The Zurich-based Ineichen Auctioneers is one of the best when it comes to auctioning high-quality and sought-after watch models from the most superlative manufacturers. We spoke to the auction house's CEO, Artemy Lechbinsky, about his vision for the future of the auction industry, which he is already beginning to implement.
Barnebys: You joined Ineichen Auctioneers over four years ago. What led to you becoming their CEO?
Artemy Lechbinsky: I have worked with watches for over ten years. This career path coupled with my own personal interest have led me to focus more on pieces created by independent watchmakers. I started as a boutique seller and worked in several spots in Moscow before moving to Switzerland. Here, I started an independent journey as a watch trader and collector, always looking forward to new opportunities.
My relationship with Ineichen Zurich started two years before I bought the auction house. I constantly traded watches with Ineichen on both sides – both as a buyer and as a seller. In 2017, Ineichen Zurich’s (previous) management came to me with an offer to purchase the auction house in order to innovate it and keep up with modern trends.
Seeing this as a great business opportunity and personal challenge, I was inspired by the offer and started to attract investors to realise the purchase. It was finalised in 2017, and already by the following year, two auctions were held under my new management.
I am the main decision-maker regarding all auctions that are held. I personally select timepieces, set the theme of the auction, and participate in watch appraisals.
Do you have a passion for luxury watches? If so, what is your favourite watch in your collection and what are you looking to purchase next?
Yes, my Royal Oak Chronograph 39mm in yellow gold with a tropical patina. For the moment, I'm not looking for a new watch. My job helps me to satisfy these needs: running Ineichen Auctioneers in a way allows me to experience the watches without actually adding those to my collection, which is a great opportunity and a joyful process.
Have you seen any changes or trends in the luxury watch auction industry since you took over?
Long auctions aren’t interesting, people can't focus on an auction for three to four hours in a row. Auctions need to be short and interesting, and they should entertain. Complicated conditions and rules don't attract new customers either. That's why online auctions are so popular. We try to offer something in between. We can also see that the client’s interests are shifting towards independent watchmakers’ pieces instead of vintage ones.
What do you think are the reasons for these trends?
World changes, time becoming fleet, and a new generation of customers, who are different.
As a Swiss auction house, you are ideally located to offer luxury watches at auction. Do you have any advice for our international readers who are looking to buy a watch online from an auction house in Switzerland?
I would advise to buy undervalued watches. Look at the watch, compare its value with a market price and if it deserves to be priced higher, bid. Functionality-wise, always ask for a condition report, because you buy what you see, as described in the catalogue, at your own risk. So make a decision about your budget in advance and count out what is the highest hammer price you are ready to pay. Don't forget the delivery cost and import fees in your country.
In May this year, Ineichen Auctioneers conducted a special themed sale to celebrate the 50th Anniversary of the Audemars Piguet Royal Oak. Can you tell us about this auction?
We will feature fifty lots – all Audemars Piguet Royal Oak models: fifty lots to celebrate the 50th anniversary of the model. We created a selection featuring the rare watches that celebrate the work of the iconic designer Gerald Genta. The selection perfectly fits our new concept launched just at the end of the last year: smaller, themed auctions with up to only fifty pieces. This one will be the largest yet. The watches are estimated from 30k to 450k CHF (£25k-365k). The top lots come in very limited numbers and are the rarest in the market. The highest valued pieces are the Audemars Piguet Royal Oak Selfwinding Flying Tourbillon Premier Limited Edition (Ref. 26530ST) and the Audemars Piguet Royal Oak Minute Repeater Supersonnerie Premier Limited Edition (Ref. 26591TI).
Do you plan on hosting any other themed sales in the future?
Yes! The concept is very new, but we plan to stick to it. Smaller themed auctions attract better collectors’ interest, we therefore want to make only themed auctions now.
This year however, we still want to give the opportunity to our consigners with retro watches, pocket watches and clocks to sell. Therefore, in September, we will hold one of the old-school auctions. Except for this, we are now focusing on special sales, featuring lots united by one theme and with no more than fifty lots per auction. This allows us to hold more auctions and always offer something new to the buyers. We are the first auction house to come up with such a concept!
What does the future hold for Ineichen Auctioneers?
Our main goal is digitalisation. Since I took over the business, our focus has shifted towards online. This is the modern reality we need to face. We are already the first auction house with our own in-house online bidding platform and this May, we’re launching our own app. Another step forward, being realised now, is our blockchain registration. Recently, the Swiss government authorised local companies to be able to register on blockchain instead of the traditional way.
On 28 May, just before our ‘Royal 50’ sale, we will hold our first auction of our own shares (0.5% of the total share capital will go under the hammer). We have created an NFT that allows us to auction the right to this stock purchase. Additionally, this digital registration allows us to trade the shares in a very simple way and allow the future buyer to register on the legal level in just a few clicks. Metaverse is a topic that we’re looking into very closely now and starting to explore.
From a corporate level, we are cancelling the buyer’s premium. Our ‘Royal 50’ will be the first auction where this is employed. We’re also the first auction house to introduce this new model. The buyer will only have to pay the hammer price (when before it was hammer + 24% premium), and our earnings as the auction house will be deducted in a very clear way from the seller. We want to make our model as clear as possible to the clients.
We would like to thank Artemy Lechbinsky for the interview and wish him every success for the future and the implementation of his vision for Ineichen Auctioneers.
As a reminder, Ineichen Auctioneers’ ‘Royal 50’ sale will take place on 28 May.