PHILLIPS results
Phillips in Association with Bacs & Russo Achieves HK$182Million/ US$23.25Million for The Hong Kong Watch Auction: XVII
Marking Three Years of 100% Sold, White Glove Sales for The Watches Department in Asia

17 % Increase on the Previous Season

The Hong Kong Watch Auction: XVII, 24-25 November, 2023
TOTAL: HK$181,704,010 / US$23,258,113 | Lots sold:208/ Lots offered: 208

PHILLIPS results | Phillips Achieves HK$182Million/ US$23.25 Million for The Hong Kong Watch Auction: XVII

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Hong Kong – 25 November 2023 – Phillips in Association with Bacs & Russo realised HK$182 million/ US$23.25 million in The Hong Kong Watch Auction: XVII held on 24 – 25 November at the company’s Asia headquarters in the West Kowloon Cultural District. The sale saw over 1,700 watch enthusiasts participating from across 61 countries/ regions.

The Hong Kong Watch Auction: XVII

The star lot of the sale was the possibly unique and previously unknown Patek Philippe ref. 3974 wristwatch in platinum, which soared above its pre-sale estimate of HK$8.8 million/ US$1.13 million, eventually selling for over HK$14 million/ US$1.8 million. Another star lot was the vintage Rolex ‘Stelline’ ref. 6062 in yellow gold which sold for over HK$7 million/ US$910,336, marking a 40% increase from its previous result achieved at Phillips Hong Kong in 2016.

The Hong Kong Watch Auction: XVII

Independent watchmakers continue to inspire spirited bidding, with models by F.P.Journe, Rexhep Rexhepi , Philippe Dufour, and De Bethune capturing the demand of the market. The momentum for Rexhep Rexhepi continued, with the Chronomètre Contemporain ref. RRCC01 sold for nearly HK$7 million/ US$894,080 after a fierce eight-minute bidding war among few phone bidders and 29 bids placed. The watch ultimately sold for 2.3 times over its pre-sale high estimate and marked the second highest price achieved for a wristwatch by Rexhep Rexhepi, who is regarded as a legend among the new generation of young independents.

The Hong Kong Watch Auction: XVII

Appeared at auction for the first time, a five-piece set of 38mm stainless steel wristwatches made by F. P. Journe sold for a remarkable HK$8.9 million/ US$1.13 million. The watches individually achieved for following prices: Tourbillon Souverain (lot 815) sold for HK$3.4 million/ US$438,912; Chronomètre à Résonance (lot 816) sold for HK$2.3 million/ US$292,608; Octa Calendrier (lot 817) sold for HK$1.08 million/ US$138,176; Octa Réserve de Marche (lot 818) sold for HK$825,500/ US$105,664; Chronomètre Souverain (lot 819) sold for HK$1.14 million/ US$146,304; and finally the wooden presentation box (lot 820) sold for HK$120,650/ US$154,432. Another unmissable highlight was the F.P. Journe Tourbillon Souverain “China 2010” which is the first example with a 38mm diameter platinum case appeared at auction, sold for HK$6.9 million/ US$877,824, after a competitive battle between numerous bidders.

The Hong Kong Watch Auction: XVII

Thomas Perazzi, Deputy Chairman and Head of Watches, Asia, Phillips, said, “The results from The Hong Kong Watch Auction: XVII mark three years of Phillips Hong Kong selling 100% of watches offered at auction. With a 17% increase from the previous season, the results underscore the continued resilience of the global market for collectible timepieces of the highest quality and utmost rarity. The top ten lots beautifully demonstrate how varied the market is, and how well Phillips continues to respond to such a market – with Patek Philippe ref. 3974 wristwatch in platinum flying way above its pre-sale estimate, a Rolex ‘Stelline’ ref. 6062 in yellow gold achieved for 40% more than its previous sold price at auction, and a number of independents established strong results. We are now very much looking forward to our last watch auction this year in New York on 9-10 December.”

TOP TEN LOTS OF THE HONG KONG WATCH AUCTION: XVII

LotDescriptionEstimatePrice Achieved
858Patek Philippe, Ref. 3974P-001, platinum minute repeating perpetual calendar wristwatch. Circa 2001HK$ 8,800,000 – 17,600,000 US$ 1,130,000-2,260,000HK$14,365,000 US$1,838,720
903Rolex, ‘Stelline’ Ref. 6062, yellow gold triple calendar wristwatch. Circa 1952HK$ 5,500,000 – 11,000,000 US$ 705,000-1,410,000HK$7,112,000 US$910,336
939Rexhep Rexhepi, Ref. RRCC01 pink gold wristwatch, numbered 12 of a limited edition of 25 pieces. Circa 2019HK$1,600,000 – 3,000,000 US$205,000-385,000HK$6,985,000 US$894,080
962F.P. Journe, Tourbillon Souverain, “Chine 2010”, platinum 38mm diameter wristwatch. Circa 2010HK$ 6,000,000 – 10,000,000 US$ 769,000-1,280,000HK$6,858,000 US$877,824
880Patek Philippe, Ref. 5004P-041 platinum perpetual calendar split-second chronograph wristwatch. Circa 2008HK$2,600,000 – 5,200,000 US$333,000-667,000HK$6,286,500 US$804,672
864Patek Philippe, Ref. 5271/13P-001, platinum emerald baguette-set perpetual calendar chronograph wristwatch. Circa 2017HK$ 2,200,000 – 3,800,000 US$ 282,000-487,000HK$ 5,842,000 US$ 747,776
961Patek Philippe, Ref. 5271/12P-001, platinum and ruby baguette-set perpetual calendar chronograph wristwatch. Circa 2016HK$ 2,000,000 – 3,500,000 US$ 256,000-449,000HK$4,635,500 US$593,344
1001Rolex, Cosmograph Daytona, “Paul Newman
Oyster Sotto”, Ref. 6263, stainless steel chronograph wristwatch. Circa 1969		HK$ 3,200,000 – 5,500,000 US$ 410,000-705,000HK$4,445,000 US$568,960
875Rolex, Oyster Cosmograph “Paul Newman”, Ref. 6265, stainless steel chronograph wristwatch. Circa 1971HK$ 2,650,000 – 4,300,000 US$ 340,000-551,000HK$3,810,000 US$487,680
1005F.P. Journe, Tourbillon Souverain Anniversaire Boca Raton, numbered 4 of a limited edition of 5 pieces, made to commemorate the first anniversary of the F.P. Journe Boca Raton boutique in Florida. Circa 2007HK$1,600,000 – 3,200,000 US$205,000-410,000HK$3,810,000 US$487,680
1011Philippe Dufour, white gold wristwatch with small seconds, Certificate of Origin and presentation box, numbered 09. Circa 2001HK$ 2,000,000 – 4,000,000 US$ 256,000-513,000HK$3,810,000 US$487,680
Patek-Philippe-ref.-3974P-001
Patek-Philippe-ref.-3974P-001
Patek-Philippe-Ref.-527113P-001
Rolex-ref.-6265-Paul-Newman
Patek-Philippe-Ref.-5004P
Rolex-ref.-6062-Stelline
Rolex-ref.-6062
Rexhep-Rexhepi-RRCC01
Patek-Philippe.-Ref.-527112P
F.-P.-Journe-China-2010
Rolex-ref.-6263-Paul-Newman-Oyster-Sotto
_F.P.-Journe-limited-edition-titanium-and-pink-gold-tourbillon-wristwatch
Philippe-Dufour-Simplicity
FP-Journe-set
Wooden-Presentation-box
FP-Journe-TOURBILLON-SOUVERAIN-Stainless-Steel
FP-Journe-CHRONOMETRE-A-RESONANCE-Stainless-Steel
FP-Journe-OCTA-CALENDRIER-Stainless-Steel
FP-Journe-Octa-Reserve-de-Marche-Stainless-Steel
FP-Journe-CHRONOMETRE-SOUVERAIN-Stainless-Steel.

ABOUT PHILLIPS IN ASSOCIATION WITH BACS & RUSSO
The team of specialists at Phillips Watches is dedicated to an uncompromised approach to quality, transparency, and client service. Phillips in Association with Bacs & Russo holds the world record for the most successful watch auction, with its Geneva Watch Auction: XIV having realized $74.5 million in 2021. Over the course of 2021 and 2022, the company sold 100% of the watches offered, a first in the industry, resulting in the highest annual total in history across all the auction houses at $227 million.
Record-breaking prices include:
1. Paul Newman’s Rolex “Paul Newman” Daytona reference 6239 (CHF 17,709,894 / US$17,752,500) – New York Auction: Winning Icons – 26 October 2017 – Highest result ever achieved for any vintage wristwatch at auction.
2. Patek Philippe reference 1518 in stainless steel (CHF 11,020,000 / US$11,112,020) – Geneva Watch Auction: FOUR – 12 November 2016 – Highest result ever achieved for a vintage Patek Philippe wristwatch at auction.

ABOUT PHILLIPS
Phillips: where the world’s curious and bold connect with the art, design and luxury that inspires them. As a leading global platform for buying and selling 20th and 21st century works, Phillips offers dedicated expertise in the areas of Modern and Contemporary Art, Design, Photographs, Editions, Watches, and Jewelry. Auctions and exhibitions are primarily held in New York, London, Geneva, and Hong Kong, with representative offices based throughout Europe, the United States and Asia. Phillips offers a regular selection of live and online auctions, along with items available for immediate purchase. Phillips also offers a range of services and advice on all aspects of collecting, including private sales and assistance with appraisals, valuations, and financial planning.
Visit phillips.com for further information.

*Estimates do not include buyer’s premium; prices achieved include the hammer price plus buyer’s premium.

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