![\"Patek](\"https:\/\/elitetraveler.com\/wp-content\/uploads\/sites\/8\/2026\/07\/patekphilippereference5971p-001aplatinumanddiamond-setperpetualcalendarwristwatchwithleapyearindicationandmoonphasesownedandwornbypresidentgeorgew.bushcirca2007-300x242.jpg\")
<\/div>\n\u201cWe\u2019re selling passion \u2013 not a widget.\u201d<\/p>\n
So says Geoff Hess, Sotheby\u2019s<\/a> Global Head of Watches and Senior Vice President. He would know: after serving as CEO of Analog:Shift \u2013 now the pre-owned and vintage division of Watches of Switzerland \u2013 and later working at Phillips before joining Sotheby\u2019s, Hess has handled more watches than most people will encounter in a lifetime.<\/p>\n There is certainly no shortage of that passion today. The pandemic, which redirected disposable income from experiences toward hard goods, brought a wave of younger buyers into watch collecting \u2013 though not always for the purest reasons. As the opportunistic frenzy of the pandemic years has subsided, however, many collectors see the market returning to healthier footing.<\/p>\n \u201cI think there’s a bit of a sigh of relief in the watch community that so much of the speculative buying that we saw during the pandemic era has largely dissipated. It became commonplace to see people buying more for investment than passion. We’re seeing very little of that now and it\u2019s such a joy,\u201d says Hess.<\/p>\n See more: <\/em>How a 28-Year-Old Collector Built One of the Rarest Vintage Patek Philippe Collections<\/em><\/a><\/p>\n But why buy a watch at auction in the first place? Aren\u2019t these commercially available products \u2013 commodities, even \u2013 manufactured in large numbers across Switzerland, Germany, Japan, and elsewhere?<\/p>\n Sometimes they are. As you\u2019ll know, watches such as the Rolex Submariner, now in production for more than 70 years, or Omega\u2019s Seamaster and Speedmaster, introduced in 1948 and 1957 respectively, have been produced across decades. Yet unlike other manufactured goods, collectors prize the subtle production differences that distinguish one era from another. Tiny changes in dials, bezels, movements, or cases can transform an otherwise familiar reference into something genuinely rare, helping propel the vintage watch market to remarkable heights.<\/p>\n Alongside vintage watches, collectors have increasingly embraced another category: high-end independent watchmakers producing small numbers of timepieces in workshops staffed by only a handful of craftspeople \u2013 or, in some cases, a single watchmaker.<\/p>\n See more: <\/em>The Psychology of Why We Collect<\/em><\/a><\/p>\n \u201cWith this newfound heightened focus on independent watches, people aren’t buying for speculative reasons,\u201d says Hess. \u201cLook at what happened with [independent makers] F.P. Journe and Rexhep Rexhepi and Simon Brette. People are buying these watches because they appreciate the craftsmanship, how movements are finished. They’re enjoying developing a relationship with the watchmaker and taking a deep dive as opposed to, \u2018I\u2019m going to buy the hype watch I saw on Instagram and flip it.\u2019 As much as I love Rolex, I’m never going to meet the watchmaker that assembled my watch. It\u2019s very unlikely that I’m going to be able to customize a dial in a way that you can with respect to an independent watchmaker.\u201d<\/p>\n Those relationships extend beyond the watchmaker to the auction house itself. Hess agrees that there are parallels to collecting fine art: the more informed the buyer, the better the experience.<\/p>\n \u201cThe categories are similar in that these are expensive purchases \u2013 watches are growing more and more expensive as a category. And to some degree, the same lessons apply in that it’s helpful to have a relationship with a watch specialist. Auction houses are, in general, very happy to be transparent and share photographs and images and videos. I would certainly always suggest that somebody read the catalog, know what you’re buying. And I would also suggest that you do homework in advance. It helps to be educated.\u201d<\/p>\n See more: <\/em>Meet the Man Creating Custom Diamond Jewelry for the Rich and Famous<\/em><\/a><\/p>\n As to which brands and pieces Hess believes are important today, he tends to put less of an emphasis on true vintage (watches that date to before, say, the late 1980s) and more on neo-vintage Rolex, Cartier, and Patek (watches made between the late 1980s and early 2000s) and high-end independents.\u00a0<\/p>\n \u201cI think there\u2019s a heightened focus on independence and craftsmanship. A newer collector buying independent watches might be looking for the \u2018rookie card\u2019 of those brands, which may be why, with respect to F.P. Journe, for example, we\u2019re seeing these enormous prices for very early examples \u2013 the souscription<\/em> models or even brass-movement models. These are commanding a premium because I think they\u2019re becoming the new aspirational pieces. They\u2019re becoming a bit of a goalpost for a younger collector.\u201d<\/p>\n As for those with some more cash to spend \u2013 someone who\u2019s been in the game for a while, or whose taste runs more classic? \u201cThis [emphasis on neo-vintage] doesn\u2019t mean that prized vintage watches aren\u2019t incredibly attractive and in demand. If Sotheby\u2019s has a Patek Philippe ref. 2499 or a ref. 1518 perpetual calendar chronograph, there are going to be buyers. But we\u2019re seeing more and more people attracted to this notion of neo-vintage sapphire-crystal watches and independents than we\u2019ve seen in a long time. We\u2019re seeing huge demand for [neo-vintage] ref. 3970s and 5004s. I\u2019m seeing more people asking me for a 3970 now than an [older] 2499. It\u2019s very interesting.\u201d<\/p>\n![\"Cartier](\"https:\/\/elitetraveler.com\/wp-content\/uploads\/sites\/8\/2026\/07\/cartierbamboonewyorkretailedarareandunusualladysyellowgoldrectangularwristwatchwithbamboo-stylebrancardsandhoodedlugscirca1968_glam-1692x2560.jpg\")
![\"patek](\"https:\/\/elitetraveler.com\/wp-content\/uploads\/sites\/8\/2026\/07\/patekphilippereference9621j-001est100000-2000002-2048x2560.jpg\")
![\"Steve](\"https:\/\/elitetraveler.com\/wp-content\/uploads\/sites\/8\/2026\/07\/heuermonacoglam_3-1846x2560.jpg\")
![\"F.](\"https:\/\/elitetraveler.com\/wp-content\/uploads\/sites\/8\/2026\/07\/f.p.journechronometrebleubyblosalimitededitiontantalumsemi-skeletonizedwristwatchcirca2015_glam-1691x2560.jpg\")