Phillips Smashes Records With $51.5 Million USD Watch Auction Results

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Summary

  • Phillips’ Hong Kong Watch Auction XXII achieved a record $51.5 million USD, up 90% year‑on‑year
  • A rare Patek Philippe Ref. 2499 First Series in pink gold sold for $10.25 million USD, the highest value watch ever sold in Asia

Phillips, in partnership with Bacs & Russo, just finished its Hong Kong Watch Auction: XXII, earning an impressive $403 million HKD (about $51.5 million USD). This represents a 90% increase compared to last year and marks the company’s most successful watch sale ever in Asia. The auction’s highlight was a rare pink gold Patek Philippe Ref. 2499 First Series, which sold for $80.3 million HKD (around $10.2 million USD). This sale set a new world record for this model, making it the most valuable watch ever auctioned in Asia and the most expensive watch sold at auction worldwide this spring.

The Patek Philippe Ref. 2499, a remarkably rare watch from 1951, recently set a record. It’s one of only four pink gold First Series models with a highly sought-after Vichet case, and uniquely, it carries British hallmarks. Patek Philippe continued to perform exceptionally well at the auction, with other impressive sales. A Ref. 3448 Padellone “Tokyo White,” signed by Beyer Chronometrie, sold for $1.7 million USD (13.7 million HKD), and a one-of-a-kind Ref. 5970R, custom-made for Michael Ovitz with a special “MSO” monogram, reached $1.6 million USD (12.8 million HKD).

While highly sought-after Patek Philippe watches were a major draw, independent watchmakers also captivated the 1,928 bidders. An F.P. Journe Tourbillon Souverain “Chine 2010” – a remarkably rare piece, one of only five ever made and the only one in a 38mm platinum case – led the way, selling for an impressive $4.2 million USD (32.9 million HKD), over four times its estimated value. A Philippe Dufour Simplicity with a slate grey guilloché dial also achieved a record price, fetching $1.2 million USD (9.4 million HKD) – a new world auction record for a steel Simplicity.

Cartier continued its successful streak at auction with a unique diamond and ruby watch, the Crash Squelette No. 1, which sold for $1.1 million USD – almost five times its expected price. This auction saw a total of eight watches sell for over $1 million USD, making it the season’s leading auction house in Asia for high-value timepieces.

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2026-06-01 13:26