Phillips Smashes Records With $51.5 Million USD Watch Auction Results
With the pink gold Patek Philippe Ref. 2499 becoming the most valuable timepiece ever sold at auction in Asia.
Summary
- Phillips’ Hong Kong Watch Auction XXII achieved a record $51.5 million USD, up 90% year‑on‑year
- A rare Patek Philippe Ref. 2499 First Series in pink gold sold for $10.25 million USD, the highest value watch ever sold in Asia
Phillips in Association with Bacs & Russo recently concluded its highly anticipated Hong Kong Watch Auction: XXII, raking in a staggering $403 million HKD (approx. $51.5 million USD) over the two-day event, marking a 90% year-on-year increase. The event set a new benchmark as Phillips’ highest watch sale total in Asia. The undisputed star of the weekend was a historically important Patek Philippe Ref. 2499 First Series in pink gold, which hammered for a monumental $80.3 million HKD (approx. $10.2 million USD). This landmark transaction not only set a new world auction record for the Ref. 2499, but also crowned the watch as the most valuable timepiece ever sold at auction in Asia and the most expensive watch sold globally this spring to date.
The record-setting Patek Philippe Ref. 2499 is an exceptionally rare masterpiece originating from 1951, distinguished as one of only four known First Series examples in pink gold to feature the coveted Vichet case. Adding to its immense historical pedigree, it is the sole known example of its kind to bear British hallmarks. Patek Philippe’s dominance continued throughout the auction, with several other notable models achieving stellar results. A Ref. 3448 Padellone “Tokyo White,” double-signed by Beyer Chronometrie, fetched $13.7 million HKD (approx. $1.7 million USD), while a unique Ref. 5970R commissioned for entrepreneur Michael Ovitz, featuring an exclusive “MSO” monogram, realized $12.8 million HKD (approx. $1.6 million USD).
Beyond the heavy-hitting Patek Philippe lots, independent watchmaking masters drew massive attention from the 1,928 registered bidders. Leading the indie charge was an F.P. Journe Tourbillon Souverain “Chine 2010,” one of only five examples ever produced and the singular known piece housed in a 38mm platinum case. The ultra-rare model achieved an impressive $32.9 million HKD (approx. $4.2 million USD), more than four times its pre-sale estimate. Philippe Dufour also made waves with a slate grey guilloché dial stainless steel Simplicity that set a world auction record for a steel Simplicity at $9.4 million HKD (approx. $1.2 million USD.
Last but not least, Cartier continued its strong auction momentum with the inaugural diamond and ruby-set Crash Squelette No. 1, which sold for nearly five times its high estimate at $9.2 million HKD (approx. $1.1 million USD). In total, eight timepieces surpassed the $1 million USD mark, securing the highest number of million-dollar lots across all auction houses in Asia this season.
