Auction Phillips Achieves Over USD 27 Million at the Hong Kong Watch Auction XX

Phillips, in Association with Bacs & Russo, Achieves Over USD 27 Million at the Hong Kong Watch Auction: XX, Surpassing the Pre-Sale High Estimate of USD 23 Million and Marking a 30% Increase from Last Year.

A remarkable 99.8% of the lots offered were sold during the auction, which took place from May 23 to 25 and drew over 1,800 registered bidders from 70 countries and regions around the world. In addition to a bustling auction room and active phone bidding, the sale saw strong engagement online, with 70% of the lots sold to online buyers.

Thomas Perazzi, Head of Watches, Asia, and Gertrude Wong, Head of Sale, commented "Celebrating a decade of excellence in Asia, this auction of diverse collections achieved the third-highest result in our history for the region."

Patek Philippe timepieces continued to captivate collectors, claiming five of the ten top-selling watches. Leading the sale was the unique platinum reference 5970P-013, which sold for over USD 1.29 million. This timepiece, offered for the first time and factory-sealed with a double seal, features four striking red hands, an English-language calendar, and a personal engraving reading “A Mon Fils” (To my son) on its sapphire caseback.

Another highlight was a Patek Philippe Nautilus “Jumbo”, reference 3700/1, distinguished by a dial signed with the national emblem of Oman ''the Khanjar'' selling for USD 648,716.

The auction also featured a museum-level curated section of rare pieces, all of which achieved a 100% sell-through rate. The 18-lot collection included exceptional 19th-century pocket watches made for the Chinese market and rare Cartier Art Deco timepieces. All exceeded their pre-sale estimates, collectively bringing in over USD 5 million.

One of the most notable pieces was a Cartier lantern clock crafted from nephrite, specially commissioned as a wedding gift for Princess Fawzia, daughter of the King of Egypt, on the occasion of her 1939 marriage to the Crown Prince of Iran, Mohammad Reza Pahlavi. The piece ignited a 20-minute bidding battle with 59 bids before selling for over USD 1.16 million, nearly five times its high estimate. Also featured was the Cartier Coral Mystery Clock, which fetched more than USD 973,000, nearly double its high estimate.

F.P. Journe continued to achieve strong results, led by the Chronomètre à Résonance Black Label, which sold for over USD 583,000, almost double its high estimate. Another highlight from the independent maker was the fourth-generation Tourbillon Souverain, which fetched USD 454,101.

Classic Rolex watches maintained their appeal, despite none making it into the top ten most expensive lots. Notably, a Cosmograph Daytona reference 6263 featuring the UAE's "Quraysh Hawk" emblem and the Ministry of Defense signature in Arabic script sold for over USD 324,358.

For more information visit Phillips website.