Phillips Sets New Asian Auction Record With Patek Philippe Ref. 2499 Selling For HK$80.37 Million
The Hong Kong Watch Auction: XXII Achieves Over HK$403 Million As Rare Patek Philippe, F.P. Journe, Philippe Dufour And Cartier Timepieces Drive Exceptional Results
PRESS RELEASE | 698 WORDS | 5 MINUTE READ
Photo Courtesy: Phillips
A Historic Moment For The Global Watch Auction Market
Phillips in Association with Bacs & Russo has announced exceptional results from The Hong Kong Watch Auction: XXII, held on 30–31 May 2026. The two-day sale realised more than HK$403 million (US$51.5 million), representing a remarkable 90% increase year-on-year and establishing Phillips' highest watch auction total ever achieved in Asia.
The auction attracted strong international participation, drawing nearly 2,000 registered bidders from 64 countries and regions. Demonstrating the continued strength of the collector market, eight watches surpassed the US$1 million threshold, the highest number achieved by any auction house in Asia during the season.
Patek Philippe Ref. 2499 Leads The Sale
The undisputed highlight of the auction was an exceptionally rare Patek Philippe Ref. 2499 First Series in pink gold, which achieved an extraordinary HK$80.37 million (US$10.25 million).
One of only four known First Series examples in pink gold fitted with the coveted Vichet case, the watch is distinguished further by being the only known example bearing British hallmarks.
This result established several major milestones:
Most valuable watch ever sold at auction in Asia
New world auction record for the Patek Philippe Ref. 2499
Most expensive watch sold globally during the Spring 2026 auction season
The sale further reinforces the Ref. 2499's status as one of the most coveted perpetual calendar chronographs ever produced.
Strong Performance Across Patek Philippe References
Beyond the record-setting Ref. 2499, collectors demonstrated strong demand for several important Patek Philippe references.
Among the standout results was the highly collectible Ref. 3448 "Tokyo White", double-signed by Beyer Chronometrie, which achieved HK$13.71 million.
Another notable highlight was the unique Ref. 5970R-017, commissioned for renowned collector and entrepreneur Michael Ovitz. Featuring the exclusive "MSO" monogram, the watch realized HK$12.82 million, significantly exceeding expectations and setting a new auction record for the reference.
Additional strong results included:
Ref. 5970P-018 – HK$10.41 million
Ref. 5711/111P-001 Nautilus – HK$6.73 million
Ref. 5016P-010 – HK$6.73 million
Independent Watchmakers Continue To Command Attention
Independent watchmaking remained one of the strongest-performing segments of the auction.
Leading the category was the ultra-rare F.P. Journe Tourbillon Souverain "Chine 2010 38", which sold for HK$32.96 million, more than four times its estimate.
Another impressive result came from a sought-after "pink-on-pink" F.P. Journe Tourbillon Souverain, which achieved HK$11.23 million.
Meanwhile, the legendary Philippe Dufour Simplicity in stainless steel reached HK$9.46 million, establishing a new world auction record for a steel Simplicity.
These results underscore the enduring demand for independent watchmakers whose production remains exceptionally limited.
Cartier Continues Its Momentum In The Collector Market
Cartier's growing importance within the collector community was further highlighted by the sale of the Crash Squelette No. 1, which achieved HK$9.20 million, nearly five times its pre-sale estimate. The sale also featured a remarkable Cartier Mystery Clock with an octagonal rock-crystal dial, which realised HK$2.28 million, demonstrating continued enthusiasm for the maison's rare and historically significant creations.
Top Three Results Of The Sale
1. Patek Philippe Ref. 2499 First Series Pink Gold - HK$80.37 Million
2. F.P. Journe Tourbillon Souverain "Chine 2010 38" - HK$32.96 Million
3. Patek Philippe Ref. 3448 "Tokyo White" - HK$13.71 Million
A Landmark Sale For Phillips
The Hong Kong Watch Auction: XXII further strengthens Phillips' position within the global watch auction market. The combination of record-breaking prices, strong international participation, and exceptional results across both established and independent brands highlights the continued resilience of the high-end collector watch segment.
From historically important Patek Philippe references to rare creations from F.P. Journe, Philippe Dufour, and Cartier, the auction demonstrated that demand for exceptional provenance, rarity, and craftsmanship remains stronger than ever among today's collectors.
As Phillips prepares for its upcoming New York auction, the momentum generated in Hong Kong signals continued confidence in the global market for important horological treasures.
