Phillips, in partnership with Bacs & Russo, has closed its Hong Kong Watch Auction: XXII with record-breaking results, confirming one of the strongest performances ever seen in the Asian luxury watch market.
Across two days of bidding, the auction generated about $403 million HKD (around $51.5 million USD), marking a 90 percent increase compared to the previous year. This also becomes the highest total ever achieved by Phillips for a watch sale in Asia.
The standout highlight of the event was a rare Patek Philippe Ref. 2499 First Series in pink gold. The watch sold for $80.3 million HKD (around $10.2 million USD), setting a new global auction record for the model. It also became the most valuable watch ever sold at auction in Asia, and the most expensive watch sold anywhere in the world so far this spring.
This specific Patek Philippe piece is extremely rare, made in 1951 and believed to be one of only four First Series pink gold examples with a Vichet case. It is also the only known version to carry British hallmarks, adding to its historical importance and collector value.
Other Patek Philippe models also performed strongly. A Ref. 3448 Padellone “Tokyo White,” double-signed by Beyer Chronometrie, sold for $13.7 million HKD (around $1.7 million USD). Another standout, a Ref. 5970R commissioned for entrepreneur Michael Ovitz and engraved with his initials, reached $12.8 million HKD (around $1.6 million USD).
Independent watchmakers also saw major interest from collectors, with nearly 2,000 registered bidders participating in the auction. An F.P. Journe Tourbillon Souverain “Chine 2010,” one of only five ever made and the only one in a 38mm platinum case, sold for $32.9 million HKD (around $4.2 million USD), far exceeding expectations.
Philippe Dufour’s Simplicity model also set a new record for a stainless steel version, selling for $9.4 million HKD (around $1.2 million USD).
Cartier joined the strong results with its diamond and ruby-set Crash Squelette No. 1, which sold for nearly five times its estimate at $9.2 million HKD (around $1.1 million USD).
In total, eight watches crossed the $1 million USD mark, making this the highest number of million-dollar lots recorded by any auction house in Asia this season.
