One Phillips sale, over 40 new world records.

The Geneva Watch Auction: XXIII, held at Hotel President on May 9 and 10, achieved an unprecedented sale total of 74.8 million Swiss francs, or about $96.3 million at the current exchange rate, becoming the highest-grossing watch auction of all time. (The previous record was set by Phillips last November, with a Geneva auction totaling $83 million.) Some 43 new world records were set, with several lots eclipsing estimates and making history in the process. The results underscore the strength and resilience of the watch market in a rapidly changing geopolitical environment.

“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,” Alexandre Ghotbi and Tiffany To of Phillips said in a statement. “The market is not just healthy, it is hungry.”

Both vintage and contemporary watches realized remarkable sums, with no fewer than 14 lots surpassing $1 million. The sale was led by an ultra-rare Patek Philippe Ref. 2523 “South America” world timer, which hammered down for a record $10.2 million following an extended bidding battle between collectors. It wasn’t the only Patek in multimillion-dollar territory, either: A coveted Sky Moon Tourbillon (Ref. 6002G-010) sold for nearly $4.2 million, highlighting the ever-growing demand for the Swiss watchmaker’s trophy pieces.

F.P. Journes also proved popular, with six of the nine on offer setting world records. The independent watchmaker has experienced a massive surge in popularity over the past few years, moving from a niche IYKYK brand into the mainstream, with celebrities like Michael Jordan and Mark Zuckerberg strapping on its high-complication wonders. The star of the auction was a two-tone Chronomètre à Résonance “Souscription No. 18,” one of only three known to have a pink-gold and platinum case and white-gold face, which sold for roughly $6.3 million.

The indies performed well across the board, in fact, with an Akrivia AK-06 selling for a record $3.9 million and a collab piece by Greubel Forsey, Philippe Dufour, and Michel Boulanger achieving a record $2.1 million.

Also drawing strong interest were pocket watches and clocks. These horological creations are experiencing something of a renaissance, particularly among younger collectors. The auction included 24 pocket watches, many of which sold for above their high estimates. Most notably, a unique Louis Richard hammered down for $5.1 million, setting a new record for any pocket chronometer. At the other, larger end of the spectrum, a museum-quality Cartier mystery clock sold for $1.6 million. 

“Some 30 years ago, an annual turnover of $100 million for a global watch department was unthinkable,” add Aurel Bacs and Livia Russo of Phillips. “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.”