Aurel Bacs and Livia Russo, Senior Consultants of Phillips in Association with Bacs & Russo, said: “This year marks a historic milestone for Phillips Watches. With over US $290 million in total auction sales – the highest annual total ever achieved in the history of watch auctions – we are proud to reaffirm our leadership in the global market. These results reflect both the enduring confidence of collectors and our team’s unwavering dedication to presenting only the most exceptionaland important timepieces. As we celebrate ten years of Phillips in Association with Bacs & Russo, we remain committed to integrity, scholarship, and passion in all that we do.”
Key Stats From 2025 – Auctions
• Phillips Watches achieved US $290,463,315 in total auction sales in 2025 – a new world record for the highest annual total ever realized by any watch auction department – and became the first to record five consecutive years above US $200 million.
• Phillips maintained its leading global market share, estimated at 45% of the total watch auction market when compared with its two principal international competitors.
• Phillips remains the only auction house ever to sell a wristwatch above US $10 million at auction (excluding charity lots), with two such results achieved in 2025. Phillips now holds the records for the three most valuable wristwatches ever sold at a non-charity auction.
• In 2025, Phillips Watches sold 1,802 lots, with 36 timepieces exceeding US $1 million, the most in the industry.
• Phillips conducted six live auctions and seven online sales, with only 11 lots unsold, resulting in a sell- through rate of 99% by lot and 100% by value, the highest in the industry. Overall, hammer prices plus buyer’s premiums totaled 246% of the pre-sale low estimates – 2.5 times their projected value.
• Phillips in New York also continued its unprecedented streak of five consecutive years of 100%-sold “white glove” live auctions.
• 59% of lots sold above their high estimates (all-in), 62% met or exceeded their mid estimates (all-in), and 98% sold above their low estimates (all-in).
• Phillips’ average lot value reached US $173,000 for live auctions and US $20,000 for online sales – both the highest averages in the industry – with an overall average of US $130,000.
• Collectors from 80 countries participated in Phillips’ global watch auctions. 35% of all buyers were new to Phillips, and 32% were Millennials or Gen Z.
• 96% of bidders participated online, continuing the trend of robust global digital engagement.
• Phillips also raised more than US $2.5 million for charities in 2025, in collaboration with partners such as Philippe and Elisabeth Dufour, Ferdinand Berthoud (on the handmade Naissance d’Une Montre 3 project), Universal Genève, and Geneva Watch Days.
Key Highlights Sold at Auction in 2025
• Patek Philippe Perpetual Calendar Chronograph Ref. 1518 in Stainless Steel
Sold for CHF 14,190,000 / US $17,631,075, the most valuable vintage Patek Philippe wristwatch ever sold at auction and the most valuable timepiece sold at auction globally in 2025.
• F.P. Journe FFC Prototype, from the Collection of Francis Ford Coppola
Achieved US $10,775,000, setting a new world record for an F.P. Journe wristwatch, for any wristwatch by an independent maker at auction, and for any 21st century, non-charity timepiece. It was the highest result for a timepiece sold at auction in the United States since Phillips’ sale of Paul Newman’s Rolex ‘Paul Newman’ Daytona in 2017.
• Vintage Rolex and Patek Philippe
Exceptional vintage Rolex and Patek Philippe wristwatches drove strong results all year. Highlights included the only known Patek Philippe Perpetual Calendar Ref. 3448 in 18K pink gold (CHF 2,722,000 / US
$3,272,933), a Patek Philippe Perpetual Calendar Chronograph Ref. 2499 ‘First Series’ with Wenger case in 18K yellow gold (CHF 1,633,000 / US $2,029,003), and a Patek Philippe Ref. 1518 ‘Pink on Pink’ (CHF 3,569,000 / US $4,434,483). Among Rolex masterpieces, the Cosmograph Daytona Ref. 6263 ‘Paul Newman, Oyster Sotto’ in stainless steel realized CHF 1,391,000 / US $1,728,318, while the Cosmograph Daytona Ref. 6269 ‘Red Khanjar’ achieved CHF 1,378,900 / US $1,713,283.
• Independent Watchmaking
Phillips reaffirmed its market leadership for contemporary independents, achieving record participation and prices across this segment. Highlights included Philippe Dufour’s Duality No. 1 (US $3,085,000), F.P. Journe’s Chronomètre à Résonance ‘Souscription No. 2’ (CHF 3,327,000 / US $4,133,798), and outstanding results for Kari Voutilainen, Christian Klings, Daniel Roth, Urban Jürgensen, Konstantin Chaykin, Berneron, and Charles Frodsham & Co. – underscoring global demand for artisanal watchmaking.
• Clocks and Pocket Watches
Collectors also responded enthusiastically to historically significant clocks and complicated pocket watches. Highlights included the F.P. Journe × Breguet Pendule Sympathique Clock No. 1 (CHF 5,505,000 / US
$6,619,212), the Cartier Portico Mystery Clock No. 3 (CHF 3,932,000 / US $4,727,837), and the A. Lange & Söhne Grande Complication Pocket Watch (CHF 1,168,400 / US $1,404,884). Additional standouts included a Cartier Lantern Clock crafted in nephrite with royal provenance (HK $9,144,000 / US $1,167,689) and the J. Player & Sons ‘Hyper Complication’ Pocket Watch (CHF 2,238,000 / US $2,780,715).
Key Highlights From 2025 – Phillips Perpetual and Private Sales
• Phillips Perpetual and Private Sales achieved a combined total of US $80 million in 2025, with 240 watches sold globally, reflecting continued growth across retail and private channels.
• Globally, 42% of Perpetual buyers were new to Phillips, underscoring the platform’s ability to attract and convert a new generation of collectors.
• The Hong Kong Perpetual boutique recorded a 150% increase in sales value year-on-year, marking a standout performance within Phillips’ global retail network.
• In 2025, Phillips launched a new Perpetual website alongside expanded digital integration for its Hong Kong and Gstaad boutiques. Since launch, the platform has welcomed over 40,000 visitors and generated more than 9,000 new email subscribers.
• The Perpetual boutique at Switzerland’s Gstaad Palace underwent a complete refurbishment, unveiling an elegant Alpine interior designed to complement its unique setting.
• Exclusive exhibitions such as Independent Spirit in London, featuring the work of leading independent watchmakers Raúl Pagès, Theo Auffret, Konstantin Chaykin, Charles Frodsham & Co., and David Candaux, further expanded Perpetual’s reach to a new generation of collectors.
• Notable watches sold through Perpetual included one of the ten stainless-steel F.P. Journe Grande Sonnerie wristwatches, a rose gold Patek Philippe Ref. 6002R, a complete set of stainless-steel F.P. Journe wristwatches, and a Patek Philippe Ref. 5374P.
Dynamic Communications and Content
• Phillips Watches continues to redefine how collectors experience watchmaking scholarship. In 2025, the department expanded its storytelling and multimedia initiatives, including:
• The launch of the Phillips Watches Podcast, featuring conversations with leading figures such as Dr. Helmut Crott; Wilhelm Schmid, CEO of A. Lange & Söhne; and Karl-Friedrich Scheufele, Co-President of Chopard and President of Ferdinand Berthoud.
• The publication of “Decade One: Ten Years of Phillips in Association with Bacs & Russo,” a 300-page anniversary book documenting a decade of record-breaking results and scholarship.
• Phillips published more than 160 new editorial articles on Phillips.com/watches and produced over 150 videos across social media and YouTube.
