Record-Breaking stainless steel Patek Philippe 1518 Sells at Phillips in Geneva

Posted on November 20, 2025November 19, 2025 by Liz Bailey

The first stainless steel Patek Philippe 1518 broke its own auction record in Geneva last week, selling for $17.6 Million USD. The highest hammer price for a vintage Patek wristwatch, this piece eclipsed its previous hammer price in 2016 by nearly 30%.

Described as ‘genre-defining’ and a ‘unicorn’ of the watch world, this piece sold at Phillips Auctions. Why the record breaking price? This particular watch represented the rarest variation of the world’s first perpetual calendar chronograph wristwatch, as the first of only four steel versions produced.

The watch last appeared at auction in November 2016 at Phillips and was estimated in excess of 3,000,000 CHF which it nearly quadrupled. At the time it was the most expensive watch to sell at auction and the first to break the eight-figure barrier at CHF 11 million (11,002,000 CHF). It remains, to the present day, one of the most expensive Patek Philippe wristwatches ever sold.

Patek Philippe Reference 1518

The 1518 featured a manual wind Valjoux ébauche movement, modified by Patek Philippe and combined with a perpetual calendar module. Setting the design standard for future Patek Philippe calendar chronographs to follow, the dial was by Stern Frères, with day and date apertures to 12, subsidiary dials to 3 and 9, and a beautifully handpainted moonphase calendar dial to 6.

Only 281 pieces of the 1518 were ever produced from 1941 until 1954, with the majority cased in 18ct yellow gold, around 20% cased in 18ct pink gold, and only four known stainless steel cased examples. Stainless steel cased watches were not regularly produced by Patek Philippe until the 1970s, and prior to this point were often the result of client requests.

This example is the first of the steel 1518s, and is subsequently stamped ‘1’ alongside its case and movement number to the inside case back (508473 1). This example was manufactured in 1943, and according to its extract from the archives it was sold to a retailer in Budapest on February 22nd, 1944. According to Phillips, in 1944 the retail price for a steel reference 1518 was 2,265 Swiss Francs, only 500 Swiss Francs less than the gold version.

This example features in John Goldberger’s book, Patek Philippe Steel Watches, and is extensively covered over four pages. The significance of this watch cannot be understated, as Phillips have said “We can, without exaggeration, state that the present lot is quite possibly one, if not the most beautiful and important stainless steel wristwatch ever made by Patek Philippe.”

Indeed, the buyer of this 1518 clearly appreciated the value of this rarity and history. However, it would be remiss of us not to mention some of the pre-sale debate on the piece from collectors worldwide. Controversy over a number of details on the watch, such as the Patek Philippe recessed rather than raised logo, scattered marks to the dial, and the sizing of inside case markings have all been raised and debated by horological sleuth Perezscope amongst others. However, as Amrita Katara of Tatler points out:

“When only four examples exist, there’s no statistically meaningful population against which to compare details. Every idiosyncrasy becomes either “proof of uniqueness” or “evidence of restoration,” depending on who’s making the argument. Unlike more common references where collectors can cross-reference dozens or hundreds of examples to establish what’s “correct,” the steel 1518 exists in a category so rare that expertise itself becomes somewhat speculative.

Patek Philippe’s own archivists had confirmed the provenance of the piece and authenticity both in 2016 and ahead of the Phillips sale. The controversy clearly did not dispel bidding, with the opening bids shouted from the floor at “8 million” (CHF), rising all the way to CHF14,190,000.

1518 Sales Timeline

Owing to the numbers of the steel, pink and yellow gold cases produced – estimated at 4, 56, and 221 approximately, value and achieved prices vary primarily on rarity, with the steel achieving record prices, and the pink gold retaining a premium over the yellow gold as a rule. The below timeline can help us to contextualise the (ever increasing) results!

November 2016:

The ref. 1518 (508473 1) sells at Philips for CHF 11 million, breaking records as the first watch to surpass eight figures at auction.

December 2021:

A pink gold ref 1518 with pink dial, dating to 1948, from the Estate of Prince Mohammed Tewfik A. Toussoun of Egypt. Sold for $9,570.900

June 2023:

Sotheby’s sold a pink gold ref. 1518 with on original bracelet dating to 1946 for $3,871,500

February 2025

The third steel 1518 (598475 3) was offered for sale privately by the Monaco Legend Group, and reported by Hodinkee to have the asking price of $20 million. It has since been sold in the “highest single private treaty sale,” price undisclosed.

June 2025:

A yellow gold version dating to 1951/3 sold at Phillips New York Watches Auction for $1,451,500.

November 2025:

A ‘pink on pink’ ref. 1518 sells at Philips for $4,432,000, one of fourteen known examples of this dial and case variation.

November 2025:

The ref. 1518 (508473 1) sells at Philips for $17,600,000, breaking records as the most expensive vintage Patek Philippe sold at auction, and the second most expensive vintage wristwatch sold at auction (behind Paul Newman’s Rolex Daytona).

To arrange a watch valuation of your own collection or other items, contact us on 01883 722736 or email us at [email protected].

Hublot: Creating a ‘Big Bang’ for Football

Posted on July 24, 2025August 13, 2025 by Liz Bailey

Acting as official sponsors of the UEFA Women’s Euros 2025, Hublot has been thrown into the spotlight once more. Having boasted a longstanding association with the game by sponsoring FIFA World Cups and prevalent players such as Kylian Mbappé, their presence at the Women’s Euros throws the brand into the pinnacle of football once more in Switzerland, the brand’s home turf.

All UEFA referees will be wearing the Hublot Big Bang e Gen3 connected watch, a state-of-the-art smartwatch created exclusively for referees and their assistants. Retailing at £4,800, this piece is currently sold out at the brand’s main retailers for this watch. The average secondary resale price of this watch is currently £3,425.

Moving onto the teams themselves, Hublot has partnerships with two prominent players within the Women’s Euros, Norway’s Ada Hegerberg, and Spain’s Aitana Bonmatí.

Both Ada and Aitana will be wearing pieces from the Big Bang One Click Joyful collection in Hublot’s summer campaign. Ada will wear the One Click Joyful Steel Pink, a 33mm steel piece on a white and pink-lined rubber strap that has thirty-six pink sapphires set into the bezel, Aitana will wear the One Click Joyful Steel Orange and Blue versions, the same watch but with thirty-six orange or blue sapphires set into the bezel. This limited collection is available to purchase at retail for £12,200.

Kylian Mbappé has been an ambassador for Hublot since 2018. Throughout this seven-year relationship with the brand, he has been photographed in an array of Hublot’s designs, and his style hallmarks can be seen across these public appearances.

In 2022, Mbappé was seen wearing these two Hublot rainbow watches, both in press conferences and on social media/news outlets. Produced in limited numbers, these Rainbow Hublot watches are set throughout with vari-hue sapphires, rainbow enamel markers, and finished with a rainbow alligator leather strap.

Three more watches worn by Kylian Mbappé over the course of his relationship with Hublot are pictured above.

Contrasting with the colourful rainbow watches seen in other appearances, these mono and dual tone timepieces do also feature skeleton dials that expose the movements within. Never compromising on creativity, these watches are set within anodised ‘Millenial Pink’ aluminium, a colourless sapphire crystal, and 18ct brushed gold cases respectively.

Insurance Valuations for Hublot Watches

It is worth noting that the majority of the watches featured above would be (currently) replaced from the retail market – these references are readily available to purchase online. However, Hublot watches can decrease in value in the secondary market, and therefore once either obsolete or discontinued, would be valued at this level, which can be anywhere from 30-60% lower than the original retail price, depending on the model, condition, and desirability.

Models that retain the most value on the secondary market include the Big Bang watches that the brand is arguably best known for, but as a whole this is something to consider when building, and looking to insure your collection. We would recommend regular valuations of your watch collection to ensure that your cover is in line with the market, and therefore prevent over, or under-insuring your collection.

Strawberries and Bling: The Watches That Won Wimbledon in 2025

Posted on July 17, 2025July 16, 2025 by Alastair Meiklejon

If, like me you, didn’t get the opportunity to visit the hallowed grounds of Wimbledon this year, I hope you enjoyed the coverage provided on the television. What you may have noticed is that a lot of the images you will have seen at home not only presented a lot of great tennis, but also a lot of celebrities in the royal box – whether or not seeing Hugh Grant taking a quick cat nap is as entertaining as some of the games of this year is debatable. What can’t be denied is the sheer wealth of impressive watches that we saw – some of them completely expected and some nice surprises.

The Princess of Wales – Cartier Ballon Bleu

The Ballon Bleu is quickly becoming her fashion staple, and why not – it’s the perfect size at 33mm and has all the traits of style and understated elegance. Currently retailing for around £6,000, it’s a great watch for all seasons and is as comfortable on centre court at Wimbledon as it is in Annabel’s on a Friday night.

David Beckham – Tudor Black Bay Chronograph Custom

Well, he wasn’t going to wear a , was he?

Possibly the most talked about watch of this year was an item given as a present from Tudor to celebrate Sir (can we say that yet?) Dave’s 50^th birthday. It’s a dramatic piece with enough diamonds for a royal tiara, but still, in a David Beckham way has a little bit of subtlety to it. You can’t buy one, so any figure would by hypothetical but given its provenance it’s going to be insured for north of £200,000.

Roger Federer and Leonardo DiCaprio – Rolex Land Dweller

I am fairly sure that everyone around Wimbledon was expecting the eight time Wimbledon champion to be wearing a Rolex, and of course he didn’t disappoint. The arguably greatest man to ever play the game (of course this is very debatable) arrived with the new kid on the block, the Land Dweller. Whilst it may sound like the name that a Korean car manufacturer might give to their new SUV, it’s actually a pretty stylish piece of work, just don’t mention the Tissot PRX….

Leonardo DiCaprio also entered Centre Court with the same watch, whilst dressed fairly casually, it proved a point that the Land Dweller can be worn up or down, much in the same way that the ever popular Datejust can. Currently, you have a slightly lower chance of getting hold of a Land Dweller than you do getting said royal box tickets for the men’s final, meaning that the £13,000 (model no.127334) will currently set you back close to £45,000 on the secondary market, which is not surprising.

Russell Crowe – Rolex Daytona Tiffany Dial, AKA – Maximus Blingiest Rolexus

Who would have thought that a turquoise dial with gold case would work anywhere outside of a Swatch launch party, but it does…

On an Oysterflex strap it gives a strange sense of sportiness and refinement that continues the legacy of the Daytona into areas where it has never been before. In typical Rolex style, the chances of owning one of these are less than surviving in the Colosseum, so you will currently pay north of £75,000 to get your hands on one, despite having a retail price of less than half that.

Eddie Redmayne – Omega Seamaster Aqua Terra Shades

We couldn’t talk about the watches of this year without mentioning an Omega, a genuinely brilliant brand with all the performance, all the technology, and all the style of its main competitor, just without the Instagram tags and mugging statistics. The ‘Day of The Jackal’ star arrived in a suitably smart cream suit, which really should have been accompanied by a nice cravat – but alas. With a red dial, this Omega steps away from its conservative approach but still gives a nice subtle vibe. As with most Omega watches, you can actually buy this one – with a price of £7,000, it’s not cheap but a lovely thing that will match your strawberries at Wimbledon – if you would risk it in a suit that colour.

Of course, there were many other watches on display – notable mentions include Chris Hemsworth in the Audemars Piguet Royal Oak Double Balance Wheel, which not only sounds like a piece of gym equipment from school, it’s actually the same size too.

Tom Holland wore an Ice blue dial Daytona, which as one of the stars of the 2022 boom, peaked at well into the six figures, but thankfully now is slightly more accessible at just under £100,000 (I did say slightly).

What this year did show is that as well as a fashion show, it’s also a great opportunity for the great and the good to show what they have in the watch box, or what they may have been given at the hotel the night before from a brand representative.

No doubt next year will bring more interesting watches, and hopefully a slightly longer women’s final.

Serving Style: How Jewellery and Watches Make a Statement at Wimbledon

Posted on July 3, 2025August 13, 2025 by Jenny Knott

The Summer Season is well and truly under way and with glorious weather so far this year we’re about to head into my favourite sporting fortnight – Wimbledon. Of course, it’s all about the tennis – but it’s also all about the elegance of The All England Club, the traditions, the strawberries and cream, the Pimm’s and yes, the people watching. Outfits both on and off court attract attention, and notwithstanding the all-white dress code tennis players can and do wear jewellery and watches on court and during play.

Rolex are the official timekeeper for all four Grand Slams including Wimbledon. The brand also sponsors a number of prominent players, including Roger Federer, Garbiñe Muguruza, Dominic Thiem, Coco Gauff, Jannik Sinner, and his current nemesis since his painful defeat in the French Open, Carlos Alcaraz.

Roger Federer became a brand ambassador for Rolex in 2006 with what was, at the time, the largest single endorsement for any professional athlete. He was contracted to Rolex for 10 years for which he received $15,000,000. Others now in the Rolex stable are Dominic Thiem for the Daytona and Garbiñe Muguruza with the DateJust. Jannik Sinner entered the Rolex testimonee stable, as Rolex likes to call its brand ambassadors, in 2020 and wears the Cosmograph Daytona. Coco Gauff is also part of the horophile elite. At her recent victory in the French Open she wore a discontinued Rolex Oyster Perpetual watch, the same timepiece she wore when she won the U.S. Open in 2023. This particular watch, with its distinctive purple dial, is known colloquially as the “Red Grape” (£7,000-£8,000 approx. second hand).

It’s not all about watches though and no article on this subject would be complete without acknowledging the significance of Chris Evert and her now infamous bracelet incident. What might have been a disaster turned into a coup for the jewellery industry. She wore a diamond line bracelet when she played; perfect because it did not have claws to catch and sat flush against her wrist. However, in 1978 during a match in the U.S. open the clasp broke and the bracelet fell off. Play was suspended so that it could be retrieved, which it was.

She later said ‘When I competed, I wanted to wear something that gave me confidence and empowered me, both as a woman and an athlete. My tennis bracelet added a personal element to my style on the court and served as a daily reminder that I can do and be anything.” Who wouldn’t want some of that?

This style of line bracelet has been popular since the Art Deco period, but it was Chris Evert that brought it to such wide prominence and as a result it became known as a ‘tennis bracelet’. The Boodles collection includes one with an integral diamond-set tennis ball charm.

Bracelets are not the sole preserve of the female tennis players. Grigor Dimitrov is known for his ‘stack’ of Van Cleef and Arpels Alhambras and it’s hard to deny that they suit each other.

Closer to home Emma Raducanu has been a brand ambassador for Tiffany since 2021 and has been seen at Wimbledon in pearl drop earrings, diamond and pearl necklaces and white gold Tiffany bangles. The Tiffany earrings seen here are from the Victoria range and retail at £11,300.

Jack Draper has chosen the sartorial route and since April this year has been sponsored by Burberry, though given the strict all white code we won’t be seeing any of the famous Burberry checks on court.

From Raducanu’s exquisite Tiffany pearls to the impressive timepieces, jewellery in tennis has evolved from subtle accents to powerful style statements. These collaborations reflect not just fashion, but identity and give players a chance for some self-expression within the confines of the tight dress code.

Neil Armstrong’s Omega Speedmaster Sells for $2.1 Million at Auction

Posted on April 24, 2025April 24, 2025 by Liz Bailey

Offering the unprecedented chance to own a timepiece worn by the first man to walk on the moon, RR Auctions of Massachusets sold Neil Armstrong’s commemorative Omega Speedmaster on 17th April. With an estimate of ‘$2,000,000+’ it achieved a historic result of $2,125,000.

Omega Speedmaster, ref . BA 145.022-69

Omega originally produced 28 of these commemorative Speedmaster watches to mark the occasion of the Apollo 11 mission taking place in July 1969. On 20th July of that year, Neil Armstrong was the first man to walk on the moon.

During the Apollo 11 mission, each astronaut was officially equipped with an Omega Speedmaster, qualified by NASA in 1965 as the only watch for manned space missions. Alongside Neil Armstrong and Aldrin, the Omega Speedmaster Professional became “the first watch worn on the moon”.

To mark this incredible historical moment for space discovery and horology, Omega produced the very first Speedmaster chronograph in 18ct yellow gold, accented with a burgundy red aluminium inlay bezel with dot over 90, black markers and hands. The BA 145.022-69 was powered by a cal. 861 17 jewel manual wind movement.

The first of these 28 watches were inscribed to the case back “To mark man’s conquest of space with time, through time, on time” together with the recipient’s name. The first two of these references were supposed to be presented to President Richard Nixon and Vice President Spiro T. Agnew although they had to decline the gift due to compliance reasons. The remaining 26 watches were presented to NASA astronauts both alive and deceased who paved the way for the moon landings in the Mercury, Gemini, and Apollo programs at a gala dinner in November of that year. Numbers 29 to 32 were given to Swiss personalities and bear the same case back inscriptions as the astronaut’s timepieces and exclude their sequential number, making these watches the only 3 out of 1,014 total pieces with this attribute.

Of course, Neil Armstrong, “Buzz” Aldrin, and Michael Collin were the highest profile recipients of these limited astronaut watches. However, other recipients’ BA 145.022-69’s have passed through auction rooms in the last couple of years, creating an exciting build up in interest around this collector’s reference and paving the way for the sale of Neil Armstrong’s watch.

“To mark man’s conquest of space with time, through time, on time”. The Twenty Six Speedmasters presented by Omega to NASA

A quick browse of the major salerooms results from 2021 to present shows six of these watches, nearly a fifth of the total production selling at auction in less than five years. In fact, RR Auctions sold two of these examples in 2022 and 2023, which no doubt helped to bolster vendor confidence in consigning Armstrong’s watch!

Wally Schirra was a Nasa astronaut for a decade from 1959, his expeditions on Mercury Atlas 8, Gemini 6A and Apollo 7 were instrumental in informing the Apollo 11 mission. Wally the first astronaut to go into space three times, and the only astronaut to have flown into space in the Mercury, Gemini, and Apollo programs. In total, he logged a remarkable 295 hours and 15 minutes in space. Upon his death in 2008, noted space collector Larry McGlynn purchased this watch directly from the Schirra family and subsequently offered for sale fourteen years later. This watch reached $1,906,954 (£1,469,403) at auction.

This watch, belonging to Apollo 12 moonwalker Alan Bean sold for $302,500 (£233,091) against a $200,000+ estimate in April 2023. Alan was still in Apollo 12 quarantine from his ‘Skylab Mission II’ in November 1969 and so received his watch at a later date. His was number 26, perhaps reflective of the timeframe in which he was able to access his watch.

Apollo 13 Command Module Pilot John “Jack” Swigert Jr’s Speedmaster was sold by Sotheby’s at their Important Watches Sale in June 2023. Played by Kevin Bacon in the 1995 film Apollo 13 recounting this renowned and ‘unlucky’ mission in which the oxygen tank in the service module exploded and the crew was forced to rely on their lunar module as a lifeboat. Swigert’s watch was essential in his on-board calculations of oxygen reserves and life-saving timing – this piece sold in June 2023 for $152,400 (£117,333).

In May 2023, Phillips sold another of these Apollo 11 Speedmasters, this one presented to Captain Charles ‘Pete’ Conrad Jr. This watch was number 12 of 1,014 and awarded to Conrad in recognition of his service as the commander of the Apollo XII space mission, in which he became the third person to walk on the moon in November 1969. This piece sold for 1,397,000 HKD (£136,983).

In January 2021, Antiquorum sold a somewhat mysterious Apollo 11 Speedmaster. Bearing simply the name ‘Adolf Brandle’ with no further inscription or number, the lot presented somewhat of a challenge to collectors and enthusiasts. Having been through various sales from 2019 onwards, auctioneers were unable to trace Brandle’s association with NASA, and furthermore the watch’s original movement had been ‘swapped out.’ Presenting a conundrum to many considering its mysterious history, this watch eventually sold for €124,800 (£105.800).

‘The First Watch Worn on the Moon’
Limited Public Release

Following the first 32 of this special reference, Omega sold the remaining of the 1,014 watches to the public. These limited-edition watches differed in their case back inscription, engraved to each ‘The First Watch Worn on the Moon.’

In 2024, Bonhams sold one of these limited watches at their Hong Kong auction. This edition was number 626 of 1,014, and was presented for sale complete with original paperwork, iconic crater box and in good condition. This watch sold for HK$384,000 (£37,539).

Other results for these watches include CHF47,880 (£43,141) at Sotheby’s in 2022, and €54,600 (46,183) at Antiquorum in 2022. We would look to recommend an insurance figure of around £50,000 in the current market, subject to change upon physical inspection of the watch in question.

This year, Space Age interest for watches in the open market appears to be piquing, with Sotheby’s Geneva homing in on this trend hosting a specialist ‘Area 51’ space themed watch sale this month that performed exceptionally well. This area of collecting certainly appears to be one that is in the spotlight once more, and we would urge any collectors to ensure their pieces are fully covered with a specialist valuation.

The ‘Jump Hour’ Watch – a minimalist’s dream?

Posted on April 23, 2025April 24, 2025 by Liz Bailey

One of the hotly anticipated announcements to come from this month’s Watches & Wonders fair was Cartier’s addition to their Privé collection. The Tank à Guichets, a 1920s Jump Hour model – and arguably the most distinctive of the Tank models – has been selected this year, reimagined in a choice of yellow, white and rose gold, plus a platinum model with rearranged ‘driver style’ dial configuration. Limited edition and likely to be extremely sought-after by collectors, the latter platinum version is to be released with only 200 editions. The price for this piece has not yet been released by Cartier.

The ‘Jump Hour’ watch features a sudden hour display instead of a conventional dial with sweeping seconds hand. At the advent of a new hour, the wheel ‘jumps’ along, resulting in a fuss-free and pared back dial. These innovative and charming watches were first designed in the late 19^th century and found a popularity in the dawn of the Deco period, with watchmakers favouring bold lines and innovative design.

The original Cartier Tank à Guichets was released in 1928, evolving from the first Tank model 11 years earlier. The apertures, or ‘guichets’ replaced hands and created a minimalist, yet technologically advanced aesthetic. Incredibly rare, these early Tank à Guichets are infrequently seen at auction, with the below example selling at Phillips in 2017 for $131,250 and a 1929 example selling at Antiquorum in 1998 for CHF100,300. It will be interesting to see if any more original examples appear on the rostrum in the next few months following this re-release.

Previous re-releases of the Tank à Guichet have taken place from 1996 to 2006 but always released in very strict and limited production numbers – a total of three were released in yellow gold and platinum in 1996, and limited runs of 150 at most thereafter.

Cartier however is not the only watchmaker that has the jump hour watch within its design heritage. The idea for the jump hour came from engineer Josef Pallweber in 1883 for use on a pocket watch. Late 19^th and early 20th century pocket watches with jump hour functions can be sourced at auction relatively affordably, anywhere from a couple of hundred pounds for silver examples, creeping into the thousands for fine examples by the likes of Breguet and Niton.

Jump Hour wristwatches were also produced by Rolex, Patek Philippe, IWC, and Bulova amongst others during the 1920s and 30s. As seen below, prices and values on these can vary drastically, with more commonly produced models such as the Rolex Prince below achieving less than £20,000, and more scarce or even unique models such as the Tiffany stamped Patek reaching in excess of six figures as it sold 20 years ago, with the likelihood it could achieve seven in today’s market.

The quartz crisis interestingly saw a resurgence in design appetite for the jump hour watch, as the popularity of digital displays on electronic watches encouraged watchmakers and consumers in this design direction. These 1970s models included the Sicura and Cambino Jump Hour models, released in relatively large numbers and can be secured for less than £100 at auction.

Contemporary fine and independent watchmakers have used the jump hour function in the last 20 years or so to make design statements in limited numbers. These exclusive and interesting watches have been performing well at auction and look to increase further with the appetite for Jump Hours increasing following Cartier’s latest release.

Late 19^th, early 20^th and 21^st century jump hour watches are not only distinctive but are much rarer than their conventional dial with hands counterparts. It is vital that these pieces are adequately insured to reflect this scarcity and increasing market appreciation.

To arrange a watch valuation, call us on 01883 722736 or email us on [email protected]

Luxury or Lie? A Guide to Identifying Replica Watches

Posted on February 13, 2025March 20, 2025 by Alastair Meiklejon

If you speak to any one of the valuers at Doerr Dallas, you will know that one of our biggest fears is having to confront a client when we believe that an item ‘is not right’ whether that be a diamond, a Picasso, a Birkin, or in some circumstances – a watch.

Without any doubt it has always been a case of addressing the issue of whether or not they know its fake, or if in the worst circumstances, they have purchased it thinking it was genuine.

The market for fake watches, or as some kind people refer to them, ‘replica’ watches is booming, the desire to own a luxury timepiece as a status symbol is possibly the highest it’s ever been and with technology advancing at such a high rate, the availability of these items is incredible.

So, where do these items come from?

30 years ago, when I first became interested in watches, fakes were something you saw on a towel in Puerto Banus, terrible quality and instantly recognisable from the real thing from about 200 metres, and generally TAG Heuer watches – possibly because they generally all had quartz movements and lots of plastic in the 90s, so a lot easier then dealing with an automatic movement.

Today, the Chinese replica industry is huge, probably dealing with 90% of all the replicas that you see available – they have the technology, the skill set, and the lapse enforcement on prosecuting the factories that make the watches – despite what many people may think about the law in China, they are still illegal, they just don’t enforce the law.

Other places such as Turkey seem to be taking a lot of heat recently as well, possibly because of the tourist industry and many well-made replicas are seen from this area.

Vietnam, is the last place that you would expect to see such a commercial symbol come from, but in the last 5 years there has been a huge influx of exceptionally good replica dials, cases, and hands for vintage watches with even some of the best experts in the world being fooled.

Who buys fake watches?

This is a question that I get asked quite a lot, and it couldn’t be more of a polarising answer.

Of course, there are people that aspire to own a Rolex for example and will never be able to justify the thousands of pounds that it costs to own one so this might be as close as it gets, if they want the style or the kudos then perhaps this is the only option?

There are also the collectors….People are fascinated by horology and the believe it or not some people purposely collect replica watches in order to see just how close they are to the real thing – they modify and tinker and enjoy the hobby.

Finally, there are the people that purchase a replica after buying the real thing, they wear the fake in the knowledge that they own the real thing, so perhaps it gives them some authority to wear a dodgy copy in public, I won’t pass comment on that however!

The problem with fake watches

Well, the problem first of all is that replica and counterfeit goods are illegal, by purchasing them you are breaking the law, and whilst you may not think that it harms anyone – there are many problems associated with counterfeit items and organised crime, sweatshops, and other nasty things that owning watches shouldn’t be related to – but it doesn’t stop people from buying them.

So what are the tell tale signs?

In the last 20 years, the market for replicas has increased so much that the pieces that you see now are nothing like the terrible forgeries of old, in some circumstances you cannot tell without disassembling the watches, and looking at all the component parts, but as a rough guide, here are a few things that the forgers still get wrong on a regular basis, and for this example we will use probably the most counterfeited watch in the world – the Rolex Submariner.

Boxes and paperwork

It seems a strange one to start on, but this is still where a lot of replicas fall down within the first 30 seconds, the forgers still struggle to get this right – often the boxes are either the wrong colour or the wrong proportions, or there may be a certain smell to the glue that’s used and often its done badly – something that would never leave a Swiss factory. The paperwork is often not stamped or dated by a retailer, of it is, it’s usually by a Chinese chain of jewellers or similar – if these things don’t add up just walk away. Another thing in recent times, especially with Rolex cards is the colour and the font of the logo, it can be very close, but just not the right texture – admittedly, it’s difficult to tell if you haven’t got a genuine article to compare it to but it should be quite obvious.

The Crystal

For those of you that don’t know, the crystal is the piece of glass that covers the dial, protecting it, this can be made of plastic, glass, sapphire, with or without coatings – make sure you know what type the specific watch should have and if it’s different, start asking questions.

The Cyclops lens is a magnifier that you will see on many Rolex watches, and this is regularly incorrect in terms of magnification and alignment, it should always be 2.5x magnified, and whilst we are talking about the date wheel – be sure to check that every number is the correct font as well!

In recent years Rolex have started etching a coronet to the six o’clock position to their watches as an anti-counterfeit measure – but of course, this has now been copied. Firstly, if you can see it without a loupe of magnifying glass, its fake. Now, when looking under magnification it should almost appear to be floating, this is creating by Rolex engraving it at different heights throughout the cipher, and whilst the forgers are almost there, it’s still not quite perfect and is a give-away.

The Bevel

No, not the bezel, the bevel.
The inner ring surrounding the dial has always been a difficult thing for the forgers to get right, either the depth or the angle – it has never quite worked, but in recent years Rolex having introduced an engraving to the interior of the bevel and unless the font and spacing is totally 100% spot on, then – you guessed it, its fake.

The Dial

Possibly the biggest give away on the Rolex Submariner is the dial, so many things can be ascertained by this and with so many aftermarket dials it’s an absolute minefield, so obvious things include the setting of the markers – are they straight? Is there any lume on the surrounds? Are they the right shape? All of these things will be obvious from looking under a loupe, but one of the most bizarre ones is actually the presence of dust or dirt. Remember these items are made in sweatshops, where a lab coat and gloves may not have even been heard of.

The Case

The key to fishing out a dodgy case is to look at the proportions first, does it look too thick? This is usually a situation with Rolex where the forgers will use the same case for a GMT, Submariner, Explorer, Yachtmaster and others and merely change their markings and bezel. The other major giveaway is material markings – The forgers don’t have the funds to change all the cases for each model of watch so there are specific fakes for the yellow gold, rose gold, white gold and stainless steel, so they will use the same case for each…now just in the past few weeks I have seen a very good fake, but with 750 markings (meaning 18ct Gold) on a stainless steel watch – this again means 100% that you are dealing with a replica.

The Bracelet

One of my favourite go to things before looking at anything else in a suspected watch is the bracelet – if this is wrong it is usually a very good indicator, not always but 90% of the time. Look at the screws that hold it together, do they have a chamfered edge? Do they turn easily, are they all the same? Look at the end links where they meet the case, do they slot in perfectly?

The Movement

This used to to be the point where all arguments were settled, as soon as you took the case back off (which also contains serial numbers btw) you could see whether the movement was right or not, usually because it was marked, but in 2024 and the advent of 3D printing, scanning and manufacture, we now see what are known as clone movements in the back of these watches and basically they are exactly the same but for a few details, and the details are what makes it genuine – look at the brushing, what’s the quality like? Look at the wording, does it look off or not clear? Look at the jewels and the retainers, do they look right? And finally, look at the screws – again a brilliant give away.

And finally….

Always buy the seller, not the watch.

If you really are in doubt about a watch, walk away – a good seller will understand your questions and know that he can sell it another day, some passing off a fake will not.

Whilst a person working in a jewellery chain or a large watch retailer may have a lot of knowledge about certain things and usually a lot of bravado, they will not and should not tell you a watch is fake or genuine upon merely a first glance – When in doubt always have a watch appraised by a professional valuer/authenticator.

To arrange a watch valuation call us on 01883 722736 or email us on [email protected]. We offer a desktop watch valuation service that is charged at £50 per watch plus VAT. To find out more about it, visit our service page here.

Download our handy one page guide which highlights the different areas of the watch to look at when checking for replicas.

The year of the snake, or the year of Serpenti?

Posted on January 29, 2025March 20, 2025 by Liz Bailey

Bulgari’s Serpenti Watch Collection, its History and Value

Arguably one of Bulgari’s most iconic collections across both jewellery and watches, the Serpenti collection has been and continues to be a firm favourite, especially in the year of the snake! Seen adorning countless celebrities, from Elizabeth Taylor in the early days of the Serpenti watch, to Adele in the present day, who has been spotted wearing her yellow gold and diamond set Serpenti watch to basketball games, these timepieces are a wonderful blend between sculpture, design and watchmaking. With a new edition of Serpenti watches launched in January of this year, the Serpenti watches have had a hold over watch collectors for over 75 years.

The first Bulgari Serpenti collection was launched in 1948, created from the brand’s Tubogas technique patented in 1881– featuring gold or steel strips wrapped around a core. This simple yet effective design was the unassuming starting point for the breathtakingly detailed creations that were to follow.

It was in the 1960s that the Bulgari Serpenti watch gained its scales and cult status. Featuring individually applied enamel and gemstone hexagonal scales to each Serpenti watch and movements hidden within the mouth of each snake, Bulgari created wearable sculptures that were frequently seen gracing film stars and Vogue magazine covers. Although prevalent in mainstream media, fewer than 100 of these early Serpenti bracelet watches were created, and the variety in their designs, dials and movements is remarkable.

We would recommend an insurance valuation in the region of £150,000-175,000 each for the above pieces.

Bulgari did not just use neutral, earth tones for its 1960s Serpenti bracelet watches. Bright enamelled creations in pink, green, blue, yellow, red and cream were created in this creative and colourful decade.

More complex a creation still are the gem-set Serpenti watches. Incredibly rare and sought after by collectors, examples set with turquoise, tiger’s eye, lapis lazuli and even onyx scales were meticulously created. One such example is currently available to purchase on 1^st Dibs for £542,000. Set throughout with individual coral cabochon scales and accented with pear cut ruby eyes, this piece is adorned with a Jaeger Le-Coultre movement. This particular piece was exhibited at the Houston Museum of Natural Science as part of the Bulgari: 130 Years of Masterpieces, Houston, Texas, May 2 – October 5, 2014.

1970s and 80s Serpenti Watches

Having previously collaborated with esteemed watchmakers such as Jaeger-LeCoultre, Vacheron Constantin, and later Movado in creating the tiny movements for these snake bracelet watches, Bulgari began to produce its own movements from around 1978 onwards, and this decade marked a return to the its Tubogas roots, with comparatively slimmed down designs of snakes that wrapped twice or three times around the wearer’s wrist.

The Modern Day Serpenti Watch

In 2009, Bulgari marked its 125^th anniversary by reintroducing the Serpenti in a new, more geometric form. This more contemporary look aligned with Bulgari’s Serpenti jewellery line and continues to feature in the brand’s most current collections.

The most recent iterations of the Serpenti watch were launched on 21^st January 2025. For the first time ever, Serpenti watches with in-house BVS100 automatic movements are available to purchase. Designed with an exhibition case back to highlight the movement, these watches will retail anywhere from $10,200 for a steel model, all the way to $52,000 for a rose gold Serpenti, and €139,000 for the diamond-set Serpenti Seduttori. These will be available to purchase in the UK from April.

Valuations of Bulgari Serpenti Watches

Bulgari’s current Serpenti collection of watches to purchase in the UK currently are retailing between £4,920 and £83,000 at the time of writing. As seen above, the sculptural snake creations from the 1960s hold the most value owing to their rarity, the sheer craftsmanship involved and of course their place in design history. With the ongoing innovation and sartorial appetite for these iconic watches continuing to flourish, we would expect subsequent values to increase, particularly for earlier models and limited references.

Slow and Steady? The Enduring Appeal of Cartier’s Tortue Wristwatch

Posted on November 13, 2024November 22, 2024 by Liz Bailey

French for ‘Turtle,’ the Cartier Tortue gets its name from its distinctive tortoise shell shaped case. The Tortue was Cartier’s third ever watch case design, predating even the ever-popular Tank. Louis Cartier had just introduced the Santos-Dumont in 1904 and the Tonneau in 1906 when he designed the Tortue in 1912.

Cartier’s First Ever Chronograph

The Tortue started out as a time-only watch but in 1928, both a minute repeater and a single-button chronograph were introduced. The Tortue Monopusher was in fact Cartier’s first ever chronograph timepiece. These early pieces are incredibly rare, and less than fifteen pieces have ever surfaced on the open market. In 2002, Antiquorum sold a 1929 Cartier Tortue ref. 20797 – a rare example of a minute repeating watch and at the time thought to have been the only minute repeater made by Cartier during the Art Deco period. This piece set auction records, and achieved a hammer of CHF 993,500, or £877,871.50. Two years later in 2004, Antiquorum unearthed and sold a 1928 example of a Tortue Minute Repeater ref. 20797 and this piece achieved $640,500.

Throughout the 20th century, Cartier have produced many variations of the Tortue, in steel, yellow gold and platinum. Popularised as a ladies watch and gaining celebrity fans such as Cate Blanchett and Patti Smith, these watches have been available to purchase on the secondary market, performing steadily on an upwards trajectory.

For example, the Cartier Tortue reference 2496C which was produced from 1998-2008 is a time-only, 34mm, 18ct yellow gold watch with silvered dial and classic Cartier dial with Roman numeral markers, chapter ring and blued steel Breguet style hands. According to Chrono 24, the average value of this watch took a typical post-covid dip from those dizzy heights in watch collecting, however has been steadily increasing over the last 18 months, with the average sale figure on the secondary market now sitting at £12,500 (rising from a modest £5,000 pre-covid).

Re-imagined and launched at this year’s Watches & Wonders, the 2024 Privé Tortue is the eighth instalment in Cartier’s latest Privé collection. Celebrating 112 years since the inception of the original Cartier Tortue, the maison introduced a collection of time-only and more excitingly chronograph Privé Tortue models, each limited to 200 numbered pieces – except for a diamond and platinum monopusher (or monopoussoir in French) watch limited to 50 pieces.

Model	Production Quantity	Price at Watches & Wonders 2024 (Source: Hodinkee)
Platinum Privé Tortue Monopoussir Watch	200	€53,000
Yellow Gold Privé Tortue Monopoussir Watch	200	€46,000
Platinum Privé Tortue Watch	200	€31,100
Yellow Gold Privé Tortue Watch	200	€27,900
Platinum Diamond Privé Tortue Watch	50	€67,735 (£56,500, Source: Cartier)

With production numbers limited and many models already sold out – at the time of writing only the platinum diamond Privé Tortue and the platinum Privé Tortue were still available to purchase new from Cartier – it will be interesting to see the rise in value for these timepieces, particularly the Monopoussir references with their sleek classic design, impressively ‘simple’ one button chronograph complication and distinctive red ruby cabochon crown.

In what remains an ever-changing market, current and up-to-date and specialist watch valuations are incredibly important to ensure that your collection is adequately covered. For an insurance valuation of your collection from our specialist, nationwide team, contact our team via [email protected] or visit our website www.doerrvaluations.co.uk.

Limited edition watches – when exclusive just isn’t exclusive enough…

Posted on October 30, 2024November 15, 2024 by Alastair Meiklejon

Why do people buy luxury timepieces? It is a question that many people will ask, but nobody can truly reply with one answer.

Is it to tell the time? Highly unlikely.

Is it a status symbol? Possibly.

Is it to stand out from the crowd? Again, quite possibly.

This is where the allure of a limited edition watch comes into play, lets picture the scene;
You are in your local bar on a Thursday evening (for those that work in London, you will know that this is the post covid night to be seen outside a bar in your gilet and trainers) and every other person in your office has a Submariner, or a GMT…when you arrive with a brand new limited edition watch that catches everyone’s eye. Irregardless of cost, the words that come out your mouth will be;

“Well, they only made 25 of these – and my authorised dealer managed to get me to the front of the queue”

In that very instant you will be launched into the higher echelons of the watch enthusiasts in your office, and demand respect among the other ‘watch guys’ who took the ‘obviously boring route’ into luxury watch ownership by buying a black bezel Submariner.

What is very clear though is that limited edition watches are actually almost an addiction for the hardened watch collector, the possibility of owning a watch that you are very unlikely to see another one of, apart at watch collectors evenings (yes, these things do exist) has such an appeal that many limited editions will be sold out months and years before they ever see the light of day.

So, why do limited edition watches even exist?

There are many schools of thought in this department and originally, they were formed in order to move old stock – the old adage of ‘How do you make something old more interesting?’ – by making it appear new again. Car manufacturers still use this trick by giving a tired old model that nobody wants to buy any more by putting in some new seats and a slightly different paint job.

Are they a good investment?

Well, given the date of October 2024, they are still a good investment but given the recent cycle of insane watch prices, it’s hard to determine where things might go but if we take one of the most noticeable and ‘mainstream’ limited editions and use this as an example.

The Rolex Submariner 50th Anniversary 16610LV

The Rolex Submariner 50th Anniversary 16610LV
What on earth is that I hear you cry – well like many iconic things on the planet, such as Plato, Voltaire, and Shakira, it goes by a simple one word name of (the) Kermit.
When this watch was released in 2003 it caused a minor stir amongst Rolex aficionados and remember that this was a time when you could consider buying a Rolex after seeing it, as opposed to just being told about it on the phone or email.

The green bezel was not considered to be in keeping with the Rolex ethos, despite the fact that all their boxes were this colour, and nobody considered that the GMT was a little too outlandish – and so this watch was discontinued in 2010, a mere 7 year run, which at the time was considered to be a major failure. Back then I was offered two of this model, with a discount on retail price of £500 a watch, roll on 14 years and the story is very different.

This watch still retails on the secondary market for around £14,000 – I am aware that at the absolute peak of the market some people were paying up to £21,000 for them, but that was ridiculous, as was most of the market around this period.

When compared to a standard black bezel that you will see 35 of every night at The Ned, it has performed better due to its limited run – so much so that Rolex released similar watches following this such as ‘The Starbucks’ and ‘The Hulk’ – FYI, Rolex don’t actually come up with this names, thankfully.

Patek Phillipe Nautilus 5711 40th anniversary

Whether or not this could be considered a ‘Limited Edition’ or not, is a good question – by any definition all luxury watches are ‘limited’ purely down to the fact that creating and manufacturing processes dictate that they cannot pull one off a production line every 30 seconds, considering that Rolex makes around a million watches a year, one could debate if this is down to supply to market rather than ability.

Another very good example of how the smallest detail can change not only the appearance of a watch, but also the heart rate of the collector is the Patek Phillipe Nautilus 5711 40th anniversary. From any distance this watch just looks like a standard 5711, (currently riding high in the top ten of the stockbroker mugging chart) but in fact it’s made from platinum and has an extra detail on the dial to indicate that you are very special, so special in fact that you were allowed to buy this watch. These small details now will tell the great and good that not only did you buy a Nautilus, but you also probably had to have owned a few in order to own this one – and now have to insure this particular watch for around £300,000.

Audemars Piguet Royal Oak Selfwinding Frosted Gold “Carolina Bucci” Limited Edition 37mm

There are many other watches that are released as ‘Limited Editions’ by the big boys in the horology world and they vary as much as anything else in terms of investment – one simply cannot tell until the market decides, and this means taking the plunge sometimes.

Whether or not history will be kind to the pink dial Tudor Chronograph is a question I have been asked quite a lot, needless to say – I have been diplomatic in most of my conversations about it.

Even in the sales pitch from Tudor, they say ‘It might not be for everyone’…but because it’s a limited edition, you should buy it anyway.

Why pink you may ask, but it’s actually a fairly simple answer – David Beckham. As one of the brands main ambassadors, and staple signature of masculinity, a pink dialled watch to go with his pink shirted football team Inter Miami seems to make sense in the celebrity endorsed watch world. For a price of £4,880, it does seem to be a reasonable outlay if you can live with that dial.

Tudor Black Bay Chrono Pink