When Record-Breaking Watches Make Headlines: Why High-Value Timepieces and Jewellery Need Proper Protection
Source: Phillips
The recent sale of the Patek Philippe reference 1518 in stainless steel, achieving more than $17.8 million at Phillipsʼs “Watches: Decade Oneˮ auction in Geneva, has sent shockwaves through the watch community and beyond. One of only four known examples of this highly coveted reference, the watch ignited a bidding frenzy before hammering down as the most expensive Patek Philippe wristwatch ever sold at a for-profit auction. The result surpassed the previous record - also held by a stainless-steel ref. 1518 sold in 2016 - further cementing the modelʼs mythical status among collectors. With its rarity, provenance and historical importance, the ref. 1518ʼs sale delivered everything one expects from a headline-making Geneva auction: drama, anticipation, and deep-pocketed competition. If ever there were proof that exceptional watches only grow more powerful with age, this was it. Yet for private collectors, this record-breaking moment offers more than excitement - itʼs a reminder of the need for robust protection as values continue to climb.
A Booming Market Means Increasing Exposure
Auction results like this reflect a wider trend: vintage and contemporary luxury watches are reaching unprecedented valuations. At the same time, insurers have observed a rise in jewellery and watch insurance claims, ranging from theft to mysterious loss and travel-related incidents. Many owners underestimate their exposure. A watch purchased years ago may now be worth double or triple its original value, meaning it may be significantly underinsured. Ensuring that both valuations and insurance policies remain current is no longer optional - itʼs essential.
Why Specialist Insurance Matters
High-value timepieces and jewellery require protection that standard home insurance policies rarely provide. A specialist policy typically includes:
Agreed value settlements, avoiding disputes during claims.
Worldwide all-risk cover, ideal for those who travel frequently.
Protection for accidental damage and loss, including cracked crystals or a bracelet failure.
Cover for theft, mysterious disappearance, and loss while wearing.
Pairs and sets protection, particularly important for jewellery.
To reflect todayʼs fast-moving market, valuations should be updated every two to three years.
Strengthening Household Security
Insurers are placing greater emphasis on home security as claim volumes rise. For high-value collections, requirements may include:
Insurance-rated Safes
A professionally installed, certified safe - anchored correctly and suitable for the items stored.
Comprehensive Home Protection
Often a prerequisite for full cover: monitored alarm systems, CCTV, and secure locks. Failure to meet these conditions may affect claim outcomes.
Safe Travel with Watches and Jewellery
Travelling, whether for business or leisure, carries some of the highest risks.
Carry Valuables in Cabin Luggage Only
Watches and jewellery should never be placed in checked baggage, as losses from hold luggage are typically excluded by insurers.
Use Hotel Safes
Unworn items must be secured in a room safe or the hotelʼs main safe. Leaving valuables unattended in an unoccupied hotel room can invalidate cover.
Be Discreet and Selective When Wearing High-Value Items Abroad
Not only for insurance purposes - but for personal safety. The historic sale of the stainless-steel Patek Philippe 1518 highlights not only the watches enduring allure but the escalating value of collectible timepieces and jewellery as a whole. As these markets flourish, taking proactive measures - reviewing insurance, enhancing security and ensuring proper travel habits - will safeguard your collection for years to come. At Domus Private Clients, we provide more than insurance - we provide confidence. Through expert advice, discretion, and a deep understanding of high-value assets, we help clients protect not just their watches and jewellery, but their peace of mind. Every prized collection deserves a protection plan as unique as its owner.
Contact Us
Please contact us for a quotation or for further details.
We will be delighted to assist.
