Geneva, Hong Kong and New York, 29 June 2026. Phillips in Association with Bacs & Russo closed the first half of 2026 with a combined total of more than $235 million across its Geneva, Hong Kong and New York sales, the first time an auction house has reached that figure for watches in a single season. The Geneva auction became the highest-grossing watch sale on record, New York posted the highest watch total achieved in the Americas, and Hong Kong sold the highest-value timepiece ever offered in Asia. Of the 939 lots offered across the live and online auctions, 937 found buyers, a sell-through rate of 99.8%.
The average lot value was approximately $250,000 across the live and online sales, and nine of the ten highest watch lots sold at auction worldwide this season came from these auctions. Bidding was international, with registrants from more than 70 countries; 30% were new to the house and 35% were under the age of 40.
Alexandre Ghotbi, Thomas Perazzi and Paul Boutros, Deputy Chairmen and Heads of Watches for Europe, Asia and the Americas respectively, said of the results, “ No other auction house has achieved $235 million in an entire year of watch sales, whereas we have realized this figure in just six months. We are grateful to the collectors who entrust us with their pieces, and to those who place their confidence in us through their bids, and we look forward to continuing in the fall.”
Independent Makers Continue Their Rise
Independent watchmaking again defined the season, with strong results across all three live auctions for F.P. Journe, Voutilainen, Roger Smith, Philippe Dufour and others. Highlights include the following.
The F.P. Journe Souscription Résonance No. 007 was the top lot of the season across all auction houses at $13.9 million, setting world records for the maker, for any watch by an independent maker, and for any 21st century watch in a commercial sale. It was also the highest result for a timepiece sold at auction in the Americas since the Paul Newman “ Paul Newman” Daytona in 2017.
Demand for F.P. Journe was strong across every location. In Geneva, a two-tone Chronomètre à Résonance “ Souscription No. 18” achieved CHF 4.9 million (US$6.3 million), the one-of-five Chronomètre à Résonance “ Pisa” reached CHF 2.3 million (US$3 million), and the Octa Chronographe “ Straight Côtes de Genève” achieved CHF 1.7 million (US$2 million). In Hong Kong, a Tourbillon Souverain “ Chine 2010”, one of only five produced and the only known example in a 38mm platinum case, sold for HK$33 million (US$4.2 million), more than four times its pre-sale estimate.
Also in Geneva, the Akrivia AK-06 in stainless steel achieved CHF 3 million (US$3.9 million), while the Naissance d’une Montre No. 1/11 by Greubel Forsey, in collaboration with Philippe Dufour and Michel Boulanger, realized CHF 1.7 million (US$2.1 million). In New York, four watches by Voutilainen surpassed $1 million, each a record for its model, led by a chronograph at $1.8 million.
Philippe Dufour’s stainless steel Simplicity, with a slate grey guilloché dial, full Breguet numerals and contrasting pink gold hands and markers, achieved HK$9.5 million (US$1.2 million) in The Hong Kong Watch Auction: XXII, a world auction record for a stainless steel Simplicity. Roger Smith’s Ref. Series 3 “ Unique Piece” achieved $1.2 million, a record for any wristwatch signed exclusively by Smith.
The Patek Philippe Trio Across Three Continents
Three museum-quality Patek Philippe references were offered across the three salerooms. In Geneva, the Ref. 2523 “ South America” world time achieved CHF 7.96 million (US$10.2 million), a world record for the reference. In Hong Kong, the Ref. 2499 First Series in pink gold realized HK$80 million (US$10.3 million), becoming the most valuable timepiece ever sold in Asia and the first watch to surpass $10 million in the region. In New York, a Ref. 1518 perpetual calendar chronograph achieved nearly $4 million.
Both the Ref. 2499 in Hong Kong and the Ref. 1518 in New York were unusually original, little-restored examples whose dials showed graceful aging, and each drew fierce bidding.
Provenance Drives Results
Provenance again shaped values, with several historically significant watches achieving standout prices. A Patek Philippe Ref. 5004G made for Eric Clapton realized $5.2 million, a world record for the model, while a Nautilus Ref. 5711 also owned by the musician achieved $266,700. The “ Victory Watch” presented to Charles de Gaulle achieved more than CHF 1.46 million (US$1.87 million) in Geneva. A Tiffany & Co.-signed Patek Philippe owned by Paul Starrett, builder of the Empire State Building, sold for $292,100, nearly 20 times its estimate. And the Patek Philippe Ref. 5970R commissioned for the entrepreneur and collector Michael Ovitz realized HK$12.8 million (US$1.6 million) in Hong Kong, 1.6 times its pre-sale high estimate.
(Press Release)
