The Grand Finale: Phillips New York Watch Auction IX Closes The Year With A Record-Breaking Auction
A $30.3M spectacle, historic watch sales, and a celebration of horology’s finest reminds us why we love watches.
This past weekend, Phillips concluded the year with their final auction, and for lack of a better term, it ended with an absolute showstopper. All 179 lots sold, representing buyers from 70 countries, with 69% of the lots purchased online—a new record for Phillips. The auction achieved a total sale value of $30.3 million, contributing to a remarkable $53.7 million annual total for the auction house. The results reflect a notable shift in collector sentiment, as buyers increasingly prioritize inherently unique pieces for the educated and discerning collectors over hype-driven models.
On Sunday, Phillips hosted their TimeForArt auction, raising an impressive $1.2 million for the Swiss Institute. The atmosphere was celebratory, with Aurel Bacs delivering his trademark wit and charm. His quips and subtle humor made the high-stakes bidding as entertaining as a scene from Anchorman. In many ways, he is the Ron Burgundy of the watch world, and I mean this with the utmost respect.
It was a weekend that reminded us all why the auction world remains a thrilling and dynamic cornerstone of the watch community.
The Star of the Show
Philippe Dufour Grande & Petite Sonnerie – Lot 12.
Philippe Dufour is widely regarded as one of the greatest living watchmakers, a true icon of horology. If there were a Mount Rushmore of watchmaking, he’d undoubtedly occupy a place alongside François-Paul Journe, Roger W. Smith, and Denis Flageollet. Honorable mentions might include Rexhep Rexhepi, Hajime Asaoka, and J.N. Shapiro, but regardless, Dufour’s legacy is in a class of its own.
Dufour’s journey began with a career at legendary houses like Jaeger-LeCoultre, Audemars Piguet, and Gérald Genta, where he honed his craft. In 1978, he set out on his own, establishing a workshop where he personally creates every component of his timepieces. With a current lifetime production of around 250 watches—including five pocket watch Grande & Petite Sonneries and eight wristwatches—his works are as rare as they are extraordinary. As Dufour himself puts it, “The value of my timepieces is in the handwork and the craftsmanship. I put a part of myself in my watches, and the owner can feel that.”
Among Dufour’s masterpieces, the white gold Grande & Petite Sonnerie wristwatch with sapphire dial and hunter caseback, numbered 07, stands as a pinnacle of his life’s work. This unique creation paired with a sapphire crystal “open” dial was the star of the show. Selling for an astounding $3.7 million—well above its high estimate of $2 million—this watch is not just a timepiece but a historic artifact.
Of the eight Grande & Petite Sonnerie wristwatches he has made, five feature grand feu enamel dials in gold or platinum cases, while three showcase sapphire crystal “open” dials. And as a collector who generally shies away from skeletonized and open-worked dials, I have to say there are a few that get an exception, and this is one.
There is a lot that sets the Grande & Petite Sonnerie apart, but for me it is in its ability to make the extraordinarily complex seem simple. The crown winds in one direction for the movement and the other for the striking mechanism. A coaxial button integrated into the crown activates the minute repeater, while two sliding levers on the case band allow for easy selection of sonnerie (French for ring/making sound) modes: Grande Sonnerie, Petite Sonnerie, Silent, or Strike. In Grande Sonnerie mode, the watch automatically chimes the hours and quarters at every hour and quarter-hour. Petite Sonnerie mode is more discreet, chiming the hours and quarters only at the hour, and the quarters alone at the quarter-hour.
Reflecting on his approach to watchmaking, Dufour famously remarked, “I have no secrets as past watchmakers had. There are graveyards full of secrets, and that’s enough.” If it wasn’t clear before, it is now: the secret is out about Dufour and his timepieces.
My Hot Takes
Ulysse Nardin ref. 7536-2
Lot 23 have been my favorite watch in the entire auction because it was not from one of the major players. Albeit, the watch did not sell for its high estimate of $40,000 but came in at a respectable $25,400. Ulysse Nardin is about to have its moment in the sun. Their vintage models are gaining a lot of traction on forums, and their recent Freak editions continue to build a modern legacy.
The first thing you will notice about this watch is that the bezel is a carbon copy of the Speedmaster bezel—a nice quirk. The dial and layout, designed by Singer, are reminiscent of the Daytona. Powered by a robust Valjoux 72-based movement, this watch is a poor man’s mashup of a Speedy and Daytona.
What sets this watch apart is its remarkable condition. The dial aged beautifully, developing a deep, chocolate-brown patina. The lugs retain bold, wide chamfers, and the engraving on the caseback remains sharp and intact. With its unpolished finish, it is just a standout piece of what a vintage watch should be.
Cartier London Tank Divan
The biggest surprise to me was lot 36: the Cartier London Tank Divan, which realized $152,400, well above its high estimate of $40,000. It’s no secret that Cartier, especially vintage Cartier, is having its time in the sun. What is interesting is that it was this Cartier. Allegedly, someone once asked Johann Rupert if Cartier had ever done anything badly off-brand at Richemont, and he said, “Oh god, the Tank Divan, worst thing we’ve ever done.” Clearly, there is at least one collector out there who disagrees.
The 1970s Divan features a manual Jaeger-LeCoultre movement housed in an elegantly elongated rectangular case evocative of the Tank Louis. This watch showcases a hand-painted dial, a hallmark of Cartier London during that era. Dials of this type often develop cracks with age, but this particular example developed a warm, cream-colored patina.
The watch’s origins are firmly rooted in Cartier London, as confirmed by the London hallmarks present on the case. The maker’s mark “JC,” representing Jacques Cartier, is prominently featured on the case and clasp—a signature seen on pieces produced by Cartier London. Cartier London pieces are arguably the most collectible and sought-after these days.
F.P. Journe Holland & Holland
Journe continues to reign as a dominant figure in the independent watchmaking space, solidifying his legacy with the record-breaking sale of his first wristwatch tourbillon, the F.P. Journe Tourbillon à Remontoir d’Égalité, which fetched an astounding $8.36 million at Phillips in Geneva this past fall. He followed up that act with his time only Chronomètre Holland & Holland (lot 17) this weekend that realized $279,400 well above its high estimate of $120,000. Sparing you the details of this watch which can be found in an amazing write up by Jack, this gives a great heat check on the still very hot Journe market.
The dial, made from Holland & Holland gun barrel no 7183 is the third in a series of only 28 pieces. The barrels which date to the 1800’s are cut into small sections and then hammered out creating a unique dial from the Damascus steel.
Like Dufour, Journe has the ability to make the complicated appear very simple. The movement in the Chronomètre Holland & Holland is a unique interpretation of the Chronomètre Souverain, originally unveiled in 2005. (It would go on to win the Men’s Watch prize at the GPHG). While the Chronomètre Souverain is one of François-Paul Journe’s more minimalist designs, it is far from basic. Its caliber 1304 movement, featuring twin mainspring barrels, gold bridges and plates, and a 56-hour power reserve, draws inspiration from 19th-century marine chronometers, according to Journe himself.
Time For Art Collection
On Sunday, Phillips hosted a special segment of their auction dedicated to the TimeForArt charity, raising an impressive $1.3 million. This Swiss organization is committed to supporting contemporary art.
The event featured contributions from 25 brands, spanning from small independent workshops to well-established industry leaders. It provided the perfect platform for some of the more creative brands to step into the spotlight, showcasing their diverse artistic visions and exceptional craftsmanship.
And though I could choose any of these watches to highlight, I feel I have to call out one surprise for me in particular and that was Chanel. Chanel — who owns a stake in F.P. Journe has quietly ramped up its luxury watch department, along with the likes of other fashion brands like Louis Vuitton. I think it is safe to say, they will not be under the radar for much longer after the Chanel Boy-Friend.
Chanel Boy-Friend
With a high estimate of $140,000 this lot 88 blew all expectations out of the water when it hammered for $222,250. This one-of-a-kind watch portrays Mademoiselle Chanel (aka Gabrielle Chanel aka Coco) adorned with her signature accessories: pearl earrings, layered long necklaces, and matching cuff bracelets.
The dial, featuring shades of pink, violet, and blue, is crafted using the traditional “Grand Feu” enamel technique, executed at Cadraniers de Genève, a workshop owned by F.P. Journe. This intricate process involves carefully applying liquid enamel to the 18-karat white gold base and firing it at 800 degrees Celsius. The procedure is repeated multiple times, demanding exceptional skill and precision to achieve the desired hue and finish.
The dial’s motif is brought to life through the application of 12 individual clichés, each manually pad-printed. Designed by the Chanel Watch Creation Studio, these clichés depict specific elements and colors, including Gabrielle’s black silhouette, beige skin, blue hair, red nails, and white accents.
With 38 baguette-cut diamonds adorning the bezel, this watch is truly a piece worthy of Mademoiselle herself.
The Clymer Collection
Say what you will about Hodinkee and Ben Clymer, but the reality is this: despite what the Hodinkee comment section might suggest, Ben remains the tastemaker in the watch world. The title of “High Priest of Horology,” as hyperbolic as it sounds, still belongs to him. His voice commands respect and attention in watch-collecting circles, and as he reflected in his recent article about the pieces he chose to sell, it’s clear he’s been at this for a long time with no signs of stopping.
What truly struck me after this past weekend’s auction is how aligned Ben’s sense of what is special remains with the broader market. What he believes is worth celebrating in horology mirrors what collectors are willing to pay all-time highs for.
He sold six watches, which totaled $593,090, including a Laurent Ferrier Galet Travel Watch, a Rolex ref. 8171, and his vintage Longines. But for me, it is lot 34, the 1956 Patek Philippe ref. 2526 that truly deserves more attention. It encapsulates why we’re so deeply passionate about this world.
1956 Patek Philippe ref. 2526
We all have a vision in our minds of what we become when we strap on a watch like this, much like Batman donning his cape. Wearing a piece like the ref. 2526 feels transformative, transporting you to a romanticized 1950s jazz bar in Greenwich Village, smoke curling from corn cob pipes as you sip an Old Fashioned fresh out of the office. You imagine yourself strolling through a snow-dusted cityscape on the way back to your brownstone, where your family is decorating the Christmas tree. You pour a glass of wine to share with your wife as the evening settles into a scene straight out of a timeless holiday film.
But I digress. This twice-baked enamel dial, adorned with silver lettering in a white gold case, measures a perfect 36mm and remains in stunning condition. But it’s the movement which truly makes this special. Introduced in 1953, the Patek Philippe 12-600 AT debuted 22 years after Rolex patented its perpetual mechanism, but this delay wasn’t due to a lack of innovation on Patek’s part. Instead, Rolex’s two-decade patent on the full-rotor self-winding system legally prevented competitors, including Patek, from producing similar mechanisms until it expired.
The 12-600 AT incorporated several advanced features for its time, starting with Patek Philippe’s Gyromax balance wheel, introduced in 1951. This adjustable inertia balance revolutionized accuracy by placing flat, rotatable timing weights recessed into the rim of the balance wheel rather than using external screws. This ingenious design remains a hallmark of Patek Philippe to this day. The movement also included a swan-neck regulator and a self-compensating Breguet-style balance spring.
The architecture of the 12-600 AT was equally impressive. Separate cocks supported the balance wheel, escape wheel, and fourth wheel, while the third and center wheels were anchored by a large bridge. This bridge also housed a decorated 18-karat gold rotor. Its intricate engine-turned design and central “PP” crest were so iconic that the crest later inspired the Patek Philippe Seal, which replaced the Geneva Seal on all Patek watches in 2009.
Operating at 19,800 vibrations per hour, the movement was adjusted to five positions and compensated for heat, cold, and isochronism. It contained a remarkable 30 jewels, nearly double that of most movements then in production. For comparison, the manually wound caliber 215PS found in the modern Patek Philippe ref. 5196, often seen as the spiritual successor to the iconic 2526, features just 18 jewels.
With only about 20 examples of this white gold variant ever produced, this watch embodies everything we cherish about collecting. It is rare, horologically significant, and undeniably evokes a deep sense of joy for anyone with a passion for fine watchmaking. When this watch hammered at $279,400—approximately $60,000 above its high estimate—it sent a clear message: Ben still has his finger firmly on the pulse of the collecting community.