The Phillips Hong Kong Watch Auction: XXII takes place on 30 & 31 May 2026, at our West Kowloon headquarters. The auction includes more than 250 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 from the sale over the next month, including the unique, double-sealed Patek Philippe Ref. 5970R-017 featured below.
– By Logan Baker
Produced from 2004 until 2011, the Patek Philippe Ref. 5970 marked the final chapter of an era for the manufacture’s most celebrated complication, pairing the classic perpetual calendar chronograph layout with the legendary Lemania-based calibre CH 27-70 Q.
In many ways, the Ref. 5970 stands at a crossroads. It is modern enough to feel contemporary on the wrist, yet mechanically and stylistically rooted in the lineage that stretches back through references like the 3970, 2499, and ultimately the legendary 1518.
For collectors who follow the subtle hierarchies of modern Patek Philippe production, the standard versions of the Ref. 5970 are already deeply desirable. The reference was offered in four precious metals: 18k pink, white, and yellow gold examples, typically paired with silvered dials, while the platinum version featured a black dial. Yet beyond these known production models lies a much smaller world of special commissions and post-production deliveries reserved for a handful of the brand’s most important clients.
The present Ref. 5970R-017 belongs firmly in that rarefied category.
Commissioned by the influential American collector Michael Ovitz, this watch is a unique, highly personal interpretation of the model.
Ovitz, the co-founder of Creative Artists Agency (CAA) and one-time president of The Walt Disney Company, is well known in collecting circles not only for his extraordinary art collection but also for his long-standing relationship with Patek Philippe.
Over the past two decades, a number of watches ordered by Ovitz have surfaced at auction, each revealing subtle but distinctive modifications to the original design. The most recognizable hallmark of these commissions is the discreet monogram “MSO,” placed at six o’clock and representing Michael Steven Ovitz.
Like the famous personalized commissions made for collectors such as Henry Graves Jr., James Ward Packard, and J.B. Champion in earlier eras, these monogrammed dials occupy a special place in Patek Philippe lore. They represent a level of access to the manufacture that remains unattainable for nearly all collectors.
In the case of this Ref. 5970R-017, the monogram is just the beginning.
The dial itself departs meaningfully from the standard production format. Executed in black, it immediately recalls the aesthetic of the platinum Ref. 5970 while offering a striking contrast against the warmth of the pink gold case.
At 12 o’clock sits a Breguet numeral rather than the Roman “XII” seen on some other Ovitz commissions. The remainder of the dial is marked by applied spherical hour markers, while a double railway track structure organizes the chronograph and minute scales.
Even more unusual is the presence of luminous elements throughout the display. The inner minute track features luminous markers, while the feuille hands, specifically noted on the Certificate of Origin, are themselves luminous. This subtle detail adds an unexpected layer of functionality to what is otherwise a classically styled design.
Together, these elements produce a dial configuration that feels both familiar and slightly unconventional, as if the traditional Patek Philippe perpetual calendar chronograph had been gently reinterpreted through the lens of a particularly discerning collector.
Inside, the watch houses the calibre CH 27-70 Q, the final Lemania-based perpetual calendar chronograph movement used by Patek Philippe. Derived from the legendary Lemania 2310 architecture, the movement was extensively refined by Patek Philippe, featuring a free-sprung Gyromax balance and numerous chronograph upgrades.
For many enthusiasts, this calibre represents the culmination of decades of traditional chronograph construction before the brand transitioned to its fully in-house calibre CH 29-535.
Beyond its mechanical and aesthetic interest, the present watch carries one more remarkable distinction. It remains double-factory sealed, preserved exactly as it left Patek Philippe in April 2011.
For a watch of this caliber, in such untouched condition, it is extraordinarily rare.
It means the next owner will effectively be the first to experience the watch outside its original packaging. That sense of discovery feels especially fitting for a piece like this.
The Ref. 5970 has already secured its place among the defining Patek Philippe references of the 21st century. Yet when combined with a bespoke dial, the Ovitz monogram, and pristine sealed condition, the watch becomes something else entirely.
In that sense, the present Ref. 5970R-017 is not simply another example of an already great reference. It is a personal commission, a moment of collaboration between Patek Philippe and one of its most prominent patrons, preserved exactly as it left the manufacture more than a decade ago.
You can learn more, place a bid, and view the entire Hong Kong Watch Auction: XXII 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 ten 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.