The luxury watch market may be facing a slowdown in some sectors, but the recent watch auctions in Geneva defied the trend, with Phillips, Sotheby’s, and Christie’s achieving remarkable success. Despite a decline in overall luxury sales, these auctions demonstrated that the demand for exceptional timepieces remains strong, especially for iconic brands and rare, one-of-a-kind watches.
Phillips and Bacs & Russo, hosting two auctions over three days, recorded an impressive $57.9 million in total sales. The event also marked the second-highest total in the history of Phillips’ Geneva watch auctions, underscoring the enduring appeal of premium timepieces. The auctions saw a record number of lots surpassing $1 million, and an average price per lot of $289,000—showing that collectors are still willing to invest in rare, high-quality watches.
F.P. Journe’s Record-Setting Tourbillon Souverain
A key highlight was the sale of an F.P. Journe Tourbillon Souverain à Remontoir d’égalité, a rare and significant piece. The second wristwatch ever created by François-Paul Journe, and the first he ever sold, this 1993 model fetched an astounding $8.3 million. This price more than tripled its pre-sale estimate, setting a new world record for the most expensive wristwatch by an independent watchmaker sold at auction. Featuring a gold movement, raw dial design, and hand-engraved inscriptions, this watch represents an early chapter in Journe’s storied career, making it an even more coveted piece for collectors.
Rolex Cosmograph Daytona “Rainbow” Sets a New Record
Another major sale was the Rolex Cosmograph Daytona “Rainbow,” which sold for $6.3 million. This 1990s model, crafted in white gold, features a bezel adorned with sapphires in a stunning gradient from red to purple, and is the first of its kind. The “Rainbow” Daytona, which predates the production series by nearly two decades, is one of the rarest and most sought-after Rolex models in existence. Its private collection history only added to its allure, making it a star lot in this auction.
Derek Pratt’s Oval Pocket Watch for Urban Jürgensen
In a remarkable sale, Derek Pratt’s Oval Pocket Watch, created for Urban Jürgensen, sold for nearly $4.2 million. Crafted over two decades and featuring a platinum case, advanced flying tourbillon, and a remontoir with detent escapement, this timepiece is a rare blend of technical innovation and artistry. This piece, created with the assistance of Kari Voutilainen, stands out as an extraordinary example of haute horology.
Patek Philippe Shines at Sotheby’s with Record-Breaking Sales
Sotheby’s held three days of watch auctions in Geneva, with total sales surpassing CHF 23 million ($26 million). The auction saw the highest-ever prices for several Patek Philippe references, further cementing the brand’s dominance in the luxury watch market.
Top highlights included a Patek Philippe Reference 1563, a yellow gold split-second chronograph, which fetched CHF 3.3 million ($3.8 million), setting a world record for this reference. This unique 1947 model is one of only three examples, and the sale marked a significant milestone for Patek Philippe collectors. Another record-setter was the Reference 2499, a “Third Series” yellow gold perpetual calendar chronograph from 1954, which sold for CHF 2.2 million ($2.5 million). The watch features a black lacquered dial with Breguet numerals and is the only known example with this dial configuration.
The top lot of the sale was a “First Series” Patek Philippe Reference 2499, which brought in CHF 3.1 million ($3.5 million). Made in 1950, this perpetual calendar chronograph with moon phases and a pink gold case is considered one of the finest examples of Patek Philippe’s craftsmanship.
Cartier and Rolex Also Break Records
In addition to the big names like Patek Philippe, other brands made significant strides in the auctions. A Cartier London Tank Oblique, made in yellow gold around 1970, sold for CHF 168,000 ($189,680), a world record for this model. The Tank Oblique is known for its asymmetrical design, and this particular piece stood out as a rare example of London-made Cartier timepieces.
Meanwhile, a Rolex “50 Pesos” reference 3612, a gold coin watch made in 1971, sold for CHF 84,000 ($94,800), setting a world record for this type of coin watch. The timepiece, crafted in pink and yellow gold, was produced to commemorate the 100th anniversary of the Treaty of Cordoba, which established Mexican independence from Spain.
Christie’s Auction Supports Leukodystrophy Research
Christie’s also contributed to the auction excitement with a charity sale dedicated to the European Leukodystrophy Association (ELA). The first 11 lots of the auction were donated by luxury watchmakers such as Richard Mille, Montblanc, and Omega X Swatch, raising CHF 633,000 ($714,688). A platinum F.P. Journe Vagabondage from 2005, consigned to benefit ELA, sold for CHF 210,000 ($237,100), further boosting the total raised for medical research into leukodystrophies.
Breguet’s Historic Watch Shines at Christie’s
A historic Breguet No. 3218, a 1935 perpetual calendar wristwatch, achieved CHF 2.2 million ($2.5 million) at Christie’s. This important watch, one of only two known Breguet perpetual calendar wristwatches, was originally purchased by the French designer Paul Iribe and is considered a masterpiece of Breguet’s craft.
Conclusion
The 2024 Geneva watch auctions underscored the enduring appeal of luxury timepieces, with record-breaking sales across major brands such as Rolex, Patek Philippe, and Breguet, as well as independent watchmakers like F.P. Journe and Akrivia. As collectors continue to value craftsmanship, rarity, and historical significance, the demand for exceptional watches shows no signs of waning. Whether it’s a rare Rolex, a Patek Philippe masterpiece, or an independent timepiece, the auctions proved that the world of luxury watches remains vibrant, with prices continuing to reach new heights.
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