Not sure what to think anymore about the watch market and the results of the watch auctions. I’ve been trying to understand what’s going on for several years now and the results from auctions are always very surprising but not necessary the best indicator of what’s going on. While I see trends after reviewing the results of the auctions, I also see some inconsistencies where is hard for me to understand why certain time/date watches would fetch more than Grand Complications. All the figures I will be sharing here are in Swiss Francs and include the Phillips buyer’s premium.

As I followed the Phillips Royal Oak 50th Sale this morning, there were ten lots that I decided to follow closely. However, there were four lots that I was really eager to see what they would bring. The first one was the Royal Oak ref. 5402 with case No. 2, that sold for CHF 1,058,500 —approx $1,060,000 USD. More than doubling its estimate, this is the second Royal Oak ever made and one of the four Royal Oak models presented to the press and public at the opening of the Basel watch fair in 1972. If I am not mistaken, this holds now the record for the most expensive Royal Oak ever sold at auction.

Perhaps the biggest surprise at the Phillips Royal Oak 50th Sale was the Royal Oak Perpetual ref. 25654PT case No. 1 signed by Asprey of London on its case back. This example in platinum with a brown dial is one of those watches that will always take my breath away when I think of it and one that seemed like a ‘sleeper’. This lot sold for CHF 992,200 —approx $1,000,000 USD. This watch now holds the record for the second most expensive Royal Oak ever sold at auction.

Then it was the black PVD Royal Oak that belonged to Karl Lagerfeld. While I was expecting that this watch would sell for even more money, the watch sold for CHF 907,500 —approx $925,000 USD. While there are no documents proving the provenance of this watch, everything points out that it was indeed the watch he was seen wearing around and acquired during his time in Rome while working for Fendi.

While the auction had 88 lots and most of them were very interesting to me, as I mentioned earlier I focused on those watches that seem special to me because of their provenance, rarity, or exquisite combination of materials or particular dials.

The auction had two ‘Tuscan’ dial watches and I was blown away by the fact that the Royal Oak ref. 14802PT in platinum with Tuscan dial —limited to 20 pieces— brought more money than its 18K yellow gold Royal Oak Perpetual Calendar counterpart. The first sold for CHF 804,400 —approx $820,000 USD— and the latter sold for CHF 453,600 —approx $463,000 USD. When I see things like this at the auctions is hard for me to understand how some collectors would prefer to pay way more money for a time/date watch over a complication like a Royal Oak Perpetual Calendar or even over a Royal Oak Grand Complication like ref. 25865ST in stainless steel that sold for only CHF 444,528 —approx $458,000 USD.

Alongside, a Royal Oak 5402 A-Series with Khanjar dial —a piece commissioned by The Sultan of Oman, His Majesty Sultan Qaboos bin Said al Said— sold for CHF 756,000 —approx $771,000 USD.

Then comes the Royal Oak Automatique Tourbillon 25th Anniversary ref. 25831ST with case No. 1 that was released to commemorate the 25th anniversary of the creation of the Audemars Piguet Royal Oak. Produced in very limited quantities with only 25 pieces in stainless steel, surprisingly, this watch didn’t sell for as much as I was expecting, although it did exceed its estimate selling for CHF 352,800 —approx $360,000 USD.

Another favorite of mine that brought in all the money was the Royal Oak Perpetual Calendar Openworked in Platinum which sold for CHF 680,400 —approx $695,000 USD. A stunning watch that was in incredible condition when I was able to peruse it at Phillips.

Setting a new benchmark for Royal Oak ref. 5402 A-Series, the A-series example with case number 1468 sold for CHF 245,700 —approx $250,000 USD. A full set watch belonging to its original owner, that sets the new price standard for any Royal Oak A-series out there.

Other than the watches I’ve already talked about here, Royal Oak Perpetual Calendars in general brought in all the money. A Tantalum and Platinum Perpetual sold for CHF 738,100 —approx $753,000 USD—, a Stainless Perpetual Calendar Triple Serial with Silver Dial sold for CHF 680,400 —approx $695,000 USD, an Yves Klein Dial Perpetual Calendar sold for CHF 327,600 — approx $335,000 USD—, a Stainless Steel Perpetual Calendar with salmon dial sold for CHF 579,600 —approx $592,000 USD— and a Platinum Perpetual with Salmon dial sold for CHF 554,400 —approx $566,000 USD. All these prices set a new standard for Royal Oak Perpetual Calendars in the watch market. Oh lord! how I regret selling my Royal Oak Perpetual Calendar last year and leaving so much money on the table.

With those prices for precious metal or stainless steel perpetual calendars, the Royal Oak Perpetual Calendar in black ceramic seems like a bargain at CHF 365,400 —approx $373,000 USD.

And lastly, three big surprises that I really wasn’t expecting would bring such high prices with the exception of the gem-set perpetual calendar reference 25659.

The first one is the white gold Royal Oak Extra-Thin ref. 15202BC with a sand-colored dial that sold for CHF 252,000 —approx $257,000 USD—, then the Royal Oak Jubilee ref. 14802ST with a salmon-colored dial that also sold for CHF 252,000 —approx $257,000 USD— and lastly, the Royal Oak Perpetual Calendar full gem-set openworked perpetual calendar reference 25659 —only 4 pieces ever made with 3 pieces in yellow gold and 1 piece in platinum— sold for CHF 630,000 —approx $643,000 USD.

In all, this was an incredibly well-put-together sale with some of the most amazing Royal Oaks ever offered for sale. A perfect way of paying tribute to the 50th anniversary of the sports watch that changed the watch industry and allowed Audemars Piguet to stay afloat and reinvent themselves. Congrats to all the buyers at the auction and enjoy your new timepieces.

Now, let’s just wait and see if Gérald Genta’s very own Royal Oak is able to break the new record just set by the Royal Oak ref. 5402ST with case No. 2, that sold for CHF 1,058,500 —approx $1,060,000 USD. Maybe Genta’s very own watch will become the most expensive Royal Oak ever sold at auction on May 10, 2022, in Geneva, Switzerland.

Before I say goodbye, here’s a watch that I was expecting to bring more money and which I consider to be one of the ultimate ‘F You’ watches from this Royal Oak 50th sale. My open-worked grail, the Royal Oak Openworked reference 26518ST in stainless steel with a 41 mm case sold for CHF 327,600 —approx $335,000 USD.

For more info on Phillips Watches click here.