Phillips Watches Passes $200M, Solidifying Global Leadership in Watch Auctions
US$200 MILLION IN ANNUAL AUCTION SALES FOR FOUR CONSECUTIVE YEARS REAFFIRMS PHILLIPS WATCHES’ POSITION AS THE GLOBAL LEADER IN WATCH AUCTIONS
PRESS RELEASE | 684 WORDS | 5 MIN READ
Phillips,14th January, 2025: Dozens of World Auction Records were shattered in 2024! Phillips achieved remarkable results for independent makers like F.P. Journe and Derek Pratt, as well as iconic vintage Rolex Daytonas.
Aurel Bacs, Senior Consultant of Philips in Association with Bacs & Russo
“We are thrilled that Phillips has made watch auction history, achieving annual auction totals consistently surpassing US$200 million over the past four years, and this Fall auction season affirmed our market leadership in Geneva, Hong Kong, and New York. In New York, we achieved an unprecedented milestone: four consecutive years of 100% sold white-glove auctions and the highest annual sales total ever recorded in the history of U.S. watch auctions. As we approach our 10th anniversary next year, we look forward to celebrating a decade of remarkable growth and success in watch auctions. We remain committed to presenting exceptional lots and innovative projects to the watch-collecting community.”
Phillips Reloaded No.1. F.P. Journe, The Tourbillon Souverain à Remontoire d’Egalité
KEY STATS FROM 2024 – AUCTIONS
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marking the first time any auction house's Watches department has surpassed US$200 million in annual sales for four consecutive years. Phillips Watches retained its global market leadership, holding 41% of the market share.
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Amid four online sales and eight live auctions, only 13 lots passed. With sales in 2024 strategically curated to feature only the most significant timepieces, Phillips achieved the highest sell-through rate in the industry and sold the most lots above US$1 million in the industry. Out of more than 6,000 timepieces sold at Phillips' global auctions over the last four years, only 14 lots were unsold.
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and 98% of lots sold above their low estimates.
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the highest in the industry.
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Phillips’ Watch sales continued to record strong participation worldwide in 2024, with participants from 80 countries. The number of participants increased by 15% from the previous year, driven by new and younger buyers.
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A 23% increase from the previous year, online participation continues to be robust in 2024. The digital channels have been Phillips clients’ favourite method of bidding for watch auctions since 2016.
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Consistent strong contribution from buyers across EMEA, Americas, and Asia Pacific.
Thomas Perazzi auctioneering Cartier “water clock”
TOP 10 LOTS SOLD IN 2024 AT AUCTIONS
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Price Achieved: CHF 7,320,000
Price Estimate: In excess of CHF 2,000,000
A career defining, and history changing platinum tourbillon wristwatch with remontoir and original technical drawings, 1993
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Price Achieved: CHF 5,505,000
Price Estimate: In excess of CHF 3,000,000
A highly important and most probably unique white gold chronograph wristwatch with rainbow hued multi-gem sapphire bezel, Circa 1994
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Price Achieved: CHF 3,690,000
Price Estimate: In excess of CHF1,000,000
A unique, historical and era defining detent escapement tourbillon platinum oval pocket watch with remontoir, power reserve indication, thermometer and moonphase display, 2005
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Price Achieved: US $3,690,000
Price Estimate: In excess of $ 2,000,000
An astounding, unique, and historically important white gold minute repeating grande and petite sonnerie wristwatch with sapphire dial, hunter caseback, certificate, and presentation box; numbered 07, 2016
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Price Achieved: CHF 2,480,000
Price Estimate: CHF 800,000 – 1,600,000
An extraordinarily rare, extremely attractive, and important yellow gold chronograph wristwatch with “Paul Newman Lemon” dial, brown “tropical” subsidiary registers and outer track, bracelet and guarantee, Circa 1970
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Price Achieved: US$2,056,500
Price Estimate: US$800,000 – 1,600,000
An exceptionally rare, possibly unique, and fresh-to-market white gold wristwatch with double escapement, additional lacquered dial and hand set, certificate of origin, and fitted presentation box, 1999
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Price Achieved: CHF1,754,000
Price Estimate: CHF 1,200,000 – 2,400,000
A well-preserved, highly important and rare yellow gold world time wristwatch with two crowns, guilloche dial and metallic city ring
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Price Achieved: US$1,917,657
Price Estimate: in excess of US$250,000
A unique, historically important and exquisite marble, silver, lapis lazuli, nephrite, coral, mother-of-pearl, enamel and jade “water clock” with original presentation box, Circa 1929
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Price Achieved: US$1,754,000
Price Estimate: US$800,000 – 1,600,000
A possibly unique, impressive, and highly important minute repeating grande and petite sonnerie stainless steel wristwatch, ruthenium dial, steel bracelet, and certificate, 2019
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Price Achieved: CHF 1,512,000
Price Estimate: CHF800,000 – 1,600,000
A unique, historic and scholarship-changing platinum wristwatch with double escapement and certificate, 2014
No.1. F.P. Journe, The Tourbillon Souverain à Remontoire d’Egalité
No. 2. Rolex, Cosmograph Daytona “Rainbow”
No. 3. Derek Pratt for Urban Jürgensen, The Oval
No. 4. Philippe Dufour, Grande & Petite Sonnerie
No.5. Rolex, Cosmograph Daytona “Paul Newman Lemon”
No. 6. Philippe Dufour, Duality
No. 7. Patek Philippe, Ref. 2523/1
No. 8 Cartier La Pendule Magnétique Water Cloc
No. 9. FP Journe, Grande Sonnerie Repetitions Minutes Ruthenium Dial
No.10. Philippe Dufour, Duality
KEY HIGHLIGHTS SOLD AT AUCTIONS IN 2024
Strong results were achieved for independent watchmakers throughout 2024
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Over the last few years, Phillips has regularly featured timepieces from independent watchmakers in its auctions, highlighting their creativity and craftsmanship while offering collectors unique and rare pieces. In 2024, Phillips Watches set numerous world auction records across its global salerooms, notably with the F.P.Journe Tourbillon Souverain à Remontoir d’Égalité 15/93, which sold for CHF 7.3 million/ US$ 8.4 million, becoming the most expensive watch by an independent watchmaker ever sold at auction.
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The Oval Pocket Watch by Derek Pratt for Urban Jürgensen, which sold for nearly CHF 3.7 million (over US$4.22 million), setting the auction record for a Derek Pratt timepiece. Other notable records achieved for independent watchmakers include Akrivia’s unique titanium single-button chronograph tourbillon wristwatch, AK01, which sold for over CHF 1 million/ US$1.23 million, setting the world auction record for an Akrivia wristwatch; and The TOKI: Watch Auction in Hong Kong, which highlighted the artistry of Japanese independent watchmakers, setting auction records for Masahiro Kikuno, Masa’s Pastime, Naoya Hida & Co., Otsuka Lotec, Kurono Tokyo, and Takano.
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Among the most important Philippe Dufour wristwatches to ever appear at auction was a unique, previously unknown Grande & Petite Sonnerie. minute repeating wristwatch with an open dial made of transparent sapphire crystal, which achieved US$3.7 million. Only three examples of Philippe Dufour’s Grande & Petite Sonnerie have ever appeared at auction, and all three were originally auctioned by Aurel Bacs. Another outstanding result for Philippe Dufour was a coveted Duality wristwatch, one of the 10 examples made, sold for US$2.1 million.
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a testament to the watch’s rarity and significance.
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Extraordinary vintage Rolex models consistently set new records. Fantastic results were achieved for Rolex models which continue to attract the attention of the most seasoned collectors. A highlight of the year was the probably unique Rolex Cosmograph Daytona ‘Rainbow’ ref. 16599 SAAEC in white gold from the 1990s, sold for over CHF 5.5 million/ US$6.3 million and set world auction record for an automatic Daytona. Other important Rolex wristwatches achieved strong results including the Rolex Cosmograph Daytona with the “Paul Newman Lemon” dial sold for nearly CHF 2.5 million (over US$2.8 million) and set the auction record for reference 6264; the Rolex ref. 6241 “John Player Special”, a very rare chronograph wristwatch in 14k yellow gold with a black “Paul Newman” dial, sold for over CHF 1.3 million/ US$1.46 million; and the Rolex ref. 6102 “La Caravelle”, a yellow gold wristwatch with cloisonné enamel dial depicting a caravel and original Bucherer certificate, sold for CHF 1.27 million/ US$1.4 million.
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This year, Phillips sold multiple unique Cartier clocks crafted in the 1910s, 1920s, and 1930s, showcasing the Maison’s mastery of opulent yet restrained design, combining Eastern influences with modernist Art Deco aesthetics. Examples by Cartier were 100% sold at Phillips; notably, a unique and precious ‘La Pendule Magnétique’ Water Clock ignited a tense 25-minute bidding war and sold for HK$15 million/ US$1.92 million, more than seven times its pre-sale estimate, breaking the world auction record for a magnetic water clock.
New York - Philippe Dufour Saleroom Shot
KEY HIGHLIGHTS FROM 2024 – PHILLIPS PERPETUAL
Phillips Perpetual achieved 15% sales growth in 2024. The successful launch of the Hong Kong boutique, attracting 2,000 visitors, contributed to a 20% year-on-year increase in Private Sales.
For more information on upcoming auctions, visit Phillips.com
This article is part of an official press release received from Phillips in association with Bacs & Russo on 14th January, 2025. Luxury Watch Works does not claim ownership of any of the images and acknowledges the rights of the original copyright holders.