LIFE BEYOND FIRST CLASS
FINANCE
TIME IS MONEY
In its tenth anniversary year,
Phillips Watches did not just break records, it redefined watch collecting as a mature financial market, proving that rare timepieces now trade with the confidence, liquidity, and global reach of blue-chip assets.
RANDALL BLAKE
FPJourne, Chronomètre à Résonance Sincere Fine Watches
FPJourne, Chronomètre à Résonance Souscription No. 17
In a year when many luxury sectors struggled to find their footing, Phillips Watches did something unprecedented. It closed its tenth anniversary year with US $370 million in total watch sales, the highest annual total ever achieved in the history of watch auctions, firmly positioning fine timepieces as one of the most resilient and sophisticated alternative asset classes.
At the core of that achievement was Phillips in Association with Bacs & Russo, which delivered more than US $290 million in auction sales alone. That figure not only surpassed Phillips’ own 2022 record of US $227 million but marked the first time any watch auction department has exceeded US $200 million for five consecutive years. In a market increasingly driven by discernment rather than hype, consistency at this scale matters.
The numbers read like a prospectus. Phillips maintained an estimated 45 percent global market share, sold 1,802 lots with a 99 percent sell through rate by lot and 100 percent by value, and achieved average prices of US $173,000 for live auctions and US $20,000 online, both industry highs. Hammer prices plus buyer’s premiums reached 246 percent of pre-sale low estimates, underscoring how demand continues to outpace supply at the very top of the market.
Patek Philippe, ref.1518 stainless steel
Patek Philippe, ref.1518, Pink on Pink
F.P. Journe X THA for Breguet Pendule Sympathique N°1
F.P.Journe, Chronomètre à Résonance Souscription
Philippe Dufour, Duality “No. 01”
Two sales in particular captured the financial imagination of collectors. A Patek Philippe Perpetual Calendar Chronograph Ref. 1518 in stainless steel achieved US $17.6 million, the most valuable vintage Patek Philippe wristwatch ever sold at auction. Meanwhile, an F.P. Journe FFC Prototype from the collection of Francis Ford Coppola realized US $10.7 million, setting records across multiple categories and reinforcing the strength of independent watchmaking as an investment segment.
Beyond the auction room, Phillips demonstrated that liquidity now extends well past the gavel. US $80 million in private sales and Phillips Perpetual transactions confirmed that collectors increasingly value discretion, speed, and curated access. Nearly half of Perpetual buyers were new to Phillips, and digital engagement surged, with bidders from 80 countries and almost all participation occurring online.
As senior consultants Aurel Bacs and Livia Russo noted, these results reflect “enduring confidence of collectors” and a market built on scholarship, integrity, and rarity. For investors, the message is clear. Watches are no longer merely objects of passion. At the highest level, they have become portable, globally traded stores of value, measured not just in seconds, but in serious capital.
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