A senior specialist in luxury watches, Frédéric Watrelot has been at the helm of Sotheby’s Luxury Watches Department since February 2019, as a senior director, based in Dubai. He came to the auction house with over twenty years of experience working with the world’s top watch retailers, bringing significant strengths to his role. Frédéric is well-regarded in the industry and has a reputation for approachability, charm, and expertise, all of which have served him well in fostering strong relationships with clients, media, and collectors alike. Frédéric started his career with the watches industry in America, Aspen in 1994, after which he spent several years as a regional brand manager for an exclusive Swiss watchmaker in Dubai. His intimate knowledge of the Middle East market and the world’s leading brands means he is well-positioned to advise Middle East-based clients on the consignment and acquisition of luxury watches from and for Sotheby’s auctions around the region and beyond. His role is also instrumental in introducing Sotheby’s bespoke services to clients, highlighting the house’s expertise as a dominant figure in auctioning luxury watches worldwide. Frédéric also plays a dual role in attracting new revenue and fresh audiences to the local market, taking the centuries-old auction house down a path that is fundamentally altering the way it conducts business in the Middle East.
Dubai Sotheby’s International Realty took some time out to understand how Frédéric looks after the region. We delved into the art of luxury watchmaking, what it takes to be a watch collector, and how awareness of the high-end watch market in Dubai has been strongly developed.
Frédéric has the answers and gracefully shared his insights.
You arrived at Sotheby’s Dubai with more than 25 years of experience working with the luxury industry and high-end watch brands. What is your view of the Middle East market in terms of appreciation for watches?
“I fondly recall how invaluable my time in retail was, offering me a foundational understanding of the market. Retail is where it all started. It’s where I met clients directly, and I got an immediate sense of what people are looking for. Moving from retail to wholesale and then to auctions allowed me to see the full spectrum of the watch industry. Post the pandemic particularly, the recognition of watches as a valuable asset has grown immensely. In the last five years, we’re looking at a palpable surge in interest. Thanks to the internet, the luxury watch market has truly become a global one. Watches are now on par with cars as an investment, and it’s wonderful to see people appreciating the craftsmanship and niche pieces in greater detail.”
What ignited your interest in watches and how old were you when you bought your first luxury watch?
“I could talk a great deal on the subject of personal watches with sentimental value. I remember receiving one from my grandfather, I was probably about six or seven years old. Of no great value as such, the watch was priceless to me. It was a Seiko. This must have triggered the interest and ignited a passion for watches, for well-executed, well-designed objects. By the age of ten, I had received my first ever Rolex – a milestone that marked my entry into the sphere of more serious watch collecting. There’s something deeply fascinating about the patience and dedication required to craft these pieces. Just like Japanese woodworking, the attention to detail and the manual labour involved in creating a watch is something truly special.”
The nature of your career is symbolically linked to the concept of time. What does time represent to you?
“That's an interesting question. To me, time goes beyond just the passing of moments; it’s about craftsmanship and human ingenuity. It is about what you make with time. My appreciation for watchmaking comes from the intricate mechanics inside each piece. It’s like an art form, akin to other crafts I admire, such as Japanese woodworking. I have a great appreciation for the mechanical intricacy and complexity of such objects. What better way to represent time than through this dedication to watch artistry.”
Do you have a favourite personal timepiece or a brand that holds a special place in your life or collection?
“Yes, it was the Seiko, actually. Another one is an FP Journe, a watch I took a big chance on a few years ago when I bought it. I traded a more commercial watch that I had for the FP Journe I really loved, knowing it would be expensive to maintain and that the reliability might not be as strong – after all, it’s a fine-tuned, handmade mechanical piece. At the time, I wasn’t sure it was a smart move, but it turned out to be a great decision, and I’ve done very well with it. I even wore it on my wedding day. I should’ve sold it a few years ago, but I haven’t been able to part with it. I’m terrible at selling my own watches – I do well for my clients, but when it comes to my own collection, it’s becoming a bit of a challenge because I’m running out of space in the safe.”
What trends have you observed in the Middle Eastern luxury watch market over the years, and how is Sotheby’s placed to provide for the growing trends?
The new generation in the Middle East is moving away from overtly flashy pieces. They now prefer watches that are rare, collectible, and discreet. It’s not about status anymore; it’s about personal taste and investment potential. This shift is better aligned with broader global trends. We’re seeing more interest in brands like Cartier, which are now setting records at auctions. Sotheby’s has played a massive role in increasing the visibility of these pieces.”
“A broad part of my mandate here is to find new ways to target audience segments, especially among the younger spectrum. The Middle East has seen a growing focus on pre-owned luxury watches. For the past six years or so, the number of participants from the region in the luxury watch market increased to a large extent. I have served the luxury industry in the Middle East and Asia for many years now, providing the kind of solutions – that are expected from an auction house such as Sotheby’s – to a wide base of clients and key collectors, whether it was product availability or helping them refine their collections. The awareness for the market of high-end, collectable watches is very developed in Dubai. All the key brands are well represented throughout, with product availability of complications, limited editions, and ‘hard to find watches' coming to the auction house on a regular basis. What I love about auctions is that you get to work with unique pieces, pieces that have a story, pieces that you won’t find anywhere else.”
What advice would you have for aspiring collectors and what are some brands worth investing in?
“Given the vastness of the market, a collector should look for the right advice from the right source. Sotheby’s advisory and consultancy services – whether for a single purchase or for building and maintaining a collection – can show buyers why they should consider certain pieces from a particular maker, the models, and references that are of interest. I often tell collectors to consider themed collections, such as chronographs or classic pieces. Vintage watches, especially models like vintage Rolexes or deep-diving watches by Rolex, are in high demand. It’s about enjoying the craft, the design, and the history behind each watch. You should collect what you truly enjoy, pay attention to the finishing of the movement, and consider the servicing, as this will impact the longevity of the watch. I can think of brands like Patek Philippe, Vacheron Constantin, and Piguet which are all exemplary in movement design, and always adhere to highest standards of making, finishing, and testing.”
There are hundreds of brands that all claim to be luxurious, to some extent. How could all these brands coexist in this crowded space? Each brand needs to find its narrative to survive, right?
“It comes down to marketing. Many brands create alluring narratives, sometimes out of thin air, often taking a single event and turning it into a much bigger story. We’ve seen a huge bubble in the watch market in 2021 and 2022, and with that came a flood of new brands – some more successful than others. I often wonder how all these watches can be absorbed by new buyers each year. Take Rolex, for example. They’re planning to increase production significantly in the coming years. In contrast, brands like Patek Philippe only produce around 40,000 watches a year, and some like F.P. Journe only 15 or 20. While there’s a watch for every price point, buyers are becoming more knowledgeable. They’re no longer just following trends; they want substance behind their purchase. Collectors tend to focus on the design and the time spent on crafting these pieces. When you have watches that are handmade, with every part polished by hand – that’s where the true value lies. The level of finishing is extraordinary, and when I explain this to my clients, they understand that, while money may come and go, value endures.”
With your knowledge in key markets across the Middle East, how do cultural nuances influence what buyers or collectors value most in these watches?
“The Middle East is a unique market with a distinct mixture of tradition and modernity, where collectors equally veer towards both timeless pieces and bold, contemporary designs. A very proactive role that we lead in this region is educating the audiences to distinguish between what is value, history, provenance, craftsmanship, and items that are not worth paying attention to. For example, Saudi Arabia is growing rapidly in the watch collecting zone, though their tastes might evolve a bit more slowly compared to places like the UAE, which has been more avant-garde in its approach. Qatar is another example, with a younger generation choosing new brands and models with an incredibly sophisticated sense of style. The Middle East is a major player in the watch market, and this evolution reflects a broader shift. One of the region's advantages is the safety and security people enjoy here. Collectors can own watches and keep them at home without the same concerns about theft that we see in some European capitals, where the media often report stories of high-profile robberies. People here may feel more comfortable with visible, high-value timepieces, whereas in Europe, there is often more caution about showing such wealth.”
What excites you most in your role as Senior Director and Specialist at Sotheby’s? Are any specific opportunities or challenges unique to this region?
“My role is to help clients buy and sell watches through auctions, but often goes beyond that. We work across many categories, and I help place some of the rarest pieces with the right collectors, from art to jewellery. A couple of years ago, a client introduced me to one of his friends who decided to consign an entire collection of watches. We conducted a single-owner sale in New York, which was incredibly rewarding. Outside the watch world, I helped with some of the remarkable diamonds sold in Geneva last autumn, and it's moments like this that make the job so enjoyable and diverse. The Middle East, in particular, is a buyer’s market, so I rarely deal with sellers who are under financial pressure to sell. It’s more about matching clients with pieces that bring them joy. Recently, another client reached out, recommending someone who had a collection of watches they weren’t wearing. The pieces I got sent are extraordinary, so I’m hopeful I’ll be selling those watches at auction pretty soon.”
How do you see the market for rare timepieces moving forward in Dubai and the region overall?
“Recent years saw inflation and prices on the rise. We’re now seeing a return to more grounded values, where buyers are getting watches to enjoy, rather than simply to invest. I always tell my clients: buy a watch because you love it. If you buy wisely, you’re likely to see your purchase maintain its value over time – and may even make a profit. Buying solely with investment in mind isn’t the right approach, as the market is never guaranteed. If you buy a piece you truly love and accept that it may lose some value, you’ll be able to enjoy it every day. If the value does drop, at least you’ve had the joy of wearing it. The younger collectors we see today are quite savvy – they understand the value of maintaining these pieces, and watches are much easier to care for compared to other luxury items like cars. These watches remain a wearable investment that can be passed down through generations. I believe it should be the real pleasure of owning a watch that will last that makes all the difference. Sotheby’s displays a large panel of classic, modern, pocket, and wrist watches sourced by specialists for those searching for rarity, quality, and provenance in the lots offered in our sales. Ultimately, my value mission is to find ways to match assets and audiences and grow the interest and appreciation of these remarkable pieces.
