Phillips In Association With Bacs & Russo Realise Over HK$212 MILLION/ US$27 Million For The Hong Kong Watch Auction: XX, Up 30% From The Previous Year

Record-Breaking Hong Kong Watch Auction

AUCTION NEWS | 537 WORDS | 5 MIN READ

The Hong Kong Watch Auction: XX, 23-25 May 2025

TOTAL: HK$212,528,630/ US$27,139,906

Lots sold: 254 | Lots offered: 255                               Sold by lot: 99.8% | Sold by value: 99.6%

Auctioneer Thomas Perazzi selling lot 933, a possibly unique Patek Philippe ref. 5970P-013, sold for over HK$10 million/ US$1.29 million

Photo Courtsey: Phillips

HONG KONG – 25 MAY 2025–Phillips in Association with Bacs & Russo achieved a total of over HK$212 million/US$27 million for The Hong Kong Watch Auction: XX, surpassing the pre-sale high estimate of HK$181,063,000/US$23,121,745 and marking a 30% year-on-year increase. The auction, held from 23-25 May, attracted enthusiastic participation from 1,800 registered bidders across 70 countries/ regions worldwide. In addition to a packed saleroom and active telephone bidding, the sale saw robust online engagement, with 70% of the lots offered sold to online buyers.

Thomas Perazzi, Head of Watches, Asia, and Gertrude Wong, Head of Sale, jointly said," Marking a decade of excellence in Asia, the various owner sale achieved the third-highest result in our history in the region. The past three days have powerfully reaffirmed the strength and depth of the watch market, with passionate bidding and outstanding results for timepieces spanning over three centuries of horological excellence. We were deeply honoured to present a museum-quality collection featuring historically significant 19th-century pieces made for the Chinese market and exquisite Art Deco Cartier clocks—all of which achieved remarkable results. We are sincerely grateful to the global watch-collecting community and all participants who made this sale such a success. With this momentum, we eagerly look ahead to our upcoming auction in New York on 7–8 June. "Important Patek Philippe wristwatches continued to captivate collectors, with a possibly unique ref. 5970P-013 in platinum leading the sale at over HK$10 million/ US$1.29 million. This fresh-to-market, factory double-sealed example features four stunning red hands, an English calendar, and the inscription "A Mon Fils" (To My Son) on its sapphire caseback, adding profound sentimental value.

This season, Phillips is extremely honoured to have been entrusted with the offering of a museum-quality collection, which achieved a 100% sell-through rate, with all 18 exceptional timepieces—including 19th-century pocket watches made for the Chinese market and exceptional Art Deco Cartier clocks—selling well above their pre-sale estimates. The collection drew intense interest and realised a total of over HK$39 million/ US$5 million. The highlight of the collection was a Cartier nephrite lantern clock, originally commissioned as a wedding gift for Princess Fawzia of Egypt upon her 1939 marriage to Iran’s Crown Prince Mohammad Reza Pahlavi. This historically significant piece sparked an intense 20-minute bidding battle with 59 bids, ultimately selling for more than HK$9.14 million/ US$1.16 million —nearly five times its pre-sale high estimate. Another standout highlight, the Coral Mystery Clock sold for over HK$7.6 million/US$973,074, nearly double its pre-sale high estimate. Cartier’s circa 1925 Modèle A Mystery Clock fetched HK$4.5 million/US$583,844. Its outstanding condition exemplifies the craftsmanship that made Cartier’s Mystery Clocks legendary.

F.P. Journe timepieces continued to achieve strong results, led by the Chronomètre à Résonance "Black Label" which achieved over HK$4.5 million/ US$583,844, nearly double its pre-sale high estimate. Other standout results include the Tourbillon Souverain from the fourth generation, which sold for HK$3.5 million/ US$454,101, and a Centigraphe Souverain that realised US$3.3 million/ US$421,665, more than three times its pre-sale high estimate.

Vintage Rolex wrist watches continued to command bidders’ attention, with the Cosmograph ref. 6263, featuring the UAE Quraysh Hawk emblem and the Arabic script signature of the Ministry of Defense, sold for over HK$2.5 million/US$324,358.

*Estimates do not include buyer’s premium; prices achieved include the hammer price plus buyer’s premium.

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