Fortuna Auction House has seen exponential growth after its summer auctions achieved total sales revenue just shy of $2.2 million.
Selling more than 80% of the lots offered, Fortuna’s inaugural Important Watches Auction garnered over $550,000 while ‘The Jewelry from the Estate of Bo Legendre’ in April, achieved over $1.6 million in sales and a 100% sell-through rate.
Thank to these results, Fortuna is currently projecting a 168% increase in revenue in 2018, buoyed by a rise in brand awareness as the world’s only no-risk fine jewelry and timepiece auction house, coupled with aggressive global marketing efforts.
Following the success of these events, Co-CEOs Seth Holehouse and John Saxon were prompted to create a whole new division within Fortuna and promote an auction specific to timepieces.
Co-CEO, Saxon, said: “Sell-through by value for our first-ever watch sale was just shy of 90%, with intense bidding wars on most of our highlight lots. Considering this was our debut sale in the timepieces arena, we look forward to very aggressively becoming a dominant player in the market.”
The cover lot at the Important Watches Auction was a rare and highly desirable Rolex ‘Paul Newman’ Daytona 1968, which sold for $212,500, against a pre-sale estimate of $150,000-$250,000.
Other highlights of the auction included a Vintage Rolex GMT-Master ‘Pepsi’ in stainless steel that sold for $21,250, exceeding the pre-sale estimate of $11,000-$15,000, and a Rolex Daytona Cosmograph with an 18k yellow gold case and folding clasp that achieved $18,750, again exceeding the pre-sale estimate of $8,000-$12,000.
Co-CEO and head of Jewelry Seth Holehouse said: “The origin of Fortuna was to protect and look out for the seller, because in our experience, the buyers are often the knowledgeable ones”
He added: “It’s the person that inherits their grandfather’s watch, or it’s the woman that is going through a bad divorce and needs to sell her jewelry. Those are the people that are at a lot of risk. We really wanted to build a business that would hold their hand, protect them, and guide them through the process, and that became the foundation for it. We’re thrilled to have more and more people recognizing this concept.”