Taking place a day after the Phillips x Blackbird sports watch sale, the Phillips Hong Kong watch auction will see over 290 watches go under the hammer. It’s one of the biggest catalogues Phillips has put together for a Hong Kong sale, which means there’s a little bit of everything, and something for everyone.

There is a diverse spread of watches on offer – modern and vintage, mainstream and niche. Importantly, the sale puts varied segments of collecting on an equal footing, regardless of value; the most affordable complicated watch in the sale is an automatic Speedmaster with a low estimate of just US$1000.

Two halo watches best represent the level and scope of the sale: a Rolex Milgauss ref. 6541, with its distinctive honeycomb dial and “lightning” seconds hand; and the Patek Phillippe Sky Moon Tourbillon ref. 5002G , a beast of a watch that is as good as it gets in contemporary complications.

The Hong Kong Watch Auction: Eight will take place on May 28 at the J.W. Marriott in Hong Kong. Meanwhile, here’s a look at eight lots that are worth a look. The full catalogue is available here.

Lot 915 – Credor 40th Anniversary Signo Cherry Blossoms Skeleton (ref. GBBD965)

Ultra high-end Seiko watches are a rare sight anywhere, let alone at an international watch auction. But here it is at Phillips, a wristwatch that represents tremendous value because of its hand-skeletonised, ultra-thin movement inside a platinum case.

Produced in a limited edition of 40 pieces to mark the 40^th anniversary of the Credor line in 2014, the Signo Cherry Blossoms Skeleton watch features the impressive cal. 6899 that’s been open-worked and engraved by Seiko’s ultra-thin maestro Kiyoshi Terui.

Inlaid on the movement are three cherry blossoms made of hand-cut, pink mother-of-pearl, sitting on the flowing river between three and six o’clock, while the movement is framed by a chapter ring made of blue mother-of-pearl panels.

The cal. 6899 measures just 1.98mm high, with some components a mere 0.25mm thick. It’s the thinnest among Seiko’s 6800 series of movements – a family of extra-flat calibres designed to compete with the likes of Piaget and Jaeger-LeCoultre.

The thinness of the movement means the bridges and base plate are correspondingly flat, which means the process of hand-engraving causes very slightly bending of the bridges. That has to be correct be by hand, and is something that few aside from Mr Terui can manage.

Though the watch looks relatively compact in the metal – the small dial enclosed by the mother of pearl chapter ring no doubt diminishes its size – it is actually a good 37.4mm in diameter – but just 6.6mm high.

The Credor skeleton has a modest estimate of HK$50,000-80,000, or US$6,400-10,300, just one third of its original retail price.

Lot 945 – MB&F Legacy Machine Perpetual

The Legacy Machine Perpetual is the most complex watch by one of the most significant independent brands of our time.

MB&F is largely responsible for institutionalising radical watchmaking and remains central to the thriving independent watchmaking scene that founder Max Büsser had helped nurture since he inaugurated the Opus series at Harry Winston.

Even though the Legacy Machine range is on the surface an attempt at traditional watchmaking, the LM Perpetual deviates drastically from the given ways of constructing and operating a perpetual calendar.

While the job of a perpetual calendar is traditionally accomplished by a system that assumes 31 days in a month and knows to skip through extraneous days, the LM Perpetual, conceived by Irish watchmaker Stephen McDonnell, operates on a 28-day month system, and adds extra days when necessary – no fast-forwarding, and hence more robust.

And like the rest of the Legacy Machines, the ingenious movement has a “Split Escapement” with the balance wheel suspended high above the dial by an arched balance bridge while the lever and escape wheel are located at the back of the watch thanks to an unusually long balance staff.

The movement also demonstrates a significant degree of fine finishing and old school details, including jewels in gold chatons.

Less frequently seen on the secondary market as compared to the numerous Horological Machines, this LM Perpetual has a pink gold case and was a limited edition of 25 pieces.

MB&F will also offer the buyer a free overhaul and accompanying one-year warranty. The watch has an estimate of HK$550,000-1,100,000, or US$70,500-141,000.

Lot 964 – Rolex Daytona “Paul Newman” ref. 6241

While it is increasingly harder and harder to get excited about “Paul Newman” Daytonas, since dozens are offered every auction season, this is a notably crisp example of a rare variant.

The ref. 6241 was produced from 1966 to 1969, during which it is believed about 3000 examples were made. Of the 3000, less than a quarter were in gold.

This example is distinguished primarily by its fresh, clean and intact champagne dial. All its printing and colours are unsullied by time, and crucially, all the tritium plots on the hour markers are intact.

The case is in excellent condition, with two crisp hallmarks still visible underneath the lugs.

Furthermore, the watch is fresh to the market, and is consigned by someone who bought it in the 1980s.

It has an estimate of HK$1,650,000-3,200,000, or US$212,000-410,000.

Lot 1000 – A. Lange & Söhne Lange 1 Tourbillon Handwerkskunst

The Lange 1 Tourbillon Handwerkskunst was introduced in 2014 as part of the eponymous series of limited edition, hand-decorated variants of signature Lange 1. Handwerkskunst is German for craftsmanship, which pretty much explains it.

One of the most striking Handwerkskunst models for its stark colours and simplicity – the other models mostly have elaborately engraved dials – the Lange 1 Tourbillon was the very first Lange watch to have an enamel dial made in-house by Romy Zimmermann, who originally started in the engraving workshop.

The glossy black dial was made with champlevé technique, where the solid gold dial base is first relief-engraved before the recesses are filled with black enamel. It is then fired in an oven and polished to a smooth, mirror-like finish.

The technique gives the dial to have clearly defined borders and markings without adding unnecessary thickness; the hour markers, minute track and chapter rings are actually the raised portions of the dial base.

And the dial has a sunken small seconds, which was enamelled separately and soldered to the main dial.

Visible at five o’clock is the tourbillon regulator, which is executed in typical Lange style and secured by a black-polished cock. But the tourbillon is partially obscured by the dial, leaving it looking very small, which is the only visual weakness of the watch.

Visible through the sapphire caseback, the three-quarter plate of the cal. L961.3 has been open-worked to reveal the double barrels, while the cocks and plate are hand-engraved.

The Lange 1 Tourbillon Handwerkskunst Enamel a limited edition of 20 pieces, and this is number 18, a number that will appeal to many Asian clients.

The Lange 1 Tourbillon has an estimate of HK$1.1-2.0m, or US$141,000-256,000.

As a reference, two years ago Phillips sold another example for HK$1.75m, or about US$223,000 including fees, about the same as the original retail price of US$221,000.

Lot 1050 – Patek Philippe ref. 912 skeleton pocket watch*

While the sale includes an impressive array of pocket watches, this gem-set, open-worked pocket watch by Patek Philippe is undeniably the most striking.

Patek Philippe produced several skeleton pocket watch references in the 1980s – this example dates to 1980 – in tiny quantities. A handful were decorated with gemstones, and even fewer were set with pearls. And this particularly specimen is exceedingly rare, if not unique.

The bezel is set with diamonds both front and back, with the case band set with pearls. Twelves rubies form the hour markers, matched by a large ruby cabochon in crown.

Most unusual are the feuille, or leaf-shaped, hands that are also red to match the rubies, a detail that renders this watch likely one of a kind.

The movement the cal. 17-170, a large, flat calibre found in many other Patek Philippe pocket watches.

The proportions of the movement lends itself well for open-working; here it has been beautifully skeletonised and engraved, with the engraving continuing on the case.

This is accompanied by an archive extract stating the watch was produced and sold in 1980. It has an estimate of HK$390,000-780,000, or US$50,000-100,000.

Lot 1066 – Patek Philippe Sky Moon Tourbillon ref. 5002G

The Sky Moon Tourbillon is the next most complicated wristwatch by Patek Philippe after the Grandmaster Chime.

Even though the Sky Moon Tourbillon ref. 5002 is a rare and expensive watch, it appears fairly often at auction with at least one for sale each year. But it is almost always in platinum or rose gold, making this white gold example notably rare. In fact, it is only the second white gold ref. 5002 to be ever sold at auction.

Launched in 2001, the ref. 5002 is significant not only for its sheer number of complications, but also for the unusual combination of functions. Powered by a movement totalling 686 parts, the Sky Moon Tourbillon is a spiritual heir to the monumental Star Caliber 2000 pocket watch.

The movement incorporates a perpetual calendar, cathedral gong minute repeater, and tourbillon, while the reverse of the watch shows the movement of the stars over the course of a sidereal day, as well as sidereal time, in contrast to the mean solar time (which is ordinary, 24-hour time) shown on the front of the watch.

At 43mm in diameter and 16.25mm high, the watch is large, especially by Patek Philippe standards, and makes a statement on the wrist.

But the thickness of the case allows for relief engraving on the band of repeating Calatrava crosses.

The ref. 5002 was eventually discontinued and replaced by the fully enamelled ref. 6002 in 2013.

This watch is being sold at auction for the first time and is complete with all accessories – box, certificates in a folder, and archive extract – with an estimate of HK$6.2-12.4m, or US$795,000-1.59m.

Lot 1093 – Patek Philippe ref. 3448 perpetual calendar

Introduced in 1962, the ref. 3448 was Patek Philippe’s first self-winding perpetual calendar, the purest expression of the complication, having no leap year indicator; the leap year only made it to the dial with the ref. 3450 of 1981.

The ref. 3448 was in the catalogue for almost 20 years, with 586 produced, most in yellow gold. The number is enough such that they appear regularly at auction, but not all 3448s are created equal. This is a double-signed, fourth series example in strong condition.

The present watch is in common yellow gold, however, it was retailed by Gübelin, the venerable Lucerne-based retailer founded in 1854. Consequently it features the Gübelin signature just beneath the moon phase display. And like all fourth series 3448s, it has printed minute hashmarks on the dial.

Additionally, the case is in excellent shape, with its sharp lines and edges still well defined, along with four vivid hallmarks.

There are also traces of oxidation on the bezel, something that usually indicates that the watch was in storage for years.

According to the accompanying archive extract, this was produced in 1977. It has an estimate of HK$780,000-1.18m, or US$100,000-151,000.

Lot 1151 – Rolex Milgauss ref. 6541

One of the top Rolex watches in the sale is not the usual Daytona or Submariner, instead it is a Milgauss ref. 6541 from 1958, the very first magnetism-resistant Rolex model; mille gauss translates as “1000 gauss”, its level of magnetism protection.

Built for a specialised environment – namely engineers at nuclear research laboratory CERN – the ref. 6541 made its debut in 1956 but only enjoyed a brief production run. It was discontinued in 1960 and replaced by the ref. 1019, a more utilitarian-looking watch that stayed in production for almost 30 years.

Despite its brief life, the ref. 6541 boasts several design details that are synonymous with Rolex sports watches in general, and one that is quintessentially Milgauss – the lightning seconds hand.

Other details that makes the ref. 6541 desirable is the black honeycomb dial and red triangle marker on the bezel, a feature otherwise only found on vintage Submariners.

This is an extremely fine example. The red triangle on the bezel is unsullied and vivid, while the dial is clean with full “lume” plots that are intact and round. A point to note is the “exclamation mark” dial, named after the small luminous dot at six o’clock, which is usually associated with dials made in 1960 till 1962 or 1963.

The case is also in strong condition with a full shape and well-defined bevels.

The Milgauss ref. 6541 has an estimate of HK$2.3-4.0m, or US$295,000-513,000.

Preview and Auction

The preview exhibition takes place from May 23 to 27 at the J.W. Marriott hotel in Hong Kong. It is open daily to the public.

Thereafter, the auction will be held at the same location on May 28 at 12pm and 5pm. The full catalogue and bidding information can be found here.

JW Marriott Hotel Hong Kong
88 Queensway
Admiralty
Hong Kong

*The author has an interest in the lot, in the form of a referral commission.

For the first time in a long time the most expensive watch sold during a Geneva auction season was not a mainstream vintage watch like a Patek Philippe ref. 2499 or Rolex Daytona (it was the 2499 “Asprey” last season), but instead the George Daniels Grand Complication. The Grand Complication helped take Phillips to the top spot this season, making up almost 10% of its weekend total of 25.8m Swiss francs, compared with 11.5m francs at Christie’s, 10.3m francs at Antiquorum, and 9.09m francs at Sotheby’s.

A watch nerd’s dream if there ever was one, the Daniels Grand Complication pocket watch sold for 2.42m Swiss francs, all fees included, at Phillips, a result that was solid and fair, but not exceptional. A contributing factor to the price was no doubt the announcement by Sotheby’s, made just two weeks before, that it will sell the George Daniels Space Traveller I in July 2019 (along with over 800 other pocket watches from an epic collection).

As expected for such an esoteric timepiece, the bidding on the Daniels Grand Complication was concentrated, with only three bidders on it. Two were on the phone, represented by James Marks and Tiffany To, both of Phillips, as well as noted collector Claude Sfeir, who was sitting with Francois-Paul Journe.

The bidding was measured, and not as frenzied as is often the case with more fashionable watches, and in the end only Mr Sfeir and Ms To’s client were left, with each moving in 50,000 franc increments. In the end Ms To’s client walked away with the watch, one of the most important creations by an independent watchmaker of our time, at reasonable price.

Though the room was full, there wasn’t much bidding from the audience, most of whom were dealers, journalists, bloggers, and insiders of one sort or another. Nearly all of the most expensive watches sold at all the auction houses went to phone bidders.

That is symptomatic of the larger market, which felt fatigued – that was most apparent at Antiquorum, which had over 700 lots, including several dozen pens. With the wider world plagued by a trade war, Brexit, and other ills, collectors are no doubt feeling a bit more prudent, while dealers are burdened with high levels of inventory, putting a damper on things generally.

That is especially the case for sports chronographs that were all the rage in the years leading up to 2018, especially vintage, hand-wound Rolex Daytonas (the self-winding Daytona models still have some momentum). Over the weekend Phillips sold an excellent example of a “Paul Newman” Daytona ref. 6263 “Oyster Sotto” for 704,000 including fees. While that may seem to be mind boggling large sum, the record for this reference was set in May 2016 at Phillips with one selling for 1.99m francs.

What has taken the place of the “Paul Newman” Daytona as the flavour du jour, though not quite with the same ferocity, is the Patek Philippe Nautilus. Every auction house had an example of the original Nautilus, the ref. 3700 “Jumbo”, on offer, along with a plethora of modern specimens. The vintage Nautilii all sold within expectations, with the contemporary models continuing to sell for vast premiums over the retail price.

Condition, condition, condition

Sold just minutes before the Grand Complication was a Daniels Anniversary wristwatch, which set a record, selling for 456,250 francs, fees included. That nets the seller a modest profit, with the same watch having been sold at Bonhams in 2016 for about 34% less.

Being more affordable – and more importantly, a wristwatch – the Daniels Anniversary had a lot more interest. Half a dozen bidders competed for the watch, although towards the end there were only three – an online bidder from Oman (who won several high value lots throughout the sale), Mr Journe (who has said on many occasions Daniels was an inspiration), and Alex Ghotbi of Phillips who finally clinched the watch.

Notably, Mr Journe was an active bidder for many of the top lots in the sale, after having won several significant vintage watches last year.

He was vying for the incredible, practically mint Rolex ref. 8171 “Padellone” triple calendar, though that went to Tiffany To of Phillips. Mr Journe did win what was the best preserved vintage Rolex of the season, a near “new old stock” Submariner ref. 5508 that sold for a record 500,000 francs.

500,000 francs in Submariner

Another pristine watch that set a record at Phillips was a less likely candidate: a Longines A-7 ref. 3592 chronograph. Best known as being an oversized aviator’s watch supplied to the US air force in the 1930s, this particularly A-7 is a civilian example with a steel case (instead of the nickel-plated brass of the issued versions). And it is signed “Eberhard Milan” on the dial, having been sold by the Italian retailer.

The interest in the watch was significant. In the room there was both Davide Parmegiani and Giovanni Zavota, two noted Italian watch dealers, as well as an online bidder in Miami. But the winner was on the phone with Jill Chen, recently promoted to Head of Watches at Phillip’s Hong Kong office.

The Longines made 250,000 francs with fees, making it the most expensive Longines ever sold at auction, and most probably also the most expensive Longines, period.

The appeal of a vintage watch in mint condition is a universal one, and high prices for such watches were demonstrated across all the auction houses.

Over at Sotheby’s, there were fewer attendees, and the top lot was a Patek Philippe ref. 2497 perpetual calendar in pink gold that was in fine enough condition it is regarded as one of the best to come to market in recent memory. It sold for 980,000 francs to a bidder on the phone with Sotheby’s Benoit Coulson, who was up against his boss Daryn Schnipper, also on the phone, though in a perfect world the watch might have sailed past a million.

Another incredible vintage watch at Sotheby’s was a Cartier Tank Cintree in yellow gold. A late example dating from the 1950, the watch is 70 years old but looks like it was worn for perhaps a week in its entire life. Even its delicate gold bracelet had barely any wear.

Though hampered by an ambitious estimate of 100,000-200,000 francs, the watch still sold easily at the lower estimate, for a total of 125,000 francs with fees. While that likely makes it the most expensive yellow gold Tank Cintree ever sold, the watch went to a discerning gentleman is widely regarded to be a savvy buyer.

The pristine Tank Cintree. Image – Sotheby’s

Condition, condition, restoration

With its sale on the Monday after everyone else, Christie’s no doubt suffered slightly from spent budgets and attendees having already left Geneva, which is why its last two lots, both significant watches, the Patek Philippe refs. 2497 and 2499, albeit in passable condition, failed to find takers. Yet Christie’s still achieved a few exceptional results.

Most prominent amongst them was the Rolex ref. 6062 “Stelline” triple calendar in pink gold that sold for 975,000 francs with fees, again to a phone bidder represented by Alex Bigler, who is based in Christie’s Bangkok office and often represents Southeast Asian clients. He was up against another phone-in bidding with John Reardon, the head of Christie’s watch department.

Seemingly a strikingly well preserved example of a rare and desirable watch, the “Stelline” on offer actually had a “relumed” dial. When it was first sold at Antiquorum in 2015 – for a third of today’s result – the watch had badly applied, aftermarket luminous dots.

The 6062 “Stelline”. Image – Christie’s

Those botched dots were removed and replaced with new “lume” that was only correct in shape and colour, but also in composition: the dots were actually radium. How the radioactive material was obtained is surely one of the intriguing stories of the season that will never be known.

At 975,000 francs the “Stelline” sold for what a good, all original example can be expected to go for. While one sample makes for a weak hypothesis, it might indicate some buyers are more forgiving of sympathetic restoration.

Famous faces

“Relume” or not, the “Stelline” is an intrinsically beautiful and rare watch. Not so the Rolex Oyster Chronograph ref. 3525 in two-tone steel and gold, a pedestrian watch that was nonetheless owned by Andy Warhol. That being said, Warhol was a hoarder whose estate sale at Sotheby’s in 1988 counted over 10,000 items, including 313 watches.

Before the sale, the 200,000-300,000 estimate for the Rolex was met with much scepticism, but it was unfounded. The bidding was swift and decisive, with Mr Bigler on the phone against a familiar face in Geneva auction rooms. The pace of bidding made it clear that both wanted the watch, budget be damned. And that is how an ordinary Rolex chronograph sold for 471,000 francs including fees to the bidder seated in the first row.

The big number for Warhol’s Rolex contrasts with the fate of another watch with notable provenance: the personal pocket watch of Jean Adrien Philippe, the cofounder of Patek Philippe. Though well kept, the watch is fairly ordinary, and wasn’t popular. It was one absentee bid against someone on the phone with Mr Reardon, who won the lot for his client at 68,750 francs, or slightly above the low estimate. There must be a watch nerd somewhere gleefully celebrating his relatively affordable, historically important piece of Geneva watchmaking history.

And infamous

The Patek Philippe everyone was talking about, but mostly for the wrong reasons was the prototype Patek Philippe Aquanaut at Antiquorum. The subject of much controversy before the sale, the watch nonetheless went on the block in front of a well attended sale room.

But there was no action in the room, with everyone a mere spectator. Instead the bidding came from two phone bidders. One was on the phone with Antiquorum’s Vanessa Farsadaki, conversing in English, while the other bidder, speaking French, was represented by the auction house’s chief executive Romain Rea, who is also the owner of vintage watch store in Paris.

The pace of bids and responses made it obvious both bidders really wanted the watch. With a low estimate of 50,000 francs, the bids moved quickly past the one, and then two, hundred thousand mark. Hesitation on the part of the bidders only set in close to 300,000 francs, and eventually Mr Rea’s client won the watch for a hammer price of 330,000 francs, or 401,000 francs including fees.

And to close…

Every auction season brings with it watches that have niche appeal yet manage to find enough buyers to do well. Two stand out in that regard this season.

The first is the platinum Omega ref. 3903 “Cioccolatone” at Antiquorum that carried an estimate of just 3000-5000 francs. Several important industry personalities were spotted looking at the watch during the preview, and it unsurprisingly was the subject of a drawn out tussle between room bidders. And the final result was 72,500 francs with fees, which was well deserved.

The platinum “Cioccolatone” with diamond hour markers. Image – Antiquorum

And the other was the earliest numbered Breguet marine chronometer at Sotheby’s. Dating from 1815 and numbered 104, it has an eight-day movement, double boxes, and a certificate from the Breguet museum. Estimate at 80,000 to 150,000 francs, the marine chronometer sold for 325,000 francs with fees, a triumph for important, historical timepieces.

Correction May 14, 2019: The Daniels Anniversary was first sold at Bonhams in 2017, not 2016.

Correction May 15, 2019: The “Guido Mondani Killy” was purchased by an anonymous bidder, and not Francois-Paul Journe as stated in an earlier version of the article.