Phillips Hong Kong Auction Highlights the Cultural Value of Fine Watchmaking

The latest Phillips auction in Hong Kong offers far more than just spectacular record prices. It highlights which brands, models, and features are currently shaping the collector’s market—and why some watches are now fetching prices that seem extraordinary even in the luxury segment.

^{Cover photo: Aurel Bacs selling lot 941, Patek Philippe ref. 2499 first series in pink gold (C) Phillips}

At the Hong Kong Watch Auction: XXII, Phillips achieved total sales of over 403 million Hong Kong dollars (approximately 51.5 million U.S. dollars), marking a 90 percent increase over the previous year. Not only is the volume remarkable, but so is the quality of the results: eight watches exceeded the one-million-dollar mark.

Patek Philippe remains the benchmark

The highlight of the auction was an exceptionally rare Patek Philippe Ref. 2499 First Series in rose gold.

With a final bid of approximately $10.25 million, it not only became the most expensive watch ever sold at auction in Asia, but also set a new auction record for the Reference 2499. Only four examples of this model are known to exist.

The auction thus confirms a trend that has been evident for years: when it comes to long-term value appreciation and collector interest, Patek Philippe remains the dominant force in the market for historic masterpieces.

The real winners: rarity and provenance

It is interesting to note, however, that it is not only well-known brands that command high prices.

Among the top results were also watches by independent watchmakers such as F.P. Journe and Philippe Dufour. A Tourbillon Souverain “Chine 2010” by F.P. Journe fetched more than $4.2 million, while a Simplicity by Philippe Dufour set a new world record for a steel model.

The market values three factors above all others:

• extremely rare
• distinguished provenance
• historical significance

It is precisely these characteristics that are found in nearly all the top lots in the auction:

The Ten Most Expensive Watches at Phillips Hong Kong Watch Auction XXII

Patek Philippe Ref. 5016P-010 (2009)
Minute Repeater with Tourbillon and Perpetual Calendar in platinum.
Hammer price: $859,000

Patek Philippe Ref. 2499 “The Pink First Series” (1951)
Perpetual Calendar with Chronograph in rose gold, one of the rarest Ref. 2499 models ever made.
Hammer price: $10.26 million (world record for this reference)

F.P. Journe Tourbillon Souverain “Chine 2010 38” (ca. 2010)
One of only five watches produced in this series.
Hammer price: $4.21 million

Patek Philippe Ref. 3448 “Padellone Tokyo White” (1972)
Perpetual Calendar, double-signed by Beyer Chronometrie.
Hammer price: $1.75 million

Patek Philippe Ref. 5970R-017 “Michael Ovitz” (2011)
Perpetual Calendar with Chronograph, specially crafted for U.S. collector Michael Ovitz.
Hammer price: $1.64 million (world record for this reference)

F.P. Journe Tourbillon Souverain Ref. T (ca. 2003)
A rare “pink-on-pink” version of the Tourbillon Souverain.
Hammer price: $1.43 million

Patek Philippe Ref. 5970P-018 (2011)
Perpetual Calendar with Chronograph in platinum.
Hammer price: $1.33 million

Philippe Dufour Simplicity in steel (ca. 2020)
With a rare slate-gray guilloché dial.
Hammer price: $1.21 million (world record for a Simplicity in steel)

Cartier Crash Squelette No. 1 (2017)
The first numbered edition of the skeletonized Crash, set with diamonds and rubies.
Hammer price: $1.17 million

Patek Philippe Nautilus Ref. 5711/111P-001 (2022)
Platinum version of the coveted Nautilus.
Hammer price: $859,000

Which brands command the highest prices?

A look at international auction results from recent years reveals a remarkably stable picture.

Patek Philippe remains at the top. Among the most valuable wristwatches ever sold at auction are models such as the 1518, 2499, 1527, and the Grandmaster Chime.

Right behind them are:

• Rolex (particularly Daytona models with notable provenance)
• F.P. Journe
• Cartier
• Audemars Piguet
• Philippe Dufour

Cartier’s trajectory is particularly noteworthy. For a long time, the brand was primarily regarded as a jewelry and design house. Today, rare models such as the Crash, Pebble, and Crash Squelette regularly fetch six- and seven-figure sums. In Hong Kong, a Crash Squelette No. 1 fetched nearly $1.2 million, almost five times the high estimate.

Brand performance: A brand alone is no longer enough

The results also show that the collectors’ market has changed.

Just ten or fifteen years ago, attention was largely focused on a handful of established names. Today, independent manufacturers are gaining increasing prominence. Collectors are increasingly seeking originality, craftsmanship, and a traceable history.

Models by F.P. Journe, Philippe Dufour, and other independent watchmakers benefit from this trend particularly strongly. Production runs are often extremely limited, while international demand continues to grow.

A market for the few—and a look at the top

As fascinating as the record prices achieved may be, it is important to put them into perspective: The watches traded here represent only a tiny fraction of the global watch market. Even within the luxury watch industry, this is an extremely small niche segment consisting of exceptionally rare collector’s items.

The clientele is equally exclusive. It includes leading international collectors, entrepreneurial families, family offices, and high-net-worth individuals, many of whom also collect significant works of art or classic automobiles. For them, the focus is less on short-term appreciation and more on owning an object of cultural and historical significance.

That is precisely why auctions like those held by Phillips are far more than just a collection of spectacular record prices. They reveal what the world’s most discerning collectors value today: rarity, authenticity, provenance, exceptional craftsmanship, and a watch’s ability to tell a story.

A Patek Philippe Ref. 2499, an early F.P. Journe, or a Philippe Dufour Simplicity are no longer viewed in this context merely as timepieces, but as significant artifacts of watchmaking history. The auction in Hong Kong thus not only delivers record figures but also offers an insightful look at which brands, models, and stories are currently shaping the upper echelons of the collector’s market.