A major watch auction in Hong Kong has delivered historic results, generating more than $51 million USD and setting several new benchmarks for the luxury timepiece market.
The two-day event attracted significant interest from collectors around the world, resulting in one of the strongest auction performances ever recorded in the region. Total sales reached approximately HK$403 million, representing a substantial increase compared to the previous year and establishing a new milestone for watch auctions in Asia.
The standout lot was an exceptionally rare Patek Philippe Ref. 2499 First Series crafted in pink gold. The vintage timepiece achieved a final sale price exceeding $10 million USD, making it the most valuable watch ever sold at auction in Asia. The result also established a new global auction record for the reference.
Originally produced in the early 1950s, the watch is considered one of the most desirable examples among serious collectors. Its rarity, historical significance, and unique features contributed to the intense bidding competition that ultimately pushed the final price to unprecedented levels.
Several additional Patek Philippe models also generated strong results. Among them was a highly sought-after Ref. 3448 that surpassed expectations, while a specially commissioned Ref. 5970R featuring a personalized monogram achieved a multi-million-dollar sale.
Independent watchmakers were equally successful during the auction. A rare F.P. Journe Tourbillon Souverain drew considerable attention from bidders and ultimately sold for more than four times its estimated value. Another highlight came from Philippe Dufour, whose celebrated Simplicity model established a new auction record for a stainless-steel example.
Luxury jewelry watchmaker Cartier also delivered one of the auction’s biggest surprises. A diamond and ruby-adorned Crash Squelette achieved nearly five times its projected estimate, underscoring the continued demand for rare and unconventional designs.
In total, eight watches crossed the $1 million USD threshold, reflecting the strength of the global collector market and the growing appetite for historically important and exceptionally rare timepieces.
The results reinforce Asia’s position as one of the world’s most influential luxury watch markets, with collectors continuing to compete aggressively for museum-quality pieces and limited-production horological masterpieces.
