Visitors at one of the previous editions of the Doha Jewellery and Watches Exhibition.
The increase in collectors from Qatar and the wider Middle East has attracted the attention of renowned global auctioneers Phillips in Association with Bacs & Russo. The rise of online auctions due to the coronavirus has spurred interest among the region’s watch collectors. Besides, exhibitions like the Doha Jewellery and Watches Exhibition (DJWE) has brought some of these exclusive pieces right to the doorstep of enthusiasts.
Speaking to The Peninsula on the sidelines of DJWE, Alexandre Ghotbi, Head of Watches, Continental Europe and the Middle East Director, said the exhibition is an opportunity to meet with collectors in a market growing to be one of the most important.
Ghotbi said In the last five or six years, there have been more collectors from the Middle East coming to buy at auction, adding that there’s a huge demand, knowledge and hunger for the types of watches that Phillips in Association with Bacs & Russo. “It’s a great opportunity to meet the collectors here. Our goal is to intensify our relationship with the local collectors,” Ghotbi said.
“The Middle Eastern market, especially Qatar, has seen an increasing interest in auctions. Previously, I think the collectors in the region only went to shops or private dealers to buy watches or to sell their watches. This is the world’s greatest market, and we had to be here. We were offered to come to the Doha Watch Fair and meet clients. I mean, this is probably one of the biggest watch fairs in the world after the ones we have in Switzerland,” he added.
According to Ghotbi, collectors in the region are much younger than in Europe or America, where the older generation has historically constituted a large population of collectors. He added that the sustainability feature of watches also attracts collectors from the Middle East.
“Today, we live in a world where everything is made to last for a short time. You have our iPhones, laptops, electronics, and even cars but watches are the only objects that can last forever. It’s something you can pass on and has sentimental value.
“I think this new generation understands the value of the craftsmanship and history that goes into these pieces. And it’s an element that sets you apart. Your watch symbolises your personality. And I think that’s what people want today: something that represents their personality.”
Phillips has cemented its reputation as one of the most reputable auction houses in the world. Having existed for over two centuries, Phillips opened its watch department in 2014, with its first sale in 2015. Phillips was the first to sell a vintage wristwatch in 2016 -- a Patek Philippe Perpetual Calendar Chronograph from the 1940s. Only four are reported to have been made. The watch sold for 11 million Swiss Francs.
They also sold one of the most iconic vintage watches that started the vintage watch collecting trend -- the Paul Newman Rolex that belonged to Paul Newman. Ghotbi said that the sale went for $17.5m.
Meanwhile, commenting on this year’s DJWE, Ghotbi said Phillips already feels successful by participating in the event.
“The fact that His Excellency, the Prime Minister, stopped by our booth and spent five to 10 minutes discussing watches with us; that is already a success for us,” he said.
