Phillips has done it again.
The auction house shattered another record over the weekend, holding the highest-grossing watch auction in U.S. history. The two-day New York Watch Auction: XIV, held in association with Bacs & Russo, achieved a total of $75.8 million, shattering a record Phillips itself set only last December with a $43.5 million sale. A total of 16 timepieces sold for over $1 million each, according to the auction house.
“This season’s results in New York mark a watershed moment for the watch market,” Paul Boutros and Isabella Proia of Phillips said in a statement. “To once again break the record for the most valuable watch auction ever held in the United States—just six months after establishing the previous benchmark—speaks to the remarkable confidence and depth at the very pinnacle of collecting.”
The star was an ultra-rare F.P. Journe Chronomètre à Résonance “Souscription, No. 007,” which sold for an astonishing $13.92 million after nearly nine minutes of bidding, becoming not only the most expensive watch ever sold by the maker, but also setting records for any watch by an independent watchmaker and any 21st-century watch offered at a commercial auction. Four other F.P. Journes hammered down for between $1.9 million and $5 million, respectively, cementing François-Paul Journe as the hottest independent watchmaker alive.
“The industry-leading, $13.9 million result for the F.P.Journe Souscription Résonance stands as a historic achievement, not only for the brand but for the entire field of independent watchmaking,” Boutros and Proia add.
Indies performed extremely well across the board, in fact. A coveted Kari Voutilainen Masterpiece Chronograph surpassed a low estimate of $120,000 to sell for $1.8 million, while a Roger Smith Ref. Series 3 “Unique Piece” fetched a record $1.2 million.
F.P. Journe was a clear standout, though, accounting for half the watches in the top 10. Behind the $14 million Chronomètre à Résonance was a possibly unique Patek Philippe (Ref. 5004G-020) made for Eric Clapton that surpassed a low estimate of $700,000 to realize a record $5.2 million and a Patek Philippe (Ref. 1518) that sold for just under $4 million.
Rolex made it into the top 10, too, with a 1969 Daytona (Ref. 6241) “John Player Special” hammering down for $1.8 million. But F.P. Journe definitely outperformed the Crown—during this auction, at least.
