Geneva, 10 May 2026 - Phillips in Association with Bacs & Russo has set the highest-grossing watch auction in history. The Geneva Watch Auction: XXIII, held over two days at Hotel President on 9 and 10 May, realized a sale total of CHF 74,846,995 (US$ 96,328,083 / € 81,732,919), with 224 of 225 lots sold for a sell-through rate of 99.6 percent by lot and 99.9 percent by value. The sale set no fewer than 43 world records, and 14 timepieces surpassed CHF 1 million. With the result, Phillips breaks its own two previous records, set in 2021 and 2025, and the wider Geneva Spring Season (March online and May live) passes the US$ 100 million mark (CHF 78 million / EUR 85 million) for the first time in watch auction history.
The result crowns several seasons of consistent growth and drew record global participation, with over 1,815 registrants from 74 countries bidding across the room, online, and on the phones. Phillips Senior Consultants Aurel Bacs and Livia Russo jointly described the moment in historic terms, observing that "some 30 years ago, an annual turnover of one hundred million dollars for a global watch department was unthinkable," and that now "watches are sitting side by side on the podium with fine art, extraordinary jewelry, historic rare motorcars, at the top of the collecting world and will continue their upward journey."
Alexandre Ghotbi, Deputy Chairman and Head of Watches, Europe and Middle East, together with Tiffany To, Senior International Watch Specialist and Head of Sale, called the result a statement, adding that "the energy in the room, the caliber of the pieces and the intense excitement in the auction room confirmed what we feel every time this community comes together: that great watchmaking will always matter. The market is not just healthy, it is hungry. Hungry for relevance, for craftsmanship, for quality without compromise."
Rare Patek Philippes drive the market
Leading the sale was the extraordinarily rare Patek Philippe Ref. 2523 "South America" world-time wristwatch in 18k yellow gold, which achieved CHF 7,961,000 (US$ 10,245,807) after an extended bidding battle between the phones and the room, setting a world record for the reference. It becomes the second vintage Patek Philippe and the third vintage wristwatch ever to surpass US$ 10 million at auction, all of them sold by Phillips. Also in the multi-millions, an extremely rare and freshly unsealed Ref. 6002G-010 Sky Moon Tourbillon cathedral minute repeater perpetual calendar in 18k white gold achieved CHF 3,242,000, while the highly collectible Ref. 2499/100 perpetual calendar chronograph in yellow gold realized CHF 889,000.
F.P. Journe flying higher and higher
All eyes were on the exceptional selection of nine timepieces by the Geneva watchmaker F.P. Journe, which together set six world records. Leading the group was the two-tone Chronomètre à Résonance "Souscription No. 18", one of only three known Souscription examples in this configuration with a pink gold and platinum case and a white gold dial, which achieved CHF 4,875,500. Other standout results included the one-of-five Chronomètre à Résonance "Pisa" at CHF 2,334,500 and the Octa Chronographe "Straight Côtes de Genève" at CHF 1,714,500.
Independents among the biggest draws
Independent watchmaking proved one of the evening's clear strengths. Leading the charge was the Akrivia AK-06 in stainless steel, which achieved a staggering CHF 3,000,000, while the Naissance d'une Montre No. 1/11 by Greubel Forsey, in collaboration with Philippe Dufour and Michel Boulanger, realized CHF 1,651,000. Prototype creations also triggered fierce bidding, with the Urban Jürgensen Reference 2 "Prototype", the Lederer Inverto "Prototype 00" featuring a central impulse escapement, and the Auffret Paris Giverny "Prototype" Blue Train all climbing well into the hundreds of thousands while comfortably surpassing their high estimates.
An appetite for pocket watches
Phillips' ability to curate exceptional pocket watches was again evident across 24 lots dedicated to the genre. Leading the category was the unique Louis Richard "Triple Detent Constant Force One Minute Tourbillon Chronometer", the only known example of its kind, which realized CHF 3,968,000. Other standout results included the extraordinary Louis Audemars & Co. "La Royale" Super Complication at CHF 2,516,000, the historically important Agassiz Watch Co. "Victory Watch" gifted to Charles de Gaulle at CHF 1,460,500, and the Paul Ditisheim "Minute Detent Escapement Tourbillon", one of only eight tourbillons made by the watchmaker and a former Kew Observatory record holder, which sold for CHF 1,270,000.
Early to mid-century treasures
Exquisite craftsmanship from the early and mid-20th century was also to the fore, led by a unique Cartier mystery clock of museum quality, crafted from rock crystal, agate, rose quartz, nephrite, diamonds, and enamel, which achieved CHF 1,219,200. The one-of-five Audemars Piguet Ref. 5503 triple calendar moonphase wristwatch in stainless steel and 14k pink gold fetched CHF 1,092,200, and the extremely rare pink-gold Vacheron Constantin Ref. 4764 "Cioccolatone" triple calendar moonphase brought CHF 635,000.
Above one million
| Lot | Maker and model | Estimate | Price achieved |
|---|---|---|---|
| 27 | Patek Philippe Ref. 2523 "South America" Two-Crown World Timer in 18k yellow gold (world record for this reference) | In excess of CHF 5,000,000 | CHF 7,961,000 (US$ 10,245,807) |
| 6 | F.P. Journe Chronomètre à Résonance "Souscription No. 18" in platinum and 18k pink gold (world record for this model) | CHF 450,000 to CHF 900,000 | CHF 4,875,000 (US$ 6,274,125) |
| 108 | Louis Richard "Triple Detent Constant Force One Minute Tourbillon Chronometer" in 18k yellow gold (world record for any pocket chronometer) | CHF 100,000 to CHF 200,000 | CHF 3,968,000 (US$ 5,106,816) |
| 144 | Patek Philippe Ref. 6002G-010 Sky Moon Tourbillon | CHF 350,000 to CHF 700,000 | CHF 3,242,000 (US$ 4,172,454) |
| 36 | Akrivia AK-06 in stainless steel (world record for Akrivia/Rexhep Rexhepi) | CHF 350,000 to CHF 700,000 | CHF 3,000,000 (US$ 3,861,000) |
| 137 | Louis Audemars & Co. No. 12112 "La Royale" | CHF 400,000 to CHF 800,000 | CHF 2,516,000 (US$ 3,238,092) |
| 149 | F.P. Journe Chronomètre à Résonance "Pisa" | CHF 450,000 to CHF 900,000 | CHF 2,334,500 |
| 128 | F.P. Journe Octa Chronographe 38mm brass movement (world record for this reference) | CHF 150,000 to CHF 300,000 | CHF 1,714,500 (US$ 2,206,562) |
| 65 | Greubel Forsey x Philippe Dufour x Michel Boulanger Naissance d'une Montre 1 No. 1/11 in 18k white gold (world record for Naissance d'une Montre) | CHF 400,000 to CHF 800,000 | CHF 1,651,000 (US$ 2,124,837) |
| 208 | F.P. Journe Tourbillon Souverain à Remontoir d'Egalité | CHF 350,000 to CHF 700,000 | CHF 1,524,000 (US$ 1,961,388) |
| 24 | Agassiz Watch Co. "Victory Watch: Charles de Gaulle" pocket watch in 18k yellow gold | CHF 300,000 to CHF 600,000 | CHF 1,460,500 (US$ 1,879,664) |
| 138 | Paul Ditisheim "Minute Detent Escapement Tourbillon" (world record for the brand) | CHF 60,000 to CHF 120,000 | CHF 1,270,000 (US$ 1,634,490) |
| 229 | Cartier mystery clock | CHF 600,000 to CHF 1,200,000 | CHF 1,219,200 (US$ 1,569,110) |
| 26 | Audemars Piguet Ref. 5503 triple calendar chronograph with moonphase display in stainless steel and 14k pink gold (world record for a vintage Audemars Piguet wristwatch) | CHF 400,000 to CHF 800,000 | CHF 1,092,200 (US$ 1,405,661) |
The result extends a remarkable run for Phillips Watches. The house previously held the record for the most successful watch auction with its Geneva Watch Auction: XIV, which realized US$ 74.5 million in 2021, and its annual total for watch auctions in 2025 exceeded US$ 290 million, marking the first time any auction house's watches department had surpassed US$ 200 million in annual sales for five consecutive years.
Estimates do not include the buyer's premium; prices achieved include the hammer price plus buyer's premium. Exchange rate on 9 to 10 May 2026: CHF 1 = US$ 1.2807 / €1.092 / HK$ 10.075.
(Press Release)
