​PHILLIPS MAKES HISTORY BY SELLING THE HIGHEST VALUE TIMEPIECE EVER SOLD IN ASIA

An Exceptionally Rare Patek Philippe Ref. 2499 First Series in Pink Gold Surpassed HK$80 million / US$10.2 million, Setting a New Reference Record and Standing as the Most Valuable Watch Sold Globally this Spring to Date
 

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.