History Was Made in Geneva This Weekend -PHILLIPS has set the highest-grossing watch auction in history

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Phillips in Association with Bacs & Russo has done it again – only this time, there are no more superlatives left to borrow. The Geneva Watch Auction: XXIII, held on 9 and 10 May 2026 at Hotel President, closed with a total of CHF 74,846,995 (US$ 96,328,083 / €81,732,919), surpassing the US$100 million mark for the very first time in watch auction history when combined with the March online session. That number is not a misprint. It is a milestone that thirty years ago would have seemed like science fiction.

A Record That Breaks Its Own Record

To appreciate how extraordinary this is, you need to look at the trajectory. For most of the auction world’s history, watches sat quietly in the shadow of fine art and jewellery. Phillips changed that conversation. In 2021, the Geneva Watch Auction: XIV set the first benchmark, closing at US$74.5 million. That record held until November 2025, when the “Decade One” anniversary sale shattered it with CHF 66,815,725 / US$83,018,538, making it the highest-grossing watch auction ever at that point, and giving Phillips all three of the top spots in the all-time rankings simultaneously. Now, six months later, even that landmark has fallen. The 2025 annual total across all Phillips watch auctions exceeded US$290 million, the first time any auction house’s watches department had cleared $200 million in five consecutive years. Geneva XXIII, therefore, is not an isolated event. It is the latest chapter in a very deliberate, very sustained upward story.

The Numbers Behind the Night

The two-day sale presented 225 lots. It sold 224 of them. That is 99.6% by lot and 99.9% by value: numbers that, in auction terms, define what a truly healthy, curated market looks like. Over 1,815 registrants from 74 countries bid across the room, on phones, and online. Fourteen lots crossed the CHF 1 million mark, and the sale produced 43 world records.

Leading everything was the Patek Philippe Ref. 2523 “South America” Two-Crown World Timer in 18k yellow gold. After a fierce battle between the phones and the room, it realised CHF 7,961,000, a world record for the reference, and the second vintage Patek Philippe wristwatch ever to surpass US$10 million at auction, all such results having been achieved by Phillips. The freshly unsealed Ref. 6002G-010 Sky Moon Tourbillon in 18k white gold followed at CHF 3,242,000. Patek’s grip on the upper reaches of the market remains as firm as ever.

F.P. Journe’s Stratospheric Moment

If Patek Philippe provided the headline, F.P. Journe delivered the story of the sale. Nine Journe pieces came to the block, and together they set six world records. The two-tone Chronomètre à Résonance “Souscription No. 18”, one of only three known examples in this pink gold and platinum configuration with a white gold dial, achieved CHF 4,875,500. The one-of-five Chronomètre à Résonance “Pisa” sold for CHF 2,334,500, and the Octa Chronographe “Straight Côtes de Genève” reached CHF 1,714,500. These are not flukes. Each successive auction confirms that Journe’s works now occupy a position in the collecting hierarchy that would have seemed implausible even a decade ago.

Pocket Watches and the Forgotten Masters

One of the most compelling narratives of XXIII was the category of pocket watches. Phillips dedicated 24 lots to the genre, and the results were nothing short of extraordinary. The unique Louis Richard “Triple Detent Constant Force One Minute Tourbillon Chronometer”, the only known example of its kind, realised CHF 3,968,000, setting a world record for any pocket chronometer. The Louis Audemars & Co. “La Royale” Super Complication achieved CHF 2,516,000. These are names that fall outside the vocabulary of most collectors today, yet they are absolutely central to Swiss watchmaking history. That the market now recognises them at this level is not just encouraging, it is a sign of growing maturity among buyers.

The Room for Independents

The Akrivia AK-06 in stainless steel achieved a staggering CHF 3,000,000, setting a world record for Rexhep Rexhepi. The Naissance d’une Montre No.1/11, the legendary collaboration between Greubel Forsey, Philippe Dufour, and Michel Boulanger, realised CHF 1,651,000, a world record for the model. Prototype pieces from Urban Jürgensen, Lederer, and Auffret Paris also drew fierce competition, all surpassing their high estimates comfortably.

As Aurel Bacs and Livia Russo noted after the gavel fell: “Now, with this auction, watches are sitting side by side on the podium with fine art, extraordinary jewellery, historic rare motorcars, at the top of the collecting world and will continue their upward journey.” That is not marketing language. That is a factual description of where the market stands in May 2026.

Above one million

Lot	Description	Estimate	Price Achieved
27	Patek Philippe Ref. 2523 “South America” Two-Crown World Timer in 18k yellow gold WORLD RECORD for this reference	In Excess of CHF 5,000,000	CHF 7,961,000 US$ 10,245,807 € 8,693,412
6	F.P. Journe Chronomètre à Résonance “Souscription No. 18” in Platinum and 18k Pink Gold WORLD RECORD for this model	CHF 450,000 – 900,000	CHF 4,875,000 US$ 6,274,125 € 5,323,500
108	Louis Richard “Triple Detent Constant Force One Minute Tourbillon Chronometer” in 18k Yellow Gold WORLD RECORD for any pocket chronometer	CHF 100,000 – 200,000	CHF 3,968,000 US$ 5,106,816 € 4,333,056
144	Patek Philippe Ref. 6002G-010 Sky Moon Tourbillon	CHF 350,000 – 700,000	CHF 3,242,000 US$ 4,172,454 € 3,540,264
36	Akrivia AK-06 in Stainless Steel WORLD RECORD for Akrivia/Rexhep Rexhepi	CHF 350,000 – 700,000	CHF 3,000,000 US$ 3,861,000 € 3,276,000
137	Louis Audemars & Co, No. 12112 “La Royale”	CHF 400,000 – 800,000	CHF 2,516,000 US$ 3,238,092 € 2,747,472
149	F.P. Journe, Chronometre a Resonance “Pisa”	CHF 450,000 – 900,000	CHF 2,334,500 US$ 3,00,502 € 2,549,274
128	F.P. Journe, Octa Chronographe 38mm Brass Movement WORLD RECORD for this reference	CHF 150,000 – 300,000	CHF 1,714,500 US$ 2,206,562 € 1,872,234
65	Greubel Forsey X Philippe Dufour X Michel Boulanger Naissance d’Une Montre 1 N°1/11 in 18k White Gold WORLD RECORD for Naissance d’Une Montre	CHF 400,000 – 800,000	CHF 1,651,000 US$ 2,124,837 € 1,802,892
208	F.P. Journe Tourbillon Souverain à Remontoir d’Egalité	CHF350 000–700 000	CHF 1,524,000 US$ 1,961,388 € 1,664,208
24	Agassiz Watch Co. “Victory Watch – Charles de Gaulle” Pocket Watch in 18k Yellow Gold	CHF 300,000 – 600,000	CHF 1,460,500 US$ 1,879,664 € 1,594,866
138	Paul Ditisheim “Minute Detent Escapement Tourbillon” WORLD RECORD for the brand	CHF60 000–120 000	CHF 1,270,000 US$ 1,634,490 € 1,386,840
229	Cartier, Mystery clock	CHF600 000–1 200 000	CHF 1,219,200 US$ 1,569,110 € 1,331,148
26	Audemars Piguet Ref. 5503 Triple Calendar Chronograph with Moonphase Display in Stainless Steel and 14k Pink Gold WORLD RECORD for a vintage Audemars Piguet wristwatch	CHF 400,000 – 800,000	CHF 1,092,200 US$ 1,405,661 € 1,192,682

Exchange Rate on 9 – 10 May 2026: CHF 1 = US$ 1.2807, €1.092, HK$ 10.075

What This Means Going Forward

The true significance of Geneva XXIII is not just the total. It is who reached the top of the results table alongside Patek Philippe. Rexhep Rexhepi, F.P. Journe, Greubel Forsey, Philippe Dufour, these are names that built their reputations in small workshops, making watches by hand, for people who genuinely understand what that means. The fact that they now command CHF millions in open, competitive bidding rooms signals a shift in how collectors think about value, legacy, and the future of the craft. The established houses remain formidable, and rightly so. Yet the independents are no longer the undercard. In Geneva, this weekend, they shared the main stage, and they earned every moment of it.