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.

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.

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.


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


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