Are Watch Auctions Still Worth Watching?

For a long time, watch auctions were the ultimate theater of collecting. A new record price, a mystery bidder, or a long-lost rarity surfacing under the hammer could electrify the industry overnight. Think of the Paul Newman Daytona that shattered expectations in 2017 or the stream of Patek Philippe complications that once seemed to set new benchmarks every season. Auctions weren’t just market events; they were spectacles that collectors and casual observers tuned into with real anticipation.

Fast forward to 2025, and the stage feels quieter. Fewer shock results, less drama, and more predictable outcomes have some wondering if watch auctions still hold the same allure. The truth is more nuanced: the role of auctions hasn’t disappeared, but it has shifted.

The Post-Hype Reset

The pandemic years and their aftermath created a frenzy across the watch market, auctions included. A flood of bidders, many of them newcomers riding the wave of social media hype, drove prices of everything from steel Rolex sports models to independent micro-productions into uncharted territory. The correction that followed was just as dramatic.

Now, instead of wild bidding wars, results look steadier. Certain references that once drew gasps for their sky-high hammer prices are now landing closer to historical averages. For many collectors, this is welcome. It signals stability and an end to the speculative flipping that distorted the meaning of provenance and rarity.

Logan Baker, Senior Editor at Phillips Watches, said the firm has been largely insulated from those swings. “Our core audience hasn’t shifted. It’s always been collectors and enthusiasts,” he explained. “What excites people at Phillips is the quality and importance of what we bring to auction – whether it’s an independent piece, a great pocket watch or clock, something from the neo-vintage era, or a mid-century classic. Collectors respond to quality, and that’s where our focus has always been.”

What’s Still Moving the Needle?

Independent watchmaking remains the biggest story. “Collectors are now recognizing the significance of these creators in shaping contemporary watchmaking, and Phillips has been instrumental in spotlighting their work over the past decade,” Baker said. Whether it’s a Journe, a Dufour, or a Rexhepi, independents still generate heat and headline results.

There’s also growing attention on overlooked corners of horology. “There’s real momentum behind important pocket watches and clocks. Think Cartier, Breguet, Patek, and others,” Baker said. Even vintage time-only watches, which long played second fiddle to chronographs and sports models, are drawing fresh appreciation. “Collectors are appreciating their purity and wearability,” he added.

At the same time, some of the once-hottest categories have cooled. “We’ve seen a correction in certain areas that overheated in the late 2010s and early 2020s, particularly vintage Rolex and integrated-bracelet sports watches from Patek Philippe and Audemars Piguet,” Baker noted. But he stressed this doesn’t mean those categories are irrelevant. “Even there, the very best and rarest examples continue to perform.”

The Role of the Auction House Today

Auction houses themselves are adapting. Where once they relied on headline-grabbing numbers to make waves, many now emphasize curated sales, storytelling, and more transparent estimates. For Baker, the key has been consistency: “Collectors know that when they come to Phillips, they’ll see pieces that matter. It’s about presenting watches in a way that makes sense of their place in history.”

That evolution has also opened up opportunities for smaller houses. Kate Lacey, Watch Specialist at Rosebery Auctions, observed that collectors today are willing to look beyond the big international firms. “There have always been interesting pieces to be found in smaller auctions,” she said. “As the market matures, buyers are both more discerning but also more experienced and well read. They’re definitely having to cast their nets wider to find undiscovered treasures.”

She added that many watches once overlooked are now in demand. “There are so many different watches out there that were once largely overlooked, but now the demand for these interesting lower-priced pieces is on the up. Pieces that fall below the threshold for the top auction houses have to go somewhere – if it’s not dealers, the smaller auction houses would be remiss not to take advantage.”

So, Are They Worth Watching?

Yes, though for different reasons than before. The fireworks at every sale may be gone, but auctions remain one of the most transparent and visible platforms in watch collecting. They continue to shape perceptions of value, spotlight overlooked references, and offer a stage where collectors can learn as much as they buy.

For buyers, auctions remain a route to secure watches with clear provenance and documentation. For observers, they are still a barometer of shifting tastes. The difference is that auctions are no longer the only place to look; they are now one part of a wider ecosystem that includes private sales, boutiques, and dealers who rival them in influence.

The spectacle might be quieter, but the substance remains. Whether it’s headline-grabbing independents at Phillips or rediscovered gems at Rosebery, auctions still have plenty to offer for those willing to pay attention.