Ten years is a brief span in the world of horology, where centuries-old Maisons define the landscape. In this time, Phillips in Association with Bacs & Russo has played an important role in shaping the modern watch auction space, bringing together collectors, experts and enthusiasts. The company has focused on curating exceptional timepieces, while building connections within the watch community, and introducing new perspectives and practices. This approach has helped make watches and watchmaking more engaging to a wider audience and has fostered a deeper appreciation for the field while honouring the values that define horology.
The inaugural auction held in May 2015 in Geneva marked a shift in how watch auctions were experienced, influencing how timepieces are presented, studied, and appreciated.
Aurel Bacs, Senior Consultant and the driving force behind
Phillips in Association with Bacs & Russo
A New Kind of Watch Auction House: Redefining the Rules
The inaugural Geneva Watch Auction: ONE in May 2015 introduced a new approach, emphasising curation and collector engagement. “From the start, our thinking was: ‘If it doesn’t excite, it doesn’t belong,” states Alexandre Ghotbi, Deputy Chairman and Head of Watches, Europe and Middle East. Instead of merely hosting transactions, Phillips sought to create immersive events – moments where enthusiasts, whether bidding or not, could engage in the horological world. At the core of this vision was trust, ensuring that both sellers and buyers knew that each timepiece was presented with integrity and complete transparency.
Aurel Bacs, Senior Consultant and the driving force behind Phillips in Association with Bacs & Russo, recalls: “From the beginning, we knew we had to do things differently. That is also why our first order of business was to set up a Board of Advisors composed of scholars, renowned collectors, and industry veterans. This would ensure that, beyond passion, expertise, curation and historical context were at the heart of every auction.”
Another pioneering step came in the build-up to each sale, particularly in elevating the catalogue. Phillips revisited the visual presentation from the ground up. Combining a large-format style with a new approach – scholarly, detail-oriented, and rich in context – proved to be a game changer, soon adopted across the industry. It was also the first time that a collector and watch specialist took on the role of catalogue photographer, redefining the perspective from conventional commercial imagery to one that truly reflected what collectors wanted to see. Paul Boutros, Deputy Chairman and Head of Watches, Americas and International Strategy Advisor, notes: “More than a stylistic decision, our approach to catalogues reflected a shift toward showcasing timepieces in a way that resonated with collectors.”
Sale Reloaded, The Rebirth of Mechanical Watchmaking, 1980-1999 in Geneva,
November 2024
Delivering Results
Sales results validated this new approach, but the bigger shift was cultural. Collectors, brands, and independent watchmakers saw something different in Phillips: a place where watches were celebrated, studied and presented under a new light.
“2024 marked our fourth consecutive year of setting sales records and achieving ‘white glove’ sales in New York – a rare achievement in the auction world, when 100% of lots presented are sold. Out of more than 6,000 timepieces offered at Phillips’ global auctions over the last four years, only 14 lots remained unsold. This is unprecedented and tells us that our focus on curation is key,” shares Aurel Bacs.
The Digital Leap: Reshaping the Auction Experience
If the first five years were about establishing a new way of doing things, the next phase was about pushing boundaries. Digital wasn’t an afterthought – it was a priority. While many in the industry still saw online sales as secondary, Phillips leaned into digital initiatives, not just as a tool but as a means to expand its community.
Digital live auctions: When the world shut down in 2020, Phillips was among the first to hold live auctions with no in-room bidding, demonstrating the viability of online engagement.
Content-driven engagement: With over 700 articles published online since 2016, Phillips’ stories offer deep dives into vintage and contemporary watchmaking. Phillips’ magazine, The Phillips Journal, became a reference for enthusiasts, documenting watch culture and expanding scholarship beyond the usual industry news cycle.
Social media as an extension of expertise: With over 200,000 Instagram followers and growing, Phillips’ digital initiatives have provided collectors with a platform for engagement, learning, and discussion.
Paul Boutros emphasises: “Online and social media tools allowed us to stay connected with collectors, expanding our reach worldwide even when in-person events weren’t possible. Beyond that, they helped us share more knowledge to new audiences, bring more transparency and provide greater accessibility to the auction world.”
Marcello De Marco (Senior International Specialist), Clément Finet (Senior Specialist), Alexandre Ghotbi (Deputy Chairman, Watches, Head of Watches, Europe & Middle East) at the Reloded Sale, November 2024
Thematic Sales: Elevating Horology Through Storytelling
Phillips created narratives around watch auctions with thematic sales, transforming them into a defining element of the auction landscape. Rather than simply offering a selection of watches, these carefully curated sales explore key milestones in watchmaking, providing historical and cultural context that deepens appreciation.
Pioneering thematic auctions: Start-Stop-Reset, the first sale dedicated exclusively to stainless steel chronographs in 2016, captured worldwide attention. By shining a spotlight on both major brands and independent watchmakers, as well as distinct eras and themes in horology, it set the stage for thematic sales to become cultural moments that engage a broader audience beyond the watch community.
Collaboration with collectors and experts: Thematic sales offer additional, rich dimensions, fostering education and providing a platform together historians, collectors and watchmakers to share insights.
A deeper appreciation of horology: By framing timepieces within a broader historical and cultural narrative, thematic sales encourage a more nuanced understanding of watchmaking and its evolution.
(fltr) Thomas Perazzi (Deputy Chairman, Watches, Head of Watches, Asia), Aurel Bacs (Senior Consultant) , Alexandre Ghotbi (Deputy Chairman, Watches, Head of Watches, Europe & Middle East) and Paul Boutros (Deputy Chairman, Head of Watches, Americas) at the Hong Watch Auction XIX, November 2024
Alexandre Ghotbi, notes: “From the start, thematic sales always have been and continue to provide some of the most exciting highlights of our journey. They allow us to shine a light on the artistry and history behind a particular type of timepiece, a particular era. Finding that common ground and bringing collectors together around a truly special concept.”
Phillips’ groundbreaking thematic auctions continue to the present day, most recently with Geneva’s highly successful Reloaded: The Rebirth of Mechanical Watchmaking, 1980-1999 sale in November 2024, and TOKI, the first auction of its kind dedicated to the culturally rich field of collectors’ watches from Japan.
Phillips London
Perpetual: Bridging Auctions and Private Sales
In 2019, having recognized that collectors often sought pieces outside the fast-paced auction environment, Phillips in Association with Bacs & Russo launched Perpetual, a retail concept offering private sales of highly sought-after watches. Expanding the traditional auction model, it offered collectors year-round access to significant contemporary timepieces. More than just a sales platform, Perpetual became a carefully curated space where collectors could discover rare watches, engage with specialists and make acquisitions on their own terms. “At our locations in London, Hong Kong, and Gstaad, we integrate the retail experience with the expertise and transparency of the auction world. Perpetual solidified Phillips’ position as the destination for watch enthusiasts,” shares Aurel Bacs.
Phillips London
Beyond the Gavel: A Hub for Watch Culture
Beyond auctions, Phillips has played an essential role in preserving and promoting horological scholarship. This commitment ensures that expertise is not only maintained but continuously expanded and shared.
Curated research and historical analysis: Every watch sold at Phillips comes with meticulous documentation via world class catalogues and condition reports, providing deeper insights into provenance, rarity, and technical significance.
Educational initiatives: Through published research, expert-led discussions, and partnerships with institutions, Phillips has helped expand the knowledge base for both seasoned collectors and newcomers.
A reference for the industry: Through its emphasis on transparency and research, Phillips has contributed to discussions on how the market values fine watchmaking.
Championing Independent Watchmakers: Long before mainstream recognition, Phillips played a role in elevating independent watchmakers, showcasing their work alongside industry giants. We held the first non-selling international exhibition dedicated to independents as early as 2018.
Thomas Perazzi, Deputy Chairman and Head of Watches, Asia, reflects: “You could say we are, in a way, stewards of horological history, ensuring that the stories behind the watches are told. In our book, each transaction becomes a new chapter in an ever-unfolding story.”
Thomas Perazzi (Deputy Chairman, Watches, Head of Watches, Asia) at
The TOKI Watch Auction, November 2024
A Commitment to Giving Back
Beyond its role as a leading auction house, Phillips in Association with Bacs & Russo has consistently leveraged its platform to support charitable causes, raising over US$ 50 million since 2015, and over $13 million in 2024 alone. By integrating philanthropy into its auctions, Phillips has helped turn timepieces into vehicles for positive change. Whether through dedicated charity events, collaborations with watchmakers to create unique pieces, or including charitable lots in regular sales, the team has fostered a culture of giving within the watch community. Recent highlights include the sale of the DATOGRAPH UP/DOWN “Hampton Court Edition” by A. Lange & Söhne for CHF 825,500, benefiting The King’s Trust, and the TimeForArt charity auction during The New York Watch Auction: XI, which supported contemporary art initiatives. These efforts reflect a shared belief in the power of horology to make a difference, uniting collectors, brands, and enthusiasts in support of meaningful causes around the world.
Gertrude Wong (Head of Sale, Specialist) at The Hong Kong Watch Auction XIX, November 2024
A Culture of Passion, Not Quotas
At its heart, Phillips in Association with Bacs & Russo has remained what it set out to be: a group of people who love watches and love bringing people together who feel the same way.
As the next decade begins, one thing is certain: Phillips isn’t slowing down.
Aurel Bacs & Livia Russo
The Spark: Aurel Bacs and Livia Russo
It began in the 1980s at flea markets, where a young Aurel Bacs, who had caught the “watch bug” from his father, an amateur watch collector, discovered that watches were about more than time – they were dreams made mechanical. After gaining experience at leading auction houses, Aurel, together with Livia Russo, sought to create an auction space driven by both expertise and enthusiasm.
“Our intent was to create a space where we’d want to be ourselves,” Aurel reflects. “A space where expertise meets enthusiasm, where every watch lover – whether they’re buying their first piece or their hundredth – feels understood and at home.”
This vision, shared and shaped together with a team that has grown to over 40 in the past decade, has helped create not just an auction house but a cultural hub where watches are appreciated as both technical marvels and works of art. A decade after that initial spark, Phillips in Association with Bacs & Russo continues to light the way forward.
Defining Moments from the First Decade
Spring 2015
Launched the Watches Department at Phillips with two inaugural auctions in May: Glamorous Day-Date and The Geneva Watch Auction: ONE.
World Records:
Steel Patek Philippe ref. 130 single-button chronograph: CHF 4.645M/US$ 4.988M
Hosted the Only Watch charity auction for the first time, having brought the event to Geneva which elevated the charity’s profile; set the world record for a wristwatch with the sale of the Patek Philippe ref. 5016 in stainless steel for CHF 7.3M/US$ 7.3M.
First Hong Kong auction (The Hong Kong Watch Auction: ONE), achieving the highest price for a watch in Asia with a Patek Philippe ref. 3450 in white gold which sold for HK$ 12.04M/US$ 1.5M.
The Only Watch charity auction for the first time, having brought the event to Geneva which elevated the charity’s profile; set the world record for a wristwatch with the sale of the Patek Philippe ref. 5016 in stainless steel for CHF 7.3M/US$ 7.3M
Spring 2016
Introduced the innovative thematic auction Start-Stop-Reset, focused on stainless steel chronographs. Achieved a world record for any Rolex ref. 4113: CHF 2.405M/US$ 2.45M.
World Records:
Patek Philippe ref. 530 in stainless steel with black dial and Breguet numerals: CHF 1.44M/US$ 1.48
Patek Philippe ref. 2499 (3rd series) in pink gold: HK$ 19.72M/US$ 2.5M
First time six watches exceeded CHF 1M/US$ 1.11M in a single season
Fall 2016
Achieved a new world record for any wristwatch with the Patek Philippe ref. 1518 in stainless steel: CHF 11.002M/US$ 11.1M.
Held the first thematic auction in Hong Kong: Rolex Milestones: 38 Legendary Watches That Shaped History.
Phillips Watches secured global market leadership in its second year.
Surpassed US$ 100M in annual sales for the first time.
Patek Philippe ref. 1518 in stainless steel: CHF 11.002M/US$ 11.1M.
Rolex “Bao Dai” ref. 6062: CHF 5.066M/US$ 5.06M, breaking the world record for a Rolex twice in the same sale
Rolex Daytona ref. 6263 “Paul Newman” in 18k yellow gold: CHF 3.722M/US$ 3.72Rolex “Bao Dai” ref. 6062: CHF 5.066M/US$ 5.06M, breaking the world record for a Rolex twice in the same sale.World Records
Fall 2017
Launched New York auctions with the Winning Icons thematic sale, achieving a record US$ 28.88M, the highest for any U.S. watch auction.
World Records:
Highest price for any wristwatch in history – Paul Newman’s “Paul Newman” Rolex Daytona: US$ 17.75M
Omega Tourbillon: CHF 1.428M/US$ 1.43M
Patek Philippe World Time ref. 2523: HK$ 22.3M/US$ 2.86M
Achieved a new annual sales record of over US$ 110M
Paul Newman’s “Paul Newman” Rolex Daytona: US$ 17.75M
Spring 2018
First international exhibition dedicated to independent watchmakers: WATCHMAKERS: The Masters of Art Horology.
World Records:
Omega owned by Elvis Presley: CHF 1.812M/US$ 1.812M
Lange & Söhne stainless steel “1815 Homage to Walter Lange”: CHF 852,500/US$ 852,500
Fall 2018
Introduced the STYLED thematic auction in New York, in collaboration with Mr Porter and The Rake
Spring 2019
Launched Phillips Perpetual in London, combining private sales, exhibitions and boutique experiences.
Launched Sports thematic sale in Hong Kong. The first ever sale in collaboration with an Asian collector and the first white glove sale for Phillips Asia.
World Record:
Vacheron Constantin “Don Pancho” minute repeater: CHF 740,000/US$ 731,000
Fall 2019
Collaborated with Zenith to design two limited editions of the legendary A386 ‘El Primero’ chronograph, along with a unique platinum piece with a lapis lazuli dial, marking the iconic model’s 50th Anniversary. This was the very first collaboration between Phillips and a brand to create special ultra limited editions reserved for their clients, including with Laurent Ferrier, Zenith/Voutilainen, Bulgari and Massena LAB.
World Records:
Jack Nicklaus’ Rolex Day-Date: US$ 1.22M
Marlon Brando’s Rolex GMT-Master from Apocalypse Now: US$ 1.952M
Urwerk AMC: US$ 2.9M
Patek Philippe Sky Moon Tourbillon: HK$ 18.150M/US$ 2.3
Spring 2020
Despite the pandemic, Phillips maintained live auctions with record participation and results.
Launched Refresh-Reload: the first online multicategory sale.
World Records:
Two F.P. Journe “Souscription” watches together totalled CHF 2.4M/US$ 2.57
Fall 2020
Set a record for the highest online bid: Patek Philippe ref. 2523/1 for CHF 5M/US$ 5.5.
New York’s Racing Pulse auction achieved multiple world records, including Paul Newman’s Rolex Daytona ref. 6263 “Big Red” for US$ 5.475M.
Second Perpetual shop opened at the legendary Palace Hotel in Gstaad.
Second Perpetual shop opened at the legendary Palace Hotel in Gstaad
George Daniels Spring Case Tourbillon: CHF 4.08M/USD 4.12M
George Daniels Spring Case Tourbillon : CHF4,083,500
Spring 2023
After four years of research, unveiled the Imperial Patek Philippe ref. 96, formerly the Property of Puyi, the last emperor of the Qing Dynasty which sold in Hong Kong.
World Records:
Patek Philippe ref. 96 “Puyi”: US$ 6.2M
Roger Smith No. 2 pocket watch: US$ 4.9M
Roger Smith No. 2 pocket watch: US$ 4.9M
Fall 2023
Achieved a third consecutive year of ‘white glove’ 100% sold auctions in Hong Kong.
Opened new offices in Hong Kong in the historical Pedder Street building and opened the 3rd Perpetual Shop there.
New offices in Hong Kong in the historical Pedder Street building
and opened the 3rd Perpetual Shop there.
Spring 2024
Cartier “La Pendule Magnétique” water clock, the most expensive clock ever sold in Asia: HK$14.97M/US$ 1.92M.
Cartier “La Pendule Magnétique” water clock, the most expensive clock ever sold in Asia: HK$14.97M/US$ 1.92M
Fall 2024
Held TOKI in Hong Kong, the first thematic auction dedicated to Japanese watch collecting.
Fourth consecutive year of ‘white glove’ 100% sold auctions in New York.
World Records:
F.P. Journe Tourbillon No. 15/93: CHF 7.3M/US$ 8.4M
F.P. Journe Tourbillon No. 15/93: CHF 7.3M/US$ 8.4MRolex Daytona “Rainbow” ref. 16599SAAEC: CHF 5.5M/US$ 6.3MWorld Records
Advancing the Vision – New Appointments and Strategic Partnerships
Sophie Furley, a leading voice in watch journalism, is joining the company as Head of Digital Marketing, Watches, effective March 1st. Her deep understanding of horology, watch culture, and digital storytelling will help expand Phillips’ role as a cultural hub where exceptional timepieces, scholarship and community converge.
Additionally, 289 Consulting has joined as a media and public relations partner for Phillips in Association with Bacs & Russo in Geneva. With deep expertise in luxury communications and strategic branding, the team will be instrumental in deepening Phillips’ connection with the watch community and beyond, broadening its reach, and reinforcing its position as the premier name in watch auctions.
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.
