Phillips Auction 2025: Top Lots and What Their Prices Reveal

The most recent Geneva sale by Phillips, branded “Decade One (2015–2025)”, delivered one of the highest-grossing watch auctions ever seen. The result confirmed once again that for collectible timepieces, rarity, provenance, and condition remain the most powerful value drivers. Below, I focus on the top three lots from the auction — and what their hammer prices say about the current market.

1. Patek Philippe Reference 1518 in Stainless Steel — CHF 14,190,000 / US$ 17,631,075

• The star lot was a stainless-steel Patek 1518, widely regarded as one of the rarest and most historically important wristwatches in existence. 

• It sold for CHF 14,190,000 — about US$ 17.63 million — making it the most expensive vintage Patek Philippe wristwatch ever sold at auction.

• The 1518 is legendary because it was the first serially produced perpetual-calendar chronograph wristwatch — a foundational model in modern horology. The stainless-steel versions are exceptionally rare (only four are publicly known), which adds immense collectibility. 

This result confirms that when historical significance, rarity, and provenance align, collectors are willing to pay truly extraordinary sums.

2. Patek Philippe Reference 1518 “Pink-on-Pink” (18k Pink Gold) — CHF 3,569,000

• A second 1518 — this time in pink gold, often referred to as “pink-on-pink” — also achieved a strong result. It sold for CHF 3,569,000.

• While pink-gold 1518s are less rare than the steel versions, they remain highly desirable, especially when in excellent condition and with good provenance. The auction result shows that interest remains strong even for “less rare” variants, provided they are well preserved.

3. F.P. Journe Chronomètre à Résonance “Souscription No. 2” — CHF 3,327,000

• The third top-performing lot was not a vintage Patek, but a modern piece from independent watchmaker F.P. Journe: the Chronomètre à Résonance “Souscription No. 2”. It fetched CHF 3,327,000.

• The high price for a modern watch shows that the auction market — while dominated by vintage icons — also strongly values rare and historically important contemporary watches from respected independent makers. This illustrates a broadening of collector interest, beyond established vintage references.

What These Results Indicate for the Watch Market

• Rarity remains king. The steel 1518’s record price demonstrates that extremely rare pieces — especially those with deep historical importance — command premium valuations.

• Condition and provenance matter deeply. Even gold variants and modern independent pieces sell well when in excellent condition and with good documentation or backstory.

• Diversification of interest. The strong result for the F.P. Journe shows collector appetite is not limited to vintage classics — significant modern complications also have value in the secondary market.

• Benchmarks reset. The hammer prices from this sale will likely redefine expectations for the top tier of vintage and independent watches. Dealers, collectors, and future sellers will use them to recalibrate value — possibly affecting pricing and consignments over the next years.

Conclusion

The recent Phillips auction was a milestone for the watch market. The extraordinary price achieved by the stainless-steel Patek 1518 confirms that when history, rarity, and provenance align, demand remains as intense as ever. At the same time, the strong sales of a pink-gold 1518 and a modern F.P. Journe underscore that collectors value both vintage heritage and contemporary craftsmanship.

For anyone following or participating in the watch world — collector, dealer or enthusiast — these results provide a powerful reminder: exceptional pieces continue to command exceptional prices.