The PHILLIPS Hong Kong Watch Auction: XXI takes place on 21-23 November 2025, at our West Kowloon headquarters. The auction includes more than 300 of the world's finest watches – and though we are loath to boast, we truly think it's one of the best catalogues we've ever put together. We'll be highlighting a number of the most interesting lots and stories featured in the sale, including all the watches presented below.
– By Logan Baker
For more than three decades, one Hong Kong-based collector built a watch collection that tracked the evolution of his taste, his curiosity, and his commitment to great watchmaking. His journey began in the late 1980s, when mechanical watches captivated him with their intricate gears, levers, and quiet precision. That early interest evolved into a clear point of view: to seek out exceptional craftsmanship, pursue technical innovation, and preserve every watch with the same care as the day it left the factory.
That mindset shaped "A Connoisseur’s Journey," the first 100 lots of our upcoming Hong Kong Watch Auction: XXI. The collection follows a steady arc from classic foundations to bold experimentation. You see it in the Patek Philippe Calatravas he chose for their clean lines, the Grand Complications and perpetual chronographs that pushed his appreciation for complexity, and the Advanced Research pieces that demonstrate his interest in cutting-edge engineering. You see it again in his admiration for German watchmaking, exemplified by A. Lange & Söhne and Glashütte Original, where precision and a certain Teutonic sobriety tell their own story.
His eye then moved toward enamel and porcelain, bringing in works by masters such as Suzanne Rohr, Anita Porchet, Muriel Séchaud, and Marthe Bischoff. These watches transform miniature painting into true works of art, revealing a collector who valued artistry as much as mechanics. The same instinct led him toward grand complications by Girard-Perregaux and Franck Muller, diamond-set pieces from houses like Breguet and Concord, and a selection of pocket watches that preserve a link to the 19th and 20th centuries. Among them sits a standout: a Piaget pocket watch created for the Handover of Hong Kong, a piece that blends geopolitical history with craftsmanship.
Most of the watches remain unworn. That detail tells you everything about the collector’s approach. He protected every case, dial, and movement because he saw each watch as a piece of a greater culture, not simply a possession.
The 100 lots that comprise the "A Connoisseur’s Journey" collection span categories, eras, and ideas, yet they share one major through-line: a patient pursuit of excellence.
What follows is a closer look at one representative watch from each chapter of this remarkable collection.
Lot 804: A Circa 1997 Patek Philippe Calatrava Ref. 3923SR in 18k Pink Gold
Estimate: HKD $120,000 - 240,000
Patek Philippe introduced the Calatrava Ref. 3923 in 1986, and it stayed in the catalogue for a little over a decade. Most examples came in 18k yellow or pink gold, with the familiar mix of bullet indexes and dauphine hands. The case, a 32mm two-piece design from Ateliers Réunis, demonstrates why the Calatrava silhouette endures. Inside, the hand-wound cal. 215 S keeps things traditional, complete with a Gyromax balance.
The reference also produced one of the more interesting retailer editions of its era. To commemorate the 25th anniversary of Taiwanese retailer Wu Shang, Patek Philippe created two special editions: one in pink gold with a pink dial, and another in pink gold with ruby hour markers, as seen here. Fewer than 20 were made, and only four have previously surfaced publicly.
A sapphire exhibition caseback commemorates Wu Shang’s long-standing relationship with Patek Philippe, and the watch retains its deep hallmarks and Certificate of Origin. For anyone who loves the quieter corners of Calatrava history, a ruby-set Ref. 3923 from this tiny run is about as good as it gets.
Lot 806: A Circa 2010 Patek Philippe Perpetual Calendar Chronograph Ref. 5970P-001, Single Factory-Sealed
Estimate: HKD $1,400,000 - 2,400,000
Patek Philippe introduced the Ref. 5970 in 2004 as the successor to the long-running 3970, and it arrived with considerable fanfare. The case grew to 40mm, yet it maintained a slim 13.5mm profile, which gave the perpetual calendar chronograph a more contemporary presence without compromising the elegance collectors expect from Patek. Square pushers, a balanced dial layout, and a sapphire exhibition caseback completed the update.
Inside sits the manual-wind calibre CH 27 70 Q, Patek Philippe’s reworked version of the Lemania 2310. That movement layout underpinned countless legends over many decades at Patek Philippe, and the Ref. 5970 became the final generation to use it before the shift to a full in-house movement architecture with the next-generation Ref. 5270 in 2011. In that sense, the Ref. 5970 marked the end of an era and the beginning of a new one – it was the first wristwatch designed and developed by Thierry Stern upon his assumption of leadership at Patek Philippe.
Naturally, the reference was offered in four metals: rose gold, white gold, yellow gold, and platinum. Across all variations, production lasted only seven years, with a total output of roughly 2,800 pieces. Collectors responded to the watch immediately, and the 5970's mix of proportion, clarity, and lineage helped cement its reputation. Many still view it as perhaps the most balanced perpetual calendar chronograph the brand has ever produced.
The watch featured here is a platinum example from circa 2010. It remains factory-sealed and comes with the Certificate of Origin stamped by King Fook Jewellery Group in Hong Kong, dated 6 June 2010. The full set is present as well: leather folio, manuals, product literature, setting pin, additional solid caseback, hang tag, slipcase, box, and outer packaging. For anyone who has been waiting for a top-tier 5970P, this is exactly the kind of example that stops you in your tracks.
Lot 809: A Circa 2012 Patek Philippe 'Advanced Research' Perpetual Calendar Ref. 5550P-001 in Platinum
Estimate: HKD $500,000 - 800,000
Patek Philippe introduced the Ref. 5550P in 2011 as a run of 300 pieces, and it quickly became the benchmark for the brand’s Advanced Research program. It was the first wristwatch from the company to use three silicon components together: a Silinvar balance wheel, the Spiromax balance spring, and the Pulsomax escapement. The trio delivered better stability, lubrication-free operation, stronger chronometric performance, and long-term reliability.
This example is in like-new condition, complete with a full set, including an additional solid caseback. Only about 15 examples have appeared publicly at auction to date. As one of the key achievements of the Advanced Research division, the 5550P represents a turning point in Patek Philippe’s modern history and remains one of the most sought-after watches produced by the program.
Lot 813: A Circa 2008 A. Lange & Söhne Datograph Perpetual Calendar Ref. 410.025 in Platinum
Estimate: HKD $320,000 - 640,000
When A. Lange and Söhne launched the Datograph in 1999, it reset expectations for what a contemporary chronograph could look like – inside and out. The movement, the architecture, the feel on the wrist. Everything was perfect. The Datograph Perpetual Calendar followed in 2006, cased in platinum, carrying the brand's momentum forward.
This first-generation Datograph Perpetual features a rhodium-silver dial with a 41mm platinum case. The look is restrained at first glance, then slowly reveals touches of color in the day/night indicator and the moon-phase display, which echo the blued steel hands in the sub-dials. The dial feels light and balanced. The case gives it weight and presence. That mix is part of what makes the model so compelling.
Early pieces like the present example utilize Roman numerals at two, six, and ten o'clock. Later, rose gold and white gold versions transitioned completely to baton markers, making this layout a detail that collectors look for. The watch comes in like-new condition with its full set.
Lot 816: A Circa 2001 Patek Philippe 'Manta Ray' Ref. 5100P-001 in Platinum
Estimate: HKD $200,000 - 400,000
Patek Philippe introduced the Ref. 5100 in 2000 to mark the start of the new millennium, and it landed as one of the most ambitious shaped watches the brand had ever built.
Collectors know it as the “Manta Ray,” a nod to the flared geometry of the 1950s Ref. 2554 that inspired its silhouette. The case evolved into a sharper, more architectural form for the millennium release, measuring 35mm by 33mm with angled flanks, a Calatrava-cross crown, and a sapphire exhibition caseback engraved “Year 2000 Patek Philippe.”
Each case metal carried its own dial color: silvery white for yellow gold, slate grey for rose gold, midnight blue for white gold, and black for platinum. Hours, minutes, small seconds, and a linear 10-day power reserve sit cleanly on the dial, all driven by the manual-wind calibre 28-20/220.
Production was capped at exactly 3,000 pieces: 1,500 in yellow gold, 750 in rose gold, 450 in white gold, and 300 in platinum. After the run ended, Patek Philippe destroyed the tooling, locking the reference into a finite chapter of the brand’s history. The Ref. 5100 later informed the shaped-movement approach that continued with the Ref. 5101 and Ref. 5200 Gondolo, but it remains the definitive expression of the idea.
The platinum example seen here dates to 2001 and comes with a full set: Certificate of Origin stamped 9 July 2001, the limited-edition attestation, COSC certificate, manuals, literature, commemorative medal with stand, hang tag, leather folio, box, and outer packaging. It is one of four Ref. 5100s offered in the sale.
Lot 821: A 1974 Unique Patek Philippe 'Guerriers Hawaiiens' Ref. 866/48 Pocket Watch in 18k Yellow Gold
Estimate: HKD $1,000,000 - 2,000,000
Marthe Bischoff ranks among the most skilled miniature enamelers of the 20th century, yet her work for Patek Philippe remains far scarcer than that of Suzanne Rohr. Only a small number of Bischoff’s pocket watches survive, and two of them – The Hunt from 1971, and The First Consul Crossing the Alps at Great Saint Bernard Pass from 1970 – sit in the Patek Philippe Museum. The piece shown here was completed when Bischoff was 74 years old.
Its source image traces back to John Webber, the official artist who accompanied Captain James Cook on his third voyage through the Pacific. Webber sketched the people and landscapes he saw between 1776 and 1780. His drawings later became engravings for the published account of the voyage. One of those works, A Canoe of the Sandwich Islands, the Rowers Masked, created around 1784, forms the basis of this enamel.
The scene depicts ten Hawaiian rowers carrying a priest who holds a feather-covered image of Kūkaʻilimoku, the Hawaiian god of war. The priest and paddlers wear gold masks as they move along the water in a double-hulled canoe with a raised sail.
Bischoff captured the composition with remarkable depth. The sky, water, and clouds frame the canoe, highlighting the movement of the figures. The watch has been carefully preserved since its first appearance at auction in 2006 and shows no signs of later work. It stands as a striking example of how Patek Philippe utilized miniature enamel painting to blend watchmaking with fine art.
Lot 828: A Circa 2009 Patek Philippe Sky Moon Tourbillon Ref. 5002P-001 in Platinum
Estimate: HKD $9,000,000 - 16,000,000
Any watch collector who spends decades chasing serious complications eventually reaches the same summit: Patek Philippe’s Sky Moon Tourbillon. The Ref. 5002 didn’t just sit at the top of the brand’s lineup when it debuted in 2001. It reset the definition of what a complicated wristwatch could be.
Introduced only months after the Star Calibre 2000 pocket watch, the Sky Moon became Patek Philippe’s first double-faced wristwatch and, at the time, the most complicated wristwatch in the world. Twelve complications and 694 movement components were brought together inside a 43mm platinum case.
The front features a tourbillon, a minute repeater with cathedral gongs, and a perpetual calendar with a retrograde date display. The tourbillon stays tucked out of sight, in keeping with Patek Philippe’s habit of letting the dial remain clear and legible. The repeater’s long gongs circle the movement twice, giving it a deeper, sustained chime. The retrograde date snaps back at the end of each month thanks to a patented ratchet mechanism, a detail that demonstrates the meticulous attention to detail that went into even the smallest elements of this watch.
Turn the Sky Moon Tourbillon over, and the character changes entirely. A deep blue sky chart tracks the phases of the moon, sidereal time, and the motion of the stars in the northern hemisphere. The celestial display rotates counterclockwise beneath the sapphire display back, drawing a straight line between astronomy and timekeeping. Both sides of the movement meet the standards of the Geneva Seal.
The case itself carries just as much intention. Platinum gives it weight and presence, while engraved Calatrava crosses run along the caseband, the slide, and the lugs. Two crowns control different parts of the mechanism: the crown at four o'clock handles setting and winding, while the two o'clock crown adjusts the sky chart and sidereal time. The white opaline dial, embossed with a Calatrava-cross pattern and accented with red on the retrograde date track, ties everything together.
The example offered here has never been worn. It was placed in a safe immediately after it was purchased in 2008 and has remained there ever since. It comes with its original Certificate of Origin, COSC certificate, box, and all accessories. Only 13 platinum Ref. 5002s have appeared at auction to date; this is the 14th. Patek Philippe reserved the reference for its most important clients, which explains why so few have surfaced publicly.
The Sky Moon Tourbillon Ref. 5002 later passed the torch to the Ref. 6002 in 2013, but the original still holds a special place in the brand’s history.
Lot 829: A Circa 1998 A. Lange & Söhne Tourbillon Pour Le Mérite Ref. 701.001 in 18k Yellow Gold
Estimate: HKD $800,000 - 1,600,000
When A. Lange and Söhne returned to the world stage on 24 October 1994 inside Dresden Castle, the brand announced a new standard for German watchmaking. Walter Lange, Günter Blümlein, and Hartmut Knothe unveiled four watches, each powered by an exclusive, in-house movement: the Lange 1, the Arkade, the Saxonia, and the Tourbillon Pour le Mérite. The Lange 1 drew immediate attention for its off-center layout, but the Pour le Mérite stood apart as the technical centerpiece of the launch.
Named after one of Germany’s highest honors, the Tourbillon Pour le Mérite was – and still is – a landmark. Walter Lange wore the first yellow gold example at the debut, while Blümlein wore the first platinum piece, underscoring the watch's importance to the revival of the Saxon manufacture.
Its defining feature is the fusée-and-chain transmission, the first time the mechanism had ever appeared in a wristwatch. By equalizing the mainspring’s torque as it unwinds, the system delivers a more stable rate and a level of precision that set the watch apart from its contemporaries. The manual-wind calibre L902.0, developed with Renaud & Papi and the Grönefeld brothers, remains one of the most impressive constructions of the 1990s.
Production stayed extremely limited. Lange made 200 pieces across precious metals – 106 in yellow gold, 20 in white gold, 24 in pink gold, and 50 in platinum – plus a single watch in steel. That scarcity, combined with its place in the brand’s rebirth, has made the Tourbillon Pour le Mérite one of the most respected modern A. Lange & Söhne references.
The example offered here shows a warm, even patina and comes with its guarantee and accessories. Nearly 30 years on, it still represents one of the clearest expressions of why Glashütte watchmaking carries its reputation: engineering ambition, traditional craftsmanship, and a willingness to tackle problems that few others attempt.
Lot 836: A Circa 2004 Vacheron Constantin Patrimony Tribute to Great Explorers 'Zheng He' Ref. 47070/000J in 18k Yellow Gold
Estimate: HKD $200,000 - 400,000
This Vacheron Constantin Patrimony honors Zheng He, a Ming dynasty admiral whose seven expeditions in the early 15th century carried Chinese fleets across the Indian Ocean and as far as East Africa. His voyages remain some of the most ambitious maritime undertakings in Chinese history, and Vacheron Constantin’s “Patrimony Tribute to Great Explorers” captures that legacy in enamel.
The dial is built on two levels. The lower section holds an aperture for a transparent sapphire disc that carries the wandering-hour numerals. As the disc moves beneath the enamel map, the numerals rise into view one at a time, creating what appears to be an almost weightless display of the passing hours. The mechanism and the enamelwork collaborate, turning the map into the stage on which time is read.
Rich in historical reference, this limited edition of 60 pieces merges Geneva enamel craftsmanship with one of Vacheron Constantin’s most exceptional alternative time displays.
Lot 839: A Circa 2000 Vacheron Constantin Les Complications Skeleton Tourbillon Ref. 30051/000R-8 in 18k Pink Gold
Estimate: HKD $320,000 - 600,000
Vacheron Constantin’s Patrimony line has long been admired for its balanced proportions and understated, classical appearance. This reference holds a special place in the collection's history as the brand’s first modern tourbillon wristwatch. It runs on the calibre 1760, a movement built with twin barrels for longer running autonomy and completely exposed through skeletonization, allowing you to see the mechanics at work.
The non-skeletonized Les Complications versions were already produced in very small numbers. The skeletonized models, like the one shown here, are believed to be even scarcer. The tourbillon cage takes the shape of Vacheron’s Maltese Cross, a detail that ties the technical centerpiece of the watch to one of the brand’s most recognizable symbols.
This example has been carefully maintained since purchase and exhibits only a light, even patina from its time in storage.
Lot 848: A Circa 1997 Vacheron Constantin 'Audubon, Birds of America - Columbia Jay Edition' Ref. 43060-000J in 18k Yellow Gold
Estimate: HKD $200,000 - 400,000
The cloisonné enamel dial seen here depicts John James Audubon’s Columbia Jay illustration – a bird now known as the Black-throated Magpie-Jay – in striking detail. Enamel artisan Muriel Séchaud signed and dated the piece in 1997, and the level of precision reflects why she became one of the leading enamellers of her era. Her work closely follows Audubon’s original illustration, preserving the texture, color, and character of the bird. Within the ten-piece Métiers d’Art series, the Columbia Jay is among the least frequently seen at auction.
Séchaud stood at the top of the field in the 1990s and early 2000s, frequently commissioned by Vacheron Constantin. Alongside Suzanne Rohr, who carried on the same tradition for Patek Philippe, Séchaud helped preserve the art of true hand-painted miniature enamel during a period when the craft was on the verge of extinction.
This example is in outstanding new-old-stock condition, complete with its full set of accessories. For collectors drawn to rare enamel work and the intersection of art and watchmaking, it’s an exceptional find.
Lot 849: A Circa 1999 Breguet Minute-Repeating, Diamond-Set Classique Ref. 3631 in 18k White Gold
Estimate: HKD $500,000 - 1,000,000
In 1783, Abraham-Louis Breguet introduced the world's first minute-repeating timepiece with a gong spring, replacing the traditional bell, redefining the construction of all future repeaters in the process. The idea took hold immediately. A century and a half later, the gong spring remains the heart of every modern repeating watch.
This circa 1999 Breguet Ref. 3631 wristwatch carries that legacy forward, adding a level of opulence rarely seen in a complication of this kind. The white-gold case is set with 88 baguette diamonds – about 10.5 carats in total. Thirty-six calibré-cut stones line the bezel, 24 baguette and square-cut diamonds run along the flanks, and 28 more shape the lugs. The effect is striking without overwhelming the classical proportions of the watch.
The dial stays true to Breguet’s vocabulary of textures: Clou de Paris guilloché on the main surface, a Damier croisé pattern at nine o’clock, Vieux paniers on the upper half of the three o’clock register, and Décor flammé right below it. Inside is the calibre 567, built on a Lemania base and modeled after traditional repeaters from the Vallée de Joux.
Only a few examples of the Ref. 3631 are known. This piece comes with its original 1999 invoice, which records a purchase price of HKD $1,880,000. It appears today in like-new condition with a clean, resonant chime.
Lot 855: A Circa 1996 Unique Piaget Répétition à Minutes à Carillon Pocket Watch in 18k Yellow Gold with Emeralds and Diamonds
Estimate: HKD $700,000 - 1,400,000
The 1997 handover of Hong Kong marked a turning point not only in global politics but also in the story of a city that had grown from a small port into one of the world’s most influential financial centers. Hong Kong has for decades been a major force in Swiss watch collecting, and few maisons understood that relationship better than Piaget.
To honor the ceremonial handover, Piaget created a single, extraordinary pocket watch – part high complication, part high jewelry, and entirely unlike anything else the brand has ever produced.
From the front, the watch presents a diamond-set spectacle. Baguette-cut diamonds wrap around the bezel and bow, framing an engraved yellow-gold dragon. In Chinese culture, the dragon symbolizes strength, prosperity, and benevolence, and the execution here reflects that status with striking depth and detail.
Flip the watch over, and the tone shifts. The back displays an engraved scene of Hong Kong's iconic Victoria Harbour from the 1990s, complete with Jardine House, the General Post Office, Exchange Square, and the old Central Pier. Baguette-cut emeralds surround the scene, echoing the green shimmer of the harbor itself. Emeralds and diamonds continue alongside the caseband, with the minute-repeater slide set entirely in emeralds. In total, the case carries 246 baguette diamonds weighing 22.6 carats and 89 baguette emeralds totaling 8.83 carats, along with a diamond-set crown.
Opening the hunter-style case reveals an 18k yellow-gold dial with a guilloché center, surrounded by 60 baguette diamonds, emerald hour markers, brilliant-cut stones, and mother-of-pearl detailing. The movement beneath matches the ambition of the exterior. Based on an early 20th-century grand complication calibre, Piaget restored and rebuilt it into a carillon minute repeater – a rare configuration that utilizes three hammers and gongs to sound the low hours, quadruple-note quarters, and high minutes. Even the chain is a work of art, crafted from 18k yellow gold and set with emeralds and diamonds, anchored by a rock-crystal and onyx base.
Piaget first presented the watch at the 1996 SIHH fair in Geneva with a public price of CHF 1,700,000. The engraved covers that honor Hong Kong were later commissioned by the original owner, making the piece even more personal to the moment it commemorates.
Offered with all accessories and its 1998 purchase invoice, the watch stands as a singular creation – part historical document, part mechanical achievement, and part unmatched expression of haute joaillerie.
Lot 860: A Circa 2000s Unique Concord Saratoga Splendour Sapphirus Minute Repeater in Platinum Set with Diamonds and Sapphires
Estimate: HKD $400,000 - 800,000
Sapphires and platinum have become one of the defining pairings of contemporary high-jewelry watchmaking. Patek Philippe, Rolex, and Audemars Piguet have all pushed their most complex pieces in this direction, from sapphire-set minute repeaters to special-order perpetual calendars. Long before those watches appeared, Concord took the idea to an extreme with a unique creation: the Saratoga Splendour Sapphirus.
Crafted in the early 2000s out of platinum, the watch shows just how ahead of the curve Concord could be. Trapeze-cut sapphires and diamonds total 9.93 carats across the case, dial, and lugs. The dial alone carries 18 sapphire baguettes and nearly 200 pavé-set diamonds. The gem-setting runs down the sides of the case and even onto the minute-repeater slide. Blue sapphires mark the hours and highlight the segments of the power-reserve display for the striking mechanism, giving the watch surprising clarity for something this lavish.
Numbered 1 of 1 and with exceptional hand-finishing on the movement, the Concord Saratoga Splendour Sapphirus was kept in a private collection for more than 20 years. It remains in like-new condition.
Lot 863: A 1957 Patek Philippe Third-Series Calatrava Ref. 2526 in 18k Yellow Gold
Estimate: HKD $150,000 - 300,000
Introduced in 1953, the Calatrava Ref. 2526 was Patek Philippe's first serially produced automatic wristwatch, setting a template that is still impactful today. The combination of a self-winding movement and a flawless off-white enamel dial gave the reference its reputation early on, and production stayed remarkably limited – approximately 2,500 pieces were made across yellow gold, pink gold, white gold, and platinum until production concluded around 1960.
The 18k yellow-gold watch offered here is a third-series example with a flat screw-down caseback, applied indexes, a smaller period-correct marker at six o’clock, and the original “double P” crown. Inside is the calibre 12-600, often cited as one of the finest automatic movements ever, with architecture and finishing that remain benchmarks for both watchmakers and collectors.
The case of this example has a soft, even patina and retains its crisp hallmark between the lugs. The enamel dial has settled into a warm egg-white tone. It’s a beautifully preserved example of one of Patek Philippe’s most elegant early automatics and a reference that still defines what timeless design looks like.
Lot 871: A Circa 1990s Franck Muller Perpetual Calendar Split-Seconds Chronograph Tourbillon Equation of Time Ref. 1790 QPTR in 18k White Gold
Estimate: HKD $150,000 - 300,000
By the 1990s, Franck Muller had already established a reputation for crafting watches that pushed mechanical boundaries. His best pieces brought together several high-level complications in a single case, executed with a level of reliability that helped define his early work. The watch offered here comes from that period and shows exactly why those pieces caught the attention of serious collectors.
The movement sits inside one of Muller’s early round 18k white-gold cases, a clean and substantial format that suits the complexity inside. Alongside a split-seconds chronograph, the watch features a German-language perpetual calendar, a retrograde month indicator, a tourbillon, and an equation of time display – an unusually dense set of complications by any standard.
Turn it over, and the movement comes into full view. It’s based on the Venus 179, a classic rattrapante calibre known for its column wheel, lateral coupling, and traditional construction. Muller reworked it extensively, adding a tourbillon that sits proudly above the plates. The result is a gilt and engraved mechanism that feels both traditional and unmistakably his own.
This example has remained in excellent condition and has spent most of its life in a safe. Numbered 2, it marks the first appearance of this reference in 18k white gold at auction.
Lot 879: A Circa 2006 Glashütte Original Ref. 49-08-07-13-06 in Platinum with 'Mingdragon Purple' Hand-Painted Meissen Porcelain Dial
Estimate: HKD $70,000 - 120,000
The dial of this watch is entirely hand-painted on porcelain, featuring a purple Ming-style dragon surrounded by clouds. The work carries the signatures of both Glashütte Original and Meissen, marked by Meissen’s blue crossed swords. It’s a striking example of the level of detail porcelain can achieve when handled by true specialists.
The dragon adds a deeper layer of meaning. In Chinese culture, it represents strength, vitality, and cosmic authority. Its presence on a watch dial brings both cultural weight and visual energy.
This platinum limited edition is number 1 of just 40 pieces and remains in like-new condition with its full set of accessories. It stands as a blend of Saxon watchmaking, German porcelain craft, and one of the most enduring symbols of Chinese culture.
Lot 888: A Circa 1998 A. Lange & Söhne Cabaret Ref. 107.027 in 18k White Gold
Estimate: HKD $80,000 - 160,000
A. Lange & Söhne introduced the Cabaret only three years after its 1994 relaunch, and it demonstrated immediately that the company wasn’t afraid to step outside its own traditions.
Instead of a round case, Lange opted for a sharp, rectangular design, anchored by the outsized date display, inspired by the Semper Opera Five-Minute Clock in Dresden. It felt fresh and deliberate – a watch that signaled the brand's willingness to experiment while keeping its standards intact.
The Cabaret debuted in 1997 in an 18k pink gold case with a black and silver dial. The reference offered here, the white-gold Ref. 107.027, arrived the following year with a deep navy-blue dial. Roman numerals, diamond-shaped markers, and clean lines give it a sense of classical formality, but the proportions and execution remain unmistakably modern. Inside is the manual-wind calibre L931.3, running at 3Hz with a 42-hour reserve, finished to the level you expect from Germany's leading watchmaker.
This example shows only minimal wear and retains all the sharpness that makes the Cabaret such a compelling dress watch. It captures A. Lange & Söhne at a moment when the brand was testing new ideas without compromising the craft behind them.
Lot 890: A Circa 1998 Unique Parmigiani Fleurier Meccanica II Pocket Watch in 18k Yellow Gold with Diamond-Set Bezel
Estimate: HKD $450,000 - 900,000
The Parmigiani Fleurier Meccanica II Pocket Watch is one of Michel Parmigiani’s most ambitious creations – a unique perpetual-calendar, minute-repeating pocket watch that took him an entire year to complete. At first glance, the watch makes its intent unmistakable: nearly 26 carats of baguette diamonds frame a fully openworked display, turning a technical achievement into a visual statement.
The dial is crafted from crystal glass, with frosted zones marking the hours and slim javelin hands sweeping across the surface. Every element was shaped by hand to achieve a sense of balance and restraint. Parmigiani once described the project as “a school of life,” chasing absolute precision with equal measures of discipline and creativity.
Geometry drives the design language of the Meccanica II. Bridges, plates, and structural components follow strict lines and mirrored patterns, building a rhythm that feels architectural. Openwork engraving covers the LeCoultre ébauche movement, and the pocket-watch cover features a floral motif that anchors the entire aesthetic composition. From that center point, a maze of precise lines radiates outward, resembling a hybrid of French garden geometry and traditional Chinese patterning, which lends the engraving surprising depth.
The enamel work adds another layer of refinement. A translucent metal-oxide enamel in light blue was applied through multiple stages to achieve a saturated, luminous finish. It’s the kind of enamel rarely attempted and even more rarely perfected.
Kept in pristine condition for more than 20 years, the Meccanica II remains a singular object in Parmigiani’s decades-long body of work. According to our research, no example has ever appeared publicly until now.
For a collector who values both mechanical ambition and the highest forms of decorative art, this is a rare chance to acquire one of Michel Parmigiani’s most personal masterpieces.
Lot 897: A Circa 1997 Patek Philippe Pagoda Ref. 5500P in Platinum
Estimate: HKD $120,000 - 200,000
Patek Philippe introduced the Pagoda collection in 1997 to mark the opening of its new manufacture in Plan-les-Ouates, on the outskirts of Geneva. The design drew directly from the brand’s mid-century shaped watches, reimagining their flared rectangular form with a stepped, pagoda-like caseband. The result was a limited series of seven references, including four men’s models under Ref. 5500, and three ladies’ models under Ref. 4900. Production stayed small across all metals. For the Ref. 5500, Patek made 1,100 in yellow gold, 500 in pink gold, 250 in white gold, and only 150 in platinum. The ladies’ versions are even rarer.
The watch offered here is the platinum Ref. 5500 – the rarest metal of the run – paired with a crisp black dial. A railway minute track and elongated applied Roman numerals give the dial balance and clarity, playing neatly against the vertical geometry of the case.
This example last appeared at auction 16 years ago and has been stored in a safe ever since, maintaining its excellent condition. As a significant limited-edition creation from a pivotal moment in Patek Philippe's modern history, the Pagoda Ref. 5500 holds a lasting place in the company's shaped-case lineage and remains one of its most distinctive designs from the late 1990s.
Lot 901: A Circa 1998 Patek Philippe Minute Repeater Retrograde Perpetual Calendar Tourbillon Ref. 5016P-010 in Platinum with Jean-Pierre Hagmann case
Estimate: HKD $3,500,000 - 5,500,000
Few Patek Philippe wristwatches capture the brand’s absolute authority in complicated watchmaking the same way the Ref. 5016 does. Produced from 1993 to 2011, it was the most complicated wristwatch the manufacture had ever made at the time of its debut. For nearly 20 years, it represented a pinnacle of Swiss watchmaking, combining a minute repeater, a perpetual calendar, a tourbillon, a moon-phase display, and a retrograde date – a set of complications no other Patek Philippe wristwatch matched until the arrival of the Sky Moon Tourbillon Ref. 5002 in 2001.
The retrograde date is one of the defining features of the reference. Simple on the outside and complex on the inside, the mechanism works seamlessly with the perpetual calendar indications and moon-phase display. At 37mm, the case is compact, but the arched lugs provide the watch more presence than the dimensions suggest.
The design echoes the balance and restraint of the Ref. 2499, which explains why many collectors consider the Ref. 5016 to be one of the most elegant grand complications Patek Philippe has ever produced. It was offered in all four precious metals, though platinum examples remain the most coveted – believed to number around 90 pieces in total.
The present platinum example features a silvered dial, one of the rarer configurations. Only about 16 platinum Ref. 5016s with silver dials have surfaced publicly. Beneath the moon-phase display sits the watch's individual movement number, a quiet nod to the Observatory-grade pocket watches of Patek Philippe’s early 20th-century output. Through the sapphire crystal exhibition caseback, the tourbillon comes into view, its distinctive wheel shaped like a watchmaker’s tool. This specific movement, No. 1’950’032, was the 33rd Ref. 5016 example ever produced, as production began with No. 1’950’000.
Casemaking is another key element of the watch’s importance. Early examples of the Ref. 5016 were housed in cases made by Jean-Pierre Hagmann, whose “JHP” hallmark appears under the lower right lug. Hagmann’s repeaters are legendary for their clarity and resonance, and platinum Ref. 5016s bearing his signature are extremely rare. Only a few have ever reached the auction market.
The example offered here comes fresh to the market from the original owner and is preserved in remarkable condition. Complete with its full set of accessories, it represents one of the most compelling opportunities to acquire a Ref. 5016 in its purest form.
You can view the complete Phillips Hong Kong Watch Auction: XXI auction catalogue here.