Luxury Time in Luxury Space: Phillips and Douglas Elliman Preview Rare Watch Collection at 53 West 53

On a recent evening in September, Douglas Elliman and the premier auction house Phillips partnered to present what might be called the crossover event of the season for luxury asset classes. Hosted Sept. 26 by Douglas Elliman in the Elle Decor Penthouse by Fox-Nahem at 53 West 53 , the magnificent Midtown Manhattan residential tower represented by Elliman’s development marketing division, Phillips offered attendees an exclusive first look at a sampling of unique and important watches—including one valued at upwards of $600,000—that will go up for auction on December 9 and 10 . “I can’t imagine a more perfect pairing,” said Scott Durkin, President and Chief Executive Officer of Douglas Elliman Realty. “Not only the marriage of exquisite objects with an exquisite setting, but also the partnership between two storied brands that epitomize the best of luxury living.” Developed by Singapore-based developer Pontiac Land Group and international real estate firm Hines, 53 West 53 stands 1,050 feet tall and 82 floors high adjacent to the Museum of Modern Art. The tapered glass tower designed by architect Jean Nouvel comprises 145 luxury residences with interiors by Thierry Despont. “We were honored to partner with Douglas Elliman for the first time in such a prestigious and inspiring location,” said Paul Boutros, Phillips’s Deputy Chairman, Watches, Head of Watches, Americas and International Strategy Advisor. “It was the perfect venue to exhibit the types of watches we offer.” “With its location alongside such an iconic cultural institution in the very heart of Midtown, 53 West 53 exemplifies luxury living in New York City,” said Susan de França, Chief Executive Officer of Douglas Elliman Development Marketing. “It is truly a jewel in our portfolio, and we were proud to provide it to our partners at Phillips as a showcase for the beautiful objects in theirs.” From its participation in Art Basel Miami Beach to its annual reports on investment trends among the world’s ultra-wealthy in partnership with Knight Frank, Douglas Elliman has long explored the intersections among real estate, art and other luxury categories. (According to the most recent Douglas Elliman|Knight Frank report on luxury investments , watches remain key objects of investment and acquisition.) Rolex Cosmograph Daytona “Paul Newman” Reference 6262 in stainless steel Patek Philippe chronograph Reference 5070 in 18K yellow gold Grönefeld Parallax Tourbillon in stainless steel George Daniels Millennium wristwatch in 18K yellow gold George Daniels Millennium wristwatch in 18K yellow gold A passionate collector who “fell in love with watches at the age of 10,” Boutros oversees the worldwide hunt for the exemplary timepieces that Phillips offers at its two auctions each year in New York City. The collection that will be on the block in December comprises some 150 watches made in Switzerland, The Netherlands and the UK, among other points of origin. “They are chosen for their quality, for their condition and for their enduring appeal,” he said. “We look for watches with timeless designs that fit a variety of wrist sizes and appeal to collectors with all types of sensibilities. They range in price with starting bids of about $1,000 all the way up to starting bids of in excess of $1 million. So, we try to offer something for nearly everyone.” In this respect, said Boutros, the collection assembled for the forthcoming auction raises the bar considerably. “Our sale this season will most likely have the highest average value for each individual watch,” he said. “This is probably the most diverse selection of unusual, uncommon pieces with designs that are out of the ordinary. We think that the watch community will be pretty excited about what they see in the catalog when it comes out next month.” Among the 18 pieces previewed at the 53 West 53 event are a stainless-steel Grönefeld Parallax Tourbillon, a Rolex Cosmograph Daytona “Paul Newman” circa 1970 and “a very important and exceptionally rare” George Daniels Millennium wristwatch in 18K yellow gold, with an estimated value of $300,000 to $600,000. Asked to pick a favorite, Boutros chose the titanium De Bethune Dream Watch 5, valued at an estimate of $80,000 to $160,000. “This is the first Dream Watch we’ve ever offered at auction,” he said. “It’s just a novel way of indicating time in a really avant-garde, futuristic case shape.” While he acknowledges that a watch, like property, certainly can be an asset that appreciates in value, Boutros emphasized that Phillips does not discuss timepieces as investments, per se. “We encourage people to buy watches they love,” he said. “If you buy a great quality watch, with a great timeless design, you can be sure that there will be a buyer for it in the future.” Whether they are in the market for a luxury watch or a luxury home, Boutrous added, buyers in both categories share a love for exclusivity. “They are seeking what others can’t get,” he said. “They love handcraftsmanship. Some are in search of understated excellence. Some want things that are a bit flashier. But they all appreciate quality above all.” Learn more about the New York Watch Auction at Phillips on December 9 and 10, 2023.