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PRESS RELEASE

Phillips in Association with Bacs & Russo Achieves HK$109 Million/ US 14 Million in The Hong Kong Watch Auction X with Over 99% Sell-Through Rates

Unprecedented Participation for a Hong Kong Live Watch Auction with a Record Number of 1,200 Online Bidders, Doubling that of Spring 2019

Bringing the Spring Season Total for Watch Sales at Phillips to US$47 Million

The Hong Kong Watch Auction X

TOTAL: HK$ 108,555,000 / US$14,003,595 / CHF13,178,577

Lots sold: 263 |Lots offered: 266 Sold by lot: 99% | Sold by value: 99%

HONG KONG – 10 JULY 2020 – Following the success of the ‘White Glove’ watch auction held by Phillips in Association with Bacs & Russo in Geneva last month, the highly-anticipated Hong Kong Watch Auction X totalled $108,555,000/ US$14,003,595/ CHF13,178,577, with a sell-through rate of 99.24%.

Thomas Perazzi, Head of Watches, Asia, said: “Our tenth watch auction in Hong Kong brought together a carefully curated group of timepieces to the community of watch collectors. This season we continue to see astonishing international participation, with bidders hailing from across 50 countries, raising their paddles in the saleroom, over the phone and online, including a record number of 1,200 online bidders, the most in any live auction held by Phillips in Asia in company history. 93% of lots received online bids with 50% of timepieces and half of the top 10 lots selling to online participants, demonstrating how Phillips’ worldwide community of collectors have entrusted us with some of the world's finest collectors' watches as well as strong confidence and determination to buy such important pieces online.”

Aurel Bacs, Senior Consultant, said: “Following the 100% sell-through rates for watches offered in our recent online-only auction and our blockbuster live auction in Geneva, the Hong Kong Watch Auction fetched US$14 million, bringing our Spring season total for Watch sales to an impressive US$47 million. This extraordinary result matches Phillips’ 2019 Spring total, yet with only two non-thematic various live auctions held this season. Unrivalled sell through rates were achieved across the three sales this season, with only three timepieces with a combined value of less than US$100,000 going unsold. Collectors’ excitement and enthusiasm for seeking top quality timepieces is stronger than ever, and proves that not even a global crisis can halt the rise and growth of the vintage watch market. These strong results once again reaffirm Phillips as the number one destination for passionate collectors in the world.”

TOP TEN LOTS OF THE HONG KONG WATCH AUCTION X

Lot	Description	Estimate	Price Achieved
998	Patek Philippe Reference 2499/100, 18K yellow gold perpetual calendar chronograph wristwatch with moon phases. Circa 1982	HK$ 3,500,000-5,000,000	HK$4,710,000 US$607,590 CHF571,794
1017	Patek Philippe Reference 3448/14, white gold perpetual calendar wristwatch with moon phases and integrated bracelet, retailed by Gübelin. Circa 1975	HK$ 2,340,000-3,900,000	HK$3,750,000 US$483,750 CHF455,250
968	Patek Philippe Reference 3979, platinum minute repeating wristwatch with enamel dial. Circa 1996	HK$2,900,000-4,000,000	HK$3,437,500 US$443,438 CHF417,313
916	Patek Philippe Reference 5275P-001, limited edition platinum chiming wristwatch made for the 175th anniversary of Patek Philippe, single sealed. Circa 2016	HK$2,000,000 - 3,000,000	HK$2,875,000 US$370,875 CHF349,025
830	Richard Mille Reference RM11-03 J.Todt, limited edition blue Quartz TPT and carbon flyback chronograph wristwatch, numbered 46 of a limited edition of 150 pieces. Circa 2018	HK$ 1,500,000-2,800,000	HK$2,750,000 US$354,750 CHF333,850
1006	Patek Philippe Reference 5013R, pink gold tonneau-shaped minute repeating perpetual calendar wristwatch with moon phases, retrograde date, leap year indication and Breguet numerals. Circa 2000	HK$ 1,800,000-3,000,000	HK$2,500,000 US$322,500 CHF303,500
988	Rolex Reference 6240, repeated inside caseback, a very fine and rare stainless steel chronograph wristwatch with “Paul Newman” dial and bracelet. Circa 1966	HK$1,170,000 - 2,340,000	HK$2,000,000 US$258,000 CHF242,800
816	A. Lange & Söhne Reference 712.050, limited edition honey gold tourbillon double split seconds chronograph wristwatch with power reserve indication, fusée-and-chain transmission, numbered 3 of a limited edition of 50 pieces. Circa 2010	HK$ 1,400,000-2,000,000	HK$1,875,000 US$241,875 CHF227,625
884	Rolex Reference 6241 stainless steel chronograph wristwatch with “Paul Newman” dial, brown “tropical” subsidiary registers, tachymeter bezel and box. Circa 1968	HK$980,000 - 1,500,000	HK$1,750,000 US$225,750 CHF212,450
948	Rolex Reference 116598RBOW, yellow gold diamond and rainbow-colored sapphire-set chronograph wristwatch. Circa 2012	HK$1,400,000 - 1,800,000	HK$1,750,000 US$225,750 CHF212,450

Please click here to download top ten images.

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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, achieving a sale total of $111 million in 2019 – its third consecutive year as the worldwide market leader in watch auctions.

A selection of our recent record-breaking prices:

1. Paul Newman’s Rolex “Paul Newman” Daytona reference 6239 (CHF 17,709,894 / US$17,752,500) – New York Auction: Winning Icons – 26 October 2017 – Highest result ever achieved for any vintage wristwatch at auction.

2. Patek Philippe reference 1518 in stainless steel (CHF 11,020,000 / US$11,112,020) – Geneva Watch Auction: FOUR – 12 November 2016 – Highest result ever achieved for a vintage Patek Philippe wristwatch at auction.

ABOUT PHILLIPS

Phillips is a leading global platform for buying and selling 20th and 21st century art and design. With dedicated expertise in the areas of 20th Century and Contemporary Art, Design, Photographs, Editions, Watches, and Jewelry, Phillips offers professional services and advice on all aspects of collecting. Auctions and exhibitions are held at salerooms in New York, London, Geneva, and Hong Kong, while clients are further served through representative offices based throughout Europe, the United States and Asia. Phillips also offers an online auction platform accessible anywhere i the world. In addition to providing selling and buying opportunities through auction, Phillips brokers private sales and offers assistance with appraisals, valuations, and other financial services.

Visit www.phillips.com for further information.

*Estimates do not include buyer’s premium; prices achieved include the hammer price plus buyer’s premium.

PRESS CONTACTS:

HONG KONG – Ingrid Hsu, Public Relations Director, Asia ingridhsu@phillips.com +852 2318 2043

GENEVA - Asta Ponzo, PR Consultant aponzo@phillips.com +41 79 961 85 66

PHILLIPS NEW YORK - 450 Park Avenue, New York, NY 10022

PHILLIPS LONDON - 30 Berkeley Square, London, W1J 6EX

PHILLIPS HONG KONG - 14/F St. George’s Building, 2 Ice House Street, Central Hong Kong

PHILLIPS GENEVA - Rue de la Confédération, 7 Geneva 1204

VISIT US AT: www.phillips.com/watches

10 July 2020

Phillips in Association with Bacs & Russo Achieves HK$109 Million/ US 14 Million in The Hong Kong Watch Auction X with Over 99% Sell-Through Rates