Patek Philippe Ref. 2499. Image courtesy of Phillips Auction House.

The Hong Kong Watch Auction: XXII Realises Over HK$403 Million/US$51.5 Million, Up 90% Year-on-Year, Marking Phillips’ Highest Watch Sale Total in Asia. Eight Timepieces Sold Above US$1 Million, the Highest Number Across All Auction Houses in Asia This Season.
 
Hong Kong, 30 & 31 May 2026
The Hong Kong Watch Auction: XXII Sale Total: HK$403,792,890/ US$51,523,973
Lots Sold: 293| Lots Offered: 294
Sold by Lot: 99.6% | Sold by Value:99.7%

Auctioneer Aurel Bacs selling lot 941, Patek Philippe, Ref. 2499 First Series in 18K pink gold

HONG KONG – 31 May 2026 – Phillips in Association with Bacs & Russo is proud to announce the exceptional results achieved at The Hong Kong Watch Auction: XXII, held on 30–31 May. The two-day sale realised over HK$403 million / US$51 million, representing a 90% year-on-year increase, marking the highest sale total for the category at Phillips Asia. The auction attracted enthusiastic participation from 1,928 registered bidders across 64 countries and regions worldwide. Eight timepieces exceeded the US$1 million mark, the highest number across all auction houses in Asia this season, highlighting the breadth of brands and categories sought after by today’s collectors, from Patek Philippe and F.P. Journe to Philippe Dufour and Cartier.
 
The sale was headlined by a historically important and exceptionally rare Patek Philippe Ref. 2499 First Series in pink gold, which achieved HK$80,370,000/ US$10,255,212. One of only four known First Series Ref. 2499 examples in pink gold to feature the coveted Vichet case, it is the sole example bearing British hallmarks. This landmark result establishes it as the most valuable timepiece ever sold at auction in Asia, the most expensive watch sold at global auctions this spring to date, and sets a new world auction record for the Patek Philippe Ref. 2499.
 
Patek Philippe remained exceptionally sought after, with several notable results underscoring the brand’s enduring appeal. Among them, the Ref. 3448, double-signed by Beyer Chronometrie and nicknamed “Tokyo White,” achieved HK$13,716,000 / US$1,750,16. Its appearance this year carries added significance, as Beyer Chronometrie, recently acquired by Patek Philippe, approaches the close of its 266-year history ahead of its transformation into a new salon in 2027. Further highlights include the Ref. 5970R, commissioned for renowned entrepreneur and collector Michael Ovitz. Featuring the highly exclusive “MSO” monogram, the timepiece realised HK$12,827,000 / US$1,636,725, 1.6 times its pre-sale high estimate.
 
Timepieces by independent watchmaking masters proved among the strongest attractions, led by an F.P. Journe Tourbillon Souverain “Chine 2010”, one of only five examples produced and the only known example housed in a 38mm platinum case, which sold for HK$32,965,000 / US$4,206,334, more than four times its pre-sale estimate. A fresh-to-market “pink-on-pink” example of the Tourbillon Souverain also achieved an exceptional result at HK$11,239,500 / US$1,434,160, more than double its pre-sale high estimate. In addition, Philippe Dufour’s iconic stainless steel Simplicity, distinguished by a rare slate grey guilloché dial with full Breguet numerals and contrasting pink gold hands and markers, achieved HK$9,461,500 / US$1,207,287, setting a world auction record for a stainless steel Simplicity.
 
Phillips has consistently presented Cartier timepieces at auction, achieving outstanding results and reinforcing robust collector demand. This season, the inaugural diamond and ruby-set edition of the Crash Squelette, numbered “1” of the series, made its auction debut and sold for HK$9,207,500 / US$1,174,877, nearly five times its pre-sale high estimate. In addition, a Mystery Clock featuring an octagonal rock-crystal dial with diamond-set gold indexes achieved HK$2,286,000 / US$291,694, nearly three times its pre-sale high estimate.
 
Thomas Perazzi, Head of Watches, Asia, said: “Following the record-breaking success of our recent Geneva sale, which achieved the highest total ever for a watch auction in history, we are delighted to begin the new decade in Asia with our highest-ever watch auction total in the region. Notably, we have set a new record for the most valuable timepiece ever sold in Asia, as well as the highest number of timepieces exceeding US$1 million sold in the region this season. With this outstanding result, we are proud to announce that, to date, five wristwatches have sold for over US$10 million at non-charitable auction—all of them sold by Phillips across our global salerooms in Geneva, New York, and Hong Kong.”
 
Gertrude Wong, Head of Sale, added: “The exceptional participation from collectors across the globe and the strong performance across categories, from Patek Philippe to leading independent watchmakers such as F.P. Journe and Philippe Dufour, as well as iconic Cartier creations, underscore the continued depth, diversity, and confidence in today’s watch market. These results reaffirm Phillips’ leadership in the global watch market and our commitment to bringing the finest timepieces to auction across our salerooms in Hong Kong, Geneva, and New York. With this momentum, we eagerly look ahead to our upcoming auction in New York on 13-14 June.”
 
Top 10 Lots
Please click here for details on wristwatches that have achieved over US$10 million at Phillips’ watch auctions.

Chanel dress worn by Nicole Kidman at the 2026 Met gala Courtesy Chanel.

By Nermin A., Editor

Paris, France -  The 2026 Met Gala's theme was well crated "Costume Art" and the dress code is "Fashion Is Art," Anna Wintour, Beyoncé, Nicole Kidman, and Venus Williams serve as co-chairs in an event that underlined how art again took center stage globally since at least past year. As insights from The Art Basel and UBS Global Art Market Report 2026 show in the tenth edition of The Art Basel and UBS Global Art Market Report 2026, by Arts Economics, art sales depicts a global art market returning to growth in 2025 as both dealer and auction markets strengthened. 

It is also worth noting Christie’s recruited Nicole Kidman to sell S.I. Newhouse’s $100 Million Brancusi, as  Kidman stars in a Christie’s campaign promoting "Danaïde" by Constantin Brancusi from the collection of S.I. Newhouse. So how Nicole Kidman helped Christie's sell $1.1 billion in art in one night and what were the key drivers behind this growth? Which markets performed better than others? And is gender representation approaching parity?

Authored by Dr. Clare McAndrew, Founder of Arts Economics, this comprehensive report analyzes the performance of key market segments, including galleries and dealers, auction houses, and art fairs, against the backdrop of evolving buyer behavior and shifting geopolitical and economic conditions. These are five key findings from the report.

The global art market returned to growth

Global sales increased by 4% year-on year to an estimated USD 59.6 billion in 2025, after two years of declining values. Aggregate sales in the dealer sector rose 2% to USD 34.8 billion and public auction sales increased by 9% to USD 20.7 billion while reported private auction sales declined by 4% to just under USD 4.2 billion. The volume of transactions reached an estimated 41.5 million in 2025.
Momentum in leading art markets
The United States, the United Kingdom, and China accounted for 76% of global art sales by value, with each market reporting growth. Driven by auctions, sales in the United States reached USD 26 billion despite trade unpredictability and UK sales increased to USD 10.5 billion. In China, sales increased to USD 8.5 billion stabilizing the market despite the real estate downturn and other economic concerns that weighed on consumer confidence. Across Europe and Asia, performance was mixed, with year-on-year growth in markets such as Switzerland, Austria, France, Spain, and South Korea, and slower conditions in Germany, Italy, and Japan.

Meaningful progress in the representation of female artists

Female artist representation strengthened further in 2025, reaching 50% among primary market galleries and 45% across all dealers. Works by female artists accounted for 37% of sales by value (up from 28% in 2018), although disparities persist at the highest revenue levels.
Increasing importance of art fairs
While online sales declined, art fair sales increased by 4% year-on-year to 35% of dealer turnover, reaching their highest level since 2022. Overseas fairs accounted for the majority of sales, though growth was recorded at both international and local events, particularly among mid‑sized dealers.
Improving outlook
Confidence strengthened heading into 2026, with 43% of dealers expecting sales to improve and 38% anticipating stable performance. Sentiment also improved among auction houses, reflecting greater optimism despite ongoing economic and geopolitical uncertainty.

• BCG’s Global Wealth Report 2026 Finds Global Financial Wealth Rose 10.7% to $333 Trillion in 2025, the Fastest Growth Since 2021
• Emerging Markets Projected to Add Nearly $7 Trillion in Financial Wealth by 2030, Led by India, Brazil, and Mexico
• AI-First Wealth Managers Could Unlock 25%–30% Capacity Gains and Increase Revenue per Advisor by 15%–20%​​

BOSTON—Hong Kong has overtaken Switzerland for the first time as the world’s largest cross-border wealth hub, according to Boston Consulting Group’s (BCG) Global Wealth Report 2026: The Great Reordering, released today. Cross-border wealth booked in Hong Kong rose 10.7% in 2025 to reach $2.9 trillion, driven by mainland China inflows, strong IPO activity, and equity-market gains.
The report also found that global financial wealth grew 10.7% in 2025 to reach $333 trillion despite ongoing trade tensions, tariff brinkmanship, and geopolitical instability. Including real assets, global net wealth climbed to nearly $550 trillion. Cross-border wealth rose 8.4% globally to $15.7 trillion, with the top ten booking centers capturing almost 90% of new offshore flows.

“These shifts are reshaping the geography of global wealth,” said Michael Kahlich, a BCG managing director and partner and coauthor of the report. “We are seeing wealth creation, cross-border capital flows, and investment ecosystems increasingly concentrate into a smaller number of globally connected hubs. Hong Kong’s rise reflects the growing gravitational pull of Asian wealth and capital markets.”

The report identifies a broader restructuring underway across the global wealth-management industry, spanning geographic shifts, emerging-market wealth creation, intergenerational succession, and AI-driven operating model transformation.

A New Global Wealth Map Emerges

BCG’s analysis finds that cross-border wealth is increasingly consolidating into two global hub networks. One is anchored by Hong Kong and Singapore, serving mainland Chinese, Indian, and Southeast Asian capital. The other is anchored by Switzerland, the US, and the UK, serving European, Middle Eastern, and Latin American wealth.
Singapore continued to strengthen its position as Asia’s most diversified offshore wealth center, benefiting from safe-haven flows and continued expansion of its wealth-management ecosystem. Meanwhile, the UAE remained among the fastest-growing booking centers globally, with cross-border wealth rising 11.1% in 2025.
The report also found that regional wealth growth varied significantly:

• Western Europe posted the strongest major-market growth at 15.3%, supported by favorable currency movements and high household savings rates.
• Mainland China’s financial wealth rose 15% in 2025 and is projected to grow 9% annually through 2030.
• North American wealth growth slowed to 7.4%, with gains concentrated among a narrow group of large technology companies.
• Emerging markets are projected to account for roughly 10% of global wealth growth through 2030.

Emerging Markets Will Create the Next Wave of Millionaires

Emerging markets are expected to add nearly $7 trillion in financial wealth by 2030, led by India, Brazil, and Mexico. The affluent-and-above segment, individuals with more than $250,000 in financial wealth, is forecast to grow 8% annually across these markets, creating more than one million new millionaires by the end of the decade.
The report argues that this client segment remains structurally underserved. Many international wealth managers are retreating toward ultra-high-net-worth clients because of rising compliance costs and tighter cross-border requirements, leaving local banks and independent wealth managers with an opportunity to expand.
Retail and corporate banks in emerging markets are particularly well positioned because they already hold the majority of client deposits and maintain trusted local relationships. However, BCG notes that many institutions still rely on deposit-focused service models that have not evolved into full wealth-management propositions.

Asia Faces a Generational Wealth Transfer Reckoning

The report also highlights the beginning of Asia’s first large-scale intergenerational wealth transfer. Across Singapore, Malaysia, and Indonesia, between 40% and 50% of major enterprises remain founder-led, with median leadership ages above 70. As family wealth becomes more geographically dispersed and structurally complex, succession planning is shifting from inheritance decisions toward broader questions of governance, ownership, and long-term stewardship.
“Families are increasingly confronting succession as a design challenge rather than a single transfer event,” said Kahlich. “The firms that can help clients navigate governance, intergenerational alignment, and long-term wealth structures will define the next era of wealth management in Asia.”

AI Is Reshaping the Economics of Wealth Management
​
BCG’s report finds that AI is beginning to fundamentally reshape wealth-management economics and operating models. AI-powered tools are already drafting financial plans, automating compliance documentation, generating portfolio rationales, and predicting client churn.
According to BCG analysis, AI-first wealth managers could unlock 25%–30% capacity gains across key workflows while increasing revenue per advisor by 15%–20%. The report argues that the industry is approaching a structural divide between firms redesigning workflows around AI agents and those layering AI tools onto legacy processes.
“AI is no longer a productivity side story for wealth management,” said Kahlich. “The firms moving earliest are redesigning advisory models, client servicing, and operations end to end. The gap between AI-first firms and traditional operating models could widen very quickly.”
Download the report (four chapters) here:

• The Great Reordering
• Where the Next Wave of Wealth Is Coming From
• The Succession Reckoning
• AI and the New Economics of Wealth Management

Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.
 
Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.

Tilda Swinton in Chanel at the closing ceremony 79th Cannes International Film Festival on 23.05.26, Copyright CHANEL.

The billionaire family behind Chanel is on track to pocket at least $21 billion from payouts over the past decade, a huge windfall as their brand prospers during a downturn hitting some luxury-good rivals.

The Wertheimer clan’s Cayman Islands-based holding company for Chanel Ltd. is set to receive $5.8 billion in dividends for 2025, more than half of which will be paid this year, according to a UK filing. That’s on top of the approximately $15.1 billion of payouts amassed by the family in the intervening years since 2017.

The huge dividends have helped propel septuagenarian brothers Alain and Gérard Wertheimer into the ranks of the world’s wealthiest dynasties. They inherited the company, known for its €10,500 ($12,200) quilted flap bag and tweed outfits, from their grandfather, one of the original business partners of creator Gabrielle “Coco” Chanel. Sales growth last year outpaced that of market leader LVMH Moët Hennessy Louis Vuitton SE, which owns Christian Dior Couture.
Alain, 77, and Gérard, 75, have a combined net worth of about $85 billion, according to the Bloomberg Billionaires Index. They’re credited with owning equal shares of Chanel through offshore holding company Mousse Investments Ltd., which feeds into New York-based Mousse Partners, one of the world’s largest and most discreet family offices, run by half brother Charles Heilbronn. 

The brothers are media-shy and secretive. Closely-held Chanel reports financial results just once a year, generally presented by top executives from outside the family. Alain Wertheimer is Chanel’s global executive chairman, while Gérard is no longer listed as a director.

On Tuesday, the French firm reported 2025 revenue rose 1.8% on a comparable basis to $19.3 billion. The numbers indicate the maker of No. 5 fragrance showed greater resilience over the period than LVMH, the world’s largest luxury conglomerate founded by Bernard Arnault, while still lagging growth at Hermes International SCA. 

LVMH’s Louis Vuitton, Chanel and Hermes form an exclusive trio of top-end fashion brands whose annual sales have risen since the post-pandemic boom to hover around the $20 billion mark. While LVMH doesn’t break out earnings for each of its approximately 75 labels, leather goods maker Louis Vuitton has been a major source of growth. 

Like Chanel, these labels have also proved extremely lucrative for their owners over the past decade, according to Bloomberg calculations. Arnault through the end of last year pulled in about €23 billion in dividends from his investment holdings — mostly made up of his stake in LVMH — while the extended multi-generational family behind Hermes pocketed around €7.2 billion. 

The latest Chanel earnings confirm the Wertheimers received a dividend of $5.7 billion for 2023 but didn’t take a payment for 2024 when the company reported heavy spending on marketing and upscale property acquisitions. 

Chanel “has always maintained a very consistent financial policy with a zero net debt at year-end, in all circumstances,” according to a representative, who declined to comment on the timing of dividend declarations.  

The brothers have also taken steps to diversify their holdings. Mousse Investments describes itself as having a “broad range of asset classes in public and private markets” in addition to Chanel. While Mousse Partners doesn’t disclose how much money it controls, some companies have named it as a participant in deals or as a shareholder. That points to investments in stocks, real estate, credit and private equity.

Over the years, Mousse Partners has backed a wide range of startups including mental health provider Brightside Health, digital advertising firm Brandtech Group, biotechnology company Evolved by Nature, food company Harmless Harvest and health-care provider Thirty Madison. In 2024 Mousse joined the billionaire L’Oreal heiress in investing in high-end clothing brand The Row.

The family office has been listed as having a roughly 8% stake in French digital entertainment company NetGem SA and 5.7% in hair products maker Olaplex Holdings Inc, which Henkel AG agreed to buy earlier this year. Gérard Wertheimer’s son, David, is backing an investment fund putting money into lifestyle companies. 
Copyright Bloomberg
Tags :LuxuryReady-to-wear

By Josh Gilbert, Lead Analyst, Middle East at eToro

Abu Dhabi, United Arab Emirates – May 21, 2026: Nvidia has done it again, beating on the top and ottom line and guiding the current quarter well above Wall Street estimates, yet the share price barely moved. That tepid reaction has become the new normal for the most valuable in the world company, and it tells us exactly how high the bar has been set in the AI trade.
​
According to Josh Gilbert, Lead Analyst, Middle East at eToro: Revenue of USD$81.6 billion was up 85% on the same quarter last year, with the all-important data centre business pulling in USD$75.2 billion, growth of 92%. For a company of this size to still deliver that level of growth is staggering. Guidance for the July quarter came in at around USD$91 billion, comfortably ahead of the USD$87 billion consensus, while management lifted the quarterly dividend to 25 cents from 1 cent and authorised another USD$80 billion in buybacks. The buyback and dividend hike show that Nvidia wants to keep shareholders on side, even as the eye-watering share price gains of recent years become harder to repeat.

The result also showed that Nvidia;s growth story is broadening well beyond GPUs. Networking revenue came in at USD$14.8 billion, comfortably ahead of the USD$12.7 billion the Street was looking for. That’s key, because as AI factories get built out at scale, the networking layer can become a serious growth engine in its own right. At the same time, we’re also seeing the pivot into CPUs, driven by the build-out of agentic AI workloads, the next layer of the AI boom. Nvidia is still in pole position in this AI trade, but Intel and AMD lead the way on CPUs for now, with both stocks more than doubling this year as investors price in the shift. As agentic AI takes off, the value is going to spread across more of the compute stack, not just GPUs.
This result tells us that AI isn’t just a one-year story, it's a story with many years ahead. The market
has grown accustomed to perfection from Nvidia, and although we got that today, much of it was
already priced in. The lens investors should be using from here is that the AI boom still has plenty of
runway.