Journal

The Geneva Watch Sales: Spring 26 Review

Posted on by Ross Povey

Image: Phillips Watches

Post-Auction Review

The optimism generated by Sotheby’s Hong Kong and Monaco Legend Group’s Monaco auctions was emphatically reinforced during the record-breaking Geneva segment of the Spring 2026 auction season, where a succession of exceptional results highlighted the accelerating momentum at the top of the watch market.

A total of 1,277 lots were offered across the four major houses, generating an unprecedented USD 170 million (versus USD 145 million in the Fall last year). Cartier further cemented its position as the market’s brand du jour, with several new records set and 98 percent of offered lots finding buyers.

Phillips set the benchmark, selling 99.6 percent of all offered lots and generating staggering total sales of USD 96.3 million. By comparison, its November 2025 Geneva sale realised USD 83 million, at the time the highest total ever recorded in US dollars for a single watch auction. The magnitude of the Spring 2026 result comfortably surpassed that landmark figure, further underscoring Phillips’ dominance in the international watch auction market.

Antiquorum’s 672 lots realised USD 11.8 million, with an 88 percent sell-through rate, demonstrating sustained market depth across all price levels.

Sotheby’s Important Watches Geneva sale achieved USD 19.3 million, marking the house’s strongest Geneva watch sale in more than a decade.

Christie’s totalled USD 42.3 million, with an impressive sell-through rate of 99 percent. The auction attracted strong international participation across the saleroom, telephone bidding, and online platforms. Notably, 30 percent of all bidders and buyers were new to Christie’s, reflecting the auction house’s continued ability to attract new collectors to the category.

Image: Sotheby’s Watches

The Watch Auction Calendar – Spring 2026

Date Auction House Location Sale Title
April 24 Sotheby’s Hong Kong Important Watches
April 25-26 Monaco Legend Group Monaco Exclusive Timepieces
May 9-10 Phillips Geneva The Geneva Watch Auction: XXIII
May 9-10 Antiquorum Geneva Important Timepieces
May 10 Sotheby’s Geneva Important Watches
May 11-12 Christie’s Geneva Rare Watches
May 27 Christie’s Hong Kong Important Watches
May 30-31 Phillips Hong Kong The Hong Kong Watch Auction: XXII
May 31 Antiquorum Hong Kong Important Timepieces
June 4 Monaco Legend Group Lugano Exclusive Timepieces
June 13-14 Phillips New York The New York Watch Auction: XIV
June 28 Antiquorum Monaco Important Timepieces

 

Image: 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. Sold Lot Value (USD)
Phillips 96.3 million 225 99.6% 429,911
Antiquorum 11.8 million 672 88% 20,345
Sotheby’s 19.3 million 150 95% 135,915
Christie’s 42.3 million 230 99% 185,217
Totals 169.7 million 1,277

Focus by brand – consolidated view

Brand (alphabetical) # of Lots # of Lots Sold Sell-Through
Audemars Piguet 74 69 93%
Cartier 83 81 98%
Patek Philippe 256 248 97%
Rolex 267 249 93%
Independents 81 78 96%

Top performing lots by brand

Brand (alphabetical) Auction House Lot # Description Price (USD)
Audemars Piguet Christie’s 59 Coussin Tortue model number 41’849 2,732,075
Cartier Christie’s 186 London Crash 2,028,800
Patek Philippe Phillips 27 2523 “Polychrome Two-Crown World-Time” 10,193,217
Rolex Christie’s 68  Paul Newman Daytona ref. 6239 yellow gold 1,483,672
Independents Phillips 6 F.P. Journe Chronomètre à Résonance “Souscription No. 18” 6,243,053

 

Image: Phillips Watches – Lot 6 – F.P. Journe Chronomètre à Résonance “Souscription No. 18”

Individual sales in excess of USD 1,000,000 (21 in total)

Brand Auction House Lot # Description Total Price (USD)
Patek Philippe Christie’s 114 3970EP-047 “Michael Steven Ovitz” 1,307,592
Audemars Piguet Phillips 26 5503 Triple Calendar Chronograph 1,405,661
Rolex Sotheby’s 68 6239 Daytona 1,483,672
Cartier Phillips 229 Mystery Clock 1,569,110
Paul Ditisheim Phillips 138 Minute Detent Escapement Tourbillon 1,634,490
Patek Philippe Christie’s 160 5711/1A-018 Nautilus “Tiffany & Co.” 1,637,136
Agassiz Watch Co. Phillips 24 “Victory Watch – Charles de Gaulle” 1,879,664
F.P. Journe Phillips 208 Tourbillon Souverain à Remontoir d’Égalité 1,961,388
Cartier Christie’s 186 London Crash 2,028,800
A. Lange & Söhne Sotheby’s 31 Perpetual Calendar Minute Repeater 2,060,656
Greubel Forsey / Philippe Dufour / Michel Boulanger Phillips 65 Naissance d’Une Montre 1 2,124,837
F.P. Journe Phillips 128 Octa Chronographe Brass Movement 2,206,562
Audemars Piguet Christie’s 59 Unique Platinum “Coussin Tortue” 2,732,075
F.P. Journe Phillips 149 Chronomètre à Résonance “Pisa” 3,000,502
F.P. Journe Christie’s 14 Tourbillon Souverain 3rd Generation 3,138,993
Louis Audemars & Co. Phillips 137 “La Royale” No. 12112 3,238,092
Akrivia Phillips 36 AK-06 3,861,000
Patek Philippe Phillips 144 6002G-010 Sky Moon Tourbillon 4,172,454
Louis Richard Phillips 108 Triple Detent Constant Force Tourbillon Chronometer 5,106,816
F.P. Journe Phillips 6 Chronomètre à Résonance “Souscription No. 18” 6,243,053
Patek Philippe Phillips 27 2523 “South America” 10,193,217

 

Image: Christie’s Watches – Lot 59 – Audemars Piguet Unique Platinum “Coussin Tortue”

Market Pulse

Beyond the headline totals, the Spring 2026 Geneva auctions revealed several clear shifts in collector focus and buying behaviour.

Vintage Patek Philippe and important independent watchmakers largely stole the show at Phillips, where rare and trophy-calibre pieces dominated attention throughout the weekend. The sale achieved an extraordinary 43 world records, with 14 watches surpassing the CHF 1 million mark.

There was a clear resurgence of interest in pocket watches, led by Sotheby’s sale of the historic 1916 A. Lange & Söhne Grande Complication pink gold clock watch, which achieved USD 2.060 million and established a world record for any A. Lange & Söhne timepiece. Sotheby’s also saw the second chapter of the celebrated “Shapes of Cartier” collection sell 100 percent by lot. The Cartier London Crash world record set in Hong Kong at the end of April was subsequently surpassed in Geneva by Christie’s, with its own London Crash offering achieving USD 2.028 million, further underscoring Cartier’s current strength.

The explosive demand typically seen across broader segments of the vintage Rolex market currently appears increasingly concentrated in truly rare and historically significant examples. When quality, rarity, and originality aligned, results remained exceptionally strong, exemplified by Sotheby’s setting a new world record for a yellow gold Rolex Paul Newman Daytona reference 6239.

The Geneva results ultimately reinforced the growing perception of rare watches as a maturing and increasingly important alternative asset class. Record prices, global participation, and aggressive bidding for exceptional examples reflected a market attracting not only seasoned collectors, but also significant new capital.

nb All amounts in USD converted from CHF using XE – May 2026

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Journal

The Geneva Watch Sales: Spring 26

Posted on by Ross Povey

Pre-Season Overview

The spring auction season for rare, important, and luxury timepieces began in late April with Sotheby’s in Hong Kong and Monaco Legend Group’s Exclusive Timepieces event in Monaco. Sotheby’s opened the season with an exceptional result totalling $52 million, marking the most successful watch auction in the department’s history. Six world records were set, led by a Cartier London Crash that sold for $2 million, making it the most expensive Cartier watch ever sold at auction.

Monaco Legend Group’s Exclusive Timepieces sale achieved total sales of $30.9 million and a 98.3% sell-through rate, representing the house’s second-strongest performance to date. Top lots included a Patek Philippe reference 3448 “Padellone” dore dial that sold for $2.5 million and a Rolex reference 16516 Platinum “Zenith Daytona” that realized $2.2 million.

The Geneva sales commence on May 9, with the four major houses presenting a total of 1,277 lots. Following the strong results so far this season, market observers and collectors will be watching the Geneva sales with optimism.

Image: Sotheby’s Watches

The Watch Auction Calendar – Spring 2026

Date Auction House Location Sale Title
April 24 Sotheby’s Hong Kong Important Watches
April 25-26 Monaco Legend Group Monaco Exclusive Timepieces
May 9-10 Phillips Geneva The Geneva Watch Auction: XXIII
May 9-10 Antiquorum Geneva Important Timepieces
May 10 Sotheby’s Geneva Important Watches
May 11 Christie’s Geneva Rare Watches
May 27 Christie’s Hong Kong Important Watches
May 30-31 Phillips Hong Kong The Hong Kong Watch Auction: XXII
May 31 Antiquorum Hong Kong Important Timepieces
June 4 Monaco Legend Group Lugano Exclusive Timepieces
June 13-14 Phillips New York The New York Watch Auction: XIV
June 28 Antiquorum Monaco Important Timepieces

Selected Highlights – The Geneva Sales

Phillips in Association with Bacs & Russo – Geneva, Switzerland, May 9-10

Phillips once again leads the Geneva season with a tightly curated catalogue of important vintage and independent watchmaking. While the sale includes a number of significant pieces, the unquestionable centrepiece of the auction is:

Lot 27 – A Patek Philippe fef. 2523 “Polychrome Two-Crown World-Time”

One of the most important and visually striking wristwatches ever produced by Patek Philippe, this yellow gold reference 2523 features an exceptionally preserved cloisonné enamel dial depicting the map of South America. One of only two examples known, and the only one ever to appear publicly at auction, the watch last surfaced in 1988 and is widely regarded as one of the ultimate trophies of vintage watch collecting. Produced in 1953, the reference 2523 represented the pinnacle of Patek Philippe’s early world-time wristwatches, combining Louis Cottier’s groundbreaking two-crown world-time system with some of the finest enamel craftsmanship ever seen on a wristwatch.

Estimate: In excess of $6,340,000 USD

Image: Phillips Watches

Antiquorum – Geneva, Switzerland, May 9-10

Antiquorum returns to Geneva with another volume-driven sale, offering a broad cross-section of items, ranging from wrist and pocket watches to watch-related rarities and unusual paraphernalia. Among the standout lots is what may prove to be one of the most significant Nautilus watches ever to appear publicly:

Lot 285 – A Patek Philippe ref. 3700/13 “Jumbo” Nautilus with Pink Gold Dial
This probably unique yellow gold Patek Philippe ref. 3700/13 “Jumbo” Nautilus features an extraordinary pink gold dial with diamond indexes, specially ordered through Somazzi in Lugano and delivered in 1984 to the consignor’s family. While platinum versions of the reference have long been considered the rarest, this is believed to be the only known example with an alternate dial colour, making it an fascinating discovery for Nautilus collectors. It would appear to have been preserved in exceptional condition and is accompanied by its original certificate, box, and related paperwork.

Estimate: $1,270,000 – 3,170,000 USD

Image: Antiquorum

Sotheby’s – Geneva, Switzerland, May 10

As in the fall, Sotheby’s catalogue feels light in comparison to its competitors, though this is understandable, as it closely follows the record-breaking sale in Hong Kong a few weeks ago, which was clearly the house’s primary focus. Among the standout lots is one of the most important A. Lange & Söhne timepieces ever to appear publicly.

Lot 31 – An A. Lange & Söhne Grande Complication Clock Watch
Dating to circa 1916, this extraordinary pink gold Grande Complication clock watch is one of only nine examples ever produced by A. Lange & Söhne and the final example made in pink gold. Combining perpetual calendar, minute repeating, grande and petite sonnerie, moon phases, and split-seconds chronograph functions within an elaborate hunting case, it represents one of the most ambitious creations of early 20th century German watchmaking. Fresh to the market and retained by the same family since 1939, the watch is accompanied by extensive original documentation, archival material, and presentation accessories.

Estimate: $790,000 – 1,360,000 USD

Image: Sotheby’s Watches

Christie’s – Geneva, Switzerland, May 11

Christie’s closes the Geneva season with a refined catalogue focused on important modern and neo-vintage watches, with particular strength in rare Patek Philippe references and retailer-signed examples. Among the highlights is the celebrated Patek Philippe ref. 3940 “BEYER” dial, a perpetual calendar produced for Chronometrie Beyer Zürich, one of the manufacture’s oldest retail partners. Just 15 examples are known with a double-signed, numbered doré dial, with one preserved in the Patek Philippe Museum and another reportedly retained by Philippe Stern. The model’s growing importance among collectors was demonstrated recently when an example achieved CHF 762,150 including fees at an Artcurial Basel sale in March 2026. It will be interesting to see whether Christie’s sale builds on that result.

Lot 57 – Patek Philippe ref. 3940 “BEYER”
Produced in 1985 to celebrate the 225th anniversary of Chronometrie Beyer Zürich, this yellow gold Patek Philippe ref. 3940 was part of an extremely limited series of just 25 watches. The present example, numbered 13, features the coveted double-signed “BEYER” dial and German calendar configuration reserved for the first fifteen pieces. Widely regarded as one of the most important perpetual calendar references of the modern era, the 3940 helped redefine complicated watchmaking at Patek Philippe during the 1980s, and special retailer editions such as this rarely appear publicly.

Estimate: $225,000 – 450,000 USD

Image: Christie’s Watches

Lot 194 – A Rolex Prototype Submariner ref. 1680 in White Gold
One of only three known white gold Rolex Submariner ref. 1680 prototypes, this extraordinary watch represents a fascinating glimpse into an abandoned chapter of Rolex development during the 1970s. Unlike the two other known examples fitted with blue dials, the present watch is the only known example with a black dial, giving it a uniquely restrained and highly attractive appearance. Consigned by descendants of the original owner’s family, both of whom worked at Rolex, the watch remained in daily use for decades and retains numerous unusual prototype details, including an unnumbered case, distinctive bezel construction, and a white gold President bracelet. Rolex would not officially launch a white gold Submariner until 2014, making this prototype one of the most historically important modern Rolex sports watches ever to appear publicly.

Estimate: $510,000 – 740,000 USD

Image: Christie’s Watches

Key Metrics – The Geneva Sales

Total lots across all auction houses:

Auction House (by sale date) Number of Lots
Phillips 225
AQ 672
Sotheby’s 150
Christie’s 230
Total number of lots 1277

Brand focus per auction house (as a % of Total Lots)

Brand (alphabetical) Phillips Antiquorum Sotheby’s Christie’s
Audemars Piguet 6% 4% 9% 9%
Cartier 4% 5% 23% 3%
Patek Philippe 26% 13% 26% 35%
Rolex 20% 21% 19% 25%
Independents* 11% 1% 13% 13%
Other inc. Micro Brands 33% 56% 10% 15%

Brand focus (as a % of total tots, with comparison to prior Geneva sales)

Brand (alphabetical) May 2025 Nov 2025 May 2025
Audemars Piguet 6% 5% 6%
Cartier 6% 4% 5%
Patek Philippe 20% 19% 16%
Rolex 21% 22% 19%
Independents* 6% 3% 6%
Other inc. Micro Brands 41% 47% 48%

Market Pulse

The momentum generated by the unprecedented results achieved during the fall 2025 auction season appears to have continued through the winter and carried into the first major auctions of the year, as referenced in the commentary above. Liquidity appears to be available, alongside sustained demand for high-quality rare vintage Rolex and Patek Philippe timepieces, the continued rise of Cartier as a major focus of collector attention, and ongoing support for established independent watchmakers.

The relative lack of major trophy pieces and headline lots on offer in Geneva this spring may, in part, reflect a shift toward high-value private sales, driven by the agility of leading dealers, who are able to source and transact key pieces while offering lower commission structures and faster settlements than traditional auction houses. With collectors sensing continued market demand, some owners may also be choosing to hold onto their most important watches rather than consign them to public auction at this time, opting instead to see how the market develops.

Overall, the major auction houses have presented sufficiently strong and balanced catalogues to achieve notable results and further establish watches as a credible alternative asset class.

*De Bethune, Laurent Ferrier, Vianney Halter, F.P. Journe , A Lange , MB&F, Richard Mille, Voutilainen and Urwerk.

The watches highlighted above are for information, editorial and market commentary purposes only. They have not necessarily been inspected in person, and no recommendation or guarantee is made regarding condition, originality or value.

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Journal, Uncategorised

The Geneva Watch Sales: Fall 25 Review

Posted on by Ross Povey

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 reference 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 reference 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 reference 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 reference 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  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.

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Journal

The Geneva Watch Sales: Fall 25

Posted on by Ross Povey

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 reference 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 reference 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 reference 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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