Last year's top 10 most expensive watches fetched a combined total of 55 million Swiss francs.
The ten most expensive lots auctioned off in 2024 look very impressive. They fetched a combined total of approximately CHF 55 million. Compare that to the most expensive lots of 2023, which raised around CHF 40 million. So can we say that the pre-owned watch market is growing? Probably not.
That's because half of last year's sum (just under CHF 23 million) was raised by models sold at charity auctions: Christie's Only Watch and the Children Action 2024 gala conducted by Phillips, Bacs & Russo. Surprise, surprise — both of these models hailed from the grand maison of Patek Philippe.
They were Patek Philippe's "Only Watch" Rare Handcrafts Grande and Petite Sonnerie, Minute Repeater Ref. 6301A-010 and the Nautilus Ref. 5711/1500A. The latter happens to have set a new world record for the price of a simple steel automatic sports watch.
We should also note the new world record for a watch made by an independent watchmaker, which now belongs to François-Paul Journe's 1993 FP. Journe Tourbillon à Remontoir d’Egalité prototype model.
Half of the top ten most expensive watches were made by Patek Philippe, and two were manufactured by the Swiss watch industry giant and the world's biggest manufacturer of gold watches, Rolex.
The other three watches that made the list were created by independent watchmakers: François-Paul Journe, Philippe Dufour, and British newcomer Derek Pratt rounding out the esteemed trio.
1. Patek Philippe "Only Watch" Rare Handcrafts Grande and Petite Sonnerie, Minute Repeater Ref. 6301A-010
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CHF 15,700,000
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Christie's Only Watch – Geneva, May
This model was the hot favorite at the Only Watch auction, which was moved from November 2023 to May 2024 over absurd allegations that funds raised from the watch sale had been misappropriated. The steel version of the wristwatch minute repeater in a case measuring 44.8 mm in diameter was created based on the Patek Philippe's platinum Grande and Petite Sonnerie Ref. 6301P.
The watch from the Grand Complications line was given a guilloché dial coated with translucent teal enamel, set with twelve baguette-cut diamond hour markers, making the watch fit for the Rare Handcrafts line.
Analysts predicted that the piece could raise around 20 million Swiss francs when the experts gave it an estimate of CHF 1,500,000 – 1,800,000, but both the analysts and experts were wide off the mark.
2. F.P. Journe 1993 Tourbillon à Remontoir d’Egalité Prototype
- CHF 7,320,200
- Phillips Reloaded: The Rebirth of Mechanical Watchmaking, 1980-1999 – Geneva, November
The unique F.P. Journe 1993 Tourbillon à Remontoir d’Egalité prototype model, otherwise known simply as the Tourbillon 15/93, was only the second wristwatch ever fully handmade by François-Paul Journe. After that, Journe firmly made up his mind to establish his own company and begin launching his own watches.
The experts have hailed this piece a historic watch because it had a visible influence on the composition and appearance of Journe's modern complicated wristwatches.
This was actually one of the first wristwatch tourbillons that offset the effects of gravity on watches in motion, and the first wristwatch with the "Remontoire d'Égalité" constant-force device that significantly increases timekeeping accuracy and helps the balance to oscillate at a steady amplitude, regardless of how wound the mainspring is.
3. Patek Philippe Nautilus Ref. 5711/1500A
- USD 7,560,000 million
- Phillips Bacs & Russo Children Action 2024 Charity Gala – Geneva, November
At the very end of the month, the global community of collectors collectively winched. At the low-key Children Action 2024 charity gala auction, Patek Philippe introduced yet another unique version of the steel Nautilus Ref. 5711/1500A, once again sworn to be very last.
It was featuring a hand-decorated case and bracelet with impactful ethnic motifs inspired by New Zealand's Maori. The model has a dark gray dial with a barely detectable brownish hue. The watch came with matching Patek Philippe cufflinks that had their own reference number: 205/9057A-010.
This lot set a new world record for the price of a simple automatic steel sports watch. The previous record holder was Patek Philippe's same Nautilus Ref. 5711/1A-018 with a "Tiffany & Co" dial, which sold for USD 6.5 million. That was how much the successful bidder paid for the watch at the Phillips New York auction in December 2021.
4. First-Ever "Rainbow" Daytona Ref. 16599SAAEC
- CHF 5,505,000
- Phillips Reloaded: The Rebirth of Mechanical Watchmaking, 1980-1999 – Geneva, November
For a long time, the watch community believed that the first Daytona "Rainbow" with a bezel fully encrusted with multicolored precious stones in transitioning tones only debuted as a regular production model in 2012. In 2024 however, it came to light that one lucky person convinced Rolex to make a "rainbow"-watch for them much earlier.
That piece had a bezel encrusted with baguette-cut sapphires, where dark-red stones gradually transition to orange, yellow, green, blue, and deep purple. And they did it way back in 1994! The model was referenced 16599SAAEC, where SAAEC is an acronym for "Sapphire Arc-en-Ciel", which can be translated from French as "Sapphire Rainbow".
This model was actually the first-ever Daytona "Rainbow". Back then, Rolex chronographs were still equipped with cal. 4030 based on Zenith's El Primero movements. In short, this was the first time the Rainbow Zenith Daytona resurfaced at an auction, and it immediately became the most expensive automatic Rolex Daytona.
5. Patek Philippe Grandmaster Chime Ref. 6300G-010
- USD 5,400,000
- Sotheby's Important Watches – New York, June
Patek Philippe's Grandmaster Chime Ref. 6300G-010 — a minute repeater created in a white-gold case in 2021 — remains the most complicated Patek Philippe wristwatch in regular production to this day.
Three years ago, there was a real battle between would-be owners, vying to become one happy owner of this masterpiece. Back then, Patek Philippe's President Thierry Stern made an exception for Hollywood star Sylvester Stallone and let him skip the line to purchase the watch.
The model even came with a personalized presentation box engraved "Mr. SYLVESTER STALLONE" and Certificate of Origin dated December 15, 2021. But just two-and-a-half years after Sly bought the watch, he decided to sell it and turn a tidy profit of USD 2.9 million.
6. Philippe Dufour Grande and Petite Sonnerie
- USD 3,690,000
- Phillips New York Watch Auction: XI – New York, December
Philippe Dufour created this unique, extremely complicated skeleton minute repeater in a white-gold 41-mm case in 2016. Only eight of these watches were ever made. This one was the seventh piece.
What makes this model historically significant is that it was the world's first Grande and Petite Sonnerie striking wristwatch. The watchmaker created a movement with two gear trains and two escapements.
And he didn't do it because more complicated watches are cooler and more expensive, but to make the watch far more reliable in comparison to regular minute repeaters. Let's not forget that Philippe Dufour's very first no. 1 yellow-gold Grande and Petite Sonnerie sold in 2023 for CHF 5,127,000 (about USD 5,701,224).
7. Derek Pratt Oval
- CHF 3,690,000
- Phillips Reloaded: The Rebirth of Mechanical Watchmaking, 1980-1999 – Geneva, November
The full name of this watch is the Derek Pratt for Urban Jürgensen Detent Escapement Tourbillon with Remontoire in an oval case.
The greatest unknown watchmaker, as Pratt has been dubbed by the watch community, created this piece in 2005. It's essentially a unique pocket watch with a détente escapement, tourbillon, power reserve indication, moon-phase display, and thermometer in a platinum case that measures 76 mm × 62 mm.
The British watchmaker made everything in this watch with his own hands, and he even invented his own form of détente escapement.
8. Patek Philippe Ref. 1563
- CHF 3,360,000
- Sotheby's Treasure of Time – Geneva, November
This split-seconds chronograph originally retailed for CHF 2,000, which was seen as an exorbitant price in post-war Switzerland, so very few pieces were produced before it was discontinued.
That's why there are only three examples known to exist today. One of them once belonged to the great jazz pianist and composer Duke Ellington and now resides in the Patek Philippe Museum. The model consigned at this auction was unique in its own right, given that its Breguet numerals set in hard enamel have added lume.
The watch turned out to be the star lot at Sotheby's Geneva sales, trumping many timeless bestsellers like Patek Philippe's Ref. 1515 and Ref. 2499 perpetual calendars.
9. Rolex Split-Seconds Chronograph Ref. 4113
- EUR 3,284,000
- Monaco Legend Group Exclusive Timepieces – Monte Carlo, April
It's unthinkable now, but mighty Rolex only made twelve of these watches back in 1942. Its 44-mm cases, seen as massive at the time, housed the manually wound Valjoux 55 VBR movements.
Almost all of the pieces were sold to families with motorsports and Giro Automobilistico di Sicilia connections, and another couple of pieces were acquired by Britons with racing connections.
The example that was auctioned off belonged to the famous collector John Goldberger. Considering the remarkable condition this watch had been preserved in, organizers were even hoping that it could exceed its upper estimate of EUR 5,600,000. They were out by EUR 2,3 million, but these things happen.
10. Patek Philippe Ref. 2499
- CHF 3,120,000
- Sotheby's Treasures of Time – Geneva, November
Patek Philippe's perpetual calendar chronograph Ref. 2499 came to replace Ref. 1518 in 1951 and remained in production right up until 1985. These were the most famous and significant complicated watches of the 20th century. So you'd think the watchmaker made a lot of them, right? Think again — only an estimated total of 349 pieces were made.
These are the most coveted collection pieces among fans of Patek Philippe. This model is also nicknamed the Mona Lisa of haute horlogerie. Moreover, according to the watchmaker's archives, only three of pink-gold rarities in Wanger cases are known to exist.
But the present example was the only one to have ever resurfaced at an auction. The other two remain in private collections. The rarity of this example is underscored by the fact that there isn't even a "First Series" pink-gold Ref. 2499 at the Patek Philippe Museum in Geneva.
The last time this model in case no. 687'772 appeared at an auction, it was sold by Christie's in May 2012 for CHF 2,547,000. The Swiss franc carried more weight twelve years ago.
Another thing that makes this model unique is its case made in 1950, although everyone knows that the 2499 reference was only officially introduced a year later when it went on sale in 1951. So you call this piece a prototype for the Mona Lisa of haute horlogerie.
The last time the model in case no. 687'772 appeared at an auction, it was sold by Christie's in May 2012 and realized CHF 2,547,000. Now that was definitely a successful investment.
Credits provided by: www.onlywatch.com, www.phillips.com, www.sothebys.com,
www.monacolegendauctions.com