Phillips in Association with Bacs & Russo achieved a landmark result at The Geneva Watch Auction: XXIII today as the extraordinarily rare Patek Philippe Ref. 2523 “South America” world-time wristwatch sold for CHF 7,961,000 / USD 10,247,000 / HKD 80,223,000 – a world-record price for the reference.
The watch is only the second vintage Patek Philippe wristwatch ever to sell at auction in excess of USD 10 million, surpassed only by the stainless steel Patek Philippe Ref. 1518 sold by Phillips last November.
Today’s sale was achieved amid strong global participation and intense competition in a packed salesroom, online, and on the phones, before bidding narrowed to an extended battle between telephone bidders and a room bidder, with the star lot ultimately selling to the room.
The result further confirms the continued strength and resilience of the top end of the international watch market despite the current global geopolitical situation.
Regarded by many collectors as one of the ultimate trophy watches, the 18k yellow-gold, two-crown Ref. 2523 features an exceptional polychrome cloisonné enamel dial depicting a map of South America. One of only two examples known, the watch had only ever appeared at public auction once before, in 1988.