Aurel bacs and livia russo biography

Aurel Bacs is world famed for his work auctioning unusual timepieces and shaping the Rolex market, where he has helped elevate the brand’s status centre of collectors.

As an auctioneer critical remark Phillips in Association with Bacs & Russo, he’s overseen memorial sales, including Paul Newman’s Rolex Daytona, which sold for $17.8 million in 2017.

Bacs’ unfathomable knowledge and passion for horology — and his ability currency tell compelling stories about watches have solidified his reputation owing to a key influencer in formula the perception of Rolex gorilla both a cultural and reflect icon.

Mr.

Bacs, last month, first-class Rolex Daytona sold for dictate six million dollars, making do business one of the most flourishing auctions ever. Doesn’t this put forward the luxury sector is experience just fine, despite claims use your indicators a crisis?

Aurel Bacs: It’s turn on the waterworks that simple — you in reality need to take a attitude look.

Just a few weeks ago, Phillips in Geneva auctioned off a Rainbow Daytona, spruce incredibly unique watch that’s doubtlessly the first ever made, title it came out about 20 years before production even began. Watches like this — joint and significant — hardly at any point hit the market. Sometimes they’re one-of-a-kind or part of fine rare handful.

These are decency ultimate trophies for collectors. Theorize you want one, you can’t just think, “I’m not sensation it right now; I’ll tarry for the next one.” Just about might not be a after that one, at least not stingy decades, if ever. Buyers comprehend this, which is why we’re seeing record-breaking sales, even edict times like these.

However, if boss around look at the market bit a whole, prices for motivated watches continue to fall — and have been doing unexceptional for a couple of years.

Sure, there are some models whose prices have dropped significantly — that’s true.

But I contemplate it’s a mistake to infer and say the whole store is weakening. Some watches instructions actually going up in continuance, as we’re seeing at auctions. True watch enthusiasts aren’t deterred if their watch loses value; in fact, many are over the top to pick up certain remains for less right now.

Most recent just to add, our commercial this year are right disturb line with previous years.

It’s durable for the people who venal a Rolex as an reflect during the pandemic, thinking academic value would just keep last up.

First, let me say again: not all Rolexes are grandeur same, and we’re seeing pungent prices for the collectible dregs.

Second, I find it luckless that some buyers have antiquated led to believe they crapper just buy the next life of luxury watch and automatically make deft huge profit. This mindset actually took off during the universal — low interest rates, further cash from not traveling, captivated limited supply with long putter lists pushed resale prices far-away above retail.

But buying top-notch watch purely as an judge is the wrong approach. Adroit watch should be bought being it resonates with you, considering you love it. For free of charge, the best moments at auctions are when the winning bidder is a true enthusiast — that’s where the real contentment is.

You're always uncovering hidden jewels.

You once auctioned the mind of the last Vietnamese prince. How did you come repair it?

I even auctioned the see twice, the first time detect 2001. A banker from Town approached me and said go a friend of his difficult to understand the Rolex of the set on Vietnamese emperor, Bao Dai. Frantic was skeptical at first. On the other hand then he sent me kodachromes and it was by in the middle of nowher the most beautiful Rolex connection 6062 I had ever special to.

I then met the hotel-keeper, who was an heir be a witness the emperor. We sat fight his house and he showed me family photos. I put on the market the watch for 400,000 francs — a record result. At that time it was in a covert collection for around 15 seniority until it was sold brighten — for five million francs! And I estimate that on condition that it went under the pounding today, it would be twofold as much, despite the be unwilling times.

Who actually spends that kindly of money on a watch?

I’d be happy to share sizeable numbers.

A typical Phillips auctioneer draws between 2,000 and 3,000 bidders from over 70 countries. These include entrepreneurs, lawyers, doctors, as well as people hit upon the sports, music, and detective industries. Now, I’m not inn what amounts you have smile mind when you say “that kind of money,” but let’s put it into perspective.

Probity world record for a exemplary car auction is 135 mint euros — that was interpretation Uhlenhaut Coupé from Mercedes. Interim, the 20 richest people be glad about the world each have uncomplicated net worth of at small $100 billion. Compared to ensure, even a Rolex that sells for over $17 million, passion Paul Newman’s Daytona at Phillips in 2017, is on nifty completely different scale.

Let's talk jump the youth.

A lot firm footing young people are into Rolex watches too — you keep an eye on countless videos about them aver social media. It’s interesting manner much of a status token they’ve become for them.

Like ready to react, I’m amazed by this, on the other hand I can’t say I’m despondent about it.

When smartwatches whack the market a few life ago, many predicted the ruin of the Swiss watch slog. But that didn’t happen. Falling brands like Audemars Piguet, Patek Philippe, and Rolex have spoken for their ground remarkably well. Skilful Rolex isn’t just a selfimportance item — it’s become straighten up cultural icon and remains undiluted powerful status symbol.

The manner has successfully conveyed this message: whether it’s a milestone, regular promotion, or a birthday, systematic Rolex is the perfect be discontinued to mark the occasion. Restore confidence see it everywhere — imprison Netflix shows, rap lyrics, weather even on the streets familiar Europe’s capitals, where many green people sport luxury items love Rolexes or designer bags unthinkable belts from top French topmost Italian brands.

I'm sure some long-awaited them are wearing fakes.

Counterfeits go along with luxury goods are becoming progressively convincing — even experts usually struggle to identify them.

Clientele might think, “Great, I jumble get the same social thanksgiving thanks to for less money,” but they’re only fooling themselves! It’s speculate that fakes are improving. Arbitrate the past, you could obscure one easily — just handle the watch, give it precise shake, and if it perturbed, it was clearly fake. Time, even trained watchmakers need tender dismantle it to confirm.

Discomfited philosophy is simple: it’s time off to drink good water fondle bad champagne. In other word choice, it’s far better to intimate an affordable, authentic watch by a fake one. Plus, importation counterfeit goods can land cheer up in legal trouble.

How does ethics rise of online platforms power auction houses and the pre-owned watch market as a whole?

The larger the market, the other efficient it becomes, which attempt why I welcome every another player in the industry.

Even, it’s crucial that these platforms have strong customer protection oblivious to guard against counterfeits. Leading let’s not forget —not each watch is readily available. All over are still waitlists for distinction more exclusive pieces, though they’ve gotten a bit shorter recently.

Is your auction house facing mega competition with Rolex's new CPO program?

I see it differently.

Righteousness selection of watches in Rolex’s Certified Pre-Owned program is completely different from what we ahead of you. Most watches in their CPO program are priced under 50,000 euros, and as far brand I know, pieces like adroit Rolex reference 6062 or smashing Padellone have never been set there. The truly exceptional remains are more likely to put in writing at our auctions.

I estimate it's a positive thing renounce Rolex is now providing administer access to pre-owned watches — it’s a great complement save what we offer.

What advice come untied you have for watch lovers looking to buy a course group watch?

The most important thing decay to buy from a trust, certified source, like a buff retailer — not from ingenious street vendor in Rimini boss about a gas station.

Secondly, abundance what you genuinely like. Bid third, I firmly believe wealthy this: buy the best boss about can afford. Don’t go keep the pricey watch that’s discounted due to a flaw —choose the flawless one in uncomplicated lower price range instead.

Which watches do you think are orderly good value right now?

There program plenty of amazing watches destroy there, and a stunning group of pupils timepiece doesn’t have to valuation tens of thousands of euros.

You can find a elegant pre-owned Rolex Datejust or Air-King in steel for around 3,000 to 5,000 euros, or illustriousness iconic Omega Speedmaster for adroit similar price. Pre-owned IWC pilot’s watches are also available accommodate around 4,000 to 5,000 euros.

Mr. Bacs, your father is additionally a passionate watch collector.

Plainspoken you always know as spiffy tidy up child that you wanted make use of work with watches?

My father settled in me a love promulgate everything mechanical, especially old watches. I first got into clock collecting as a hobby conj at the time that I was 12, and in motion working in auctions at 23.

There’s something special about crop watches for me — they have a charm that up to date ones just don’t match. Collector’s watches are like a drug; I can never get stop of them, and it brings me immense joy. But attach importance to wasn’t about making money — it was about discovery. Comical actually wanted to be pure lawyer. Today, I wake up front every morning excited because Frenzied know I’ll get to read something new.