Anniversaries invite reflection.
In 2025, Phillips in Association with Bacs & Russo marked its tenth year in watch auctions by doing what it has done best for the past decade: letting the watches speak for themselves.
They spoke loudly.
By the end of the year, Phillips Watches had reached US $370 million across auctions, private sales, and Phillips Perpetual – our strongest annual performance to date.
Auctions alone accounted for US $290,463,315, the highest annual total ever achieved by any watch auction house, surpassing Phillips’ own record of US $227 million set in 2022.
It also marked a milestone that no one else in the industry has achieved: five consecutive years with annual watch auction sales exceeding US $200 million.
In a market that has grown more selective, more informed, and more demanding, the results demonstrated the Phillips difference. Exceptional watches, thoughtfully curated and presented with scholarship, continue to find their audience.
As Aurel Bacs and Livia Russo reflected at year’s end:
“This year marks a historic milestone for Phillips Watches. With over US $290 million in total auction sales – the highest annual total ever achieved in the history of watch auctions – we are proud to reaffirm our leadership in the global market. These results reflect both the enduring confidence of collectors and our team’s unwavering dedication to presenting only the most exceptional and important timepieces. As we celebrate 10 years of Phillips in Association with Bacs & Russo, we remain committed to integrity, scholarship, and passion in all that we do."
A Market That Rewarded Quality
Across six live auctions and seven online sales, Phillips offered 1,802 lots in 2025.
Just 11 went unsold, resulting in a 99% sell-through rate by lot and 100% by value, the strongest performance in the industry.
The numbers behind the headlines were just as telling.
Nearly 60% of lots sold above their high estimates, 62% met or exceeded their mid estimates, and 98% sold above their low estimates, all on an all-in basis.
In aggregate, hammer prices plus buyer’s premiums reached 246% of pre-sale low estimates, or roughly two and a half times what had been projected.
Average lot values climbed to US $173,000 for live auctions and US $20,000 for online sales – both the highest averages in the industry – with an overall average of US $130,000.
Participation remained global. Bidders from 80 countries participated, 96% of them online, and the buyer base continued to evolve. Thirty-five percent of buyers were new to Phillips, with Millennials and Gen Z accounting for nearly a third of participants.
We also maintained our leading global market share, representing approximately 45% of the watch auction market when compared to our two principal international competitors.
In New York, we extended one of the most remarkable streaks in modern auction history: five consecutive years of 100%-sold “white glove” live watch auctions.
The Watches That Defined the Year
At the very top of the market, 2025 delivered moments that will be talked about for years to come.
The headline result was achieved with the sale of the Patek Philippe Ref. 1518 in stainless steel, which realized CHF 14,190,000 / US $17,631,075. It became the most valuable vintage Patek Philippe wristwatch ever sold at auction – and the most valuable timepiece sold anywhere in the world at auction in 2025.
A few weeks later, the F.P. Journe FFC Prototype, consigned directly from the collection of legendary director Francis Ford Coppola, realized US $10,775,000. The result set new records for F.P. Journe, for any wristwatch by an independent maker at auction, and for any non-charity wristwatch made in the 21st century.
It was also the highest price achieved for a watch sold at auction in the United States since Phillips’ sale of Paul Newman’s Rolex "Paul Newman" Daytona in 2017.
These results underscore a reality that has become increasingly clear: Phillips remains the only auction house ever to sell wristwatches above US $10 million at non-charity auctions, with two such results achieved in 2025 alone.
Phillips now holds the records for the three most valuable wristwatches ever sold at a non-charity auction.
Vintage, Reaffirmed
Beyond those headline lots, 2025 was another year of depth for vintage watch collecting.
Among vintage Patek Philippe highlights were the only known Perpetual Calendar Ref. 3448 in 18k pink gold (CHF 2,722,000 / US $3,272,933), a Perpetual Calendar Chronograph Ref. 2499 “First Series” with Wenger case in yellow gold (CHF 1,633,000 / US $2,029,003), and the enduringly desirable Ref. 1518 “Pink on Pink” (CHF 3,569,000 / US $4,434,483).
Vintage Rolex performed similarly strongly, led by the Cosmograph Daytona Ref. 6263 “Paul Newman, Oyster Sotto” in stainless steel (CHF 1,391,000 / US $1,728,318) and the Cosmograph Daytona Ref. 6269 “Red Khanjar” in 18k yellow gold (CHF 1,378,900 / US $1,713,283).
Independent Watchmaking, in Focus
Independent watchmaking remained a central focus at Phillips in 2025, with collectors responding decisively to the rarity, craftsmanship, and historical significance of the pieces on offer.
Standout results included Philippe Dufour’s Duality No. 1, which realized US $3,085,000, and F.P. Journe’s Chronomètre à Résonance “Souscription, No. 2”, which sold for CHF 3,327,000 / US $4,133,798.
Strong results were also achieved for Kari Voutilainen, Christian Klings, Daniel Roth, Urban Jürgensen, Konstantin Chaykin, Berneron, and Charles Frodsham & Co., reinforcing sustained demand for thoughtful, artisanal watchmaking.
Clocks, Complications, and Craft
Collectors also showed renewed enthusiasm for historically important clocks and complicated pocket watches.
Highlights ranged from the F.P. Journe × Breguet Pendule Sympathique Clock No. 1 (CHF 5,505,000 / US $6,619,212) and Cartier’s Portico Mystery Clock No. 3 (CHF 3,932,000 / US $4,727,837) to the formidable A. Lange & Söhne Grande Complication Pocket Watch (CHF 1,168,400 / US $1,404,884).
Other notable results included a circa 1925 Cartier lantern clock crafted in nephrite that was gifted for the Royal wedding between Princess Fawzia, of Egypt, and the Crown Prince of Iran, Mohammad Reza Pahlavi (HK $9,144,000 / US $1,167,689), and the J. Player & Sons “Hyper Complication” pocket watch (CHF 2,238,000 / US $2,780,715).
Beyond the Auction Room
Away from the rostrum, Phillips Watches continued to broaden its reach.
In 2025, Phillips Perpetual and private sales collectively achieved a total of US $80 million, with 240 watches sold globally.
Forty-two percent of Perpetual buyers were new to Phillips, highlighting the growing importance of our retail and private-treaty platforms.
The Hong Kong Perpetual boutique recorded a 150% increase in sales value year-on-year, while the Gstaad boutique reopened following a full refurbishment inspired by its Alpine setting.
An updated and upgraded Perpetual website welcomed more than 40,000 visitors and added over 9,000 new email subscribers within months.
Curated exhibitions also played a role, including Independent Spirit in London, which showcased the work of independent watchmakers such as Raúl Pagès, Theo Auffret, Konstantin Chaykin, Charles Frodsham & Co., and David Candaux.
Notable watches sold through Perpetual this year included one of the ten stainless-steel F.P. Journe Sonnerie Souveraine wristwatches, as well as a rose gold Patek Philippe Ref. 6002R, a complete set of stainless-steel F.P. Journe wristwatches, and a Patek Philippe Minute Repeater Perpetual Calendar Ref. 5374P in platinum.
Sharing Scholarship
Throughout the year, Phillips continued to invest in scholarship and storytelling.
The launch of the Phillips Watches Podcast introduced long-form conversations with figures such as Dr. Helmut Crott, Wilhelm Schmid, CEO of A. Lange & Söhne, and Karl-Friedrich Scheufele, co-President of Chopard and President of Ferdinand Berthoud.
The publication of “Decade One: Ten Years of Phillips in Association with Bacs & Russo,” a 300-page anniversary book documenting a decade of record-breaking results and scholarship, offered a more reflective look at our first decade.
Across our platforms, Phillips published more than 160 editorial articles and produced over 150 videos (on Instagram and YouTube) this year, deepening engagement with collectors worldwide.
Ten years on, Phillips Watches enters its next chapter with perspective and a clear sense of purpose.
If 2025 proved anything, it’s that the appetite for truly exceptional watches – and the stories behind them – remains as strong as ever.
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 DECADE ONE (2015–2025) sale having realized $83 million in November 2025. The annual total for watch auctions in 2025 exceeded US $290 million, marking the first time any auction house's Watches department has surpassed US $200 million in annual sales for five consecutive years.
Recommended Reading
In-Depth: The Stainless-Steel Patek Philippe Perpetual Calendar Chronograph Ref. 1518