Phillips Hong Kong Watch Auction: XXI Achieves HK$304 Million/ US$39 Million

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Phillips in Association with Bacs & Russo celebrates a landmark year for watch auctions in Asia, marking a decade in Hong Kong with record-breaking results throughout 2025. The Hong Kong Watch Auction: XXI delivered an outstanding performance, achieving over HK$304 million/ US$39 million, more than doubling its pre-sale low estimate.

Auctioneer Thomas Perazzi selling lot 828, Patek Philippe, ref. 5002P-001 Sky Moon Tourbillon

With 100% of lots sold, the sale sets a new benchmark as Asia’s highest-ever various-owner watch sale to date. The three-day event drew participation from 2,028 registered bidders across 72 countries—including 1,750 online—alongside a packed saleroom, energetic telephone banks, and dynamic online bidding.

This historic success also propelled Phillips Watches to achieve the strongest annual auction total in Asia to date, surpassing HK$566 million (HK$566,641,435) / US$72.8 million for the year.

Phillips is delighted with the outstanding results achieved for three distinguished private collections featured in the sale: 100 lots from A Connoisseur’s Journey, 27 lots from A Gentleman’s Collection, and 29 lots from the Ernst Schuster Collection. All three single-owner collections achieved a 100% sell-through rate and collectively realised more than twice their pre-sale estimates, underscoring the strong demand for exceptional provenance and rarity.

Patek Philippe Sky Moon Tourbillon ref. 5002 Phillips Hong Kong Watch Auction: XXI
Patek Philippe Sky Moon Tourbillon ref. 5002

The sale was headlined by vintage and highly complicated Patek Philippe wristwatches. Leading the auction was the Patek Philippe Sky Moon Tourbillon ref. 5002—one of the most complex and prestigious timepieces ever created—featuring 12 complications and achieving nearly HK$15 million/ US$2 million.

Patek Philippe, Ref. 3971 Second Series Phillips Hong Kong Watch Auction: XXI
Patek Philippe Ref. 3971 in Yellow Gold

Another standout result was an exceptionally preserved 1990 example of ref. 3971, distinguished by its rare doré dial and original Certificate of Origin, which realised over HK$10 million/US$1.3 million.

Independent watchmaking also took center stage at The Hong Kong Watch Auction: XXI, led by Philippe Dufour’s 37mm pink gold Simplicity featuring an exceptionally rare grey guilloché dial—one of only two known—which achieved over HK$6.2 million/US$799,655, 2.5 times its pre-sale low estimate.

Philippe Dufour Simplicity
Philippe Dufour Simplicity

Equally impressive was the ultra-rare Black Label F.P. Journe Répétition Souveraine, which realised HK$6.2 million/US$799,655, also 2.5 times its pre-sale low estimate, underscoring the growing demand for independent watchmaking at the highest level.

Top Ten Lots of the Hong Kong Watch Auction: XXI

Lot 828: Patek Philippe, Ref. 5002P-001 Sky Moon Tourbillon, A “like-new, unworn, highly important and impressive platinum double-dialed wristwatch, circa 2008

  • Estimate: HK$9,000,000 – 16,000,000/US$1,150,000 – 2,050,000
  • Price Achieved: HK$14,970,000/US$1,923,645

Lot 998: Patek Philippe, Ref. 3971 Second Series, An exceptionally well-preserved and important yellow gold perpetual calendar chronograph wristwatch, 1989

  • Estimate: HK$ 4,000,000- 8,000,000/US$ 513,000 – 1,030,000
  • Price Achieved: HK$10,130,000/US$1,301,705

Lot 1014: Patek Philippe, Ref. 2499/100 “MK I”, An unpolished, exceptionally well-preserved and important yellow gold perpetual calendar chronograph wristwatch, 1980

  • Estimate: HK$ 4,500,000 – 7,500,000/US$ 577,000 – 962,000
  • Price Achieved: HK$8,890,000/US$1,142,365

Lot 1123: Patek Philippe, Ref. 5531R-012, World Time Minute Repeater, An unworn, exquisite and highly important pink gold minute repeating world time wristwatch with miniature cloisonné enamel dial, circa 2022

  • Estimate: HK$5,450,000 – 9,350,000/US$699,000 – 1,200,000
  • Price Achieved: HK$8,318,500/US$1,068,927

Lot 963: Patek Philippe, Ref. 5208P-001, An extremely fine, highly rare and important platinum minute repeating instantaneous perpetual calendar single-button chronograph wristwatch, circa 2017

  • Estimate: HK$ 4,800,000 – 9,600,000/US$ 615,000 – 1,230,000
  • Price Achieved: HK$7,620,000/US$979,170

Lot 993: Patek Philippe, Ref. 2597/1“The Australian Pink Travel Time”, An important, fresh-to-the-market and extremely well-preserved pink gold double-signed dual time wristwatch, 1961

  • Estimate: HK$ 2,000,000 – 4,000,000/US$ 256,000 – 513,000
  • Price Achieved: HK$6,604,000/US$848,614

Lot 936: Patek Philippe, Ref. 1518, A highly important, fresh-to-the-market, very fine and rare yellow gold perpetual calendar chronograph wristwatch, 1949

  • Estimate: HK$ 2,800,000 – 5,600,000/US$ 359,000 – 718,000
  • Price Achieved: HK$6,350,000/US$815,975

Lot 981: Philippe Dufour, Simplicity, one of two known, An extremely rare and attractive pink gold wristwatch, circa 2012

  • Estimate: HK$ 2,000,000 – 3,200,000/US$ 256,000 – 410,000
  • Price Achieved: HK$6,223,000/US$799,656

Lot 953: F.P. Journe, Répétition Souveraine “Black Label”, An ultra exclusive, important and rare limited production stainless steel minute repeating wristwatch, circa 2012

  • Estimate: HK$ 2,400,000 – 4,800,000 US$ 308,000 – 615,000
  • Price Achieved: HK$6,223,000 US$799,656

Lot 901: Patek Philippe, Ref. 5016P-010, A well-preserved, exceptionally rare and important platinum minute repeating perpetual calendar tourbillon wristwatch, circa 1998

  • Estimate: HK$ 3,500,000 – 5,500,000/US$ 449,000 – 705,000
  • Price Achieved: HK$6,096,000/US$783,336

Lot 929: Patek Philippe, Ref. 3970ER-028, An ultra rare and important pink gold perpetual calendar chronograph wristwatch, circa 2015

  • Estimate: HK$ 2,700,000 – 5,400,000/US$ 346,000 – 692,000
  • Price Achieved: HK$6,096,000/US$780,766