The partnership between Phillips and senior consultants Aurel Bacs and Livia Russo continues to reshape the global watch auction market. Now in its 11th year, the collaboration achieved another milestone with The Geneva Watch Auction: XXIII, held May 9–10 at the Hotel President Wilson in Geneva.
The sale totaled more than $96.3 million, making it the highest-grossing watch auction ever and surpassing Phillips’ previous records set in 2021 and 2023. The 225-lot auction also established 43 world records, underscoring the sustained strength of the international watch market despite broader geopolitical and economic uncertainty.
In a statement, Bacs and Russo went further, saying that watch auctions at Phillips are now on equal footing with the most valuable auction categories.
“Some 30 years ago, an annual turnover of one hundred million dollars for a global watch department was unthinkable,” they said. “Now watches sit alongside fine art, extraordinary jewelry, historic motorcars, at the top of the collecting world and will continue their upward journey,” the two Phillips senior consultants said in a statement.”
All but one lot found buyers in the sale, while at least 14 lots exceeded $1 million. More than 1,815 bidders from 74 countries participated across the salesroom, online platforms and telephone bidding, according to Phillips.
The top sales revealed a broad spectrum of interests. Patek Philippe and F.P. Journe watches were certainly among the top lots, but so were watch brands such as Akrivia, Louis Audemars & Co. and Louis Richard. Several lots soared past expectations and sparked intense bidding wars throughout the two-day sale.
Leading the sale was a rare Patek Philippe Ref. 2523 “South America” world-time watch (top photo), which realized more than $10.2 million—double its estimate—after prolonged competition between room and telephone bidders. The result established a world record for the reference and made it only the third vintage wristwatch ever to surpass $10 million at auction, all sold by Phillips.
Nine watches by F.P. Journe generated six world records during the sale. Leading the group was the two-tone Chronomètre à Résonance “Souscription No. 18,” one of only three known examples combining a pink-gold and platinum case with a white-gold dial. The watch achieved more than $6.2 million, more than five times its high estimate, making it the second-highest lot of the auction.
Pocket watches also attracted strong collector interest. The sale included 24 examples, led by the unique Louis Richard “Triple Detent Constant Force One Minute Tourbillon Chronometer,” which realized more than $5.1 million and set a world record for any pocket chronometer.
The fourth-highest lot was a Patek Philippe Ref. 6002G-010 Sky Moon Tourbillon, which sold for more than $4.1 million, exceeding four times its high estimate.
Independent watchmakers continued to gain momentum in the secondary market. Leading the category was the Akrivia AK-06 in stainless steel, which achieved more than $3.8 million—a world record for Akrivia and founder Rexhep Rexhepi and nearly four times its high estimate.
Another standout pocket watch was the Louis Audemars & Co. “La Royale” Super Complication, which realized more than $3.2 million, tripling its high estimate.
Additional top lots included:
An F.P. Journe Chronomètre à Résonance “Pisa,” one of only five examples of the model, which fetched $3 million, nearly triple its high estimate.
An F.P. Journe Octa Chronographe 38mm Brass Movement, which realized more than $2.2 million—more than five times its high estimate and a world record for the reference.
The Greubel Forsey x Philippe Dufour x Michel Boulanger Naissance d’Une Montre 1 No. 1/11 in white gold, which achieved more than $2.1 million, doubling its high estimate and setting a record for the model.
An F.P. Journe Tourbillon Souverain à Remontoir d’Egalité, which sold for more than $1.9 million.
The Agassiz Watch Co. “Victory Watch – Charles de Gaulle” pocket watch in 18k yellow gold, which fetched more than $1.8 million, more than double its high estimate.
A Paul Ditisheim “Minute Detent Escapement Tourbillon” pocket watch, which achieved more than $1.6 million and set a world record for the brand.
Craftsmanship from the early and mid-20th century also drew attention. A unique museum-quality Cartier mystery clock crafted from rock crystal, agate, rose quartz, nephrite, diamonds and enamel realized more than $1.5 million.
Rounding out the top results was an Audemars Piguet Ref. 5503 triple-calendar chronograph with moonphase display in stainless steel and 14k pink gold, which sold for $1.4 million and established a world record for a vintage Audemars Piguet wristwatch.
This story was originally published on forbes.com and all figures are in USD.
Want to see more Forbes articles on your feed? Tap here to make Forbes Australia a preferred source on Google.
Look back on the week that was with hand-picked articles from Australia and around the world. Sign up to the Forbes Australia newsletter here or become a member here.
