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Sotheby’s Luxury Auction Beats Forecasts for Jewelry, Watches

February 14, 2023  |  Leah Meirovich
Sothebys Cartier pearl neckless 1280

The London Luxury auction at Sotheby’s exceeded the company’s sales forecast as both watches and jewelry saw their highest, or near-highest, totals in more than five years.

The Fine Jewels portion of the auction brought in GBP 3.8 million ($4.6 million), while Fine Watches realized GBP 3.5 million ($4.3 million), Sotheby’s said Monday.

“Sotheby’s London Luxury Edit has beaten sales forecasts for both fine watches and fine jewelry, marking a strong start of the year for the luxury division,” the auction house noted. “The Fine Watches sale registered the highest sale in value in over five years and the Fine Jewels sale registered one of its strongest results in the same period.”

Three timepieces scored records at the auction. The world record for a vintage Patek Phillipe watch was set by the Reference 533, which sold for GBP 190,500 ($231,633), beating its GBP 50,000 ($60,796) upper estimate. The Tudor Pelagos set another world record, garnering GBP 53,340 ($64,901), more than seven times its GBP 7,000 ($8,518) high price tag. Meanwhile, a Richard Mille timepiece broke a UK record, bringing in GBP 609,600 ($741,903), well above its GBP 450,000 ($547,664) upper estimate.

The top five fine-jewelry pieces are:

Main Image: Cartier pearl and diamond necklace. (Sotheby’s)


Sothebys Cartier pearl neckless 1280 Sotheby’s Luxury Auction Beats Forecasts for Jewelry, Watches

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