Image: Phillips Watches
Post-Auction Review
The Geneva segment of the Fall 2025 auction season built on Monaco Legend Group’s impressive opening in late October, reconfirming interest, new investment, and growing demand for rare, historically significant timepieces in exceptional original condition.
A total of 1,233 lots were offered across the four major houses, generating a record-breaking USD 145.4 million, with a combined sell-through rate of 96 percent.
Phillips set the benchmark, selling 100 percent of all offered lots, with unprecedented total sales of USD 83 million. This marks the highest amount ever achieved in USD for a single watch auction. Phillips reported that the two-day sale attracted 1,886 registered bidders from 72 countries, with more than 800 attendees in the saleroom.
Antiquorum’s 691 lots realised USD 8.8 million, with a 90 percent sale rate, evidence of market interest at all price points.
The combination of a live auction, thematic Breguet sale, and concurrent online catalogue (not included in this report), orchestrated by a new generation of auctioneers, Benoit Colson and Clara Kessi, brought renewed energy and professionalism to the rostrum, enabled Sotheby’s to achieve its best Fall-season results in over a decade.
Christie’s Rare Watches concluded the extended Geneva weekend with total sales of USD 26.6 million, 21 percent of entries exceeding their high estimates. Notably, 37 percent of buyers were new to the watch category, and registrants from 47 countries highlighted the international strength of the watch market.
This auction weekend was unquestionably one of the most highly attended in recent times, with a record number of collectors, dealers, and observers present from around the world.
Image: Christie’s Watches
The Watch Auction Calendar – Fall 2025
| Date | Auction House | Location | Sale Title |
|---|---|---|---|
| October 18–19 | Monaco Legend Group | Monaco | Exclusive Timepieces |
| November 8–9 | Phillips | Geneva | Decade One (2015–2025) |
| November 8–9 | Antiquorum | Geneva | Important Timepieces |
| November 9 | Sotheby’s | Geneva | Important Watches: Part I |
| November 10 | Christie’s | Geneva | Rare Watches |
| November 21 | Phillips | Hong Kong | The Hong Kong Watch Auction: XXI |
| November 26–27 | Christie’s | Hong Kong | Important Watches |
| November 30 | Antiquorum | Hong Kong | Important Timepieces |
| December 5 | Sotheby’s | Abu Dhabi | Prestigious Jewels & Watches |
| December 6–7 | Phillips | New York | The New York Watch Auction: XIII |
| December 8 | Sotheby’s | New York | Important Watches |
| December 9 | Christie’s | New York | Important Watches |
| December 13 | Antiquorum | Monaco | Important Timepieces |
Image: Sotheby’s Watches
Pre-Auction Selection Results
Our pre-auction review selection highlights performed as follows:
Phillips in Association with Bacs & Russo – Geneva, November 8–9, 2025
Lot 23 – A Patek Philippe ref. 1518 in stainless steel
Estimate: USD 8.75 million
Despite some negative commentary from market observers prior to the sale Phillips, the star lot achieved an impressive USD 17,549,691, reaffirming its position as one of the most important wristwatches ever offered at auction, and significantly improving on its last appearance at auction in 2016 when it sold for approximately USD 11.4 million.
Antiquorum – Geneva, November 8–9, 2025
Lot 501 – A Patek Philippe Ref. 3796 Calatrava in platinum
Estimate: USD 12,500 – 18,800
Among the pieces highlighted in our pre-auction report was Lot 501, a Patek Philippe ref. 3796 in Platinum with box and papers, which sold for USD 26,598, reflecting the ongoing demand for original, well-preserved, neo-vintage box sets.
Sotheby’s – Geneva, November 9, 2025
Lot 134 – An early pre-production Rolex Oyster ref. 34075 in 9ct gold
Estimate: Upon Request
The historically interesting prototype formerly owned by Mercedes Gleitze, the first British woman to swim the English Channel realised USD 1,724,131.
Christie’s – Geneva, November 10, 2025
Lot 26 to 29 – 4 x Patek Philippe ref. 3970 with rare Breguet dials
Estimate: USD 1.5 – 1.95 million (total)
The factory-sealed group of four watches manufactured exclusively for the opening of the Geneva Salon in 2006 achieved a staggering combined total of USD 4,386,848, further highlighting current collector focus on rare variants of this model reference.
Image: Phillips Watches, Antiquorum, Sotheby’s Watches, Christie’s Watches
Key Metrics from the Geneva Sales
Auction House Sales Breakdown – Consolidated View
| Auction House (by sale date) | Total Sales (USD) | # of Lots | Sell-Through | Avg. Lot Value (USD) |
|---|---|---|---|---|
| Phillips | 83,018,538 | 209 | 100% | 397,217 |
| Antiquorum | 8,812,723 | 691 | 90% | 12,753 |
| Sotheby’s* | 11,894,578 | 84 | 96% | 141,602 |
| Sotheby’s** | 15,156,076 | 70 | 94% | 229,637 |
| Christie’s | 26,558,298 | 179 | 98% | 148,370 |
| Totals | 145,440,213 | 1,233 | 96% | 185,915 |
Focus by Brand – Consolidated View
| Brand (alphabetical) | # of Lots | # of Lots Sold | Sell-Through |
|---|---|---|---|
| Audemars Piguet | 57 | 52 | 91% |
| Cartier | 46 | 41 | 89% |
| Patek Philippe | 220 | 210 | 95% |
| Rolex | 231 | 218 | 94% |
| Independents*** | 40 | 40 | 100% |
Top Performing Lots by Brand
| Brand (alphabetical) | Auction House | Lot # | Description | Price (USD) |
|---|---|---|---|---|
| Audemars Piguet | Christie’s | 103 | Royal Oak QP ref. 25687PT | 791,233 |
| Cartier | Phillips | 134 | Paris Model A clock | 866,650 |
| Patek Philippe | Phillips | 23 | 1518 “No. 1” in steel | 17,549,691 |
| Rolex | Sotheby’s | 134 | Early Oyster “Mercedes Gleitze” | 1,724,131 |
| Independents | Phillips | 182 | Chronomètre à Résonance | 4,120,822 |
Image: Phillips Watches
Individual Sales in Excess of USD 1,000,000 (23 in total)
| Brand | Auction House | Lot # | Description | Price (USD) |
|---|---|---|---|---|
| Patek Philippe | Phillips | 18 | 3424/1 “Gilbert Albert” | 1,006,734 |
| Patek Philippe | Christie’s | 89 | 5711 Nautilus “Tiffany & Co.” | 1,022,464 |
| Richard Mille | Christie’s | 146 | Unique RM 018 | 1,022,464 |
| Breguet | Sotheby’s | 66 | No. 1052 Montre à Tact | 1,038,195 |
| Christian Klings | Phillips | 94 | Tourbillon 7 | 1,101,115 |
| Patek Philippe | Phillips | 80 | 2438/1 “Luminous Dial” | 1,101,115 |
| Patek Philippe | Phillips | 199 | 2497 “Secondi al Centro” | 1,195,497 |
| Rolex | Phillips | 34 | 6239 Daytona “Golden Pagoda” | 1,337,069 |
| Rolex | Phillips | 32 | 18059 Day-Date “Rainbow” | 1,337,069 |
| Ferdinand Berthoud | Phillips | 6 | Naissance d’Une Montre 3 | 1,573,022 |
| Patek Philippe | Phillips | 105 | 2499/100 “Gübelin” | 1,647,957 |
| Rolex | Sotheby’s | 134 | Early Oyster “Mercedes Gleitze” | 1,724,131 |
| Rolex | Phillips | 70 | 6263 Daytona “RCO” | 1,728,864 |
| Patek Philippe | Christie’s | 29 | 3970 “Salmon Breguet” | 1,732,710 |
| Patek Philippe | Phillips | 213 | 2499 “First Series” | 2,022,634 |
| F.P. Journe | Phillips | 97 | Tourbillon Souverain | 2,097,569 |
| Breguet / Daniels | Sotheby’s | 59 | No. 3225 | 2,328,568 |
| Breguet | Sotheby’s | 9 | No. 1890 Tourbillon | 2,328,568 |
| Patek Philippe | Sotheby’s | 160 | 2499 “First Series” | 2,404,123 |
| J. Player & Sons | Phillips | 39 | Hyper Complication | 2,771,987 |
| F.P. Journe | Phillips | 182 | Chronomètre à Résonance | 4,120,822 |
| Patek Philippe | Phillips | 144 | 1518 “Pink on Pink” | 4,420,563 |
| Patek Philippe | Phillips | 23 | 1518 “No. 1” in steel | 17,549,691 |
Image: Sotheby’s Watches
Market Pulse
The Fall auction season has, to date, defied geopolitical and economic concerns, signaling resilience, confidence, and new investment in the watch market.
Historic results at Phillips were complemented by notable trends elsewhere, included fewer pre-owned modern watches on offer, continued momentum for neo-vintage Patek Philippe, and exceptionally strong demand for top-tier vintage Rolex.
Independent watchmakers, though reduced in numbers this season, continued to attract sustained interest. F.P. Journe’s Chronomètre à Résonance “Souscription No. 2” achieved USD 4.1 million at Phillips, while a number of other small-production independents obtained notable results.
Buying activity was evident both inside and outside the auction rooms, with reports of extensive private transactions closed in addition to the published auction lots.
The upper tier of the market remains robust, with sold lots exceeding USD 1 million abundant throughout the weekend. With successful sales in Monaco and Geneva now concluded, the outlook for Hong Kong and New York auctions remains positive.
* Excludes the Breguet thematic sale at Sotheby’s.
** The Breguet thematic sale at Sotheby’s
*** De Bethune, Laurent Ferrier, Vianney Halter, F.P. Journe, A Lange, MB&F, Richard Mille, Voutilainen and Urwerk.
nb All amounts in USD converted from CHF using XE – November 2025.