Christie’s shrugs-off cyber attack controversy by selling eight of Michael Schumacher’s watches for $4.4 million

A day late and under a cloud of controversy, eight watches from the private collection of Formula 1 legend Michael Schumacher sold today for $4.4 million, with an F.P. Journe Vagabondage, given to the seven-time world champion by former Ferrari Formula 1 team principal Jean Todt, achieving the highest price of $1,646,700.

Christie’s, which sold the watches as part of its Rare Watches sale in Geneva, will be breathing a sigh of relief that a security incident, which has taken down its website and other systems since last Thursday, did not prevent the eight watches beating their pre-sale top estimates of around $3 million.

Remi Guillemin, head of watches for Christie’s EMEA and Americas, was a man under severe pressure over the weekend to deliver results for such a high profile consigner as the Schumacher family, but his work building a book for the auction paid off with a result that was respectable enough in a cool market to avoid immediate criticism.

“These results demonstrate the passion of international collectors for exceptional timepieces. Our sincere thanks go to our consigners as well as the Schumacher family who entrusted us with the outstanding property of Michael Schumacher,” he said after the auction.

The highest price achieved in the Rare Watches auction was not for a watch from the Schumacher collection, but for a 1948 reference 1518 by Patek Philippe, one of only 58 made in pink gold and one of 12 with a pink dial, which achieved $2,711,500. 

Results of the Christie’s Geneva Rare Watches auction

(descriptions by Christie’s)

F.P. Journe Vagabondage, from the collection of Michael Schumacher sold for $1,646,700. The dial was commissioned by Jean Todt to commemorate the seven F1 World Championships won by Michael Schumacher and given to him as a Christmas present in 2006.

This Audemars Piguet Royal Oak chronograph had been commissioned as another gift for Michael Schumacher from Jean Todt, his mentor at Ferrari, commemorating the drivers’ then 6 F1 victories.

The bespoke dial features Ferrari’s famous prancing horse emblem, 6 stars representing each World Championship, as well as Schumacher’s red racing helmet, and achieved $457,380.

Michael Schumacher’s full F.P. Journe ruthenium collection set of five was offered separately however bought by the same buyer, including the original personalized presentation box for a total of $1.8 million.

The final lot offered from the Michael Schumacher collection was a Rolex Daytona ref. 6262 which sold for $346,500.

One of the rarest vintage Rolex Daytonas, reference 6262 was in production for a very short period of time, between 1970 and 1972.

Highest priced Patek Philippe watches

1948 reference 1518 by Patek Philippe is one of only 58 made in pink gold and one of 12 with a pink dial, made for the Latin American market with weekday and month-calendar in Spanish, selling for $2,711,500 and setting the highest price for a wristwatch sold this spring season in Geneva. 

Patek Philippe’s reference 2526 in pink gold, with black enamel dial is only one of eight examples to have appeared in public to date.

The most notable features of the 2526 case are its domed screw back for water-resistance and the beautiful cast gold crown with opposing ‘PP’, with the timepiece achieving $748,440.

Highest priced Rolex watches

Another Rolex reference 6262 Daytona with ‘Paul Newman’ dial (not owned by Mr Schumacher) is thought to be the only one made for the Peruvian Airforce (FAP).

Between 1962 and the late 1970s, FAP is thought to have received around 700 Rolex watches including Daytona’s, Submariners and GMT’s. This lot achieved $332,640.

‘Les Armoiries’ (coat of arms/reference 6100) is one of only three Rolex wristwatches featuring a cloisonné enamel dial decorated with a coat of arms known to date, decorated by Marguerite Koch in the 1950s, realising $304,920.