66,82 million CHF: The total sale of the Phillips watch auction held November 8-9 in Geneva has been engraved into the history books for the highest total for any watch auction ever.
100% of the 207 lots sold thanks to the intense participation of 1´886 registered bidders across 72 countries. Of these, 1´718 of these were online bidders, while the rest bid by telephone, or attended in person in the packed saleroom where almost 800 collectors and enthusiasts had gathered.
“Every bid, every conversation, and every person who joined us – whether in the room, online, or on the phone – represents a shared passion for watchmaking and a belief in what we do,” said Alexandre Ghotbi, Deputy Chairman & Head of Watches, Europe, and Middle East, together with Tiffany To, Senior International Watch Specialist and Head of Sale in a joint statement.
“Phillips in Association with Bacs & Russo has become an international meeting point for this community, uniting seasoned collectors and new generations through a shared passion for fine watchmaking,” the duo continued.
Patek Philippe Dominates with Record-Breaking Sales
21 percent of the total record sale came from a single lot that now holds the world record for the most expensive vintage Patek Philippe wristwatch ever sold at auction: the stainless steel Patek Philippe Perpetual Calendar Chronograph Ref. 1518 from 1943, which achieved CHF 14,190,000. The bidding was a fierce fight between five bidders in the room and on the phone. After a nail-biting, dramatic nine minutes and 28 seconds, it ultimately sold to a phone bidder.
Patek Philippe lots were in fact responsible for a third of the total results, thanks to exceptionally rare timepieces like the pink-on-pink Perpetual Calendar Chronograph Ref. 1518 from 1947(one of approximately 15 known examples, sold for CHF 3,569,000), a possibly unique 1954 Patek Philippe Perpetual Calendar Ref. 2438/1 in 18k yellow gold (CHF 889,000), and the Ernst Schuster Collection, consisting of 16 Patek Philippe timepieces (totalling CHF 3,373,930). The latter collection includes a 1983 Patek Philippe Perpetual Calendar Chronograph Ref. 2499/100 in 18k yellow gold with “Gübelin” signature on the dial, and a 1961 Patek Philippe Ref. 3424/1 in platinum with diamond-set bezel. The latter is designed by Gilbert Albert, one of the most famous watch designers from the 1950s to the 1970s.
Of course, Decade One (2015–2025) also had prominent sales from other brands including Rolex – for instance a circa 1967 Daytona “Paul Newman” Ref. 6239 “Golden Pagoda” in 18k yellow gold with a champagne dial sold for CHF 1,079,500, which is a world record for this configuration. There was also a noteworthy world records for Ferdinand Berthoud (“Naissance d’Une Montre 3”, which sold for CHF 1,270,000) and Urban Jürgensen (Minute Repeating Perpetual Calendar Tourbillon in platinum, which sold for CHF 635,000).
“What an incredible way to celebrate our 10th anniversary, with a white glove auction that achieved CHF 66.8 million / USD $83 million,” added Phillips Senior Consultants Aurel Bacs and Livia Russo. (Editor’s note: White glove is an auction term for all lots sold.)
In the 2025 autumn auction season we also see record-breaking and positive results from Sotheby's, Christie's, and new independent-focused auction house Marteau and Co. These outcomes are stark contrasts to a mid-October report from the Swiss Federal Department of Economic Affairs, which talks of “sluggish economic growth," and that "uncertainty surrounding international trade and economic policy remains high and continues to shape the outlook for both global and Swiss economic growth."
Could these auction results be a sign of the watch industry – and the world – is heading towards more positive times?
Arthur Touchot, co-founder of Marteau & Co. and former Phillips employee is not sure.
“Sure, this weekend saw much stronger results than 6 or 12 months ago. But I don’t know if you can compare with what goes on in an auction room with the general economy,” he said. “Especially when you have these timepieces that shows up for sale once in a generation. Then the collector’s passion takes over.”
