Report: Geneva Spring Auctions 2025
People, prices, and perfection.
Despite everything, including tariffs and a strong Swiss franc, the Geneva auction season turned out to be a strong one, with some of the strongest results being in the most surprising segments.
The bigger winner this season was Phillips, which sold a bit under 200 lots for CHF43.4 million including fees, while also claiming the most valuable lots for the season, reflecting Phillips’ strong leadership and team.
Despite being the market leader by some margin, the Phillips catalogue was arguably the riskiest as it included several high-value pocket watches and clocks – timepieces that not part of mainstream collecting today. Yet the gamble paid off with the most valuable timepiece this season being its Breguet Sympathique no. 1 that sold for CHF5.51 million.
Christie’s achieved CHF21.2 million with a similar number of lots that were arguably more conventional in taste and format than at Phillips. One of its most valuable lots was a Cartier Crash “NSO” with a special order dial that sold for CHF736,000 – one of the biggest surprises of the season but proof that being eye-catching enough for social media is a big factor in desirability and value today.
Interestingly, the Crash sold for exactly the same as the Richard Mille RM UP-01 Ferrari. The Crash went for about 15 times the original retail, while the RM UP-01 was about half of retail.
The Crash NSO “nickele” grey. Image – Christie’s
Over at Antiquorum, the tally was CHF10 million – from almost 800 lots. Because of the sheer volume, the offerings were more diverse and affordable than at rival houses. But the top lot was still a substantial CHF1.25 million; it was a Breguet pendule a almanach, a top-of-the-line carriage clock that once belonged to Russian nobility.
And Sotheby’s sale raised CHF6.75 million. The total was the lowest primarily because the top lot, the unique Rolex Daytona “Zenith” with a mother-of-pearl dial, was withdrawn just before the auction. On a really good day, the watch would have increased Sotheby’s tally between a quarter and a third.
Though not officially announced, I understand the lot was withdrawn simply because the consignor was concerned the watch would not sell for a comparable amount to the last two platinum examples, both of which passed US$3 million.
The unique Daytona in platinum
Behind the numbers
As is usually the case with auctions, there’s always a reason for the numbers, big or small.
The obvious ones were economic and trade uncertainty along with currency fluctuations. But there were also some absent faces, including prominent collectors who were big spenders in recent seasons, but did not seem to have been present this time, either in person or by phone.
This might have explained the relative weakness in certain segments. Some genres of independent watchmaking suffered from relative weakness, including Roger W. Smith for instance. At Phillips, a Series 1 in pink gold sold for CHF355,600 – and the exact same watch, numbered “17” sold for CHF730,250 in 2023.
Vintage also underperformed on a relative basis, unless it was in exceptional condition, pristine and “new old stock” or very close. Collectors are currently keen to pay multiples for perfection and discount heavily for even honest wear. An appealing Patek Philippe ref. 2497 “first series” in pink gold with a low estimate of CHF1 million passed at Christie’s, perhaps because of past restoration and also the fact that it was sold at auction not too long ago, making it well known to the market.
A fine Rolex ref. 8171 “Padellone” in pink gold sold for a bit over CHF500,000 at Phillips, in part due to a spotted dial
Familiar faces
At the same time, much of the action was driven by a handful of known bidders, including familiar faces. Even when it came to online bidders, sometimes it was easy to guess the individuals behind the bidders’ cities displayed on screen.
And there were also a few newcomers who made a splash with determined, high-value bidding, helping propel some watches to unprecedented (and perhaps unsustainable) levels.
The Breguet Sympathique no. 1, the most valuable timepiece of the season, illustrates that. The buyer was, of course, Francois-Paul Journe, the man who created the clock, which will be one of the key exhibits in the soon-to-open F.P. Journe museum.
He was bidding against a discerning collectors of independent watchmaking, but Mr Journe was arguably more motivated. Commenting after the sale, Mr Journe said that he would have bought the Sympathique even at a much higher price – it is crucial for his museum.
The calendar display of the Sympathique
Mr Journe also purchased the Breguet pendule a almanach at Antiquorum that will also be destined for his museum. After the sale, Mr Journe described the Breguet carriage clock as “beautiful and rare”, and also the perfect complement for the Sympathique in the museum.
Together, the two clocks total some CHF6.76 million, or per 8% of the sales across all Geneva live auctions, making Mr Journe something of a market maker this season.
The Breguet ‘pendule a almanach’ and its second owner, Alexander Sergeyevich Menshikov (1787–1869), governor of Finland during the Russian Empire. Image Antiquorum
Notable in a market where wristwatches dominate was the fact that several of the other top lots of the season were also clocks.
The second most valuable lot season-wide was the Cartier portico mystery clock no. 3, reputedly the most elaborate and largest of the six made. Cartier clocks like this are more often than not sold in jewellery sales, but this still sold for CHF3.93 million thanks to three phone bidders.
Judging by the Phillips personnel bidding for their respective clients, it seemed that two of the bidders were jewellery clients, as expected, but the eventually winner was a watch client. The bidding was steady but not as rapid or resolute as that for “hot” lots, perhaps reflecting the niche nature of the clock.
Notably, it wasn’t just clocks from established names that did well. Phillips also sold a very complicated carriage clock made by Charles Frodsham in 1918 for an eyebrow-raising CHF812,800. The clock went to a phone bidder (who, unlike most other winners of lots mentioned here, I do not know) whose purchase certainly indicates a high degree of taste and knowledge.
Cartier portico mystery clock no. 3
Social media favourites
Although the “hot” lots were not as numerous as during the covid-era peak of the market, there were a surprising number of them, and surprisingly strong at that.
One that stood out was the F.P. Journe Tourbillon Souverain “Coeur de Rubis” that sold for CHF1.63 million at Phillips. Before even Aurel Bacs could begin, presumably around the low estimate of CHF250,000, there was frenzied shouting of bids from phone bidders and the watch opened at CHF600,000. And the bids kept coming, making it almost reminiscent of the go-go days of the pandemic.
In comparison, Christie’s sold an F.P. Journe Resonance “pre-Souscription”, almost certainly a more important watch from a historical perspective, for just CHF831,600. While scholars recognise the significance of the Resonance, it is practically indistinguishable from subsequent versions, making it ill-suited to social media-centric collecting.
The Tourbillon Souverain “Coeur de Rubis”. Image – Phillips
Bidding for the Cartier Crash at Christie’s told a similar story, taking the watch to a value that was inconceivable before the sale. While the winning bidder was on the phone, the watch likely went to a known collector with specific tastes and a particularly good relationship with Christie’s.
In fact, it is likely that both the Tourbillon Souverain and Crash went to collectors known for pursuing particular types of watch, underlining the importance of a few key buyers.
Both the F.P. Journe and Cartier, different as they are, share the important quality of being “Instagrammable” – looking different and striking enough to stand out on a small screen – showing the social media is shaping tastes.
The Vacheron Constantin ref. 6448 with a brushed platinum case and diamond dial
That said, sometimes it was simply beautiful and fine watchmaking that carried the day.
Neither hype nor hot, the Vacheron Constantin ref. 6448 minute repeater in platinum, which was both gorgeous and unique – an immaculately preserved – sold for CHF698,500 at Phillips and was worth every franc.
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