Phillips Sets Record for Largest Watch Auction in History in Geneva

This exceptional sale allowed Phillips to break its own records set in 2021 and 2025, surpassing the symbolic $100 million mark for the first time over a full season.

The figures reflect a particularly dynamic market despite an ongoing geopolitical instability: 224 lots sold out of 225 offered, representing a sell-through rate of 99.6% by volume and 99.9% by value. The sale attracted 1,815 bidders from 74 countries, drawn by the historic and rare pieces on offer.

Fourteen watches exceeded one million Swiss francs, while 43 world records were set. The star of the sale was the Patek Philippe Ref. 2523 “South America,” a yellow gold worldtimer that had not appeared at public auction since 1988; it sold for 7.96 million Swiss francs after a lengthy bidding war. It thus ranks among the top three most expensive vintage wristwatches ever sold by Phillips.

The auction also highlighted F.P. Journe’s continued ascent in the secondary market. The Chronomètre à Résonance “Souscription No. 18” sold for 4.87 million Swiss francs, while the “Pisa” version fetched 2.33 million. In total, six world records were set for this independent brand.

In the pocket watch category, the one-of-a-kind Louis Richard “Triple Detent Constant Force One Minute Tourbillon Chronometer” reached 3.96 million Swiss francs, while the “La Royale” Super Complication by Louis Audemars & Co. fetched 2.51 million.

Beyond the records, these results reveal a structural shift in the market. Long dominated by a few iconic models from Rolex or Patek Philippe, the auction segment is now opening up to independent brands and prototypes. For specialists Aurel Bacs and Livia Russo, this rise in prominence now places collectible watchmaking “alongside fine art, exceptional jewelry, and historic cars among the major categories of global collecting,” they stated in a press release.

In a luxury market that has struggled to recover since 2024, the ultra-high-end watch collecting sector is thus confirming its resilience, unlocking new potential through the appreciation of certain historic pieces and the upward shift of independent brands, and, above all, generating increasing interest as a safe-haven asset among affluent consumers.