It is a step below Phillips but its not a big step, it is a pretty good auction house and they set record sales in other categories. They do high-end in a few different categories and do aggressive cross marketing within their categories. They figure if you buy a $1.2 million USD sports trading card you probably want a nice watch, etc. I worked with Heritage recently on a pretty decent collection of sports memorabilia and I can give you 3 reasons they have this:
3 - Easy to work with, I mean really easy
2- They have a huge audience for more than watches like I mentioned and get good prices, its not some small house, check out some of the recent sale prices.
....and the #1 reason is...... 7.5% seller fee if you negotiate at all, and 10% is standard for HA. (Phillips is over 20% I believe)
edit to add: ...and they do 1-2 Space related auctions a year as well, lots of mission flown gear and pieces of spacecrafts etc. This may be part of a larger collection that is more than just a watch.