The spring 2022 Geneva auction season confirmed that the post-pandemic boom in collectible watches had become a full-scale frenzy, with Phillips, Christie’s, Sotheby’s and Monaco Legend generating extraordinary results and multiple world records across vintage Patek Philippe, Rolex and independent watchmakers.
Among the standout results was the sale of a 1957 pink gold second-series Patek Philippe Ref. 2499 signed by Gobbi Milano, which achieved around US$7.7 million at Sotheby’s Hong Kong in April 2022, setting a record for the reference at the time.
The Geneva sales in May then reinforced the momentum.
At Phillips Geneva Watch Auction XV, the headline result was a pink-on-pink Patek Philippe Ref. 1518 that sold for CHF 3.3 million, one of the most expensive wristwatches ever sold publicly at the time.
It was a watershed moment for independent watchmakers at auction, with collectors and professional dealers treating master horologists more like contemporary artists than traditional luxury brands.
Across the Geneva sales in the spring of 2022, records tumbled for watches made by Philippe Dufour, François-Paul Journe and Roger Smith.
That season turned out to be the high watermark for sales.
After the frenzy of the spring sales, the market saw a sharp correction across both the top end auction sector and the broader secondary dealer scene.
Prices for “hype” pieces fell sharply, flipping culture disappeared as liquidity dried up and auction houses had to trim expectations for both buyers and sellers.
At the auction level, rather than a full collapse, the market split in two.
Museum-quality vintage watches, particularly peak condition historic pieces from Patek Philippe, held their values and demand for top tier independents like F.P. Journe held up, but almost everything else saw sale prices fall.
Auctioneers and their consigners became more selective, and this remains the case despite demand rising again.
Philipps in Association with Bacs & Russo showed the wisdom of this approach with a blockbuster Geneva Watch Auction: XXIII, held over the weekend that saw 43 world records broken, 14 timepieces selling for over CHF 1 million, and the highest total ever achieved with 224 lots raising CHF 75 million ($96 million).
“Geneva Watch Auction XXIII was a statement. The energy in the room, the caliber of the pieces and the intense excitement in the auction room confirmed what we feel every time this community comes together: that great watchmaking will always matter. The market is not just healthy, it is hungry. Hungry for relevance, for craftsmanship, for quality without compromise. We could not be more energized for what comes next,” say Alexandre Ghotbi, Deputy Chairman & Head of Watches, Europe and Middle East and Tiffany To, Senior International Watch Specialist and Head of Sale.
Philipps Geneva Watch Auction: XXIII Headliners
(descriptions, estimates and hammer prices from Philipps)
LOT 27 PATEK PHILIPPE
Ref. 2523, 18k Yellow Gold, Polychrome Cloisonné Enamel ‘South America’ dial. 1953
Lot 27, Estimate: CHF 5,000,000 – 10,000,000
Sold for CHF 7,961,000
The 18k yellow gold Patek Philippe Ref. 2523 is a two-crown world time wristwatch with a polychrome cloisonné enamel dial depicting a map of South America. Made in 1953, it is one of only two examples known to exist in yellow gold with the South America map. It has been nearly four decades since one has been seen at public auction, making this an extraordinary moment for the Patek Philippe market.
LOT 22 PATEK PHILIPPE
Ref. 3998J-013, 18k Yellow Gold, Hieroglyph Dial, 2002
Estimate: CHF 80,000 – 160,000
Sold for CHF 444,500
One of only four known examples with Egyptian hieroglyph hour markers, all commissioned by the same collector, the dial of the present unique Patek Philippe Calatrava Ref. 3998J spells “HALMUT NAUTUN” in hieroglyphs, most likely referencing the celebrated photographer Helmut Newton. Research suggests the watch was commissioned by Sheikh Saud bin Mohammed Al Thani, the renowned Qatari prince, who maintained a close relationship with Newton.
LOT 144 PATEK PHILIPPE
Sky Moon Tourbillon, Ref. 6002G-010, 18k White Gold, 2018
Estimate: CHF 2,000,000 – 4,000,000
Sold For CHF 3,242,000
This is only the second time a Patek Philippe Sky Moon Tourbillon Ref. 6002G has appeared at an international auction in its desirable black-dial configuration. Introduced in 2013 as the successor to the Ref. 5002, the model was, at the time of launch, Patek Philippe’s most complicated wristwatch.
The double-dial masterpiece houses 12 complications, including a cathedral minute repeater, tourbillon, perpetual calendar with retrograde date, and astronomical indications on the reverse such as a sky chart, sidereal time, and the moon’s phases and orbit. Produced in extremely limited numbers and allocated strictly by application to Patek Philippe’s most important clients, the Sky Moon Tourbillon remains among the most exclusive creations in modern watchmaking.
LOT 220 PATEK PHILIPPE
Ref. 2499/100, 18k Yellow Gold, 1984
Estimate: CHF 350,000 – 650,000
Sold for CHF 889,000
The Patek Philippe Ref. 2499 is one of the most iconic wristwatches of the 20th century. The present watch is a Fourth Series example, distinguished by round chronograph pushers, applied baton numerals, outer seconds divisions, and a sapphire crystal. Preserved in excellent overall condition, the dial remains remarkably well preserved, while the case retains strong proportions and crisp hallmarks. Having appeared publicly only once before, in 2019, it now returns to the market for its next custodian.
LOT 118 ROLEX
‘Datocompax Killy,’ Ref. 6036, 18k Yellow Gold, Circa 1955
Estimate: CHF 500,000 – 1,000,000
Sold for CHF 685,800
Introduced in 1951, the Rolex Ref. 6036 is one of only five models ever produced by the brand combining a triple calendar with a chronograph. The present example, cased in rare 18k yellow gold, is among the finest preserved examples of the reference ever to appear on the market. The dial remains exceptionally crisp with beautifully intact graphics and radium accents, while the case retains remarkably sharp edges and hallmarks, making this Ref. 6036 a true trophy watch for collectors.
LOT 119 ROLEX
‘The Dragon,’ Ref. 6085, 18k Yellow Gold, 1952
Estimate: CHF 500,000 – 1,000,000
Sold for CHF 571,500
Vintage Rolex cloisonné enamel dials rank among the most prized achievements of decorative watchmaking, admired for their rarity, artistry, and remarkable depth of color. The present Ref. 6085 features an extraordinary cloisonné enamel dial depicting a dragon – one of only five known examples of the motif across all Rolex references. The dial was created by Nelly Richard, one of the most accomplished enamellers of the 20th century, working with the famed Geneva dial maker Stern Frères.
LOT 6 F.P. JOURNE
Chronomètre à Résonance ‘Souscription,’ No. 18, Platinum
And 18k Pink Gold, Circa 2000
Estimate: CHF 450,000 – 900,000
Sold for CHF 4,875,500
Early F.P. Journe Chronomètre à Résonance models with brass movements and 38mm cases are among the most desirable watches of modern independent watchmaking. The present example is number 18 of the original 20-piece Souscription series delivered in 2000, ranks among the most important. These watches were offered to Journe’s earliest supporters and helped finance the creation of his brand. Even more exceptional, this example features the extremely rare two-tone platinum and 18k pink gold case with an 18k white gold dial – one of only three known.
LOT 128 F.P. JOURNE
Octa Chronographe, Platinum, 2001
Estimate: CHF 150,000 – 300,000
Sold for CHF 1,714,500
Introduced in 2001, the F.P. Journe Octa Chronographe was the first automatic chronograph wristwatch to combine a large date with a flyback chronograph and an exceptional 120-hour power reserve. The present 38mm platinum example is one of only three known featuring a brass movement with straight Côtes de Genève decoration and a “shiny” 18k yellow gold dial. Believed to be among the very first Octa Chronographe watches delivered, and preserved with its original box and certificate, it represents an important early production piece from François-Paul Journe.
LOT 149 F.P. JOURNE
Chronomètre à Résonance ‘Pisa,’ Platinum, Circa 2009
Estimate: CHF 450,000 – 900,000
Sold for CHF 2,334,500
F.P. Journe’s Chronomètre à Résonance is among the most important technical achievements of modern watchmaking. Inspired by the work of 18th-century clockmaker Antide Janvier, the watch employs two balance wheels beating in resonance to enhance precision. The present example is an exceptionally rare, limited edition produced exclusively for the Milan-based retailer Pisa in a series of just five pieces. Housed in a platinum case and fitted with an 18k pink gold movement, it features a striking 18k white gold dial with dark grey ruthenium-plated subdials that create dramatic contrast.
LOT 65 GREUBEL FORSEY × PHILIPPE DUFOUR × MICHEL BOULANGER
Naissance d’Une Montre 1, No. 01/11, 18k White Gold, Circa 2016
Estimate: CHF 400,000 – 800,000
Sold for CHF 1,651,000
The Naissance d’Une Montre 1 is number 1 of a limited series of just 11 pieces created under the Time Æon Foundation, an initiative founded by Robert Greubel, Stephen Forsey, and Philippe Dufour, among others, to preserve traditional watchmaking skills. The current watch is the only production example in the series whose movement was entirely made and assembled by Michel Boulanger, following six years of study under his mentors. Exceptionally, it is also the only example fitted with a fully handmade 18k white gold case. A completely hand-crafted tourbillon wristwatch, it is offered in superb, hardly worn condition by its original owner.
LOT 126 ROGER SMITH
Series 3, 18k Pink Gold, 2019
Estimate: CHF 300,000 – 600,000
Sold for CHF 711,200
Roger Smith is widely regarded as the leading figure in modern British watchmaking and the only apprentice of the legendary George Daniels. Produced in extremely limited numbers from his Isle of Man workshop, Smith’s watches embody traditional handcraft and the Daniels Co-Axial escapement. The present Series 3 in 18k pink gold features a retrograde date and represents a landmark example: the very first Series 3 to appear at auction and one of only five examples produced in pink gold to date.
Fourteen timepieces sold for more than CHF 1 million
