The pre-owned watch market may be facing a downturn, but high-end watch auctions continue to shatter records, particularly in Geneva. Over a recent weekend, Phillips, Sotheby’s, and Christie’s collectively raked in nearly $101 million in sales, underscoring the resilience of top-tier timepieces.
Phillips’ Reloaded sale led the charge with a total of $28.5 million, setting three world records. The most significant of these was the sale of a platinum F.P. Journe Tourbillon with Remontoire, which fetched an astounding $8.4 million, making it the highest price ever for an F.P. Journe wristwatch. The auction also saw a 1994 white gold Daytona, featuring a rare multi-colored gem-set bezel, achieve $6.3 million—setting a record for any automatic Daytona. Additionally, a pocket watch by Derek Pratt for Urban Jurgensen sold for $4.23 million, marking a new high for the model. Phillips’ Reloaded sale was a “white glove” event, meaning every lot was sold, with Rolex, F.P. Journe, and Derek Pratt among the top earners.
A day later, Phillips’ Geneva XX auction grossed $29.4 million, bringing the total for the weekend to $58 million. While this was not a record for the house—its highest total was CHF61.2 million in 2022—the result was impressive, especially in a market currently in a down cycle. Giovanni Prigigallo, co-founder of Everywatch, noted that the economic stability signaled by the U.S. elections, coupled with a growing community of discerning watch collectors, has fueled the demand for high-end watches. However, he pointed out that it’s the rare, high-quality pieces that are seeing significant growth, while more commonly hyped models have not performed as well.
Aurel Bacs, Phillips’ global head of watches, concurred, emphasizing that while the average pre-owned watch market is softening, the “best” pieces—those that are rare, exclusive, and museum-quality—continue to attract fervent bidding. “In good times or bad, the best will always fly,” he said. Phillips turns away 90% of the watches offered to them, ensuring that only the finest make it to auction. The Geneva XX auction featured several notable pieces, including a Rolex Paul Newman Daytona with a Lemon dial, which set a record for the reference at $2.84 million. Other highlights included a 2021 Akrivia chronograph tourbillon, which sold for $1.24 million, and a platinum F.P. Journe Tourbillon Souverain, which fetched $1.19 million.
Sotheby’s also saw strong sales in its Geneva auctions, setting four world records. The Treasures of Time sale, which focused on Patek Philippe pieces, generated $22 million. A yellow gold Patek Philippe split-second chronograph, one of only three in existence, sold for $3.89 million, while a first-series pink gold Patek ref. 2499 went for $3.56 million. The Important Watches sale, totaling $6.79 million, was also led by a rare Patek Philippe ref. 2499, which sold for $2.74 million.
Sotheby’s noted that younger buyers are increasingly entering the market. In its Important Watches sale, 35% of buyers were under 40, and 60% were under 50. This shift indicates a renewal in the watch collector base. Rolex and Patek Philippe dominated the top lots, with several vintage pieces fetching strong prices.
At Christie’s, a charity auction raised CHF 843,000 for the European Leukodystrophy Association (ELA) with the sale of unique watches from high-end brands like Richard Mille, Omega, and F.P. Journe. The Rare Watches auction brought in $20.6 million, with Breguet taking center stage. A 1935 Breguet No. 3218, one of only two known perpetual calendar wristwatches by the brand, sold for $2.19 million, while a platinum automatic quarter repeating pocket watch from 2004 fetched $719,920.
Prigigallo of Everywatch views the results as a positive signal for the market’s future. “Auctions set the tone for the rest of the year,” he said, emphasizing that the strong performance of the top lots points to continued demand for exceptional, rare timepieces.
Despite the challenges in the pre-owned market, these record-breaking auctions underscore the ongoing strength of the high-end watch sector, with rare and iconic pieces continuing to attract collectors from around the world.
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