A Look Back at Geneva Watch Auctions XXI – May 2025

Like every year, we were in Geneva for the early May auction week — attending the previews and sales hosted by the major auction houses.

It’s one of those rare, buzzing moments where watch professionals from around the world cross paths: some to bid live on key lots, others simply to get a feel for the market by closely tracking how different models perform. One thing we always stress: nothing beats seeing the watches in person during the previews. If you want to make meaningful comparisons, you need to have all the details — and that includes hands-on impressions.

Take the Rolex Daytona, for example. Sure, it’s interesting to note that a specific reference hit a certain result — but it’s even more relevant when you understand the condition of the exact piece that sold. Price variations of 50% or more for the same reference aren’t rare, and in most cases, it comes down to the quality of the watch itself.

To make the most of this high-energy week, the major houses — Phillips, Christie’s, Sotheby’s, and Antiquorum — sync their schedules within just a few days. This year, everything happened between May 10 and 14, making it possible to attend all the sales if you planned it right.

Phillips did what Phillips does best — dominating the week with a tight selection of high-quality watches and a near-perfect 98% sell-through rate. Christie’s held its ground, playing its usual role as the reliable runner-up, with a more varied lineup and a few truly impressive pieces sprinkled throughout. Sotheby’s and Antiquorum, meanwhile, went for breadth — larger catalogs, more lots, and generally lower average prices. More volume, less curation, but still a few interesting surprises if you knew where to look.

The Phillips Geneva Watch Auction: XXI concluded on May 12 at the Hôtel Président Wilson in Geneva, reaching a total of CHF 43,400,000, more than double the pre-sale low estimate (the high estimate was CHF 36,700,000), and four times the result achieved by Antiquorum.

Held over two days, on May 10 and 11, the auction attracted 1,820 bidders, including around 300 present in the room. Among the standout lots and headline-grabbing pieces, here are the most remarkable ones.

Konstantin Chaykin ThinKing & PalanKing - Sold for CHF 508 000

One of the thinnest watches ever made, which we had the pleasure of inspecting during the previews. A masterpiece of watchmaking, with an aesthetic that is... let’s say, distinctive.

F.P. Journe Chronomètre à Résonance « Sincere Fine Watches » - Sold for CHF 685 800

A watch we also had the pleasure of admiring during the previews, a resonance model featuring a black mother-of-pearl dial with extraordinary reflections — shifting beautifully into silvery grey tones.

F.P.Journe X THA pour Breguet Pendule Sympathique N°1 - Sold for CHF 5 505 000

One of the highlights of the sale, an exceptional creation by F.P. Journe, made 200 years after Breguet’s original model. A world record for a modern Sympathique clock.

Vacheron Constantin Ref. 6448 Pièce unique - Sold for CHF 698 500

World record for a minute repeater by the brand. A watch for true connoisseurs and enthusiasts.

Rolex « Padellone » Ref. 8171 - Sold for CHF 508 000

Quite possibly one of the most iconic models in the world of collecting, not only because it’s a complicated Rolex, but also due to its exceptional rarity — all the more remarkable given its well-preserved condition.

Patek Philippe Ref. 3448 « Padellone - La seule connue » - Sold for CHF 2 722 000

This is the second-best result ever recorded for this reference. The Patek Philippe counterpart to lot 72, and one of the brand’s absolute legends from the Geneva manufacture.

The second and final session of the Geneva Watch Auction XXI wrapped up with the same pace and spirit as the first day — and with even more remarkable results when Aurel Bacs himself took the gavel (Editor’s note: the importance of the auctioneer in maximizing a sale’s outcome needs no further proof!).

The star of the show (Lot 118) was the Cartier Portico Mystery Clock No. 3, a museum-quality Art Deco masterpiece dating back to 1924, which captured the bidders' attention and sold for CHF 3,932,000.

Independent watchmakers continued to achieve strong results, with an F.P. Journe Tourbillon Souverain featuring a ruby heart dial reaching CHF 1,633,000. Timepieces by Charles Frodsham, Christian Klings, Daniel Roth, Haldimann, and Urban Jürgensen also performed impressively.

De Bethune posted overall disappointing results. With a significant number of 16 lots offered at Christie’s (the high number of pieces possibly explaining the outcome…), and average low and high estimates of CHF 43,000 and CHF 84,000 respectively, 2 lots went unsold, and the ones that did sell reached an average of CHF 58,000.

This reflects a current trend affecting many independent watchmakers, where secondary market prices are falling below retail, which — inevitably, for better or worse (we’ll leave that judgment to others) — reduces desirability and, in turn, waiting lists for these same brands.

• Phillips confirms its undisputed leadership, consistently attracting and selling the rarest pieces at very strong prices. One might even speak of the "Aurel Bacs magic"...
• Christie’s holds a solid runner-up position, also managing to source unique pieces — particularly thanks to its strong high-jewelry clientele, with clear crossover potential.
• Exceptional models continue to fetch record prices, time and time again.
• Top-quality pieces, especially in the vintage segment, still command very strong results.
• Signs of a slowdown — or even retreat — in more “mainstream” vintage references, with less momentum behind them.
• Some independent brands are seeing reduced performance, potentially due to marketing missteps or overexposure.

We remain at your disposal to discuss our insights on the May auctions in more detail. These results will help guide us as we continue to offer you the most relevant models at the most efficient prices.