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Timepieces achieved the second highest annual auction results at Phillips
“Phillips Watches adapted to a different market this year,” observed Aurel Bacs, Senior Consultant of Phillips in Association with Bacs & Russo, “focusing only on the most qualitative and unique timepieces on the market.” Bacs added that given the new economic landscape, the auction house continued to deliver robust results, with an annual auction total of US$216 million, marking the second most successful year for the department.
“We continued many successes in collaborations with distinguished brands and watchmakers such as Panerai and Casio to offer unique creations,” he added. The year also witnessed its retail destination Perpetual expanding its luxury offerings, with enhanced digital capabilities and a new storefront in Hong Kong in addition to its Salon in London. “We look forward to continuing to offer our collectors around the world a best-in-class experience in 2024.”
The previous year marked the second most successful year for Phillips in Association with Bacs & Russo, with the annual total for watch auction sales realising US$216 million, achieving a hammer price of 163% against the low estimate. (In 2022, Phillips in Association with Bacs & Russo achieved the highest annual total for watch auction sales in history across all the auction houses at US$227 million)
The team set numerous world auction records across its global salerooms in 2023, notably a world record for any wristwatch previously owned by an Emperor, with a historically important Patek Philippe Ref 96QL, a prized possession of the last emperor of the Qing Dynasty which sold for HK$49
million (US$6.2 million); Roger Smith’s unique and career defining Pocket Watch Number Two achieved US$4.9 million, breaking the world record for any British timepiece; and Casio’s
“Dream Project #2” Ref. G-SHOCK G-D001 realised US$400,050, setting a world record for the brand
Geneva auctions held record-level results for top lots, including: a Rolex Daytona Ref. 6270 which sold for CHF 3.69 million (US$4.1 million); a Patek Philippe
Ref. 2499 pink gold second series, which achieved CHF
3.2 million (US$3.6 million); a Patek Philippe Nautilus
Ref. 3700/1 in platinum, which sold for CHF 2.54 million
(US$2.8 million); and a Patek Philippe Ref. 2499 first series in yellow gold, which achieved CHF 2.35 million (US$2.6 million).
Support for Independent Watchmaking continues with exceptional results for the unique Biver Carillon Tourbillon in titanium, the Roger Smith Series One, Rexhep Rexhepi and Philippe Dufour’s first ever Grande and Petite Sonnerie made for Audemars Piguet. Phillips’ Spring auction in Hong Kong also sets world record prices for Asian independent watchmakers Hajime Asaoka and Kiu Tai Yu.
Phillips creates value for its clients and is the go-to auction house for individuals and established brands wishing to offer unique creations. For example:
• A one-of-a-kind Rdiomir Guido Panerai & Figlio model, resulting from a collaboration between Panerai and Phillips, sold for CHF 355,600, more than doubling its high estimate, with all proceeds going to the Intergovernmental Oceanographic Commission of UNESCO
• In celebration of the 40th anniversary of Casio’s G-shock, the Dream Project #2 unique wristwatch created through the use of AI, achieved US$400,050, with 100% of the proceeds benefiting The Nature Conservancy.