When Time Is Money: Phillips Watches’ $212 Million Record-Breaking Year
4 min read
In the world of ticking treasures and wrist-worn masterpieces, 2024 was another banner year for Phillips Watches, which smashed records like a finely tuned chronograph resets its hands. With over $212 million in annual sales, Phillips didn’t just hold its crown as the global leader in watch auctions—it polished it to perfection. For the fourth consecutive year, the auction house rewrote history, becoming the first to surpass $200 million annually in watch sales four times in a row. If watch auctions had an Olympic podium, Phillips would be standing on gold, holding a vintage Daytona in one hand and an F.P. Journe masterpiece in the other.
In a report released by the auction house, Phillips Watches underscores its remarkable success of in 2024, marking a historic achievement in the world of watch auctions. With an annual total exceeding $212 million, Phillips not only reaffirmed its dominance but also established itself as the first auction house to surpass $200 million in watch sales annually for four consecutive years. This accomplishment is reflective of their strategic curation, unparalleled sell-through rates, and global appeal.
Aurel Bacs, Senior Consultant of Phillips in Association with Bacs & Russo, said, "We are thrilled that Phillips has made watch auction history, achieving annual auction totals consistently surpassing US$200 million over the past four years, and this Fall auction season affirmed our market leadership in Geneva, Hong Kong, and New York. In New York, we achieved an unprecedented milestone: four consecutive years of 100% sold white-glove auctions and the highest annual sales total ever recorded in the history of U.S. watch auctions. As we approach our 10th anniversary next year, we look forward to celebrating a decade of remarkable growth and success in watch auctions. We remain committed to presenting exceptional lots and innovative projects to the watch-collecting community.”
In 2024, Phillips Watches achieved groundbreaking results with 1,790 lots sold at auction, of which 25 timepieces crossed the $1 million mark. Astonishingly, only 13 lots failed to sell, demonstrating their meticulous approach to selecting exceptional timepieces. These curated auctions resulted in 50% of lots exceeding their high estimates, and an average lot value of $117,000—the highest in the industry. Online participation surged, with 85% of bidders joining digitally, showcasing Phillips’ success in adapting to evolving buyer preferences.
Independent watchmakers received particular attention, setting numerous world auction records. The F.P.Journe Tourbillon Souverain à Remontoir d’Égalité sold for $8.4 million, becoming the most expensive independent watch ever auctioned. Other highlights included Derek Pratt’s Oval Pocket Watch, which fetched over $4.22 million, and Akrivia’s titanium single-button chronograph tourbillon wristwatch, sold for $1.23 million. Additionally, the TOKI auction in Hong Kong spotlighted Japanese independent watchmakers, achieving record-breaking results for brands like Masahiro Kikuno and Kurono Tokyo.
Vintage Rolex Daytonas captivated collectors, consistently achieving extraordinary results. The Rolex Cosmograph Daytona ‘Rainbow’ ref. 16599 SAAEC in white gold from the 1990s set a world record, selling for $6.3 million. Other notable sales included the “Paul Newman Lemon” dial reference 6264, which fetched $2.8 million, and the ref. 6241 “John Player Special,” sold for $1.46 million. These results highlight the enduring appeal of vintage Rolex models among seasoned collectors.
Phillips also showcased Cartier’s artistry with museum-quality clocks from the early 20th century. Among these, the unique ‘La Pendule Magnétique’ Water Clock ignited a fierce bidding war, ultimately selling for $1.92 million—seven times its pre-sale estimate and setting a world record for a magnetic water clock. The year also saw notable achievements in private sales. Phillips Perpetual sales increased by 15% compared to 2023, bolstered by the success of their new retail concept in Hong Kong's Pedder Arcade boutique, which attracted 2,000 visitors in its inaugural year.
Phillips’ ability to cater to a global audience was evident in the broad participation from 80 countries, with a 50% increase in bought value from the Middle East and a significant rise in millennial and Gen Z buyers. These accomplishments reinforce Phillips Watches’ position as the industry leader, blending tradition with innovation to captivate collectors and enthusiasts worldwide.
