Phillips in Association with Bacs & Russo is thrilled to welcome you to The Hong Kong Sessions, Spring 2026, Online Auction, running from 12:00 PM HKT, Wednesday, 18 March, to 2:00 PM HKT, Wednesday, 25 March. The sale features more than 100 high-end luxury wristwatches, ranging from A. Lange & Söhne and Breguet to Audemars Piguet and Patek Philippe.
– By Logan Baker
For better or worse, Audemars Piguet has lived in the long shadow of its own success since 1972.
The Royal Oak is one of the most important watch designs of the 20th century. It changed the economics of luxury watchmaking and rewrote the rules on what steel could represent. But if you stop there, you miss everything else.
Long before Gérald Genta sketched an octagon, Audemars Piguet built its reputation on complicated dress watches, ultra-thin movements, and a distinctly Le Brassus approach to finishing.
That legacy continued alongside the Royal Oak’s rise. The Jules Audemars and Edward Piguet collections, in particular, served as the brand’s canvas for traditional high watchmaking at a time when the market seemed obsessed with integrated bracelets and exposed screws.
The Jules Audemars line distilled classical round watchmaking to its essentials. Slim cases, restrained dials, and a focus on complications such as perpetual calendars, minute repeaters, and tourbillons kept one foot firmly in the Vallée de Joux tradition. These were watches for collectors who valued architecture beneath the dial rather than spectacle above it. If the Royal Oak was about boldness, the Jules Audemars series was about continuity.
The Edward Piguet collection, meanwhile, pushed Audemars Piguet in a different direction. Its typical elongated rectangular case felt almost Art Deco in spirit, but with a distinctly modern edge. It offered a platform for shaped designs and unconventional displays, proving that Audemars Piguet could handle form as deftly as it handled sport watches. In many ways, the Edward Piguet line anticipated today’s renewed interest in shape watches.
Then there are the transitional pieces of the 1980s and 1990s, like the Huitième Chronograph. Often overlooked, these watches mark important technical firsts for the brand, including its early automatic chronographs and experimental use of materials such as tantalum. They capture a moment when Audemars Piguet was recalibrating, balancing heritage with modernity in a rapidly changing industry.
Viewed together, these non-Royal Oak models reveal a more nuanced portrait of the manufacture.
They show a company unwilling to reduce itself to a single silhouette. They highlight decades of experimentation in case design, typography, movement architecture, and finishing. Most importantly, they remind you that Audemars Piguet’s identity rests not on one icon, but on a broader commitment to mechanical craft.
Look past the octagon, and you'll find a much richer landscape.
Lot 8002: A Circa 2019 Audemars Piguet Code 11.59 Perpetual Calendar Ref. 26394OR in 18k Pink Gold with Aventurine Dial
Estimate: HKD $280,000 - 560,000
When Audemars Piguet unveiled the Code 11.59 collection in 2019, the reaction bordered on seismic.
For decades, the Royal Oak had defined the brand in the public imagination – the all-new Code 11.59 was something else entirely.
Round, contemporary, and unapologetically modern, it aimed squarely at a younger audience that wanted high watchmaking without borrowing Genta’s vocabulary. Some collectors bristled. Others leaned in to learn more. Either way, it made people look at Audemars Piguet again, which was precisely the point.
This particular Code 11.59 Perpetual Calendar belongs to that inaugural generation.
Inside beats the now-discontinued calibre 5134, retired in early 2025. You can spot it immediately by the presence of case correctors set into the band, a reminder that this was still very much the classical AP perpetual calendar architecture adapted to a new case. The movement itself traces its lineage back decades. It's ultra-thin, beautifully finished, and has long been regarded as one of the most elegant perpetual calendar mechanisms on the market.
What sets this configuration apart is the pairing of 18k pink gold with a blue aventurine glass dial. Aventurine can veer into gimmicky territory, but here it works. The dial reads like a clear night sky, with the calendar indications floating across its surface. There are no stepped subdials or contrasting rings to compartmentalize the information. Everything exists on a single plane, which gives the watch a surprising sense of calm despite the density of data.
Then there is the case, which remains the intellectual core of Code 11.59.
The hollowed, downturned lugs are soldered to an octagonal mid-case that hides in plain sight between the round bezel and caseback. The facets catch light sharply, while the double-curved sapphire crystal introduces a vertical arc from 6 to 12 o’clock and a domed interior surface. On the wrist, that geometry creates a subtle distortion effect that plays with depth and reflection.
The final product is a perpetual calendar that wears slimmer and more fluid than its specs suggest. Elegant, yes, but with enough edge to avoid feeling precious. For collectors willing to look beyond the Royal Oak, the Code 11.59 series makes a persuasive case that Audemars Piguet’s story has always been broader than a single silhouette.
Lot 8078: A Circa 1985 Audemars Piguet Huitième Chronograph Ref. 25644BA in 18k Yellow Gold
Estimate: HKD $40,000 - 64,000
Long before the Royal Oak Offshore, before the Code 11.59, and even before the neo-vintage boom gave collectors a new appreciation for the watches of the 1980s and 1990s, Audemars Piguet quietly introduced something it had never made before.
In 1986, the Le Brassus manufacture launched its first self-winding chronograph with a date. It arrived without much fanfare and without a formal collection name. Only later did Italian-market catalogues begin referring to it as the “Huitième,” a name that stuck.
The Ref. 25644 is one of those watches that rewards a second look. At the time, an automatic chronograph from Audemars Piguet signaled an important shift. The brand had long excelled in ultra-thin dress watches and high complications, but here was something more contemporary, more assertive.
Even more intriguing, it marked AP’s first use of tantalum, offered alongside 18k yellow gold and platinum. Tantalum, with its cool blue-grey tone and stubborn hardness, was an unusual choice in the mid-1980s and underscored the experimental streak running through the company at the time.
This particular example embraces the warmth of 18k yellow gold. The case has a softness to it, the kind that only precious metal and a few decades of careful wear can deliver. The silvered dial has matured into a gentle cream, adding depth without compromising legibility. The gold-toned hands and subdials echo the case, creating a cohesive composition that feels considered rather than flashy. The proportions are balanced in that distinctly late 1980s way, casual but still refined.
The “C” serial suggests this is an early production piece, which adds another layer of appeal for collectors who pay attention to such details. Condition remains strong, and that matters with a watch like this. The Huitième sits squarely in Audemars Piguet’s neo-vintage era, a period that has aged remarkably well.
On the wrist, it feels versatile. Sporty enough to hold its own, elegant enough to slip under a cuff. The Huitième offers a glimpse of a brand testing new ideas while staying true to its exacting finishing standards.
Lot 8003: A Circa 2022 Audemars Piguet Code 11.59 Ref. 15210OR in 18k Pink Gold with Blue, Lacquered Dial
Estimate: HKD $80,000 - 120,000
Spend enough time with the Code 11.59, and you'll eventually start to see what Audemars Piguet was trying to do when it was introduced in 2019.
This was never meant to be a polite, round alternative to the Royal Oak. It was designed as a bold statement, signaling a new direction for the firm. It balances contemporary architecture, traditional craft, and just enough historical reference to anchor it in Le Brassus rather than float off into abstraction.
Here, that combination comes into sharp focus. The smoked blue dial shifts from inky navy at the periphery to a brighter electric tone at its center, animated by a sunburst finish that shifts with light. It gives the watch a surprising sense of depth. There is no clutter, just clean printing, applied numerals, and a disciplined layout that lets the color do the talking.
The 18k pink gold case provides warmth against that cool blue. There's also the case geometry that defines the Code 11.59. A round bezel and caseback frame an octagonal midcase that nods quietly to Royal Oak DNA without borrowing its silhouette.
Satin-brushed surfaces flow into polished bevels with the kind of precision that AP has made routine but never basic. Even the typography carries a subtle historical thread. The openworked numerals draw inspiration from the brand’s 1951 minute-repeating wristwatch, the Ref. 5528, demonstrating that mid-century design can still feel relevant in a contemporary watch when handled with restraint.
The double-curved sapphire crystal remains one of the Code 11.59's most underappreciated features. It arches vertically from 6 to 12 o’clock, curving across the dial and subtly distorting reflections, adding visual tension.
Inside beats the in-house calibre 4302, a modern automatic movement with a healthy 70-hour power reserve and an instantaneous jumping date. It is robust, neatly finished, and designed for real-world use.
Preserved in unworn, like-new condition, this smoked blue time-and-date Code 11.59 underscores the truth that Audemars Piguet has always been about more than one icon.
Lot 8025: A 1992 Audemars Piguet Edward Piguet Perpetual Calendar Ref. 25682BA in 18k Yellow Gold
Estimate: HKD $80,000 - 160,000
If the Royal Oak represents Audemars Piguet at its most recognizable, the Edward Piguet collection shows the manufacture thinking in a completely different direction.
Introduced in the late-20th century but drawing clear inspiration from rectangular wristwatches of the 1920s, the line embraced a shaped case with strong Art Deco influence. It was an intentional departure from the integrated sport watch that had come to define the company. The Edward Piguet instead leaned into elegance, proportion, and a distinctly architectural sense of form.
The Ref. 25682 captures that spirit perfectly.
The gently curved rectangular case flows naturally along the wrist, softening what could otherwise feel rigid or formal. In 18k yellow gold, the metal's warmth enhances the design's fluidity.
It is a watch that feels composed rather than dramatic, with a silhouette that recalls the refined “tank-style” wristwatches of the early 20th century while remaining unmistakably Audemars Piguet.
The dial reflects the same sort of confidence. Sunken subdials finished with circular graining organize the perpetual calendar indications with clarity and balance. Breguet numerals add a classical touch, while slender blackened leaf hands provide contrast against the dial surface. The result is harmonious and legible, with each element working together rather than competing for attention.
Inside is the manual-wind calibre 2003, one of the great ultra-thin movements of the modern era. Based on a Jaeger-LeCoultre ébauche first introduced in 1946, it has been adopted by several of the Vallée de Joux’s most prestigious watchmaking houses.
Audemars Piguet paired it here with its 2805 perpetual calendar module, creating a movement that balances mechanical sophistication with remarkable thinness. The architecture allowed the brand to maintain the elegant proportions that define the Edward Piguet case shape.
According to an Audemars Piguet Extract from the Archives, this example dates to 1992. Pieces from the Edward Piguet perpetual calendar series remain something of a connoisseur’s secret within the brand’s broader history.
Lot 8032: A Circa 2000s Audemars Piguet Jules Audemars Metropolis Perpetual Calendar World-Time Ref. 259190R in 18k Pink Gold
Estimate: HKD $100,000 - 200,000
Among the many complicated watches produced by Audemars Piguet at the turn of the millennium, the Jules Audemars Metropolis is one of its most ambitious.
The watch combines two complications that each carry heavy-hitting mechanical weight. On the one hand, a perpetual calendar tracks the day, date, month, and leap-year cycle, automatically adjusting for the irregular lengths of months. On the other hand, a world-time display allows the wearer to read the time across 24 time-zones simultaneously.
Bringing both systems together in a single, elegant wristwatch reflects the brand’s long-standing expertise in complicated watchmaking.
The model debuted in 2001, joining the Jules Audemars collection that Audemars Piguet had introduced just two years earlier. That line represented the brand's most classical expression of high watchmaking at the time.
Round cases, refined proportions, and a focus on traditional complications defined the collection, providing a deliberate counterpoint to the sportier Royal Oak family. The Metropolis initially appeared in platinum, with 18k pink gold and 18k white gold examples following soon after.
This particular watch is cased in 18k pink gold and measures a well-balanced 39mm in diameter, a size that feels both contemporary and true to the restrained spirit of the Jules Audemars collection. The example offered here is especially notable as the Metropolis Anniversary Edition, identified by the engraving on the caseback. Production numbers were small, adding an additional layer of interest for collectors.
Visually, the dial immediately commands attention. Its distinctive “globe-effect” pattern creates a sense of motion across the surface, with applied Arabic numerals that subtly follow the design's curvature. The result is dynamic without sacrificing legibility. Calendar indications remain clearly organized, while the world-time display adds a practical layer for travelers accustomed to moving between continents.
Despite the density of information, the layout maintains the sense of balance that defines the best complicated watches.
Inside, you'll find the automatic ultra-thin calibre 2120, a movement well known to collectors as the engine behind the original Royal Oak “Jumbo” Ref. 5402. Here, it drives the complex calendar and world-time display while maintaining elegant proportions. The skeletonized rotor also features an intricately engraved Audemars Piguet logo.
Preserved with crisp hallmarks along the lugs, this Metropolis is a compelling example of Audemars Piguet’s classical watchmaking from the early 2000s.
Lot 8084: A Circa 1990 Audemars Piguet Jules Audemars Ref. 14530BA in 18k Yellow Gold
Estimate: HKD $30,000 - 50,000
While collectors often associate Audemars Piguet with bold designs and integrated sport watches, the manufacture has always maintained a parallel tradition of refined dress watches.
Watches like the Jules Audemars Ref. 14530BA remind us of that quieter side of the brand’s identity. Introduced around 1990, the model reflects a period when Audemars Piguet continued to explore classical watchmaking language even as the Royal Oak dominated headlines.
The watch embraces restraint. Its 33mm yellow gold case is modest by modern standards, yet perfectly aligned with the proportions of traditional dress watches. The profile is exceptionally slim, a hallmark of the Le Brassus manufacture and a reflection of its long mastery of ultra-thin movements. On the wrist, the watch feels light and fluid, slipping easily beneath a cuff while maintaining the kind of elegance that has long defined the brand’s classical collections.
The case design reinforces that understated approach. Smooth surfaces and clean lines keep the focus on proportion rather than ornamentation, while the fluted caseband introduces a subtle texture that catches the light.
The dial continues that theme of restraint, yet it offers an unexpected point of interest. Finished in silver, the surface is intentionally uncluttered. At six o’clock, however, a small aperture reveals the balance wheel and escapement, introducing a glimpse of the mechanical heartbeat underneath the dial. It is a subtle flourish that adds depth and motion to an otherwise minimalist canvas.
Offered by its original owner, this example remains in excellent overall condition. Audemars Piguet serviced the watch in 2014, and it is accompanied by its original certificate and presentation box.
You can view the complete Phillips Hong Kong Sessions, Spring 2026, Online Auction catalogue 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 10 years covering the watch industry from every angle. He joined Phillips in Association with Bacs & Russo in early 2023 as Senior Editorial Manager, after previous roles at Hodinkee and WatchTime. Originally from Texas, he spent a decade in New York and now calls Geneva home.
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