intage and contemporary watches reached new heights this spring as Phillips in Association with Bacs & Russo’s The Geneva Watch Auction: XXIII set no fewer than 43 world records and achieved the highest-grossing auction sale total ever of CHF 74.8 million, confirming the continued strength and growing breadth of the international watch market in a challenging global geopolitical context.

The record-breaking results of the two-day, 225-lot sale, held at Hotel President on 9 and 10 May, crown several seasons of consistent growth, powered by the expertise of Phillips’ specialists and a steadfast commitment to providing consignors and buyers with an exceptional experience.

Phillips Senior Consultants Aurel Bacs and Livia Russo, jointly said: “Some 30 years ago, an annual turnover of one hundred million dollars for a global watch department was unthinkable. Now, with this auction, watches are sitting side by side on the podium with fine art, extraordinary jewelry, historic rare motorcars, at the top of the collecting world and will continue their upward journey.”

Alexandre Ghotbi, Deputy Chairman & Head of Watches, Europe and Middle East and Tiffany To, Senior International Watch Specialist and Head of Sale, added: “Geneva Watch Auction XXIII was a statement. The energy in the room, the caliber of the pieces and the intense excitement in the auction room confirmed what we feel every time this community comes together: that great watchmaking will always matter. The market is not just healthy, it is hungry. Hungry for relevance, for craftsmanship, for quality without compromise. We could not be more energized for what comes next.”

Exceptional results were achieved across categories, with no fewer than 14 lots surpassing CHF 1 million and reflecting the diversity of names and categories sought after by today’s collectors, from Patek Philippe and F.P. Journe to Akrivia, Louis Audemars & Co., and Louis Richard. Several lots significantly surpassed expectations and sparked intense bidding competition throughout the sale.

Leading the sale was the extraordinarily rare Patek Philippe Ref. 2523 “South America” world-time wristwatch, which achieved CHF 7,961,000 after an extended bidding battle between the phones and the room, setting a world record for the reference. It becomes the second vintage Patek Philippe and third vintage wristwatch ever to surpass USD 10 million at auction, all of which were sold by Phillips.

Also in the multi-millions, an extremely rare and freshly unsealed Ref. 6002G-010 Sky Moon Tourbillon cathedral minute repeater perpetual calendar in 18k white gold, which achieved CHF 3,242,000.

All eyes were on the exceptional selection of nine F.P. Journe timepieces, which together set no fewer than six world records and confirmed sustained demand for the watchmaker. Leading the group was the two-tone Chronomètre à Résonance “Souscription No. 18” – one of only three known Souscription examples in this configuration with a pink gold and platinum case with white gold dial – which achieved CHF 4,875,500. Other standout results included the one-of-five Chronomètre à Résonance “Pisa” at CHF 2,334,500 and the Octa Chronographe “Straight Côtes de Genève” at CHF 1,714,500.

Leading the charge was the Akrivia AK-06 in stainless steel, which achieved a staggering CHF 3,000,000, while the Naissance d’une Montre No.1/11 by Greubel Forsey in collaboration with Philippe Dufour and Michel Boulanger realized CHF 1,651,000. Prototype creations also triggered fierce bidding, with the Urban Jürgensen Reference 2 “Prototype”, Lederer Inverto “Prototype 00” featuring central impulse escapement, and the Auffret Paris Giverny “Prototype” Blue Train all climbing well into the hundreds of thousands while comfortably surpassing their high estimates.

Phillips’ ability to curate exceptional pocket watches and bring the category to new audiences was once again evident, with 24 lots dedicated to the genre, many of which achieved exceptional results. Leading the category was the unique Louis Richard “Triple Detent Constant Force One Minute Tourbillon Chronometer”, the only known example of its kind, which realized CHF 3,968,000. Other standout results included the extraordinary Louis Audemars & Co. “La Royale” Super Complication”, which achieved CHF 2,516,000, the historically important Agassiz Watch Co. “Victory Watch “ gifted to Charles de Gaulle at CHF 1,460,500, and the Paul Ditisheim “Minute Detent Escapement Tourbillon”, one of only eight tourbillons made by the watchmaker and former Kew Observatory record holder, which sold for CHF 1,270,000. Numerous additional pocket watches significantly surpassed their upper estimates, confirming a resurgence in collector appetite for the category.

Exquisite craftsmanship from the early and mid-20th century was also to the fore, led by a unique Cartier mystery clock of museum quality, crafted from rock crystal, agate, rose quartz, nephrite, diamonds, and enamel, which achieved CHF 1,219,200.

Also drawing keen collector interest was the one-of-five Audemars Piguet Ref. 5503 triple calendar moonphase wristwatches in stainless steel and 14k pink gold, which fetched CHF 1,092,200.

Additional impressive results included the extremely rare pink-gold Vacheron Constantin Ref. 4764 “Cioccolatone” triple calendar moonphase at CHF 635,000, alongside the highly collectible Patek Philippe Ref. 2499/100 perpetual calendar chronograph in yellow gold, which realized CHF 889,000.

Above one million

• Patek Philippe Ref. 2523 “South America” Two-Crown World Timer in 18k yellow gold. CHF 7,961,000
• F.P. Journe Chronomètre à Résonance “Souscription No. 18” in Platinum and 18k Pink Gold. CHF 4,875,000
• Louis Richard “Triple Detent Constant Force One Minute Tourbillon Chronometer” in 18k Yellow Gold. CHF 3,968,000
• Patek Philippe Ref. 6002G-010 Sky Moon Tourbillon. CHF 3,242,000
• Akrivia AK-06 in Stainless Steel. CHF 3,000,000
• Louis Audemars & Co, No. 12112 “La Royale”. CHF 2,516,000
• F.P. Journe, Chronometre a Resonance “Pisa”. CHF 2,334,500
• F.P. Journe, Octa Chronographe 38mm Brass Movement. CHF 1,714,500
• Greubel Forsey X Philippe Dufour X Michel Boulanger Naissance d’Une Montre 1 N°1/11 in 18k White Gold. CHF 1,651,000
• F.P. Journe, Tourbillon Souverain à Remontoir d’Egalité, CHF 1,524,000
• Agassiz Watch Co. “Victory Watch - Charles de Gaulle” Pocket Watch in 18k Yellow Gold. CHF
• Paul Ditisheim, “Minute Detent Escapement Tourbillon”, CHF 1,270,000
• Cartier, Mystery clock, CHF 1,219,200
• Audemars Piguet. 5503 Triple Calendar Chronograph with Moonphase Display in Stainless Steel and 14k Pink Gold. CHF 1,092,200