Very few brands today inspire the sense of wonder and admiration that F.P. Journe does. Part of that fascination comes from the quality of its watches, but also from what François-Paul Journe has built over the years: a distinct identity, recognisable in both his designs and his mechanical solutions.
Lot 156 at Antiquorum’s October 18 auction in New York puts a number on that admiration. A platinum Tourbillon Vertical Black Label, made in 2022, achieved a reported result of US$1.55 million. It is visually captivating and mechanically extraordinary. But does the watch justify that price?
Before answering, it is worth considering what it represents. The Tourbillon Souverain is part of F.P. Journe’s foundation: its first production version accompanied the brand’s launch in 1999. Twenty years later, Journe introduced the Tourbillon Vertical, reinterpreting one of his defining creations.
The cage’s vertical orientation serves a specific purpose. According to Journe, it is intended to maintain more consistent performance when the watch rests flat or on its side. The tourbillon completes one revolution every thirty seconds, while the remontoir d’égalité regulates the delivery of energy to the escapement. Deadbeat seconds, advancing in one-second steps, complete an architecture concerned with both controlling and displaying time.
I find that combination particularly compelling. There is a pursuit of precision behind the spectacle, although the architecture alone does not establish superior chronometric performance. There is also an aesthetic decision: allowing the mechanism to occupy a three-dimensional space and making its operation part of the experience of looking at the watch.
On this example, the black dial accentuates that depth. The contrast draws attention to the exposed mechanics, framed by a 42 mm platinum case. It is a composition that could hardly be mistaken for another manufacturer’s, and that individuality accounts for much of my admiration for Journe.
Even so, I find it difficult to attribute US$1.55 million solely to its construction, however exceptional it may be. The vertical tourbillon and remontoir offer compelling reasons to study and desire it; they do not provide a formula for arriving at such a valuation. At auction, availability, condition, buyers’ preferences and a reference’s place within collecting all play a role.
The Black Label designation adds another dimension. F.P. Journe reserves this collection of platinum watches with black dials for existing owners, through its boutiques and Espaces. That restriction makes access part of the proposition. At auction, a prior relationship with the brand is no longer required, and the opportunity to acquire the watch opens to anyone able to compete for it.
It is reasonable to ask how much that opportunity influenced the result. What we cannot do is determine precisely how much was paid for the mechanics, how much for scarcity and how much for the desire to secure this particular example. An auction result records a transaction; it does not fully explain the motivations behind it.
Antiquorum published an estimate of US$800,000–1.4 million. The reported result sits above that range, although any comparison requires clarity about the treatment of the buyer’s premium. This sale alone is also insufficient to establish a broader market trend or a record for the brand.
What interests me is how the conversation around the watch changes. The Tourbillon Vertical has enough mechanical substance to deserve attention in its own right. Yet when it reaches US$1.55 million, the price threatens to become its defining characteristic. That is where I would rather pause: to understand Journe’s work before allowing an auction result to define its importance.
The figure deserves the headline; the watch deserves an explanation.
— Mauricio Venegas
Founder & Editor, RAW TIME