Phillips in Association with Bacs & Russo has pushed the watch auction market to a new peak with Geneva Watch Auction XXIII, a two-day sale at the Hotel President in Geneva that finished at CHF 74,846,995, or US$96,328,083.
The sale took place on 9 and 10 May 2026 and, when paired with the house’s March online session, moved the season past the US$100 million threshold for the first time in watch auction history.
A near-white-glove Geneva sale with global bidding
The numbers behind the weekend were as striking as the headline total.
Across 225 lots, 224 found buyers, giving the auction a 99.6 percent sell-through rate by lot and 99.9 percent by value.
More than 1,815 registered bidders from 74 countries took part in the room, online and by phone, underlining how international the top end of watch collecting has become.
Fourteen lots broke the CHF 1 million mark, while 43 world records were set across vintage Patek Philippe, independent watchmaking, historic pocket watches and rare complicated pieces.
Patek Philippe remains the market’s summit
The leading lot was the Patek Philippe Ref. 2523 “South America” two-crown world timer in 18k yellow gold, which sold for CHF 7,961,000.
That result set a new benchmark for the reference and made the watch only the second vintage Patek Philippe wristwatch to cross US$10 million at auction.
The Ref. 2523 has long been one of the most important world time wristwatches in the collecting canon, combining Louis Cottier’s complication architecture with Patek Philippe’s mid-century case making and dial craft.
A freshly unsealed Patek Philippe Ref. 6002G-010 Sky Moon Tourbillon in 18k white gold also performed strongly, reaching CHF 3,242,000.
F.P. Journe turns rarity into serious momentum
If Patek Philippe delivered the top result, F.P. Journe provided the most revealing market signal of the weekend.
Nine Journe watches were offered, together setting six world records and confirming the brand’s increasingly secure position among the most closely watched names in modern independent watchmaking.
The Chronomètre à Résonance “Souscription No. 18” in platinum and pink gold achieved CHF 4,875,500, a standout result for one of only three known examples in that configuration with a white gold dial.
The one-of-five Chronomètre à Résonance “Pisa” sold for CHF 2,334,500, while an Octa Chronographe with brass movement and straight Côtes de Genève finishing reached CHF 1,714,500.
Independents and pocket watches share the main stage
The sale also showed how far collector appetite has moved beyond the traditional vintage wristwatch hierarchy.
An Akrivia AK-06 in stainless steel sold for CHF 3,000,000, a new high for Rexhep Rexhepi and a remarkable result for a contemporary independent maker still producing in very small numbers.
Naissance d’une Montre No. 1/11, the hand-made project by Greubel Forsey, Philippe Dufour and Michel Boulanger, achieved CHF 1,651,000.
Historic pocket watches were another major story, led by the unique Louis Richard “Triple Detent Constant Force One Minute Tourbillon Chronometer” in 18k yellow gold at CHF 3,968,000.
The Louis Audemars & Co. “La Royale” Super Complication followed at CHF 2,516,000, while a Paul Ditisheim minute detent escapement tourbillon reached CHF 1,270,000.
- Patek Philippe Ref. 2523 “South America” world timer sold for CHF 7,961,000.
- F.P. Journe Chronomètre à Résonance “Souscription No. 18” sold for CHF 4,875,500.
- Louis Richard triple detent tourbillon pocket chronometer sold for CHF 3,968,000.
- Patek Philippe Ref. 6002G-010 Sky Moon Tourbillon sold for CHF 3,242,000.
- Akrivia AK-06 in stainless steel sold for CHF 3,000,000.
The broader message from Geneva is clear enough.
Collectors are still prepared to pay heavily for the greatest vintage Patek Philippe references, but the same room now gives equal attention to contemporary independents, experimental handmade projects and historically important pocket chronometers.
That wider field is what makes this result more than a record total, because it shows a maturing market where provenance, craft, scarcity and horological significance can all command serious money.
