The Patek Philippe Ref. 2523 could fetch over five million Swiss francs
Phillips, in association with Bacs & Russo, will auction an exceptionally rare Patek Philippe watch at the Geneva Watch Auction XXIII on May 9–10, 2026: a World Time Ref. 2523 with a polychrome cloisonné enamel dial. The estimated price is over five million Swiss francs.
This Patek Philippe watch, manufactured in 1953, features an intricately enameled map of the South American continent at the center of its dial. Only two examples of this model in yellow gold are known to exist—and this is the only one that has ever been sold at a public auction.
One of the rarest Patek Philippe world time watches
“The Patek Philippe World-Time Ref. 2523 with a South American cloisonné dial is one of the greatest treasures of vintage watchmaking,” explain Aurel Bacs and Alexandre Ghotbi of Phillips. They note that the appearance of such a piece at auction is an event that collectors may experience only once in a generation.
Universal Time and Cloisonné: The Art of Watchmaking Meets Artisanal Craftsmanship
Reference 2523, which was produced starting in 1953, represents the second generation of Patek Philippe’s mass-produced world time wristwatches. Its distinctive features include a larger 36-millimeter case and an additional crown at the 9 o’clock position, which is used to adjust the city ring of the world time mechanism.
Also worth noting is the ornate cloisonné enamel dial. This technique involves applying fine gold wires to form the outlines, then filling the individual sections with colored enamel and firing the piece multiple times. In total, an estimated 29 to 36 examples of the Reference 2523 were produced across all variations.
A coveted collector’s item
Among the well-known map motifs—Eurasia, North America, and South America—the South America dial is considered the rarest. According to an extract from the Patek Philippe archives, this piece was manufactured in 1953 and sold on February 3, 1958.
The watch was last publicly displayed at an auction in New York in October 1988. Today, it is in remarkably good condition, with an immaculate case and an enamel dial that is exceptionally well preserved.
