Editor’s Note
This article highlights Phillips’s landmark Decade One auction in Geneva, celebrating a transformative ten years under specialists Aurel Bacs and Alexandre Ghotbi. The event, led by three exceptional lots, set a new record as the highest-grossing watch auction, underscoring the house’s profound impact on collecting and scholarship.
With three exceptional lots leading the charge, Phillips’s latest auction underscored a decade of record-setting performance. Marking 10 years of redefining the auction landscape, the Decade One: Geneva 2015–2025 celebrates a transformative decade under Aurel Bacs and Alexandre Ghotbi. From record-breaking hammer prices to elevating scholarship, Phillips has taken watch collecting to new heights. Last weekend, the two-part auction in Geneva became the highest-grossing watch auction in history.
On the eve of the Decade One auction weekend, on Friday, November 7, we asked Bacs to give us his highlights.
The two-day auction included items from the 19th, 20th, and 21st centuries. The catalogue was also heavy on modern independents like F.P. Journe.
When asked how this sale represents his decade with Phillips, Bacs responded with enthusiasm.
Watching Bacs on the podium when the “Mona Lisa” of vintage watches, the Patek Philippe steel ref. 1518, appeared around 4 p.m. on Saturday, his excitement was contagious. We witnessed bidders interrupt Bacs mid-flow to offer their million-dollar-laden paddles, quickly seeing the vintage Patek Philippe record beaten to the tune of $17.6 million. After two days in Geneva, all lots were sold for a total of $83,018,538, setting a record as the highest-grossing watch auction in history.
Of course, Rolex was, as usual, in the list of heavy hitters. Among Rolex results, the brand proved its enduring allure with a circa 1967 Daytona “Paul Newman” Ref. 6239 Golden Pagoda in 18-karat yellow gold, which achieved CHF 1,079,500 ($1,340,000)—a world record for its configuration and a testament to its condition. The circa 1971 Daytona Ref. 6263 “Paul Newman, Oyster Sotto” in stainless steel followed closely at CHF 1,391,000 ($1,728,000). Independent watchmaking also took a spotlight, led by the one-of-a-kind Ferdinand Berthoud Naissance d’Une Montre 3, selling for CHF 1,270,000 ($1,576,000)—a world record for the brand. Its sale celebrates a years-long initiative in traditional craft, with proceeds supporting the preservation of horological savoir-faire for future generations. For this year’s fall auction season, the standards are well and truly set.
Nevertheless, Patek Philippe and F.P. Journe stole the show. Here are the top three lots by value, all selling well above their estimates and reflecting an eclectic market.
Patek Philippe 1943 Ref. 1518, Sold for $17,631,075
The ref. 1518 in steel is the Ferrari GTO of vintage watches and had an estimate of CHF 8 million+ ($9.9 million). Selling for over $17.6 million this weekend, it is the most expensive vintage Patek Philippe ever sold at a for-profit auction (which excludes the famous $31 million Patek Philippe Grandmaster Chime that sold at the Only Watch charity in 2019). Unveiled in 1941, Patek Philippe’s ref. 1518 marked a seismic shift in watchmaking as the world’s first serially produced perpetual calendar chronograph. With its balanced dial and timeless proportions, it became the archetype of a genre and defined Patek’s mastery of complications. Over its 14-year production run, just 281 pieces were made, most in yellow gold, with around 20 percent in pink gold, and only four known in stainless steel. With its crisp lines and ironically utilitarian alloy, this example stands apart as the first steel 1518 ever produced, according to scholars. Three of the four share consecutive case numbers from 1943, adding to the intrigue surrounding their creation. Experts still debate why these high-complication pieces were manufactured in steel. We will never know whether it was a wartime necessity, a special commission, or, in fact, an experiment. Whatever the motive, the 1518 has solidified its place as both a technical milestone and a legend of enduring rarity.
Patek Philippe 1947 Ref. 1518, sold for $4,432,000