Hong Kong, 31 May 2026 - The Hong Kong Watch Auction: XXII, presented by Phillips in Association with Bacs & Russo, realized HK$403,792,890 (US$51,523,973) across two days on 30 and 31 May, a result up 90 percent year on year and the highest watch sale total ever achieved by Phillips in Asia. Of the 294 lots offered, 293 found buyers, for a sell-through rate of 99.6 percent by lot and 99.7 percent by value. The sale was headlined by an exceptionally rare Patek Philippe Ref. 2499 First Series in pink gold, which sold for HK$80,370,000 (US$10,255,212) to become the most valuable timepiece ever sold at auction in Asia.
The two-day sale attracted 1,928 registered bidders from 64 countries and regions. Eight timepieces exceeded the US$1 million mark, the highest number across all auction houses in Asia this season, spanning brands and categories from Patek Philippe and F.P. Journe to Philippe Dufour and Cartier. Thomas Perazzi, Head of Watches, Asia, said: "Following the record-breaking success of our recent Geneva sale, which achieved the highest total ever for a watch auction in history, we are delighted to begin the new decade in Asia with our highest-ever watch auction total in the region." He added that "to date, five wristwatches have sold for over US$10 million at non-charitable auction, all of them sold by Phillips across our global salerooms in Geneva, New York, and Hong Kong."
Gertrude Wong, Head of Sale, pointed to the breadth of the result, noting that "the exceptional participation from collectors across the globe and the strong performance across categories, from Patek Philippe to leading independent watchmakers such as F.P. Journe and Philippe Dufour, as well as iconic Cartier creations, underscore the continued depth, diversity, and confidence in today's watch market."
A new reference record
The historically important Patek Philippe Ref. 2499 First Series in pink gold provided the sale's defining moment, achieving HK$80,370,000 (US$10,255,212). One of only four known First Series Ref. 2499 examples in pink gold to feature the coveted Vichet case, it is the sole example bearing British hallmarks. The result established it as the most valuable timepiece ever sold at auction in Asia, the most expensive watch sold at global auctions this spring to date, and a new world auction record for the Patek Philippe Ref. 2499.
Patek Philippe highlights
Patek Philippe remained exceptionally sought after throughout the sale. The Ref. 3448, double-signed by Beyer Chronometrie and nicknamed "Tokyo White," achieved HK$13,716,000 (US$1,750,161). Its appearance carried added significance, as Beyer Chronometrie, recently acquired by Patek Philippe, approaches the close of its 266-year history ahead of its transformation into a new salon in 2027. The Ref. 5970R, commissioned for the renowned entrepreneur and collector Michael Ovitz and featuring the exclusive "MSO" monogram, realized HK$12,827,000 (US$1,636,725), 1.6 times its pre-sale high estimate.
Independent watchmaking masters
Timepieces by independent watchmaking masters proved among the strongest attractions. An F.P. Journe Tourbillon Souverain "Chine 2010," one of only five examples produced and the only known example housed in a 38mm platinum case, sold for HK$32,965,000 (US$4,206,334), more than four times its pre-sale estimate. A fresh-to-market "pink-on-pink" example of the Tourbillon Souverain also achieved an exceptional result at HK$11,239,500 (US$1,434,160), more than double its pre-sale high estimate. Philippe Dufour's iconic stainless steel Simplicity, distinguished by a rare slate grey guilloche dial with full Breguet numerals and contrasting pink gold hands and markers, achieved HK$9,461,500 (US$1,207,287), setting a world auction record for a stainless steel Simplicity.
Cartier in demand
Cartier again drew robust collector demand. The inaugural diamond and ruby-set edition of the Crash Squelette, numbered "1" of the series, made its auction debut and sold for HK$9,207,500 (US$1,174,877), nearly five times its pre-sale high estimate. A Mystery Clock featuring an octagonal rock-crystal dial with diamond-set gold indexes achieved HK$2,286,000 (US$291,694), nearly three times its pre-sale high estimate.
Top 10 lots
| Lot | Maker and model | Estimate | Price achieved |
|---|---|---|---|
| 941 | Patek Philippe, Ref. 2499 "The Pink First Series", 1951 (world record for this reference) | HK$24,000,000 to HK$48,000,000 (US$3,080,000 to US$6,150,000) | HK$80,370,000 (US$10,255,212) |
| 895 | F.P. Journe, Tourbillon Souverain, "Chine 2010 38", circa 2010 | In excess of HK$7,800,000 (US$1,000,000) | HK$32,965,000 (US$4,206,334) |
| 1097 | Patek Philippe, Ref. 3448, Padellone "Tokyo White", 1972 | HK$6,000,000 to HK$12,000,000 (US$769,000 to US$1,540,000) | HK$13,716,000 (US$1,750,161) |
| 1031 | Patek Philippe, Ref. 5970R-017, commissioned by American collector Michael Ovitz, circa 2011 (world record for this reference) | HK$4,000,000 to HK$8,000,000 (US$513,000 to US$1,030,000) | HK$12,827,000 (US$1,636,725) |
| 842 | F.P. Journe, Ref. T, Tourbillon Souverain, circa 2003 | HK$2,400,000 to HK$4,800,000 (US$308,000 to US$615,000) | HK$11,239,500 (US$1,434,160) |
| 924 | Patek Philippe, Ref. 5970P-018, 2011 | HK$3,500,000 to HK$7,000,000 (US$449,000 to US$897,000) | HK$10,414,000 (US$1,328,826) |
| 877 | Philippe Dufour, Simplicity in steel, circa 2020 (world record for Simplicity in steel) | HK$2,800,000 to HK$5,600,000 (US$359,000 to US$718,000) | HK$9,461,500 (US$1,207,287) |
| 853 | Cartier, Ref. CRHPI01088, Crash Squelette No. 1, circa 2017 | HK$1,000,000 to HK$2,000,000 (US$128,000 to US$256,000) | HK$9,207,500 (US$1,174,877) |
| 925 | Patek Philippe, Ref. 5711/111P-001, Nautilus, circa 2022 | HK$2,400,000 to HK$4,800,000 (US$308,000 to US$615,000) | HK$6,731,000 (US$858,876) |
| 997 | Patek Philippe, Ref. 5016P-010, circa 2009 | HK$3,500,000 to HK$6,500,000 (US$449,000 to US$833,000) | HK$6,731,000 (US$858,876) |
The result follows a landmark stretch for the house. 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, while the department's annual total for watch auctions in 2025 exceeded US$290 million, the first time any auction house's Watches department has surpassed US$200 million in annual sales for five consecutive years. Phillips next turns to its upcoming auction in New York on 13 and 14 June.
Estimates do not include the buyer's premium; prices achieved include the hammer price plus buyer's premium. Exchange rate on 30 to 31 May 2026: HK$1 = US$0.1276.
(Press Release)
