Dozens of World Auction Records Were Achieved in Phillips' Watch Auctions in 2024, Including Those for Independent Makers Such As F.P. Journe, Derek Pratt, Akrivia, As Well As for Exceptional Vintage Rolex Daytonas, And Many More

Aurel Bacs, Senior Consultant of Phillips in Association with Bacs & Russo, said, "We are thrilled that Phillips has made watch auction history, achieving annual auction totals consistently surpassing US$200 million over the past four years, and this Fall auction season affirmed our market leadership in Geneva, Hong Kong, and New York. In New York, we achieved an unprecedented milestone: four consecutive years of 100% sold white-glove auctions and the highest annual sales total ever recorded in the history of U.S. watch auctions. As we approach our 10th anniversary next year, we look forward to celebrating a decade of remarkable growth and success in watch auctions. We remain committed to presenting exceptional lots and innovative projects to the watch-collecting community.”

KEY STATS FROM 2024 – AUCTIONS

• The annual total for watch auctions exceeded US$212 million (US$212,319,367), marking the first time any auction house's Watches department has surpassed US$200 million in annual sales for four consecutive years. Phillips Watches retained its global market leadership, holding 41% of the market share.

• In 2024, Phillips Watches sold 1,790 lots at auction with 25 timepieces selling above US$1 million. Amid four online sales and eight live auctions, only 13 lots passed. With sales in 2024 strategically curated to feature only the most significant timepieces, Phillips achieved the highest sell-through rate in the industry and sold the most lots above US$1 million in the industry. Out of more than 6,000 timepieces sold at Phillips' global auctions over the last four years, only 14 lots were unsold.

• 50% of lots sold in 2024 auctions soared above their high estimates, and 98% of lots sold above their low estimates.

• This year, the average lot value sold by Phillips Watches at auction was US$117,000, the highest in the industry.

• Phillips’ Watch sales continued to record strong participation worldwide in 2024, with participants from 80 countries. The number of participants increased by 15% from the previous year, driven by new and younger buyers. Notably, 50% of all buyers in global watch auctions this year were new to Phillips, and 35% of buyers were millennials and Gen Z.

• Online participation continues to be robust; in 2024, 85% of the bidders participated in the auctions online, a 23% increase from the previous year. The digital channels have been Phillips clients’ favourite method of bidding for watch auctions since 2016.

• Consistent strong contribution from buyers across EMEA, Americas, and Asia Pacific, highlighted by 50% increase in bought value from the Middle East.

KEY HIGHLIGHTS SOLD AT AUCTIONS IN 2024

• Strong results achieved for independent watchmakers throughout 2024

• Over the last few years, Phillips has regularly featured timepieces from independent watchmakers in its auctions, highlighting their creativity and craftsmanship while offering collectors unique and rare pieces. In 2024, Phillips Watches set numerous world auction records across its global salerooms, notably with the F.P.Journe Tourbillon Souverain à Remontoir d’Égalité 15/93, which sold for CHF 7.3 million/ US$ 8.4 million, becoming the most expensive watch by an independent watchmaker ever sold at auction.

• Other notable records achieved for independent watchmakers include the Oval Pocket Watch by Derek Pratt for Urban Jürgensen, which sold for nearly CHF 3.7 million (over US$4.22 million), setting the auction record for a Derek Pratt timepiece; Akrivia’s unique titanium single-button chronograph tourbillon wristwatch, AK01, which sold for over CHF 1 million/ US$1.23 million, setting the world auction record for an Akrivia wristwatch; and The TOKI: Watch Auction in Hong Kong, which highlighted the artistry of Japanese independent watchmakers, setting auction records for Masahiro Kikuno, Masa’s Pastime, Naoya Hida & Co., Otsuka Lotec, Kurono Tokyo, and Takano.

• Among the most important Philippe Dufour wristwatches to ever appear at auction was a unique, previously unknown Grande & Petite Sonnerie minute repeating wristwatch with an open dial made of transparent sapphire crystal, which achieved US$3.7 million. Only three examples of Philippe Dufour’s Grande & Petite Sonnerie have ever appeared at auction, and all three were originally auctioned by Aurel Bacs. Another outstanding result for Philippe Dufour was a coveted Duality wristwatch, one of the 10 examples made, sold for US$2.1 million.

• F.P.Journe’s Sonnerie Souverain with a possibly unique Ruthenium Dial achieved nearly US$1.8 million, a testament to the watch’s rarity and significance.

• Extraordinary vintage Rolex models consistently set new records

Fantastic results were achieved for Rolex models which continue to attract the attention of the most seasoned collectors. A highlight of the year was the probably unique Rolex Cosmograph Daytona ‘Rainbow’ ref. 16599 SAAEC in white gold from the 1990s, sold for over CHF 5.5 million/ US$6.3 million and set world auction record for an automatic Daytona. Other important Rolex wristwatches achieved strong results including the Rolex Cosmograph Daytona with the “Paul Newman Lemon” dial sold for nearly CHF 2.5 million (over US$2.8 million) and set the auction record for reference 6264; the Rolex ref. 6241 “John Player Special”, a very rare chronograph wristwatch in 14k yellow gold with a black “Paul Newman” dial, sold for over CHF 1.3 million/ US$1.46 million; and the Rolex ref. 6102 “La Caravelle”, a yellow gold wristwatch with cloisonné enamel dial depicting a caravel and original Bucherer certificate, sold for CHF 1.27 million/ US$1.4 million.

• Museum quality Cartier clocks outperformed across the board

This year, Phillips sold multiple unique Cartier clocks crafted in the 1910s, 1920s, and 1930s, showcasing the Maison’s mastery of opulent yet restrained design, combining Eastern influences with modernist Art Deco aesthetics. Examples by Cartier were 100% sold at Phillips; notably, a unique and precious ‘La Pendule Magnétique’ Water Clock ignited a tense 25-minute bidding war and sold for HK$15 million/ US$1.92 million, more than seven times its pre-sale estimate, breaking the world auction record for a magnetic water clock.

KEY HIGHLIGHTS FROM 2024 – PHILLIPS PERPETUAL

• Sales through Phillips Perpetual saw a 15% increase on 2023.
• Following the opening of Phillips’ Pedder Arcade boutique in Hong Kong, the new retail concept attracted 2,000 visitors in its first year of operation, resulting in a 20% year-on-year increase in Private Sales for Watches in Hong Kong.

DYNAMIC COMMUNICATIONS AND CONTENT

Phillips Watches is not only a leader in watch auctions but also continues to share knowledge and create transparency in watch collecting. The house produces engaging content through various innovative approaches, including engaging films, articles, and more. This content delves into the stories behind the watches and the watchmakers, featuring interviews with experts, collectors, and the watchmakers themselves, providing deeper insights into the craftsmanship and history of the pieces. Some films also create engaging and creative narratives about the watches, which help build excitement and reach a broader audience. Outstanding examples from 2024 including: