This reader just found a Vacheron Constantin 222 in his sock drawer worth $115k
Luke BenedictusPaul Draper* peered into his sock drawer looking for the watch. He’d just read Nick Kenyon’s story on Time+Tide about how a new report estimates that $60 billion USD of watches are gathering dust in people’s homes due to their owners’ failure to recognise what their timepieces are actually worth. The article gave Paul pause for thought.
“I got this watch for my 21st and I’m now 58, so that’s 37 years of ownership,” Paul explains. “Every few years, I’d drag it out and have a look at it and go on Chrono24 to see what it’s worth. The last time I must have done that was probably seven years ago and I found out it was about $22,000. Then I saw Nick’s story and thought: ‘I wonder what this thing’s worth now’.”
The watch in question was a Vacheron Constantin 222. Essentially the precursor to the Overseas, it’s a sports watch with an integrated bracelet that was launched in 1977 to mark the brand’s 222nd anniversary. Often confused as being the handiwork of Gerard Genta, it was, in fact, the creation of Jörg Hysek, a promising young watch designer who cut his teeth at Rolex before setting up his own design business, with Vacheron becoming one of his early clients.
Only 1000 pieces were made of this distinctive watch with its tonneau-shaped case of brushed steel topped by an intriguing scalloped bezel. Somewhat laughably by current standards, the watch’s 37mm diameter led it to be dubbed the “jumbo”. Inside it’s propelled by the Calibre 1120 movement – a tweaked version of the ultra-thin Jaeger-LeCoultre mechanism that was also employed by the Patek Philippe Nautilus and Audemars Piguet Royal Oak.
Both of those aforementioned Genta models have, of course, become outrageously successful. Yet despite its “holy trinity” heritage and the crazy hype around 1970s steel sports watches, for many years the 222 flew under the radar, until now…
Interest exploded after Phillips sold a 222 in 2019 for £53,000, while Christies managed £65,000. Vacheron’s forgotten model was suddenly in wild demand. The prevailing mood was encapsulated by this GQ headline: “Why 1977’s Vacheron Constantin 222 is the hottest watch you don’t yet own”.
Back in Sydney, Paul was unaware that interest in the watch was spiking. A watchmaker by trade who works for the service centre of a very well-known brand, he started his apprenticeship in the mid ’80s with the company that worked as the Vacheron service agents.
“One of our clients had this watch and was looking to dispose of it, so he could get something else,” Paul explains. “Behind my back, my boss spoke to my father and said: ‘This watch would make an ideal 21st present.’ So my father did the deal and got me this watch for my 21st.”
Paul never wears the watch due to political sensitivities – having worked for another manufacturer for the last 20 years, he explains, “it wouldn’t be kosher”. Instead, the 222 languished in his sock drawer. “It’s last real outing was in 2005, when I took it to Switzerland to have Vacheron service it.”
But after reading Nick’s story, Paul dug out the watch and jumped on Chrono24 to see how the watch was trading on the pre-owned market. The answer to that question is very well indeed. At the time of writing there are two 222s for sale. One is $92,500 AUD, the other $127,000 AUD. “And then I looked at the Phillips’ website, and they sold one in May for 100,000 Swiss francs, which is about 140 grand!”
Subsequently, Paul has liaised with Phillips to enquire about selling his 21st birthday present. “They’ve said that my watch, whilst it’s not in as good condition as the previous one, should realise about 80,000 Swiss francs.”
Not surprisingly that would be a handy windfall. Paul is planning to cash in as he and his wife were preparing to build a granny flat on their property. “This sale would allow us to do that without borrowing,” he explains.
Paul has kindly promised to keep us updated on the results of the watch’s eventual sale. But the moral of the story: have a rummage in your sock drawer – you never know what you might find.
*The name has been changed as the interviewee’s request