Hong Kong, 8 April 2026 - Phillips in Association with Bacs & Russo has announced the offering of a historically important and exceptionally rare Patek Philippe Ref. 2499 First Series in pink gold, set to lead The Hong Kong Watch Auction: XXII on 30 to 31 May. Carrying an estimate of HK$24,000,000 to HK$48,000,000 (US$3,000,000 to US$6,000,000), the watch marks the very first time a Ref. 2499 First Series in pink gold has been presented at auction in Asia, an event the house frames as a once-in-a-lifetime opportunity for collectors in the region to acquire one of the undisputed Holy Grails of watch collecting.
Thomas Perazzi, Head of Watches, Asia, said, "Following a record-breaking year for our watch auctions in Hong Kong, which set a new benchmark in Asia's auction history, we are deeply honored to be entrusted with the sale of this Patek Philippe Ref. 2499 First Series in pink gold. Occupying the very summit of perpetual calendar chronograph collecting, it stands among the rarest trophies in the world of connoisseurship." He noted that the watch was last offered in the landmark sale commemorating Patek Philippe's 175th anniversary in 2014 and remains in superb, well-preserved condition, adding that the sale "reaffirms that Phillips continues to be the leading home for vintage timepieces worldwide."
The leading lot
Introduced in 1951, the Patek Philippe Ref. 2499 is celebrated as one of the most complicated and iconic timepieces ever created. Over a 35-year production run, only 349 examples were produced, with the First Series appearing in both yellow and pink gold. Of these, only four in pink gold feature the coveted Vichet case, and the present watch may well be the second pink Vichet 2499 ever produced, placing it among the scarcest watches in history. Its rarity is heightened by a unique distinction: it is the only known Ref. 2499 First Series in pink gold stamped with British hallmarks. Manufactured in 1951, imported to London in 1955, and sold in 1956, the case back bears both a British import mark and a Swiss hallmark, and is stamped with the London "U" date letter and the "Ω" import mark for 18K gold.
Equally remarkable is the dial, crafted by Stern Frères, which features a kilometer scale and an early "Chemin de Fer" date track. Its crisp black hard enamel signature and evenly aged indexes, now with a rich patina, confirm both originality and exceptional condition for a watch of this age.
A rare Ref. 3448 "Tokyo White"
Another outstanding vintage Patek Philippe set to highlight The Hong Kong Watch Auction: XXII this May is the only known Ref. 3448 white gold example with this dial configuration. Appearing at an international auction for the first time, the lot, nicknamed "Tokyo White," is offered with its presentation box and the original 1972 Certificate of Origin, stamped by Chronometrie Beyer Zürich. It carries an estimate of HK$6,000,000 to HK$12,000,000 (US$765,000 to US$1,500,000).
The Ref. 3448 holds a paramount place in horology as the world's first self-winding perpetual calendar wristwatch, distinguished by its robust 37.5mm Antoine Gerlach case and powered by the celebrated calibre 27-460 Q. The present example is further elevated by its dial, double-signed by Beyer Chronometrie, featuring pearly minute divisions, a larger calendar ring, rare "reversed" date numerals, and an unusual Patek Philippe signature placement. Preserved in breathtaking condition with razor-sharp lugs, crisp hallmarks, and a subtle ivory patina, it arrives as Beyer Chronometrie, recently acquired by Patek Philippe, prepares to conclude its 266-year history and transition into a new salon in 2027.
Highlights tours and preview
Ahead of the auction, the highlights travel on a series of tours: Singapore at The St. Regis Singapore on 10 to 11 April, Taipei at the Taipei Marriott Hotel on 18 to 19 April, and Geneva at the Hotel President on 6 to 10 May. The Hong Kong preview follows at Phillips Perpetual, Pedder Building, on 22 to 23 May, and at the WKCDA Tower in the West Kowloon Cultural District on 26 to 31 May, where the sale itself will be held on 30 to 31 May.
A record-setting watch department
Phillips in Association with Bacs & Russo holds the world record for the most successful watch auction, its DECADE ONE (2015 to 2025) sale having realized US$83 million in 2025. The annual total for its watch auctions in 2025 exceeded US$290 million, marking the first time any auction house's Watches department has surpassed US$200 million in annual sales for five consecutive years. The team's record-breaking results include Paul Newman's Rolex "Paul Newman" Daytona reference 6239, which sold for CHF 17,709,894 (US$17,752,500) at the New York Auction: Winning Icons on 26 October 2017, the highest result ever achieved for any vintage wristwatch at auction, and a Patek Philippe reference 1518 in stainless steel, which brought CHF 14,190,000 (US$17,631,075) at Watches: Decade One (2015 to 2025) on 8 November 2025, the highest result ever achieved for a vintage Patek Philippe wristwatch at auction.
Estimates do not include the buyer's premium; prices achieved include the hammer price plus buyer's premium.
(Press Release)
