What's Happening?
Marteau & Co, an auction house launched by Arthur Touchot and Leonard Pictet, has implemented a unique model where independent watchmakers receive a portion of the resale value of their work at auction. This model, inspired by the art world's droit de suite,
allocates three percent of the hammer price to the watchmaker, taken from Marteau's buyer's premium. The recent 'Heat Wave' auction, held online from June 10 to 17, was a success, with all 33 lots sold for more than double the combined high estimates, totaling CHF 5.6 million (approximately $7 million). This auction set new records for notable watchmakers Kari Voutilainen and Vianney Halter.
Why It's Important?
Marteau & Co's approach introduces a significant shift in the auction industry by recognizing and financially rewarding the creators of luxury watches. This model could encourage more independent watchmakers to participate in auctions, knowing they will benefit from the resale of their creations. It also aligns the watchmaking industry more closely with the art world, where creators often receive royalties from subsequent sales. This could lead to increased innovation and creativity in watchmaking, as artisans are incentivized to produce unique and high-quality pieces.
