Auctions

Pietro’s report from Geneva’s November 2025 auctions: from record breakers to hidden gems

Pietro Pilla

Geneva during the auction season is a different beast – and the traditional watch press, usually in town for new watch fairs or events, is somehow less present (although we were there!), leaving space to vintage dealers and collectors. It is the time when they own the watch capital of the world, rivalling each other in knowledge, and are always happy to share their experience or their latest acquisition.

It goes without saying, but the expectations were especially high for this weekend. It was Phillips Watches’ 10^th anniversary, which was one of the reasons for the incredible lot selection and the additional interest in the live event. But more than that, this year marked the 250^th anniversary of Breguet, which was rightfully celebrated by Sotheby’s with a themed auction, curated together with Montres Breguet SA and Mr Emmanuel Breguet, in charge of heritage for the brand and a descendant of the founder.

Sotheby’s A Celebration of Breguet’s 250th Anniversary

Sotheby's Lot 9 Breguet No 1890 Sold for 1 880 000 CHF — Sotheby’s – Lot 9 – Breguet No. 1890 – Sold for CHF 1,880,000

The Celebration of Breguet’s 250th Anniversary ended up reaching CHF 12,202,960 in total, with lot 9 getting to CHF 1,880,000, more than double the estimate!

The Breguet No. 1890 was a particular highlight: a four-minute tourbillon which was delivered to Monsieur Frédéric Frackman on May 16th, 1809, and then sold to Comte Alexis Razoumoffsky for 3,240 francs, featuring a technically impressive movement. This was also the watch that inspired the recently-released Breguet Classique 7225, which sports a 10 Hz movement with a magnetic pivot.

Sotheby's Lot 60 Breguet No 921 Sold for 48 260 CHF — Sotheby’s – Lot 60 – Breguet No. 921 – Sold for CHF 48,260

But among the 70 lots of this monographic offering, there were not just pocket watches and classical pieces, but also tool watches that you would never expect from the Maison. It was a great occasion to be reminded about what the brand is capable of, and that people continue to care deeply about its watches.

Sotheby’s Important Watches November 2025

Sothebys Lot 134 Mercedes Gleitze Rolex Oyster Sold for 1 392 000 CHF — Sotheby’s- Lot 134 – Mercedes Gleitze’s Rolex Oyster – Sold for CHF 1,392,000

The iconic Important Watches auction also took place, featuring none other than the “Companion Oyster”, better known as Mercedes Gleitze’s Rolex Oyster, offered for sale. For those unfamiliar with the name, this piece is a pre-production prototype of Rolex’s first waterproof wristwatch, a milestone that paved the way for the brand’s proud tradition and success of incorporating water resistance across most of its catalogue.

Sotheby's Lot 131 Cartier Tank Normale Sold for 88 900 CHF — Sotheby’s – Lot 131 – Cartier Tank Normale – Sold for CHF 88,900

I was also a fan of this 1930s-era Tank Normale in platinum with a mesh bracelet – a rare configuration.

Christie’s Rare Watches November 2025

Christie's Lot 103 Audemars Piguet Ref 25687PT Sold for 673 100 CHF — Christie’s – Lot 103 – Audemars Piguet Royal Oak Perpetual Calendar ref. 25687PT – Sold for CHF 673,100

Christie’s, on the other hand, celebrated the 150th anniversary of Audemars Piguet by presenting a unique Royal Oak Perpetual Calendar in platinum, set with diamonds and rubies, which was designed by our friend Emmanuel Guiet and became one of the auction’s top ten lots, achieving CHF 673,100.

Christie's Lot 7 Vacheron Constantin Ref 43050 Sold for 57 150 CHF — Christie’s – Lot 7 – Vacheron Constantin ref. 43050 – Sold for CHF 57,150

The remaining top positions were occupied by the usual heavy hitters, with a double-sealed platinum Patek Philippe ref. 3970 special edition taking the top spot and realising CHF 1,397,000. Altogether, the Rare Watches auction reached a total of CHF 21,641,435.

Phillips Watches: Decade One (2015-2025)

This weekend was for the ages, with the highest total for any watch auction ever at CHF 66.8 million, for the Phillips’ “Decade One” auction, with Phillips now holding the top three spots of most expensive auctions ever. And in this exceptional result, the highlight of the weekend was undoubtedly the Patek Philippe ref. 1518 in stainless steel, which fetched over CHF 14 million, setting a new record as the most expensive Patek Philippe wristwatch ever sold at auction.

As soon as I landed in Geneva, collectors, dealers, and enthusiasts were already murmuring about what the final result might be. When the same model was sold at Monaco Legend Group just two days before the auction, it only heightened the suspense and the aura of curiosity surrounding the example still up for sale. And when the moment finally arrived, the room was fuller than ever, packed to the point where it was difficult for anyone to move.

phillips 1518 — Phillips – Lot 23 – Patek Philippe ref. 1518 – Sold for CHF 14,190,000

If you’re reading this article, chances are you’ve already come across discussions online about this very watch. While this isn’t the moment to dive into the broader debate, as it would take far too long (we will get to it), I feel compelled to share my view. This watch dates back to 1943, and yes, it has been restored. And guess what, that’s perfectly fine! Sure, a completely untouched model would be even more special, but here, we’re talking about the pinnacle of watch collecting. Any object of great value, whether a painting, sculpture, or automobile, is typically restored, especially when it comes from a distant era. Restoration doesn’t erase the marks of age; it softens them, allowing the original splendour to re-emerge.

While this practice is widely accepted across most luxury and art sectors, the watch world is still catching up. It will be my pleasure to explore this topic in depth another time, but for now, let’s turn back to the rest of the exceptional pieces.

F P Journe Chronomètre à Résonance Souscription — Phillips – Lot 23 – F.P. Journe Chronomètre à Résonance “Souscription” – Sold for CHF 3,327,000

F.P. Journe watches continue to perform exceptionally well overall, but two special pieces went far beyond expectations. One of them was Phillips Lot 182, the Chronomètre à Résonance “Souscription”, and not just any example. This is the second piece ever produced out of the total 20, and even more intriguingly, it is the only one that was rejected by its original recipient. The current owner had to pay CHF 3,327,000 to secure it now. In my opinion, one of the most aesthetically appealing Journes ever was Phillips Lot 97, the Tourbillon Souverain “Régence Circulaire.” Part of a very limited run and featuring the timeless pink-on-pink configuration, it achieved a remarkable CHF 1,693,500.

Let’s now dig deeper and talk about world records from brands that only real connoisseurs know. Starting with Phillips Lot 39, the J. Player & Sons “Hyper Complication”: one of the most complicated pocket watches ever made, and one of just two made by Joseph Player with this degree of difficulty. To put its importance in perspective, it just set the World Record for an Antique British Pocket Watch, selling for CHF 2,238,000.

Phillips Lot 94 Christian Klings Tourbillon 7 SOld for 889 000 CHF — Phillips – Lot 94 – Christian Klings Tourbillon 7 – Sold for CHF 889,000

Changing country completely, we’re now talking about Phillips Lot 94, Christian Klings Tourbillon 7. This unique model from the German master is one of just 35 watches made by the same watchmaker, and it became the most expensive ever sold at CHF 889,000.

Let’s conclude this section with Phillips Lot 6, the Ferdinand Berthoud Naissance d’Une Montre 3 “Unique Piece,” which set a world record for the brand at CHF 1,270,000. This watch carries a deeper significance, as it is part of the Time Aeon project dedicated to preserving and passing on the fading art of traditional watchmaking techniques. The proceeds will go to charity in support of this mission.

Antiquorum Important Modern & Vintage Timepieces

Antiquorum Lot 601 Rolex Ref 19048 Sold for 100 000 CHF — Antiquorum – Lot 601 – Rolex Day-Date Oysterquartz ref. 19048 – Sold for CHF 100,000

We’ve looked at exceptional pieces, but we haven’t yet mentioned the oldest speciality watch auction house, the one that consistently ensures every enthusiast can find something to enjoy. Like a kid in a candy shop, at Antiquorum you hardly know where to look first, as its offerings are larger than that of all the other auction houses combined.

But don’t confuse quantity with a lack of quality; quite the opposite. Among the auction house’s top lots, for example, was Lot 674: a pristine Rolex GMT-Master ref. 1675-8 in gold featuring the “Quraysh Hawk,” which sold for CHF 506,250. And at Lot 691, one of my personal favourites appeared: the Patek Philippe ref. 1463 “Tasti Tondi” in stainless steel, boasting an exceptional dial condition and rightfully achieving CHF 187,500.

Antiquorum Lot 691 Patek Philippe Ref 1463 Sold for 187 500 CHF — Antiquorum – Lot 691 – Patek Philippe ref. 1463 “Tasti Tondi” – Sold for CHF 187,500

What truly sets this auction apart from the others is the remarkable number of gems available at every price point. This makes it the perfect place to begin a collecting journey and, more importantly, offers an incredible amount of material to learn from, giving enthusiasts and scholars the chance to get hands-on with as many pieces as possible, understanding them and comparing them.

Closing thoughts

I’ll be frank: I was not able to cover all the interesting lots, and I’ll refrain from telling you my personal favourite. Instead, I’ve focused on the pieces that, in my view, carry the greatest historical and technical significance. If you still haven’t found what you were looking for, I couldn’t encourage you enough to visit the auction houses’ websites and read the detailed descriptions of the lots. It’s the closest thing to being there in person and a really amazing learning opportunity. I hope you enjoyed this kind of coverage, and I’ll see you in May for the next Geneva auction season!