 2014, the total revenue of auction of Patek Philippe watches reached 24 million dollars in the Sotheby. The year before last year, Christie gained 13million dollars only in the Rolex Daytona Lesson One themed auction. CHristie and Sothybe may avoid talking about it, but Artcurial will try to gain more customers through one or two antic watches from Patek Philippe or luxury replica watches.