Our first live auction of 2025, the PHILLIPS Geneva Watch Auction: XXI, takes place on 10 - 11 May, at the Hotel President, at Quai Wilson 47, in central Geneva. The auction includes nearly 200 of the world's finest watches – and though we are loath to boast, we truly think it's one of the best catalogs we've ever put together. We'll be highlighting a number of the most interesting lots and stories featured in the sale over the next month, including all the watches detailed below.
– By Logan Baker
In a collecting world that often chases the biggest, boldest, and rarest, there’s something refreshing happening right now: vintage time-only watches are having a real moment.
Collectors who once focused mainly on headline-grabbing chronographs or complicated calendars are looking closer at simpler pieces — watches that don’t shout, but quietly reward the kind of attention only serious collectors are willing to give.
You can see it in the growing buzz around classic Patek Philippe Calatravas, especially the legendary ref. 96. Once overlooked for their modest proportions and clean dials, these early Calatravas now feel perfectly timed for today’s tastes. They’re restrained, pure, and wearable in a way few modern watches can match.
That same shift in attitude is breathing new life into a wide range of vintage time-only pieces, from Cartier Tanks to early Rolex wristwatches and lesser-known Patek references like the ref. 570.
Case size, once a point of hesitation, is no longer the hurdle it used to be. A few years ago, suggesting a 31mm to 35mm watch might have gotten you strange looks. Now? Collectors are embracing the elegance and comfort of smaller cases, realizing that design, proportion, and wrist presence matter far more than raw diameter.
Just look at the stunning 1915 Rolex silver wristwatch with enamel dial featured in the Geneva Watch Auction: XXI — at 35.5mm, it wears beautifully even by today’s standards, and its historic charm is impossible to fake.
It’s not just the obvious picks, either. Quirkier pieces are finding their following. Patek’s rarely seen "Nautellipse" ref. 3770 — a quirky blend of Nautilus sportiness and Ellipse elegance — is finally being recognized for what it is: a bold experiment from one of the most traditional names in watchmaking.
Cartier, too, is at the heart of this wave. Long beloved for its ability to merge watchmaking and jewelry design, Cartier's Tank Cintrée models, like the elegant yellow gold examples here, capture exactly why the brand is having a vintage renaissance.
More than ever, collectors are realizing that the power of a watch isn't always in complications or size. Sometimes, it’s in a perfectly balanced dial, a case that curves just right, and a story that connects you to another era. And right now, vintage time-only watches are writing the next chapter.
Lot 102: A Circa 1945 Patek Philippe Ref. 565 in Stainless Steel with Gübelin-Signed Two-Tone Dial and Gay Frères Milanese Bracelet
Estimate: CHF 100,000 - 200,000
Some watches check every box. This Patek Philippe ref. 565 is one of them.
Launched in 1938, the ref. 565 brought serious innovation to the gentleman’s wrist: a two-piece François Borgel water-resistant case, an anti-magnetic inner shield, and a larger 35mm size at a time when most watches were smaller. Patek made it through 1952, mostly in yellow gold. Stainless steel? Much rarer. Even more so when the dial looks like this.
The two-tone sector-style dial pops with applied Roman numerals at 12, 3, and 9 o'clock and a crisp "Gübelin" retailer signature. The condition is outstanding, and the case edges are razor-sharp nearly 80 years later. Inside beats the early caliber 12”’120, the manual-wind movement used in the first series of the reference.
Topping it off, the watch comes on a period-correct Gay Frères Milanese bracelet, signed by Patek Philippe — a collectible on its own for bracelet nerds.
This exact watch appears in John Goldberger’s Patek Philippe Steel Watches (pages 190–191), cementing its place as a standout example of one of Patek’s most beloved time-only designs.
Lot 161: A Circa 1976 Cartier Tank Cintrée in 18k Yellow Gold
Estimate: CHF 50,000 - 100,000
The Tank Cintrée is Cartier at its most daring. Launched in 1921, it stretched the Tank’s design into something longer, thinner, and far more radical. Even a century later, it still feels fresh — and this 1976 example shows exactly why.
Measuring 43mm long and 21mm wide, the curved yellow gold case hugs the wrist perfectly. Both the case and clasp carry London hallmarks, and both are hand-stamped "1977," showing they were delivered together. The dial, signed "Cartier Paris," reflects a fascinating moment in the brand’s history. After the Cartier family sold the business in 1972, it’s likely the company used up existing parts, mixing cases and dials from different branches to complete watches like this one.
The dial itself has aged beautifully, shifting to a warm ivory tone over time. Sharp hallmarks, crisp engravings, and excellent overall preservation make this Cintrée a standout.
Lot 56: A 1956 Vacheron Constantin Ref. 4737 'Cioccolatone' in 18k Yellow Gold
Estimate: CHF 12,000 - 24,000
Vacheron Constantin didn’t play it safe in the 1950s. The ref. 4737, nicknamed the "Cioccolatone" by Italian collectors, proves it.
Big, bold, and beautifully sculpted, the watch gets its name from the square-shaped chocolates loved in Italy — and it’s just as rich.
At 43mm long and 36mm wide, the case feels substantial but flows with soft, organic curves. Rounded stepped lugs, a stepped bezel, and a gently curved case back all show off Vacheron’s eye for detail. Inside, you get automatic movement, center seconds, and — thankfully — no date window to mess up the clean design.
This example stands out with a beautifully preserved case that shows off every curve and line the way Vacheron intended.
Lot 195: A 1954 Patek Philippe Calatrava Ref. 570 in 18k Pink Gold with Black, Glossy Dial Signed by Serpico y Laino
Estimate: CHF 70,000 - 140,000
Some watches just stop you in your tracks. This pink gold Patek Philippe ref. 570, with a black glossy dial signed by Serpico y Laino, is one of them.
The ref. 570, launched in 1938, took the original Calatrava and gave it a bigger, bolder 36mm case — perfect for modern tastes, even today. But it's the combination of pink gold and deep black that steals the show here. Bold baton markers, a wide seconds subdial, and that glossy enamel-like finish make the dial feel alive. Then you spot the "Serpico y Laino Caracas" signature tucked above the small seconds — one of the most desirable details you could ask for.
It gets even better. The caseback carries the Serpico y Laino signature too, and inside beats the caliber 12-400. As far as we know, this is the only black dial 570 housing this movement and the only known black dial 570 signed by Serpico y Laino.
Lot 82: A Circa 1990 Cartier Tank Obus 'Rectangulaire à Pattes Vis Armurier' in 18k White Gold with Enamel Bezel
Estimate: CHF 20,000 - 40,000
The Cartier Tank Obus has always played by its own rules. First introduced in 1923, it broke away from the classic Tank look with a square case and bullet-shaped lugs — obus meaning "shell" in French.
This white gold example, known as the Rectangulaire à Pattes Vis Armurier, adds even more flair. You get a sharp black enamel bezel with Roman numerals, faceted diamonds on the lug screws, and a silver guilloché dial signed "Paris." It’s powered by a manual-wind movement, keeping it slim and elegant.
Flip it over and you’ll see the "double eagle head" French hallmark, confirming the white gold case. That hallmark was used between 1919 and 1994, lining up perfectly with the circa 1990 production date.
At 23mm across and with its original presentation box included, it wears small but carries a lot of presence.
Lot 90: A Circa 1928 Rolex Ref. 912 in 18k White Gold with 'Sector' Dial
Estimate: CHF 10,000 - 20,000
Rolex made its name with the Oyster, but back in the late 1920s, it was doing some incredible things with dress watches too. The ref. 912, seen here, pulls from the spirit of the Rolex Prince — rectangular movement, perfect balance, clean execution.
This example stands out immediately. The white gold case has dramatic flared sides, still sharp after nearly a century. The two-tone sector dial is crisp, with that mesmerizing Art Deco geometry you only get from this era. Even the case numbers remain deep and clear, no loupe needed.
Stamped with a Dublin date letter for 1928, this is the kind of early Rolex that almost never shows up in such original, untouched condition.
Lot 93: A 1982 Patek Philippe 'Nautellipse' Ref. 3770/1 in Stainless Steel
Estimate: CHF 8,000 - 16,000
Not everything at Patek is serious and traditional. The ref. 3770 — better known as the "Nautellipse" — proves it.
Born in the early 1980s, it mashed up two icons: the sporty Nautilus and the elegant Golden Ellipse. The result? A quirky hybrid that’s now one of Patek’s rarest and most interesting quartz watches.
This example, dating to 1982, comes in stainless steel with a two-tone silvered dial and quartz movement. You get the Ellipse's soft curves around the outer sector and simple baton markers, paired with a bracelet made of stretched, elliptical-shaped links — a subtle but unmistakable departure from the classic Nautilus look.
Fewer than 300 examples of the ref. 3770 were ever made across all versions. Most people forgot about it after the Nautilus took off and the Ellipse settled into its role as a pure dress watch. But today, the Nautellipse is a cult favorite for collectors who like their Patek a little left of center.
This watch comes with two extracts from the archives and remains in sharp, original condition.
Lot 160: A Circa 1980 Cartier Tank Cintrée 'Mid-Size' in 18k Yellow Gold with Brick-Link Bracelet
Estimate: CHF 20,000 - 40,000
First introduced in 1921, the Tank Cintrée reimagined what a wristwatch could look and feel like, with long, dramatic curves that hugged the wrist and a design language pulled straight from the bold spirit of the Roaring Twenties.
This example, dating to around 1980, captures everything that makes the Cintrée special. It measures 36mm long and wears like pure elegance, thanks to the matching yellow gold brick-link bracelet. The dial, signed "Cartier Paris," features a classic chemin de fer minute track and Roman numerals, with just enough playful distortion to give it that unmistakable Cartier charm.
French "double eagle" hallmarks on the case confirm its origin, rounding out the details collectors love.
Lot 48: A Circa 1979 Rolex Milgauss Ref. 1019 with 'Transitional' Dial
Estimate: CHF 15,000 - 30,000
Rolex built its name on tool watches made for real-world needs — pilots, divers, scientists. The Milgauss was no different. First launched in 1954, it was born from a collaboration with CERN to create a watch that could resist extreme magnetic fields, up to 1,000 gauss. That’s where the name comes from: Mille Gauss.
The ref. 1019, introduced in the 1960s, carried the idea forward with a cleaner, more modern look. This 1979 example stands out for its transitional dial. You get the luminous accents and half-second divisions of a Mk II, but the faceted hands from the earlier Mk I models. Rolex was likely using up old stock.
At 38mm, it wears perfectly today, with just the right balance of vintage charm and technical credibility. Plus, it comes with the original guarantee, box, and bracelet — everything you want when you’re chasing a clean, honest Milgauss.
Lot 91: A Circa 1915 Rolex Time-Only Wristwatch in Silver Dennison Case with Enamel Dial
Estimate: CHF 2,000 - 4,000
Before Rolex built the Oyster, it leaned on trusted case makers like Dennison. This early silver wristwatch, dating to around 1915, shows how the pieces started to come together.
The 35.5mm case, made by Dennison and signed with a London import hallmark, uses a threaded design that hints at what Rolex would later perfect with the Oyster. It gave wearers a tighter, more secure seal — crucial for everyday durability back then.
The white enamel dial brings real character, with bold military-style numerals that still pop more than a century later. It's a simple watch, but one packed with early Rolex DNA — and it’s survived in impressively crisp condition.
You can learn more, place a bid, and view the entire Geneva Watch Auction: XXI catalogue right here.
About Phillips In Association With Bacs & Russo
The team of specialists at PHILLIPS Watches is dedicated to an uncompromised approach to quality, transparency, and client service. Phillips in Association with Bacs & Russo holds the world record for the most successful watch auction, with its Geneva Watch Auction: XIV having realized $74.5 million in 2021. Over the course of 2021 and 2022, the company sold 100% of the watches offered, a first in the industry, resulting in the highest annual total in history across all the auction houses at $227 million.
About Logan Baker
Logan has spent the past decade reporting on every aspect of the watch business. He joined Phillips in Association with Bacs & Russo at the start of 2023 as the department's Senior Editorial Manager. He splits his time between New York and Geneva.
Recommended Reading
How Independent Watchmakers Are Rethinking the Escapement
Why Collectors Are Falling Back in Love With Time-Only Vintage Watches
Inside The Philippe and Elisabeth Dufour Foundation