Phillips in Association with Bacs & Russo concluded their 10th anniversary year of dedicated watch sales with the New York Watch Auction XIII this weekend. With a 100% sale rate and a sale total amounting to $43,487,875, it broke the record for the highest total of any watch auction in the US. Combined with the data from industry reports by the likes of Richemont and Swatch Group, it paints a compelling picture that the US watch market is seeing renewed strength. Still, the biggest success story here is the F. P. Journe Francis Ford Coppola FFC Prototype, which set a record of its own.
The story of the F. P. Journe Francis Ford Coppola FFC starts back in 2012 when the famous Hollywood director first suggested to F. P. Journe that he create a watch where the hour hand was literally a hand. The resulting timepiece came to fruition almost a decade later with one of the most prominent examples being the unique piece in blue that was produced for the Only Watch charity auction. However, as a collector that’s not the most sought-after example that has ever been produced.
Image credit: Phillips
No, the most sought-after has to be the one owned by Francis Ford Coppola himself, an original prototype also believed to have been produced circa. 2021. It’s this watch that was sold this weekend. A platinum beauty with the signature hand-shaped hour mechanism and rotating minute track. At the auction it reached a price of $10,755,000, earning it the world record for the highest auction price for a watch by an independent watchmaker. Naturally, it’s also the most expensive F. P. Journe ever sold at auction.
It was a great sale for F. P. Journe in general with eight of his watches in the top 10 most expensive lots. Five of those watches also set records for price regarding the sale of those specific models. The other two slots in the top 10 were occupied by fellow independent watchmaker Philippe Dufour with both of those watches in the $1+ million bracket. When it comes to the elite end of the watch industry, it is undoubtedly the independents who are king at the moment.
More details at Phillips.
Just goes to show that money and Good taste seldom go hand in hand !!