Collectors pay close attention to the value of their pieces. Behind every collector, there is an investor. Watchmaking is as much a pleasure as an investment. However, to assess the strength of a brand on the market, and therefore its potential monetization, private sales on generalist and public platforms are worthless. Prices are set by individuals, pieces are not authenticated, and volumes are very unpredictable. Only auctions matter. Each watch is certified and documented, for at most a few dozen lots, following publicity and an exhibition open to all. The process is transparent and impartial.
The big leap
In this regard, the 100% Breguet sale held in Geneva on Sunday, November 9, was of decisive importance. 100% of the lots had been authenticated by Breguet. 76 pieces were submitted; Breguet authenticated 73, the last three being too uncertain and/or modified. At the end of the sale, the manufacture itself acquired two pieces for its own museum.
In the year of its 250th anniversary, and since being taken over by its new CEO Gregory Kissling, the watch world was holding its breath: would the market sanction or validate Breguet’s trajectory? The verdict is clear: with a reasonable estimate of 5 million CHF, the final result exceeds 12 million.
Top lots
Almost all the pieces had historical significance. They were mainly pocket watches. It is a difficult market, reserved only for knowledgeable and expert collectors. Breguet’s performance is all the more remarkable: of 42 pocket watches offered, 41 were sold. This proves that the most experienced buyers have no doubt about Breguet’s heritage value.
Among these lots, some truly stood out. The most remarkable is the Breguet 1890, sold in 1809 to Count Razoumoffsky. There are only two such tourbillon pieces in the world—its twin belonged to Count Potocki and was purchased by Breguet in 2014 for 680,000 CHF.
This extremely rare piece, featuring the natural escapement invented by Breguet, can be considered the first chronograph in history. It displays a 35-hour power reserve, the hour tour, running seconds, and seconds on demand. Watchmaker François-Paul Journe, after a contested auction, acquired it for 1.88 million CHF (more than 200% of its high estimate). The piece is expected to join his own museum.
These proportions were even exceeded for lot 5: one of the extremely rare Breguet tourbillons made in the 20th century. There were probably fewer than ten. This one, completed in 1947, achieved nearly 300% of its average estimate (190,500 CHF). The true collector was not mistaken.
But the most unexpected piece was probably lot 66, an extremely rare tactile watch. It can be assumed that Sotheby’s estimate was somewhat low (50,000 CHF at the high end). It was ultimately sold for 838,200 CHF! Once again, the experts were not mistaken: this extremely rare tactile watch was actually equipped with an escapement never before seen at Breguet, the ancestor of the co-axial escapement invented by George Daniels, which now powers almost all Omega watches. A piece of unprecedented historical significance.
The return to the top of the wristwatch
For wristwatches, the market is different because it is far more abundant than that of pocket watches. It is therefore naturally more competitive, and it is rarely possible to reach the heights of pieces engraved by Abraham-Louis Breguet himself. The performance of the manufacture is all the more remarkable: 21 pieces generously exceeded their estimates—even the highest—while only 8 were sold within the initial estimated range.
It is worth highlighting the remarkable performance of the Classique Souscription. The piece dates from 2025. It has just begun delivery to its first buyers. Currently priced at 49,000 CHF on the catalogue, its very first ever assembled example, No. 1, was already sold this past weekend for 82,550 CHF. Reassurance for collector-investors.
Finally, they did not miss lot 16: a Type XX… with a gold bezel. There were said to be only two in the world, one of which is now untraceable. This unique survivor from history, sold for the first time in 1954, more than doubled its high estimate, reaching 1,774,800 CHF.
“The atmosphere in the room was at times truly electric. Bringing together so many enthusiasts around a catalogue that retraces 250 years of innovation and craftsmanship is a rare and precious moment. We are delighted with the success of this sale, which reflects both the diversity and the longevity of our history. This milestone event for our 250th anniversary demonstrates that Breguet remains, today as in the past, an essential reference in the world of watchmaking,” concluded Gregory Kissling, CEO of Montres Breguet.
