Watch Collectors Cash In As Phillips Geneva Auction Totals $46 Million
Watch investors take note.
Watch investors take note.
Over the weekend, the Phillips Geneva Watch Auction XI marked the return of the live watch auction – the first since the global Covid-19 crisis. With 210 lots on offer, the event experienced energetic bidding from buyers across at least 67 countries totalling approximately $46 million.
The sale, conducted by Phillips in association with Bacs & Russo at the Hôtel La Réserve in Geneva, was held for a limited number of live buyers supported by more than 2000 collectors bidding via phone or online.
As far as individual sales, Patek Philippe claimed all three spots on the podium with the premiere lots from the private collection of Jean-Claude Biver – a recognisable force of the Swiss watch industry. Here, the Patek Philippe ref. 1518 perpetual calendar chronograph from 1941 claimed top spot, its moonphase in pink gold and extremely rare pink dial fetching for around $5.1 million.
In second, was the Patek Philippe ref. 2499 perpetual second series calendar chronograph with moonphases, from 1957. Only 20 known examples of this model – with its yellow gold batons 0 are known to exist, making it a highly sought-after piece. And with nine bidders competing for the watch, it soared to a final price of approximately $3.93 million.
In third was a Patek Philippe ref. 1579 from 1946, in platinum. Recognisable for its ‘spider’ lugs and blue enamel graphics, it is believed to be one of only three models of this reference with a platinum case, and of those, it is the only watch with a blue scale and markers. As such, the one of a kind piece commanded a $2.91 million sale price.
Despite Patek Philippe’s dominance across the auction block, the action wasn’t limited to the venerable Swiss brand with the earliest F.P. Journe watches ever made both selling well above their estimates at prices of $2.18 and $1.6 million respectively.
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The bank posted unaudited cash earnings for the quarter of A$1.7 billion, down 2% on the average of its prior two quarters
National Australia Bank said that higher credit impairments against business loans contributed to a small fall in its unaudited December quarter cash earnings.
NAB , which is Australia’s second-largest bank by market capitalization, on Wednesday posted unaudited cash earnings for its fiscal first quarter of 1.74 billion Australian dollars, equivalent to about US$1.11 billion.
That was down 2% on the average of its prior two fiscal quarters. NAB did not give a year-earlier comparison.
The lender said that revenue grew by 3% compared with the average of its prior two fiscal quarters. Underlying profit growth of 4% over the same period was offset by higher credit impairment charges and income tax expenses, it added.
NAB, which posted an unaudited quarterly statutory profit of A$1.70 billion, said the A$267 million credit impairment charge included A$152 million of individually assessed charges. Those were mainly against Australian businesses and unsecured retail portfolios, it said.
The individual charges were up by 54% compared with a year earlier. NAB said that it had not altered its economic assumptions and scenario weightings.
“The economic outlook is improving but cost of living and interest rate challenges persisted,” Chief Executive Andrew Irvine said. “While most customers are proving resilient, we have maintained prudent balance sheet settings.”
NAB said it had seen a small decline in net interest margin due to funding costs, lending competition and deposits, partially offset by the benefit of higher interest rates.
On Tuesday, the Reserve Bank of Australia cut the country’s cash rate for the first time since 2020 but warned against expecting subsequent near-term cuts.
NAB is still targeting full fiscal-year productivity savings of more than A$400 million, and for operating expenses to grow by less than 4.5%, Irvine said.
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