Hong Kong, 31 May 2026 - A Patek Philippe Grand Complications Ref. 5016P-018, circa 2010, achieved HK$8,894,000 (US$1,134,000) at Bonhams' Hong Kong Watches: Rare and Iconic Horological Legends sale on 31 May, setting a world auction record for the 5016P reference. The sale achieved an overall sell-through rate of 98% and totalled HK$41 million, marking the highest watch sale total ever achieved by Bonhams worldwide.
The top lot of the sale, the Patek Philippe Ref. 5016P-018, circa 2010, combines a minute repeater, tourbillon and retrograde perpetual calendar, three of watchmaking's ultimate complications. One of fewer than 20 examples ever to appear at public auction, this rare black-dial variant realized HK$8,894,000 (US$1,134,000), 2.5 times its low estimate (HK$3,500,000 to 6,000,000). Also performing strongly was the Patek Phillippe Ref. 5539G, circa 2014, a minute repeater with one-minute tourbillon, which achieved HK$3,306,000 (US$421,000; estimate: HK$2,800,000 to 5,600,000). Each represents the highest level of technical and artisanal achievement, placing them at the pinnacle of Patek Philippe's horological mastery.
Sharon Chan, Bonhams' International Director of Watches in Asia, commented: "The strong results reflect a vibrant, rational market where collectors prioritise watches of distinctive appeal and value, defined by technical brilliance, craftsmanship, rarity and provenance. The record for the Patek Philippe Ref.5016P, together with strong demand for independent watchmakers, speaks directly to this. At Bonhams, we know the market and our clients. With precise curation, the right offerings and attractive estimates, the market responds."
The sale also demonstrated strong demand for independent watchmaking, driven by technical brilliance, bold creativity and exceptional artisanal finishing.
At the forefront was Maîtres du Temps, founded in 2005 as a collaborative venture bringing together some of independent watchmaking's most celebrated names, Daniel Roth, Roger Dubuis, Peter Speake-Marin, Kari Voutilainen and Andreas Strehler, to create highly limited, chapter-based collections. All four lots in this sale achieved multiples of their pre-sale estimates amid fierce bidding.
• Chapter Two, A Unique and Like New White Gold and Diamond-Set Triple Calendar Wristwatch, circa 2013, by Daniel Roth, Roger Dubuis, and Peter Speake-Marin: One of only two diamond-set versions produced by Maîtres du Temps, the present example made its auction debut and achieved HK$486,400 (US$ 62,000), over 8 times its low estimate (estimate: HK$60,000 to 120,000)
• Chapter Two, A Rare White Gold Triple Calendar Wristwatch with Salmon Dial, circa 2013, by Daniel Roth, Roger Dubuis, and Peter Speake-Marin, achieved HK$448,000 (US$57,100), 7.5 times its low estimate (estimate: HK$60,000 to 120,000)
• Chapter Three Reveal, A Like New and Rare Pink Gold Dual Time Wristwatch, circa 2013, by Kari Voutilainen and Andreas Strehler: Featuring hidden, push-button roller displays for GMT and day/night indications. Limited to roughly 50 pieces in this metal, the present example achieved HK$537,400 (US$68,500), 4.5 times its low estimate (estimate: HK$120,000 to 240,000)
Further notable results from independent watchmakers:
• A Romain Gauthier, Prestige HMS, Ref.MON00010, circa 2016. Part of the ultra-exclusive "HMS Ten" series launched to mark the brand's 10th anniversary, this 41mm platinum semi-skeletonised model stems from an exceptionally low-volume production span and rarely surfaces on the secondary market. The present example realized HK$639,000 (US$81,500), 4.5 times its low estimate (estimate: HK$140,000 to 280,000).
• A Christophe Claret, Kantharos, circa 2013. Creations by Christophe Claret are renowned for complicated movements and intuitive designs. An extraordinary limited production pink gold and PVD-coated titanium, this semi-skeletonised single button chronograph features a cathedral gong striking mechanism and constant force escapement, inspired by the ringside bell of boxing. The lot realized HK$281,600 (US$35,900), 3.5 times its low estimate (estimate: HK$80,000 to 160,000).
• A Greubel Forsey, Balancier Contemporain, circa 2021. This model was issued in a limited series of 33 pieces, with the calibre retired following final deliveries in 2025. The white gold wristwatch with power reserve indication reflects obsessive attention to detail that collectors associate only with this atelier. The lot achieved HK$1,528,000 (US$194,900; estimate: HK$1,100,000 to 2,000,000).
(Press Release)
