Every Friday, Owen Cutts, my newfound favourite Instagram personality, will deliver his weekly series punchline, “New music’s cool, but have you ever heard old music?” before introducing and breaking down an old song. Well, this article is not about music, but a parallel about watches: “New watches are cool, but have you heard old watch?”
After this idea had been floating in my head for a couple of weeks, and spending almost an entire week in Japan with a vintage watch lover, I thought this was the opportune moment to publish this article and hopefully grow it into a long-term series on Men’s Folio. The idea is to cover auction results, spot interesting picks at upcoming auctions, and, hopefully, speak with auction house curators or executives on topics spanning the world of vintage watches and beyond. There have been several notable sales in the past four weeks, so let’s get straight into it.
Cartier London Crash circa 1987, Sotheby’s Hong Kong
The Cartier Crash has been one of the darlings of vintage watch collecting, and the results from Sotheby’s Hong Kong: Important Watches Auction proved that. On 27 April 2026, a rare yellow gold Cartier London Crash (Lot 2361) signed with the London script set a new record for the most valuable Cartier wristwatch ever sold at auction, achieving the final result of US$1,993,539 after a nine-minute bidding war.
Auction Scene, Sotheby’s Hong Kong
According to the auction lot notes, “exact production numbers remain unknown, estimates suggest that fewer than a dozen of the original London Crash watches were produced between 1967-1970, making them among the rarest and most sought-after Cartier timepieces today. This example, dating from 1987, is believed to be one of only three produced that year.”
Additionally, all 82 pieces from the Historic “Shapes of Cartier Collection” were collectively sold for US$13.8 million. Some of the standout pieces include a New York-retailed oval Cartier Paris with a skeletonised dial (Lot 2278) and a Cartier London watch with a lozenge-shaped asymmetrical case and hexagonal dial (Lot 2408).
Cartier Crash London (Lot 186) circa 1990, Christie’s Geneva
Just as we thought that was it, another Cartier London Crash (Lot 186) broke the record two weeks later at the Christie’s Geneva Rare Watches auction. This example, dating back to 1990, achieved US$2,028,800. Overall auction results are equally impressive, as the auction achieved US$42,309,684, the highest result for any owner watch auction held at Christie’s. A 99% sell-through rate by lot and selling 188% above the low estimate underscores the current high demand in the watch auction market. In addition, 60% of lots sold above their high estimate. Remi Guillemin, Head of Watches, Europe and Americas, commented, “Throughout the sale, collectors demonstrated exceptional enthusiasm, reaffirming the global demand for extraordinary timepieces and the enduring strength of the watch market,” as part of his overall comments on the astonishing results.
Patek Philippe Ref. 2523 circa 1953 (Lot 27), Phillips in Association with Bacs & Russo
The more recent Geneva Watch Auction: XXIII, presented by Phillips in Association with Bacs & Russo, reached new heights, achieving the highest‑grossing auction total in history, realising over US$96.3 million and setting 43 world records. These landmark results underscore the continued strength and expanding depth of the international watch market, even amid a challenging global geopolitical environment.
The Geneva Watch Auction XXIII saleroom, Phillips in Association with Bacs & Russo
The headline piece was the Patek Philippe Ref. 2523, a two-crown world-time watch with a polychrome enamel dial representing South America in 18k yellow gold (Lot 27). Given that this is the only Ref. 2523 South America to ever surface at auction, having appeared once before in 1988, interest is naturally high amongst elite collectors. The watch ultimately sold for US$10,245,807, a world record for this reference, and became just the second vintage Patek Philippe and the third vintage wristwatch in auction history to exceed US$10 million (all sold by Phillips).
Patek Philippe Ref. 2523 circa 1953 (Lot 27) on the wrist, Phillips in Association with Bacs & Russo
Phillips Senior Consultants Aurel Bacs and Livia Russo jointly said: “Some 30 years ago, an annual turnover of one hundred million dollars for a global watch department was unthinkable. Now, with this auction, watches are sitting side by side on the podium with fine art, extraordinary jewellery, historic rare motorcars, at the top of the collecting world and will continue their upward journey.”
As the hammer continues to fall on extraordinary results, the auction world reminds us that some of the most compelling stories are already written decades ago. New watches are certainly cool, but the old ones know how to steal the room.
Once you are done with this story, click here to catch up with our May 2026 issue.