Phillips Watches has achieved something no other auction house has managed to do for four consecutive years: surpassing USD $200 million in annual sales—including a remarkable sum of $212,319,367 in 2024. This milestone underscores our department's continued leadership in the world of watch auctions, holding 42% of the global market share.
A total of 1,790 lots were sold across four online and eight live auctions, with 25 watches landing at over $1 million (nearly a 40% increase year-over-year). Additionally, only 13 lots failed to find buyers, translating to an industry-leading sell-through rate of 99.3%. Over the past four years, we've offered thousands of timepieces with only 14 lots unsold, a testament to our focus on curation and the ever-growing demand for collectible watches.
This year, 50% of lots sold soared above their high estimates, while 98% exceeded their low estimates. The average lot value landed at $117,000 (hammer + buyer’s premium). Nearly 30 world records were set during the year, as well.
Participation continued to grow in 2024, with buyers hailing from 80 countries. Remarkably, 85% of bidders participated online. We saw a total of 16,276 paddles participate in our auctions, an increase of 18% compared to 2023; more specifically, our total of paddles for online bidding increased by 23% year over year.
Of all buyers, 49% were new—welcome!—and millennials and Gen Z accounted for 34% of participants, underscoring the growing appeal of watches among younger collectors. Global participation was robust, with EMEA, the Americas, and Asia Pacific all making strong contributions. The Middle East emerged as a standout market, representing 20% of our total sales value—an increase from 10% in 2023.
And that's just a few of the highlights!
With 2024 soon coming to a close, we wanted to take a moment to look back at the auctions, watches, projects, and storylines that defined our year and made it one of the most memorable yet for our department.
The year’s auctions underscored the continued ascendancy of independent watchmakers. Headlining these results was the F.P. Journe Tourbillon Souverain à Remontoir d’Égalité 15/93, which achieved $8.4 million, setting a world auction record for any living independent watchmaker. The watch was a part of our RELOADED thematic auction, dedicated to the best of 1980s and '90s watchmaking.
Several other significant auction records were set for independent watchmakers. The Oval Pocket Watch by Derek Pratt for Urban Jürgensen fetched over $4.22 million, marking a new auction record for a Derek Pratt creation. A one-of-a-kind Akrivia titanium single-button chronograph tourbillon wristwatch, the AK01, sold for over $1.23 million, establishing a world auction record for an Akrivia timepiece.
Among the most noteworthy Philippe Dufour wristwatches we auctioned this year was a unique Grande & Petite Sonnerie minute repeating wristwatch featuring a transparent sapphire crystal open dial, which achieved a remarkable $3.7 million.
Our commitment to showcasing rising and established independents extended to the TOKI auction in Hong Kong, spotlighting Japanese artisans. World auction records were set for Masahiro Kikuno, Naoya Hida, and others, reflecting growing interest in unique craftsmanship from Japan.
Vintage Rolex pieces once more proved their universal appeal. The standout was the one-of-a-kind Rolex Cosmograph Daytona “Rainbow” ref. 16599 SAAEC, which sold for $6.3 million, marking an auction record for an automatic Daytona.
A Rolex Cosmograph Daytona with the "Paul Newman Lemon" dial achieved over $2.8 million, setting a new auction record for a reference 6264. The Rolex Daytona ref. 6241 “John Player Special,” an exceptionally rare 14k yellow gold chronograph wristwatch with a black "Paul Newman" dial, realized over $1.46 million. Additionally, the Rolex ref. 6102 “La Caravelle,” a yellow gold wristwatch featuring a cloisonné enamel dial depicting a caravel and accompanied by its original Bucherer certificate, sold for $1.4 million.
This year, we also showcased and sold several extraordinary Cartier clocks from the 1910s, '20s, and '30s, incorporating Eastern influences and modernist Art Deco aesthetics. Among the highlights was the rare and exquisite 'La Pendule Magnétique' Water Clock by Cartier, which achieved $1.92 million, setting a new world auction record for a magnetic water clock.
At Phillips PERPETUAL, our boutique retail concept, we achieved remarkable growth, with total sales reaching USD 18.3 million, a 15% increase compared to 2023.
The average sold watch value at Perpetual rose significantly to $137,000, reflecting a 21% year-on-year increase. A major highlight was the success of our Pedder Arcade boutique, which welcomed 2,000 visitors in its inaugural year. Additionally, our Hong Kong Perpetual and Private sales performed exceptionally well, totaling $9 million and marking over 20% growth compared to the previous year.
We've also continued to evolve how we communicate around our watch auctions, including the production of documentaries and films that explore the fascinating stories behind the world's best watches and their creators, featuring interviews with experts, collectors, and watchmakers.
Some productions go further, weaving creative and compelling narratives about the watches to generate excitement and engage a wider audience. Noteworthy examples from 2024 include "Follow the Rainbow," our film featuring the first-ever "Rainbow" Daytona, and our series of teasers dedicated to the TOKI watch auction.
Our editorial highlights for the year include a first-of-its-kind scholarship dedicated to neo-vintage Ebel timepieces, wolf's teeth winding mechanisms, as well as profiles of independent watchmakers.
We want to thank each of you for bidding, consigning, and following along with the Phillips Watches team in 2024! Our plans for 2025 are bigger than ever—we have more auctions, more stories, and even more great watches to share with you.
Interested in selling a watch at Phillips? Reach out to us at watches@phillips.com with details, and one of our specialists will get back to you.
About Phillips In Association With Bacs & Russo
Phillips in Association with Bacs & Russo is the worldwide market leader in high-end watch auctions. Under the leadership of Aurel Bacs and Livia Russo, the watch department has auctions in Geneva, Hong Kong and New York. Phillips PERPETUAL launched in 2019, a first-of-its-kind private treaty program offering a highly curated selection of watches sold at fixed prices through physical and digital storefronts.
Over the last decade at Phillips, our international team of specialists and auctioneers have sold many of the rarest and most valuable watches ever known. Additionally, we employ leading watchmakers, researchers, writers, and quality-control specialists, who are all dedicated to bringing the best watches in the world – in the best condition, with the best documentation – to auction. A few of the many records set inside our auction rooms include the most expensive Rolex ever sold (Paul Newman's Rolex “Paul Newman” Daytona, for USD $17,752,500, at Phillips New York, in October 2017), the most expensive vintage Patek Philippe wristwatch ever sold (Patek Philippe ref. 1518 in stainless steel, for CHF 11,002,000 CHF, at Phillips Geneva, in November 2016), and the most expensive timepiece by a British maker (Roger Smith Pocket Watch No. 2, for USD $4,900,000 USD, at Phillips New York, in June 2023).