Pre-Season Overview
The fall auction season for rare, important, and luxury timepieces began at the end of October with the Monaco Legend Group Exclusive Timepieces event in Monaco. Achieving total sales of $33.3 million and a 97% sell-through rate, it marked the house’s strongest performance to date. Headline results included a Rolex reference 6062 with black dial and diamond indexes that sold for $6.2 million and a Patek Philippe reference 2481 with a cloisonné enamel dial that reached $1.1 million.
The season now moves to Geneva in early November, where a total of 1,163 lots will be offered by the four major auction houses, followed by sales in Hong Kong and New York, as well as a single-owner collector’s sale in Abu Dhabi in early December. Buoyed by strong early results and heightened anticipation for Geneva, this fall’s calendar is set to draw significant interest from collectors and market observers around the world.
Image: Monaco Legend Group
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 |
Selected Highlights – The Geneva Sales
Phillips in Association with Bacs & Russo – Geneva, Switzerland, November 8–9
Phillips presents a strong and well-balanced catalogue this fall, showcasing important vintage pieces from major marques alongside an impressive selection from leading independent watchmakers. But the spotlight will undoubtedly fall on the performance of:
Lot 23 – A Patek Philippe ref. 1518 in Stainless Steel
The first stainless-steel Patek Philippe Ref. 1518 ever produced, case-back engraved No. 1, returns to Phillips Geneva this November. One of only four known examples, this watch made history in 2016 when it sold for CHF 11 million, becoming the first wristwatch to surpass the eight-figure mark at auction.
Estimate: In excess of $8,750,000 USD
Image: Phillips Watches
Antiquorum – Geneva, Switzerland, November 8–9
Though Antiquorum lacks any real headline pieces this season, it more than compensates with volume, presenting 691 lots, including watches, parts, and related paraphernalia, offering a broad, diverse selection across all areas of the collector market. While not the most valuable item in the catalogue, one of the more interesting pieces is:
Lot 501 – A Patek Philippe ref. 3796 Calatrava in Platinum
A manual-wind platinum Patek Philippe Ref. 3796 Calatrava in excellent condition, purchased in 1998 and consigned by its first Swiss owner. It is accompanied by its box, Certificate of Origin, booklets, and original purchase invoice. As always, inspection is recommended.
Estimate: $12,500 – 18,800 USD
Image: Antiquorum
Sotheby’s – Geneva, Switzerland, November 9
A somewhat underwhelming showing from Sotheby’s Watch Department, which finds the house at the lower end of the Geneva sales in terms of volume, quality, and important pieces of late. The focused Breguet sale provides some welcome interest, though likely due more to Breguet’s own influence than any clear strategic direction from the auction house. Perhaps greater attention should be paid to the Abu Dhabi sale in December, which includes a unique set of four Patek Philippe Star Calibre pocket watches. In the Geneva sale, the one lot that will be sure to attract attention is:
Lot 134 – A early pre-production Rolex Oyster ref. 34075 in 9ct Gold
A historically interesting prototype wristwatch, distinguished by its provenance and role in the birth of the modern sports watch. Its original owner, Mercedes Gleitze, was the first British woman to swim the English Channel, and became Rolex’s first brand ambassador, redefining the collaboration between a brand and a sports celebrity.
The watch is engraved: “Miss M. Gleitze – The Companion ‘Oyster’. Vindication Channel Swim. October 21st, 1927” and is accompanied by various documentation.
Estimate: Upon Request
Image: Sotheby’s Watches
Christie’s – Geneva, Switzerland, November 10
As with Phillips, Christie’s offers a strong catalogue in terms of overall quality, with a bias toward Rolex and Patek Philippe, which together account for over 62 percent of the total sale. Of particular interest are the following lots — four rare, special-edition, factory-sealed Patek Philippe 3970s — expected to attract significant attention amid renewed collector interest and rising prices for special variants of this reference over the past year.
Lot 26 to 29 – Patek Philippe ref. 3970 special edition set
A set of four special edition, factory-sealed Patek Philippe reference 3970 watches in White, Yellow, Pink Gold, and Platinum, each featuring a rare Breguet dial in a different colour. Made exclusively for the opening of the Geneva Salon in 2006, these exceptional pieces are believed to be only the second set of this kind to appear on the market, making them a rare opportunity for serious collectors.
Estimate: $1,500,000 – 1,950,000 USD (total)
Image: Christie’s Watches
Key Metrics – The Geneva Sales
Total lots across all auction houses:
| Auction House (by sale date) | Number of Lots |
|---|---|
| Phillips | 209 |
| AQ | 691 |
| Sotheby’s* | 84 |
| Christie’s | 179 |
| Total number of lots | 1163 |
Brand Focus (as a % of Total Lots, with comparison to prior Geneva Sales)
| Brand (alphabetical) | Nov 2025 | April 2025 | Nov 2024 |
|---|---|---|---|
| Audemars Piguet | 5% | 6% | 7% |
| Cartier | 4% | 5% | 4% |
| Patek Philippe | 19% | 16% | 20% |
| Rolex | 22% | 19% | 22% |
| Independents** | 3% | 6% | 6% |
| Other inc. Micro Brands | 47% | 48% | 41% |
Brand Focus per Auction House (as a % of Total Lots)
| Brand (alphabetical) | Phillips | Antiquorum | Sotheby’s | Christie’s |
|---|---|---|---|---|
| Audemars Piguet | 5% | 4% | 6% | 8% |
| Cartier | 4% | 3% | 13% | 4% |
| Patek Philippe | 27% | 10% | 35% | 35% |
| Rolex | 20% | 18% | 23% | 27% |
| Independents** | 10% | 1% | 2% | 7% |
| Other inc. Micro Brands | 34% | 64% | 21% | 19% |
Market Pulse
The collectible watch market enters the fall season with cautious optimism. The Monaco Legends Group sale set a confident tone, demonstrating that demand and significant purchasing power continue to support high-end pieces. Despite ongoing economic and geopolitical headwinds, competitive bidding is expected for rare vintage Rolex and Patek Philippe, neo-vintage Cartier, and limited-production independents.
Notably, while independent watchmakers account for around 10 percent of the Phillips catalogue, their overall presence at the Geneva auctions has decreased, suggesting either lower availability or reduced collector demand. Similarly, the inclusion of Audemars Piguet watches has continued to decline, reflecting a current diminishing level of collector interest in the brand.
Rarity, condition, and provenance are expected to continue shaping hammer prices and engagement. The performance of the market’s upper segment this season may provide early signals of broader trends heading into 2026.
* Excludes the 73 lots in the Breguet mono-brand sale.
** De Bethune, Laurent Ferrier, Vianney Halter, F.P. Journe , A Lange , MB&F, Richard Mille, Voutilainen and Urwerk.
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