In a remarkable year for the global auction house Phillips in Association with Bacs & Russo, 2023 witnessed two historic milestones that propelled the company to record revenues. Patek Philippe and Rolex, stalwarts in Swiss watchmaking, played pivotal roles in securing nine out of the top ten lots sold by Phillips Watches during this period, contributing to an impressive $216 million in annual sales. This extraordinary achievement marked the second-highest annual revenue in the history of the renowned auction house, reflecting the enduring allure of iconic luxury brands in the world of timepieces.
Aurel Bacs, senior consultant at Phillips in Association with Bacs & Russo, acknowledged the adaptability of Phillips Watches to a dynamic market, emphasizing the focus on the most qualitative and unique timepieces. Bacs stated, “In this new economic landscape, we continued to deliver robust results, with an annual auction total of US$216 million, marking the second most successful year for the department.”
The banner year for Phillips Watches was punctuated by vintage lots that shattered auction records. Six out of the top 10 highest-grossing entries set new world records with their final price points. At the zenith of this prestigious list sits the Patek Philippe Reference 96 Quantieme Lune, realizing an astounding $6.2 million. This particular timepiece, one of eight produced, belonged to the last emperor of China’s Qing Dynasty, retaining its rare, untouched condition since its creation.
The record-breaking streak continued with a chronograph from British watchmaker Roger Smith, securing the title of the highest-grossing timepiece from Britain and claiming the second overall spot at the auction house in 2023. This meticulously crafted yellow gold perpetual calendar tourbillon pocket watch, dating back to 1998, features a moon phase mechanism, leap year indicator, and spring detent escapement, achieving an impressive $4.9 million.
Among the standout performers in the Phillips Watches selection was Rolex, with “The End Game,” a Gemset Daytona, claiming the third spot for the year and garnering $4.1 million. Minted in 1988, this chronograph boasts a yellow gold case, a diamond-pavé dial, sapphire indexes, and a baguette diamond-set bezel, exemplifying the timeless elegance and craftsmanship synonymous with the Rolex brand.
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