This weekend November 3 and 4, 2023 in Geneva, Switzerland, Phillips in Association with Bacs & Russo brought in CHF39,055,706 —$43,074,538 USD— in The Geneva Watch Auction: XVIII, doubling the pre-sale low estimate of CHF 19 million. The auction, held on Friday, November 3, and Saturday, November 4, saw watch aficionados participating from across 66 countries. The atmosphere in the saleroom at La Réserve Hotel was electric and brimming with enthusiasm, as over 650 collectors attended in person and over 1,500 bidders competed online on Phillips.com, ultimately securing half of the lots offered. Phillips sold three watches above the CHF 2 million Swiss Francs mark, along with two others surpassing the CHF 1 million Swiss Francs mark.

Phillips maintains its leadership in the market, solidifying its position through consistently hosting highly enticing auctions featuring a diverse range of sought-after pieces. This success is underscored by the remarkable results achieved at La Réserve over the weekend, where the average price per lot soared to an impressive CHF 213,000. Notably, Phillips experienced its first and only instance of an unsold lot in the past three years. Merely three watches sold below their low estimates, with the overwhelming majority surpassing their high estimates by a significant margin.

Despite the rainy weather and overcast skies, watch enthusiasts remained undeterred, eagerly participating in the live auction. The star lot of the sale was the Patek Philippe Nautilus model ref. 3700/1 in platinum, the only known example in this configuration. After a fierce five-minute bidding war between online, phone, and in-room collectors, the watch ultimately sold to a phone bidder. Remarkably, this timepiece had never seen an auction room before, enhancing its already exceptional rarity, further underscored by the distinctive Gübelin signature adorning the dial. The absence of diamonds on the bezel or its indexes makes this watch truly unique in its appearance. The watch sold for a staggering CHF 2,540,500 —$2,801,917 USD— surpassing its pre-sale high estimate of CHF 2 million.

Two exceptionally rare examples of the Patek Philippe reference 2499 commanded impressive prices. The first series in yellow gold, dating back to 1951, soared to CHF 2,104,900 —$2,321,494 USD—, whilst the same model from 1967, the third series with a Beyer-signed dial, also in yellow gold, achieved a noteworthy CHF 876,300 —$966,461 USD.

Another unmissable moment was the Rolex reference 6062 in stainless steel triple calendar wristwatch with moon phases and a two-tone dial. Nicknamed “The New Standard”, the wristwatch bears a dial that has not been spotted or tarnished, despite the timepiece being 60 years old. This example remains free of noticeable imperfections. The watch, an exceptional specimen preserved in unpolished condition, fetched an impressive CHF 2,117,000 —$2,334,839 USD.

Phillips' unwavering commitment to championing Independent Watchmaking remains unparalleled, and this season was no exception. A dedicated section of the auction catalog, aptly named The Independents' Atelier, showcased the most exquisite horological creations crafted by renowned watchmakers including De Bethune, George Daniels, Urban Jürgensen, Philippe Dufour, Roger Smith, Urwerk, and F.P. Journe.

Highlighting the section was a George Daniels’ Anniversary 01, an important co-axial watch in platinum that sold for CHF 1,143,000 —$1,260,614 USD.

A spectacular and ultra-rare F.P. Journe Sonnerie Souverain Black Label minute repeating grande and petite sonnerie stainless steel wristwatch with power reserve indication, black dial, bracelet, certificate, and presentation box sold for CHF 1,079,500 —$1,190,580 USD.

Richard Mille’s RM27-01 Rafael Nadal model, a tourbillon wristwatch with suspended movement, number 14 of a 50-piece limited edition nearly surpassed the CHF 1 million mark, achieving CHF 952,500 —$1,050,512 USD.

The Patek Philippe reference 5016P, a platinum perpetual calendar minute repeating wristwatch with retrograde date, tourbillon regulator, moon phases, black dial, additional case back, certificate of origin, and presentation box sold for CHF 787,400 —$868,313 USD.

A Rolex Cosmograph Daytona reference 6264 with ‘Cherry Logo’ which is an extremely rare, highly sought-after, and very well-preserved 14K yellow gold chronograph established a new World Record for the Reference with Cherry Logo Dial at auction selling for CHF 685,800 —$756,368 USD.

A Philippe Dufour Simplicity Prototype which is the only known and historically important pink gold prototype display wristwatch, numbered 000 sold for CHF 660,400 —$728,355.

The MB&F x Alain Silberstein, a unique and unusual brown-colored silicium PVD-coated titanium jump hour wristwatch, sold for CHF 304,800, over 12 times its pre-sale low estimate. Finally, a stunning pink gold Double Impulse Chronometer Escapement wristwatch by Charles Frodsham achieved a respectable CHF 317,500, a world record for a wristwatch by the brand.

The highly anticipated Panerai timepiece, a one-of-a-kind Radiomir Guido Panerai & Figlio model resulting from a collaboration between Panerai and Phillips, eventually sold to a very determined vintage Panerai collector from Taiwan for CHF 355,600, more than doubling its high estimate. This exceptional timepiece stands as a sublime embodiment of the brand's rich heritage, embellished with a vintage Angelus movement. Phillips takes great pride in contributing its entire buyer's premium to the Intergovernmental Oceanographic Commission of UNESCO.

An underestimated piece, a yellow gold chronograph by Breguet with a lapis lazuli dial, surprised the audience as it ultimately sold for CHF 146,050, exceeding its low estimate by a staggering fourteenfold.

Alexandre Ghotbi, Deputy Chairman and Head of Watches, Europe, and Middle East, and Tiffany To, Senior International Watch Specialist and Head of Sale, jointly said:

"In an ever-evolving market, we are delighted to see that clients are, more than ever, looking for fine collectible timepieces of unparalleled quality, steeped in historical significance and rarity. The Geneva Watch Auction: XVIII witnessed numerous watches surpassing their low estimates by remarkable margins, at times by a factor of 14. Our heartfelt thanks go out to the consignors, clients, and the global watch community who participated in this momentous event, whether virtually, over the phone, or in person. Notably, The Geneva Watch Auction: XVIII achieved an average price per lot of CHF 213,000, marking one of the highest successes in the history of Phillips Watches."

The team of specialists at Phillips Watches is dedicated to an uncompromised approach to quality, transparency, and client service. Phillips in Association with Bacs & Russo holds the world record for the most successful watch auction, with its Geneva Watch Auction: XIV having realized $74.5 million in 2021. Over the course of 2021 and 2022, the company sold 100% of the watches offered, a first in the industry, resulting in the highest annual total in history across all the auction houses at $227 million.

Record-breaking prices include:

1. Paul Newman’s Rolex “Paul Newman” Daytona reference 6239 (CHF 17,709,894 / US$17,752,500) – New York Auction: Winning Icons – 26 October 2017 – Highest result ever achieved for any vintage wristwatch at auction.

2. Patek Philippe reference 1518 in stainless steel (CHF 11,020,000 / US$11,112,020) – Geneva Watch Auction: FOUR – 12 November 2016 – Highest result ever achieved for a vintage Patek Philippe wristwatch at auction.

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