Which watches were most coveted at last year's auctions? This article will give you the rundown.

The year of 2023 we've just ushered out will be remembered for a slew of hiccups, mainly surrounding the British auction house Christie's. But you can't write the year off as a total failure. Take Phillips auction house as an example, who raised an annual total of USD 217 million, second only and just 10 million short of the record in 2022.

And the highest result achieved in 2022 at the Antiquorum Monaco Auction was EUR 6,747,500, which isn't too dramatically far off the price paid for the most expensive lot in 2023. EUR 6.7 million was paid there on July 19, 2022 for a model by Richard Mille: RM 52-01 "Skull Tourbillon", the so-called "Vanitas Vanitatum". 

You could argue that the sales held last December by the major auction houses in New York were cautious. Even watches of timeless value like Patek Philippe's Ref. 1518 and Ref. 5002 Sky Moon Tourbillon sold for minimal underwhelming sums considering their status, fetching around 1.5 million US dollars.

Nevertheless, ten clear leaders made themselves known by the end of the year, which we'll discuss here in more detail in our own "watch charts".

1. Patek Philippe Calatrava Ref. 96 Quantieme Lune: HKD 49 million (USD 6.2 million)

May 23, Phillips’ Imperial Patek Philippe Sale in Hong Kong

This is an extremely rare model as it is: a limited edition of eight pieces, of which three have a similar dial, encircled by a pink-gold roulette ring. But what makes the present example unique is that it once belonged to the last emperor of China Aisin-Gioro Puyi.

This watch massively exceeded its estimate, even though it was in terrible condition. We've already written about the history of this model and how it went under the hammer here and here.

The auction house initially wanted to offer the rarity in Geneva, but management took the wise decision to reserve it for the Hong Kong sales, where the Calatrava Ref. 96 QL provoked a real bidding battle.

A few hundred people from 56 countries aged between 25 and 60 fought for it. An anonymous bidder claimed victory in the end, when the hammer fell on the symbolic round number of HKD 49,000,000. That's how much choosing the right location is worth!

2. Patek Philippe Sky Moon Tourbillon Ref. 6002G-001: HKD 45,500,000 (around CHF 5,300,000)

March 20, Christie's Hong Kong: Top of the Time

This is a honed version of a cult model and one of the most complicated wristwatches in the world: the Sky Moon Tourbillon Ref. 5002. It sold for very good money, almost level with its upper estimate.

The minute-repeating tourbillon with perpetual and astronomical calendars including sidereal time debuted at the Baselworld trade show in 2013, boasting a total of twelve complications. The first owner of this piece placed an order and waited two years to purchase it in Patek Philippe's Geneva Salon for around CHF 1,200,000.

So the price people are willing to pay for this watch has increased significantly in eight years, turning a profit of CHF 4,100,000 for its consignor in 2023. This result looked very promising at the start of last year. Who would have known the end would be such n anticlimax?

3. Philippe Dufour Grande and Petite Sonnerie Minute Repeater: CHF 5,127,000

November 6, Christie's Passion for Time Geneva

The first classic minute repeater hand-crafted by this master was actually the world's first wristwatch to be equipped with Grande et Petite Sonnerie strikeworks. We have three records rolled into one here: two set in Geneva, and one in London.

This model has quite an unusual backstory. For instance, this particular No. 1 yellow-gold piece was offered by Phillips at their Geneva sales in November 2021, where it sold for CHF 4,749,000.

So the repeater has turned a tidy profit of CHF 378,000 for its latest consignor. A pink-gold version was offered by A Collected Man, the platform for independent timepieces in London. It sold for a record sum of USD 7,630,000 and became the most expensive independently made wristwatch ever sold.

But the white-gold minute repeater resurfaced for the first and last time at Christie’s auction in Geneva on May 12, 2008. Back then, it was bought for funny money by current standards: CHF 457,000. This makes it all the more interesting to see how much the next buyer will fork out for the watch.  

4. Roger Smith's Pocket Watch Number Two: USD 4,900,000

June 10-11, Phillips New York Watch Auction: EIGHT

This pocket watch with a perpetual calendar and tourbillon is famous for its unique movement, equipped with what is now an extremely rare spring detent escapement, essentially making it akin to an old stationery marine chronometer. Another reason why it's so famous is that Roger Smith made every component with his own hands.

The watchmaker wound the wire into a spring with an overcoil by hand, he cut, filed, and hand-heated every screw to a purple-blue, and even heated, shaped, and fitted the glass himself in his old workshop in Bolton. On top of all that, Smith also made the case himself.

And of course, it's worth mentioning that the watchmaker took the extremely complicated movement apart and reassembled it no less than five times. Smith only made three such pocket watches.

The first which was criticized by Smith's mentor, the legendary George Daniels, is kept in Smith's workshop in a disassembled state, the third is the jewel in some lucky person's collection, and the second ended up being auctioned off. 

5. Rolex GMT-Master Ref. 1675: CHF 4,582,500

November 6, Christie's Passion for Time Geneva

The GMT-Master from 1972 with the case number 3245836 probably became the second most expensive member of Mohammed Zaman's collection because it had once belonged to the actor Marlon Brando (oh, and it was also preserved in very good condition). 

And Brando didn't just randomly pick this model out at a boutique as an impulse buy, Rolex custom-made the piece especially for him. Its caseback is engraved with the actor's autograph. The watch was accompanied by two custom leather straps stitched "M B".

And this watch was also famed for its on-screen appearance on this star's wrist in the Ride of the Valkyries scene of the film Apocalypse Now. In 1995, the actor gave his Master-GMT as a gift to his daughter, Petra Brando Fischer.

6. Rolex Daytona Ref. 6270 "The End Game": CHF 3,690,000

May 13 - 14, Phillips Geneva Watch Auction: XVII

In the mid-1980s, one of the most high-profile clients in Rolex history, His Highness Sultan Qaboos bin Said Al Said of Oman (1940-2020), ordered two versions of the Daytona for himself and those close to him, encrusted with brilliant- and baguette-cut diamonds.

That's how the Ref. 6269 and 6270 appeared. Less than thirty Ref. 6269 watches were made, and there are only eight known Ref. 6270 pieces. These models have truly earned the right to be called revolutionary. It's only today that no one bats an eyelid at a dial and bezel encrusted in diamonds. But back then, these watches were rare, especially for men. They were long believed to be the most expensive Rolex Daytonas.

And the high sales price this lot achieved must have been influenced by the fact that it was made for the Sultan of Oman himself. Bidders who didn't snag this lot can take comfort in the fact that there are even rarer pieces from this series out there somewhere: two numbered 9’091’4xx, another two numbered 9’827’95x and a totally unique chronograph numbered 8’761’106.

7. Patek Philippe Ref. 2499: CHF 3,206,000

May 13 - 14, Phillips Geneva Watch Auction: XVII

The iconic perpetual calendar chronograph by Patek Philippe with the reference number 2499 arrived to replace the Ref. 1518 in 1950. The rare version from 1953 in a pink-gold case numbered 696’518 which was offered at this auction belongs to the "Second Series".

All in all, the 2499 was made until 1985. You might think you'd be able to find a whole heap of these perpetual calendar chronographs with a run spanning 36 years.But that's the thing, the output was no more than around ten pieces per year due to how complicated their movements were.

Moreover, all of these pieces were privately commissioned by special clients. These were very demanding clients, because what Patek Philippe enjoyed most of all was to prove its impeccable reputation by satisfying their demands. That's why the pink-gold "Second Series" Ref. 2499 is so rare, and nicknamed the "Mona Lisa of watch collecting." This ultimately makes it one of the most promising objects to invest in.

8. F.P. Journe Tourbillon Souverain "Souscription": CHF 2,707,000

May 12, Christie's the Art of F.P. Journe

Living in the Information Age, we can appreciate how great the best watchmakers are almost instantly. Create a masterpiece, earn recognition by winning one of the statuettes at the Grand Prix d’Horlogerie de Genève (GPHG), earn the love of collectors and investors, and the media's attention.

In addition to all the above, the brilliant genius François-Paul Journe has become the first contemporary independent watchmaker to have an auction exclusively dedicated to himself: the Art of F.  P. Journe. The top lot at this auction was an extremely rare platinum tourbillon — the second example from the master's first watch series, numbered 2/20, and made in 1999.

Journe made it for his friend, but this particular watch is considered to have marked the beginning of the brand F.P. Journe Invenit et Fecit. This masterpiece of haute horlogerie, which experts compare to the greatest creations made in Abraham-Louis Breguet's later life, ultimately sold for CHF 2,707,000.

It's a pity the auction was held in Geneva just ahead of the sales by the big three. Many of the participants were probably saving their money for Phillips, Christie's and Sotheby’s main events. This piece could have achieved a higher sales price.

9. Patek Philippe Nautilus Platinum "Jumbo" Ref. 3700/1P "The Grail": CHF 2,540,500

November 3 - 4, Phillips Geneva Watch Auction: XVIII

What's so special about this seemingly inconspicuous sports watch, and why is it dubbed "the grail"? It's the platinum case and the story behind it. From its inception in 1976, the Nautilus Jumbo Ref. 3700 was an instant hit for the grand maison. It was released in steel and gold case options.

But everyone wants to stand out from the crowd, so Patek Philippe was inundated with requests to launch a special model in a platinum case paired with a platinum bracelet.The watchmaker initially refused to make this wish come true, but it's hard to say no to everyone. 

So they did eventually cave, but only agreed to make the platinum 3700/1P as an exception for a select few of their most special V.I.P. clients. These exceptions were so rare that only three platinum Nautilus watches are known to have been made in what has been almost half a century since its introduction, including this one in a case numbered 552’216.

The two other models have cases numbered 552’214 and 552’218. Collectors can take comfort in the fact that, in theory, there should be another two watches numbered 552’215 and 552’217 out there somewhere in the big wide world.

To fill in the numerical gaps, at the very least. In this particular model's case, some collectors may worry about where it may have exchanged hands over a five-year period, as it was made in 1978, but only sold by the luxury retail chain Gübelin on February 21, 1983. And secrets of this nature are expensive.

10. Patek Philippe Ref. 2499: CHF 2,359,000

May 13 - 14, Phillips Geneva Watch Auction: XVII

We've already covered iconic Ref. 2499 perpetual calendar chronograph watches here. But when it comes to this specific piece, all that's left to add is that it was made in 1951, belongs to the so-called "First Series", and has a yellow-gold case. But the most important detail is that it once belonged to a member of an undisclosed royal family.

Its mysterious provenance as "PROPERTY OF A ROYAL FAMILY" is confirmed. The particular dynasty remains a secret. That's understandable, after all, what royal would want to be spotted selling off such valuables?

Summing up last year's results, you could say that the presence of five watches by Patek Philippe, three by contemporary independent watchmakers, and two by Rolex in the top-ten most expensive watches on the pre-owned watch market is a very clear reflection of the situation that unfolded two years ago now. And it doesn't look likely to change this year.

Credits taken from: www.christies.com, www.phillips.com, www.sothebys.com, www.live.antiquorum.swiss