Article | Inside The Phillips Asia Spring 2026 Watch Auctions Market Report
Inside the Phillips Asia Spring 2026 Watch Auctions Market Report
Following a historic first half of the year, discover the record-breaking results, standout watches, market statistics, and how Phillips makes the difference.
The first half of 2026 proved to be a landmark season for Phillips in Association with Bacs & Russo.
Across Geneva, Hong Kong, and New York, the company delivered the strongest performance in the history of watch auctions, becoming the first auction house to realize more than US$235 million in a single season while setting new records and benchmarks across the market.
The F.P. Journe Tourbillon Souverain, “Chine 2010 38,” that sold for HK$32,965,000 / US$4,206,334, over four times its estimate, at The Hong Kong Watch Auction: XXII
The Phillips Asia Spring 2026 Watch Auctions Market Report shines a spotlight on the key results, market statistics, and standout watches that defined the first half of this year, while taking a closer look at the exceptional season in Asia.
Whether you are a buyer, consignor, or simply follow the market, it offers a concise snapshot of one of the most successful seasons in watch auction history.
Phillips Remains Global Market Leader
Strong auction results begin with collector confidence, and few indicators illustrate that better than Spring 2026.
During the first half of the year, Phillips accounted for 53% of the global watch auction market by value, sold 937 lots at an average value of US$250,000, and achieved an exceptional 99.8% sell-through rate.
Aurel Bacs at the rostrum as the F.P. Journe Chronomètre à Résonance “Souscription, No. 007” sold for $13,922,000 at The New York Watch Auction: XIV
The season also included 43 lots that realized more than US$1 million, among them three watches that each sold for over US$10 million, including world-record results for Patek Philippe and F.P. Journe references.
The full report revisits these record-breaking results, placing them in the context of the wider watch auction market.
Phillips Raises the Bar in Asia
Hong Kong continued its rapid rise during the first half of 2026, with Phillips' online and live auctions realizing a combined HK$429 million (US$55 million), an 84% increase year on year.
The season also produced the highest watch sale total in Phillips Asia's history, led by the sale of a Patek Philippe Ref. 2499 First Series that became the most valuable timepiece ever sold in Asia, achieving HK$80.37 million (US$10.26 million).
An exceptionally rare Patek Philippe Ref. 2499 First Series in pink gold, which achieved HK$80,370,000 (US$10,255,212) at the The Hong Kong Watch Auction: XXII
The figures tell a broader story than record prices alone. Measured by total hammer price against the pre-sale low estimate, Phillips outperformed both Sotheby's and Christie's across live and online auctions, while continuing to expand its collector base, with new buyers accounting for 30% of live bidders and 43% of online participants.
The report highlights the season's top lots alongside the watches that achieved the strongest performances against their pre-sale high estimates.
The “Phillips Difference”
So what lies behind these eye-catching results? In his foreword to the report, Thomas Perazzi, Head of Watches, Asia, attributes them to what he calls the "Phillips Difference": rigorous sale curation, specialist knowledge, and a global team devoted to serving both consignors and collectors across every selling location.
Thomas Perazzi, Head of Watches, Asia, Phillips during the The Hong Kong Watch Auction: XXII
“What distinguishes Phillips is our ability to curate sales of the highest quality while delivering exceptional outcomes consistently across regions,” says Perazzi. “Our team is composed of those with a deep passion for watches, bringing connoisseurship and decades of experience to every watch we present.”
He continues: “Given this dedication and our absolute commitment to working as a unified global team, we have a unique vantage point that allows us to advise both consignors and buyers at the highest level across all selling locations.”
Read the Full Report
To explore the complete results, market statistics, and specialist commentary from Phillips' historic first half of 2026, download the Phillips Asia Spring 2026 Watch Auctions Market Report.