Phillips in Association with Bacs & Russo staged The Hong Kong Watch Auction: XXII late May 2026, attracting international collectors and setting new performance benchmarks. Over two days, Phillips achieved HK$403,792,890 (US$51,523,973), marking the highest sale total for watches in Asia and realising a 90% year-on-year growth. A total of 293 lots sold, advancing Phillips’ leadership in regional and global horology.
Auction Overview
Collectors from 64 countries registered, and competition across all categories intensified, confirming the auction’s stature. Eight timepieces surpassed the US$1 million mark, the highest count in Asia this season. The event’s atmosphere underscored confidence and depth within the market, as rare examples from Patek Philippe, F.P. Journe, Philippe Dufour, and Cartier commanded strong bidding.
Record-breaking Results
Lot 941 garnered the spotlight: Patek Philippe Ref. 2499 First Series in 18K pink gold achieved HK$80,370,000 (US$10,255,212), now the highest auction result for any wristwatch in Asia. Only four examples exist in pink gold with the coveted Vichet case; this one uniquely bears British hallmarks. Manufactured in 1951, imported to London in 1955, and sold in 1956, it stands out with its British import mark, the London “U” date letter, and “Ω” mark for 18K gold. Its rarity cemented a world auction record for this reference, defining the sale’s success.
Other Notable Pieces and Achievements
The auction showcased independent watchmaking masters and stalwart brands. F.P. Journe’s Tourbillon Souverain “Chine 2010”, one of only five made, realised HK$32,965,000 (US$4,206,334), quadrupling its estimate. A fresh-to-market “pink-on-pink” Tourbillon Souverain also recorded HK$11,239,500 (US$1,434,160). Philippe Dufour’s stainless steel Simplicity, featuring a slate grey guilloché dial with full Breguet numerals and pink gold hands, achieved HK$9,461,500 (US$1,207,287), securing a world auction record for this model.
Patek Philippe Ref. 3448 “Tokyo White”, double-signed by Beyer Chronometrie, reached HK$13,716,000 (US$1,750,161). Cartier’s Crash Squelette No. 1, the inaugural diamond and ruby-set edition, debuted at auction and realised HK$9,207,500 (US$1,174,877), nearly quintuple its high estimate. A Mystery Clock by Cartier also earned HK$2,286,000 (US$291,694). The event featured the highly exclusive Ref. 5970R, commissioned for Michael Ovitz, as well as the sought-after Ref. 5711/111P Nautilus.
Top 10 Lots
| Lot | Description | Estimate | Price Achieved |
| 941 | Patek Philippe, Ref. 2499 “The Pink First Series”, 1951 WORLD RECORD for this reference | HK$24,000,000–48,000,000 US$3,080,000–6,150,000 | HK$80,370,000 US$10,255,212 |
| 895 | F.P. Journe, Tourbillon Souverain, “Chine 2010 38”, circa 2010 | In excess of HK$7,800,000/ US$1,000,000 | HK$32,965,000 US$4,206,334 |
| 1097 | Patek Philippe, Ref. 3448, Padellone “Tokyo White”, 1972 | HK$6,000,000–12,000,000 US$769,000–1,540,000 | HK$13,716,000 US$1,750,161 |
| 1031 | Patek Philippe, Ref. 5970R-017, commissioned by American collector Michael Ovitz, circa 2011 WORLD RECORD for this reference | HK$4,000,000–8,000,000 US$513,000–1,030,000 | HK$12,827,000 US$1,636,725 |
| 842 | F.P. Journe, Ref. T, Tourbillon Souverain, circa 2003 | HK$2,400,000–4,800,000 US$308,000–615,000 | HK$11,239,500 US$1,434,160 |
| 924 | Patek Philippe, Ref. 5970P-018, 2011 | HK$3,500,000–7,000,000 US$449,000–897,000 | HK$10,414,000 US$1,328,826 |
| 877 | Philippe Dufour, Simplicity in steel, circa 2020 WORLD RECORD for Simplicity in steel | HK$2,800,000–5,600,000 US$359,000–718,000 | HK$9,461,500 US$1,207,287 |
| 853 | Cartier, Ref. CRHPI01088, Crash Squelette No. 1, circa 2017 | HK$1,000,000–2,000,000 US$128,000–256,000 | HK$9,207,500 US$1,174,877 |
| 925 | Patek Philippe, Ref. 5711/111P-001, Nautilus, circa 2022 | HK$2,400,000–4,800,000 US$308,000–615,000 | HK$6,731,000 US$858,876 |
| 997 | Patek Philippe, Ref. 5016P-010, circa 2009 | HK$3,500,000–6,500,000 US$449,000–833,000 | HK$6,731,000 US$858,876 |
Exchange Rate on 30-31 May 2026: HK$1= US$0.1276
Analysis and Conclusion
Thomas Perazzi, Head of Watches, Asia, noted the momentum following Geneva’s record totals, highlighting Phillips’ consistency in offering elite timepieces and setting benchmarks for single-lot and overall sale performance. Gertrude Wong, Head of Sale, cited global participation and the strong showing by independents alongside traditional powerhouses. With this event, Phillips reaffirmed its leadership and reliability in the global watch market, presenting the region’s most valuable auctioned wristwatch and securing eight lots above US$1 million. The auction stands as a catalyst heading into the next decade, anticipating further milestones in New York and Geneva salerooms. For detailed catalogue results and individual lot information, visit phillips.com. The Hong Kong Watch Auction: XXII demonstrated technical excellence and market resilience, ultimately achieving a new high-water mark for watch trading in Asia.
