In Geneva, the international auction house Phillips has just broken an all-time record. In partnership with Bacs & Russo, it has just achieved the largest watch sale in history, with a total of 74.8 million Swiss francs ($96.3 million) realized at the Geneva Watch Auction: XXIII held on May 9 and 10.
This exceptional sale allowed Phillips to break its own records set in 2021 and 2025, surpassing the symbolic $100 million mark for the first time over a full season.
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Auctions Driven by Iconic Pieces
The figures reflect a particularly dynamic market despite an ongoing geopolitical instability: 224 lots sold out of 225 offered, representing a sell-through rate of 99.6% by volume and 99.9% by value. The sale attracted 1,815 bidders from 74 countries, drawn by the historic and rare pieces on offer.
Fourteen watches exceeded one million Swiss francs, while 43 world records were set. The star of the sale was the Patek Philippe Ref. 2523 “South America,” a yellow gold worldtimer that had not appeared at public auction since 1988; it sold for 7.96 million Swiss francs after a lengthy bidding war. It thus ranks among the top three most expensive vintage wristwatches ever sold by Phillips.
The Rise of Independent Watchmakers Confirms the Market’s Transformation
The auction also highlighted F.P. Journe’s continued ascent in the secondary market. The Chronomètre à Résonance “Souscription No. 18” sold for 4.87 million Swiss francs, while the “Pisa” version fetched 2.33 million. In total, six world records were set for this independent brand.
In the pocket watch category, the one-of-a-kind Louis Richard “Triple Detent Constant Force One Minute Tourbillon Chronometer” reached 3.96 million Swiss francs, while the “La Royale” Super Complication by Louis Audemars & Co. fetched 2.51 million.
Beyond the records, these results reveal a structural shift in the market. Long dominated by a few iconic models from Rolex or Patek Philippe, the auction segment is now opening up to independent brands and prototypes. For specialists Aurel Bacs and Livia Russo, this rise in prominence now places collectible watchmaking “alongside fine art, exceptional jewelry, and historic cars among the major categories of global collecting,” they stated in a press release.
In a luxury market that has struggled to recover since 2024, the ultra-high-end watch collecting sector is thus confirming its resilience, unlocking new potential through the appreciation of certain historic pieces and the upward shift of independent brands, and, above all, generating increasing interest as a safe-haven asset among affluent consumers.
• Puig has entered into a three-year partnership with the Dries Van Noten Foundation, reaffirming a strategy in which culture and creativity serve as key drivers of growth.
• Backed by solid growth (approximately €5 billion in revenue in 2025, +8%), the group has increased investment capacity to support long-term cultural initiatives.
• This partnership is part of a broader strategic repositioning effort, involving consolidation in the premium luxury sector and ongoing discussions with Estée Lauder regarding a potential merger.
Puig Partners With The Dries Van Noten Foundation
Puig, the Spanish group, has just formalised a three-year partnership with the Dries Van Noten Foundation. This new cultural organisation, founded by the Flemish designer Dries Van Noten and his partner Patrick Vangheluwe, was launched in Venice during the Biennale on 25 April.
By Eva Morletto
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