Editor’s Note
This article reports on the record-breaking auction of a uniquely customized Patek Philippe Nautilus watch, highlighting the extraordinary prices collectors are willing to pay for rare and distinctive luxury timepieces.
In late November 2024, a “tattooed” Patek Philippe Nautilus Ref. 5711 steel watch was sold at Phillips auction house for 6.7 million Swiss francs, approximately 55 million RMB. This price surpassed even the 2021 Tiffany Blue dial version acquired by Zach Lu for $6.2 million, making it the new “most expensive Nautilus ever.”
In fact, this is absolutely an official, authentic Patek Philippe. It was a unique piece created for the 2024 Children Action charity auction, with relevant information engraved on the sapphire caseback. All proceeds from the auction were donated to the Children Action foundation for charity. The pattern on the case was indeed inspired by the tattoos of the Māori people of New Zealand, making it a true “tattoo watch.”
Watch auctions have matured significantly in the 21st century, with charity auctions becoming increasingly common. Beyond the well-known Only Watch, there are many other types and formats. Some of the charitable activities behind these auctions have histories even longer than Only Watch’s association with the Monaco Association against Duchenne Muscular Dystrophy, such as the aforementioned Children Action and the Action Innocence foundation.
The Children Action foundation is a charity headquartered in Geneva, Switzerland, founded in 1994 by Geneva-based financial entrepreneur Bernard Sabrier. Its primary good deeds include providing medical care, education, and basic sustenance for children in underdeveloped regions like Myanmar, Sri Lanka, and Cameroon, as well as reducing youth suicide rates in developed countries like Switzerland.
Patek Philippe is perhaps the “most loyal supporter” of this charitable cause. Since 2005, it has donated a specially made watch for each charity auction, with the funds raised increasing year by year, largely overlapping with its participation timeline in Only Watch.
The most expensive Patek Philippe in the Children Action charity auction appeared in 2022: a chronograph perpetual calendar Ref. 5270T watch, which sold for 9.7 million Swiss francs (approximately 68 million RMB at the time). This is likely the most expensive contemporary Patek Philippe watch outside of Only Watch.
Action Innocence is a foundation project founded in 1999 by Ms. Valérie Wertheimer. Its charitable activities also focus on children and adolescents, aiming to reduce the risks of children and teens being deceived, abducted, or misled by criminals in the internet age through the foundation’s activities.
Seeing the surname Wertheimer, those familiar with the luxury industry might think of the Wertheimer family behind the Chanel brand. Indeed, her husband is Gérard Wertheimer, one of the current heads of the Chanel empire.
Action Innocence also holds an annual charity gala dinner, where fundraising auctions take place. The 2024 event marked the foundation’s 25th anniversary, with a grand celebration in Geneva attended by numerous celebrities.
TimeForArt is a watch charity auction jointly organized by the Swiss Institute and Phillips auction house. All proceeds are used to support contemporary artists through exhibitions, artist residencies, art education, and seminars organized by the Swiss Institute.
The Swiss Institute is not in Switzerland but is a non-profit art space in New York, founded in 1986. Its exhibitions and public programs are free and open to the public, primarily supporting contemporary art.
Geneva Watch Days is a flexible watch exhibition event jointly initiated by Bulgari, Ulysse Nardin, and Breitling during the 2020 pandemic. After five years of development, it has become an important industry showcase event in the late summer/autumn season.
The charity auction at Geneva Watch Days is a fun activity where the lots are not watches but non-watch items donated by related brands or personalities. Proceeds are donated to the Pierre Amstutz Foundation to support underprivileged students at the Geneva Watchmaking School and related teaching activities.
The Philippe & Elisabeth Dufour Foundation charity was established by master independent watchmaker Philippe Dufour and his wife on the occasion of his 75th birthday. Its ambitious goal is to help poor people in various parts of the world with clothing, food, shelter, education, and many other issues.
The foundation’s initial funding came from a related charity auction held in November 2023. A specially crafted Philippe Drouot Simplicity watch was the main source of funds, supplemented by some modern artworks created by artists.
That Simplicity watch sold for 9.813 million HKD, approximately 1.1 million Swiss francs—an astronomical price. Its uniqueness stemmed from two main features: a starry blue aventurine dial and the removal of the small seconds hand, leaving only hour and minute hands. Additionally, the case was made of rare platinum, and the movement bore the “Unique” inscription.
Charity auction watches can fetch high prices, firstly because the watches donated by brands for these auctions are unique pieces. Absolute scarcity brings collectible value, and collectors are willing to pay for this uniqueness.
Secondly, the organizers of these charitable events are often wealthy, influential, or industry authorities. The attendees are mostly successful individuals from various fields. Being generous is not difficult for them, and they may also gain more connections and resources through this generosity.
Watch brands are also keen on this. Especially for some small and newly established brands, gaining a good reputation through charity is one benefit; the second is that the brand exposure from a charity auction may far exceed the cost of donating a single watch.
Auction houses are also willing to conduct the auctions, sometimes even entirely free of charge (e.g., charging no commission for Only Watch). Moreover, auction houses and brands are willing to jointly organize new forms of charity auctions, as both gain fame and access to more high-quality buyer resources.
In a charity auction, beyond the shared good reputation, the charity organization obtains operational funds, the brand wins communication value, the auction house acquires collector resources, the donors expand their networks, and the beneficiaries receive unexpected aid… It seems that watch charity auctions are a win-win game for all.