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| The Court's Appeal |
Pocket Watches Prevail
08/02/2004
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Important individual pocket watches, those with significant complications or
rarity, fetch generally higher prices than wristwatches, which enjoy greater
popularity. The one-of-a-kind complicated pocket watch made in 1933 by Patek
Philippe for industrialist Henry Graves, for example, sold in 1999 for more than
$11 million, almost three times the highest price ever paid for a wristwatch.
For pocket watches, increased fineness, rarity and complication magnify the
effect of notable provenance. Of the 12 most valuable pocket watches ever sold
at auction, four have had their value significantly enhanced by provenance,
according to statistics compiled by Antiquorum Auctioneers.
 The pocket
watch’s longer market history (wristwatches, by comparison, have only been
considered collectible for two decades), the relatively long-standing base of
collectors and a lower rate of appreciation offer the potential for more stable
valuations. While such performance may not interest a speculator looking for a
quick return, it is a positive benefit to more conservative collectors who see
danger in the heady increases witnessed in the wristwatch category. Prices for
the most collectible pocket watches have risen some 200 percent to 300 percent
in the past decade. This rate of appreciation still lags behind the wristwatch
category, however, which has enjoyed the same increase since the late 1990s
alone. One reason for this performance gap is the fact that pocket watches have
not seen a comparatively explosive growth in new collectors. Many of these
nouveau watch aficionados view a collectible wristwatch also as a fashion item,
albeit a very expensive one.  Back to main article: "The Court's Appeal"
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