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Dear Friends, In the world of watches, becoming a senior executive and department head at a prestigious auction house is one of the most rewarding positions to get. It is often regarded as a dream job that many want but few can attain. As expected, it’s a position that requires plenty of work, expertise, and human skills. I have had the privilege to meet and interview someone who is in this position: Richard Lopez, SVP, Senior Specialist, and Head of Online Sales at Sotheby’s.
Richard Lopez, SVP, Senior Watch Specialist at Sotheby’s Richard’s approachable demeanor and friendly smile are a clear indication that he loves his job and appreciates all the vintage and contemporary watches that surround him day-to-day. When I asked Richard how he found himself in the watch business, he told me that he thought he would be an architect. But as is often the case, life had a different path for him. When Richard was an architecture student over 20 years ago, he was looking for a job for a little extra pocket money. One day, he passed by the famed Betteridge watch and jewelry boutique in Greenwich, CT, where he saw a trainer teaching the staff how to use special software for engraving. Richard quickly realized that the software was very similar to the CAD programs that he used for architecture. After showing the Betteridge team that he could engrave a piece in a couple of minutes, he became the in-house engraver—and eventually added polishing to his duties.
After climbing the ranks at Betteridge, Richard joined Christie’s Once Richard began learning how to solder and started training as a jeweler, he decided to take a break from school. After a handful of years as a bench jeweler at Betteridge, he switched roles to become the company’s watch repairs coordinator. Not only did Richard discover a wide variety of timepieces, ranging from quartz to grand complications, during this period but he also had the opportunity to learn from Swiss-trained watchmakers as part of his job. Richard ultimately fell in love with watches and watchmaking. After climbing the ranks at Betteridge, Richard joined Christie’s as a watch specialist and online retail manager. Not long after he joined, the online Christie’s Watch Shop made its debut, which marked a major step in the company’s e-commerce strategy. Richard’s foray into the auction house market gave him even greater access to extraordinary vintage and modern timepieces, and permitted him to hone his skills in the realm of luxury e-commerce. Today, Richard is head of online sales and a senior watch specialist at Sotheby’s and he is based in New York. It is a role that he took on earlier in 2020, and as it turns out, 2020 has been a pivotal time for online sales due to the global pandemic. Like most other industries, auction houses are shifting focus from live events to online channels. Since Sotheby’s will only host in-person auctions twice a year (June and December) for the foreseeable future, Richard is responsible for launching weekly and monthly online auctions to make up for the current restrictions. Additionally, he also has to organize lots for the two in-person auctions by curating, qualifying, and authenticating timepieces. Along with his team in the New York office, which also covers the East Coast of the U.S., Canada, and Latin America, there is the Los Angeles team. Most of the timepieces are sourced from private clients and a few dealers.
Auction at Sotheby’s Richard’s experience as a jeweler and in watch repair prepared him for his current role. It takes a certain type of hands-on experience to understand the nuances of vintage timepieces, particularly if information about a specific watch is not readily available from the manufacturers. For instance, with vintage Rolex Daytona “Paul Newman” watches, it’s important to remember that Rolex has never disclosed how many were made, how many versions there are, and the exact years they each version was produced. Unlike some other watchmakers, Rolex does not offer any type of archival or authentication services, so it is up to collectors, scholars, and professional experts like Richard to investigate, study, and compile the information. Only with a great understanding of the watch at hand and the current market condition can an appropriate price estimate be given to the client looking to auction his or her timepiece.
Iconic Paul Newman Rolex Given the current times we are living in, Sotheby’s has decided to lean towards an online platform since the reach is vastly wider than the classic auction catalog. In addition to generating more traffic, an online platform provides plenty of data, such as how many clicks per page and which models have been viewed the most. This type of information can then be analyzed to predict customer needs and potential trends. For a long time, auction houses never thought that they could convince a large number of buyers to buy expensive fine watches online. It was always understood that potential buyers had to see the watches “in the metal” before even considering placing a bid. But that is no longer the case—seasoned collectors are happy to purchase online as long as the accompanying pictures and information are clear enough to tell the full story. Clients are also more comfortable if there is an easy return policy and if the watch is being sold by a renowned name like Sotheby’s. To further protect its clients, Sotheby’s always provides detailed condition reports and authenticity guarantees with each watch available for auction. Having a team that truly understands how to navigate the online luxury business is one of Sotheby’s greatest assets. Plus, the team’s ability to make quick adjustments during all the uncertainties that COVID brought about, such as working remotely while still in full control of consignments and sales, allowed Sotheby’s to execute more than 20 online events in the summer compared to some competitors that could only complete a fraction of those numbers.
Sotheby’s expertise Sotheby’s weekly online watch auctions list around 15 to 20 lots for bidding while monthly online sales can reach 200 timepieces in the mid to high-end watch segment. The two annual in-person events are where Sotheby’s showcases incredible grail watches that command attention from collectors across the globe. These auctions will maintain the customary format of a preview of the watches available at Sotheby’s, followed by an auctioneer-hosted auction in the main room.
Sotheby’s expertise The supply of and demand for top-tier timepieces remains strong and it is projected to grow. Rolex and Patek Philippe lead the charge with a slew of coveted sports watch models that have hefty prices to match their insatiable demand. Consumers who are unable to buy popular luxury sports watches in the retail market are turning to the secondary market and discovering a bevy of other watch models from the likes of Audemars Piguet, F.P. Journe, Panerai, and others along the way. Although it must be said that while brands like Rolex and F.P. Journe have contemporary watches that are highly valued in the secondary market, it is the vintage segment that is the star of the secondary market. More and more, consumers are treating watches as investments, which can sometimes outshine gold, diamonds, and jewelry as investment pieces. The current-production steel and ceramic Rolex Daytona that retails for about $13,000 is frequently being traded around $25,000 in the secondary market—a return on investment that is hard to beat.
Sotheby’s secrets As a professional in the watch industry and an avid watch collector, Richard has learned that although a fine watch is most certainly a luxury and not a necessity, if you really want a timepiece and it fits your budget, go ahead and buy it. Not only will you enjoy the watch immensely, but if you also take good care of it, it may sell for a premium in the future. His biggest advice is to keep your box and papers because a complete set will always be more valuable..
Richard Lopez, SVP, Senior Watch Specialist at Sotheby’s Talent, enthusiasm, experience, and hard work can open up an array of possibilities and like Richard, it may even lead to a dream job where the profession is dependent on a personal passion.
Richard Lopez, SVP, Senior Watch Specialist at Sotheby’s Until next time…
Regards, |
