May 2025 Watch Auction Update - Geneva highlights

Unbelievable as it might sound it was actually clocks that chimed in to take some of the top spots for the May 2025 Geneva watch auctions! Obviously some superb watches were sold as well but the most significant amounts were spent on some outstanding clocks. Three such clocks included an Art Deco period Cartier portico mystery clock from 1924 which sold for a whopping CHF 3.9 million, (£3.5m), at Phillips in Association with Bacs & Russo.

Over at Antiquorum their star lot was a Breguet pendule a almanach astronomical eight-day carriage clock from 1826. This clock made six times its high estimate of CHF 100,000 - 200,000 fetching CHF 1.2 million, (£1.1m). 

But even these results were overshadowed by a modern Pendule Sympathique N°1 clock with paired wristwatch made by Techniques Horlogères Appliquées (THA) for Breguet in 1991. The timepiece was sold this May by Phillips in Association with Bacs & Russo for CHF 5.5 million, (£4.9m), including buyer’s premium.

Our highlights report will cover this incredible piece along with a 2025 ultra-thin Konstantin Chaykin prototype wristwatch, a unique Vacheron Constantin watch from the 60’s and two stunning Audemars Piguet Quantieme Perpetual wristwatches from the 90s. So please enjoy reading about these assorted highlights. 

Home to historic watchmaking traditions Geneva always makes a great location for the carefully curated May watch auctions. All the major auction houses host their sales in up-market hotels alongside Lake Geneva. A quick look at some of the numbers is always insightful.

Phillips in Association with Bacs & Russo’s watch sale was by far the largest auction by revenue achieving a total of CHF 43.4 million, (£39m), including buyer’s premium. Three timepieces sold for above CHF 2 million and five above CHF 1 Million. An impressive 98% of all the lots offered sold. Phillips noted that they doubled their pre-sale estimate with participation from 1,820 registered bidders across 71 countries.

Christie’s recorded that their Geneva watch auction made CHF 21,1 million, (£19m), with 92% of the lots offered selling of which 44% achieved above their estimate. Bidders participated from 57 countries. Top lot went to a Richard Mille, RM27-01 Rafael Nadal, selling for CHF 1,255,000, (£1,128,750), including buyer’s premium. Antiquorum recorded CHF 10 million, (£8.9m), in sales including buyer’s premium with 1,500 registered online bidders and 94% of all lots sold.

It is worth reflecting however that not everything sells for well above estimate. We are still living in a secondary watch market that has cooled down from its peak in 2022. While this is perhaps less evident in Geneva, which typically concentrates on higher end watches, relative bargains can still be spotted. An example was a highly collectable Richard Mille, Reference. RM UP-01 Ferrari ultra-flat titanium wristwatch from 2025. One of only 150 pieces ever made. The watch sold for CHF 756,000, (£679,950), at Christie’s only just making it past the low estimate of CHF 700,000 – CHF 1,600,000, even with buyer’s premium added.

Last December I reported on another Richard Mille, Reference. RM UP-01 wristwatch sold by Antiquorum in Geneva that made CHF 1,730,000, (£1,549,410), including buyer’s premium. Yet again an additional RM UP-01 wristwatch sold by Christie’s at their New York watch auction on 9 December 2024 fetched USD $1,381,000, (£1,019,630), including buyer’s premium. So how did a watch model that was sold twice for over £1 million late last year make only £679,950 this year. Does this represent a drop off in value for this much sought after model or a bargain? As they say only time will tell. 

For the rising star watchmakers of Techniques Horlogères Appliquées (THA) in the early 90s what could have been more captivating than the chance to recreate a Breguet masterpiece. This was the opportunity tasked by Breguet to François-Paul Journe, Denis Flageollet and Dominique Mouret of THA. THA was commissioned by Breguet to create a tribute Pendule Sympathique clock and paired wristwatch for the 1991 “Art of Breguet” exhibition and auction. The resulting exceptional timepiece, titled Pendule Sympathique N°1, was displayed during the exhibition and sold at the auction in Geneva on 14 April 1991 for CHF 1,546,250, (£1,391,040).

Until this May the Breguet Pendule Sympathique N°1 clock and paired wristwatch has remained out of public view but now the piece has returned to the Geneva auction market. Phillips in Association with Bacs & Russo sold the clock and paired watch on 11 May for a magnificent CHF 5,505,000, (£4,948,410), including buyer’s premium. The auction estimate was set in excess of CHF 1 million. The successful bidder was none other than François-Paul Journe himself who has purchased the timepiece for his F.P. Journe museum. As this year is Breguet’s 250th anniversary with the watch brand having been founded in 1775 the sale seems particularly appropriate.

To go back in time to 1798 - the fabled watchmaker Abraham Louis Breguet (1747–1823) presented in Paris his horological creation titled ‘Pendule Sympathique’. His concept was to design a timepiece whereby a paired pocket watch could automatically be wound, set, and adjusted by an accompanying master clock. To achieve this the watch is placed into a holder at the top of the clock case which allows connection to the clock mechanism and resulting timing synchronization. Very few examples were ever made. One now famous Breguet Pendule Sympathique was purchased in 1814 by the Prince Regent who would later become King George IV (b.1762-d.1830). His Breguet clock, designated as No. 666, and paired pocket watch are today part of the British Royal Collection.

The modern 1991, THA for Breguet, Pendule Sympathique N°1 timepiece has an Empire style master clock case N° 1 with a brass base and yellow gold panels. The lower front case has a plaque signed ‘Breguet Sympathique N°1’. The dimensions are 255mm high x 170mm in wide x 125mm deep. As Phillips catalogued the classical architectural form was designed by horological illustrator David Penney. The clock’s impressive complications include moon-phase, equation of time, a thermometer, and calendar.

The paired THA for Breguet N°1 wristwatch is crafted in 18k yellow gold and measures 36mm in diameter. Its complications include a tourbillon, moon-phase, and power reserve in a regulator-style layout. When the wristwatch, with bracelet removed, is docked with the clock the sympathique mechanism winds the watch, sets the time, and regulates its balance to match its own. 

Always recognisable by their distinctive ‘face’ dials the design language employed by independent watch maker Konstantin Chaykin is more than skin deep. Founder of his own eponymous brand in Russia in 2003 Chaykin’s work has been acknowledged by the prestigious Grand Prix d’Horlogerie de Genève (GPHG) awards. In 2018 Chaykin won the ‘Audacity Prize’ category for his ‘Clown’ wristwatch. He is also a member of the respected Académie Horlogère des Créateurs Indépendants (AHCI). For last year’s ‘Only Watch’ charity auction Chaykin donated a ‘Joker Sandmann Only Watch 2024 Pièce Unique’ which sold for CHF 110,000, (£98,590)

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This May, Phillips in Association with Bacs & Russo brought to auction a ‘tour de force’ wristwatch by Konstantin Chaykin. This being an ultra-thin nickel alloy prototype ‘ThinKing’ wristwatch. The ThinKing model was launched in 2024 by Chaykin to become one of the world’s thinnest ever wristwatches at only 1.65mm and weighing just 13g without the strap. Phillips added that the "dial looks like a face with the "eyes" indicating hours and minutes’. The Konstantin Chaykin brand name is arranged in a semi-circular design to resemble a smile.

The auctioned prototype is the latest evolution of the model made in 2025 and sized 40mm diameter. Powered by a manual wind Calibre. K.23-0 with a lever escapement, single ultra-thin winding barrel, and a double balance system with a geared clutch. Finally, a clever addition to the watch is a carrying case called the ‘PalanKing’ which can automatically wind the movement.

As the first ThinKing to be offered at auction it took CHF 508,000, (£455,320), including buyer’s premium with an estimate of CHF350,000 - 700,000. 

With 270 years of watchmaking experience Vacheron Constantin knows a thing or two about designing fine watches. Underscoring this the brand introduced at this year’s Watches of Wonders an incredible piece named ‘Les Cabinotiers Solaria Ultra Grand Complication La Premiere’ as the most complicated wristwatch ever made.

All this heritage has forged some highly collectable watches over the years which connoisseurs delight in acquiring. So Phillips in Association with Bacs & Russo must have known they were onto a sure winner when they unearthed this unique piece. Described as ‘The last known but never seen Vacheron Constantin Reference. 6448 in platinum.’ The watch has a stunning case and dial combined with a minute repeater complication - dated to circa 1961. Given the ever growing market appreciation for refined smaller luxury wristwatches which are both sophisticated and from desired brands bidding was always going to high. So it proved with an estimate CHF 120,000 - 240,000 the watch fetched a superb CHF 698,500, (£628,150), including buyer’s premium at Phillips May auction in Geneva.

The magic of this watch is how it balances the restrained 36.5mm diameter brushed platinum case with straight lugs and an uncluttered silvered dial that is then juxtaposed with the more showy diamond-set markers. Alongside this the watch has a minute repeater complication creating a combination that elevates it from the ordinary to the inspiring.

Phillips also noted that the Reference. 6448 was only ever made in three unique examples. One in white gold with baton indexes, another in white gold with diamond indexes and this final example in brushed platinum with diamond indexes. The watch was ‘fresh to the market’ having been owned within the same family for the last 60 years. The original owner purchased the watch in Mexico in 1961. Set on a black alligator leather strap the watch came with a Vacheron Constantin Certificate of Authenticity. 

Banner ©Photo courtesy of Sebastien Maflin for Phillips in Association with Bacs & Russo