Auction Phillips' New York Watch Auction X, Hits $23.4 Million

NEW YORK – June 9, 2024 – Phillips announced that The New York Watch Auction: X realized an impressive $23.4 million, with every lot selling 100% by lot and value. This milestone marks three and a half years of completely sold-out watch auctions at Phillips New York. Leading the sale were Philippe Dufour’s Duality, fetching over $2 million, and the Cartier Mystery Clock, which achieved $1 million. Strong prices were also noted for Rolex, Patek Philippe, and Audemars Piguet, alongside independent makers such as F.P. Journe, Richard Mille, and Urban Jurgensen, with participation from bidders in 60 countries.

Highlight Lots and Record Sales

The auction was headlined by Philippe Dufour’s Duality, which sold for over $2 million dollars, equivalent to approximately 7.34 million AED, significantly exceeding its estimates, which ranged from 800,000 to 1,600,000 US dollars, equivalent to 2,940,000 to 5,880,000 AED. This sale marks the third instance Phillips has offered this ultra-rare wristwatch to the public. Dufour initially planned to create twenty-five Duality timepieces, but due to their complexity, only nine were produced.

Meanwhile, Cartier table clocks continued to achieve record sums at Phillips auctions, where The Mystery Clock achieved a final price of over $1 million after a six-minute bidding war involving nine collectors from three continents. This price is more than double its last auction value in 1990. 

As usual, Rolex watches have achieved significant prices, including the Paul Newman John Player Special from circa 1970, which sold for $952,500, This is equivalent to 3,498,000 AED. Out of the roughly 14,000 of these models produced, only around 300 were encased in luxurious 18K yellow gold, with just a handful featuring the coveted black Paul Newman “John Player Special” dial.

Two Patek Philippe watches are on the list

Patek Philippe timepieces commanded strong prices, highlighted by the ref. 1518 perpetual calendar chronograph from 1945, which sold for $762,000, equivalent to 2,798,000 AED. after an eight-minute bidding war. Offered by the family of the original owner, this wristwatch was fresh to the market. 

Another standout was 5208P, a release manufactured in 2017, is in its original box and has never been worn. The watch, which comes with a linear perpetual calendar complication, equipped with a chronograph and a minute repeater, was sold for $939,800, equivalent to 3,451,415 UAE dirhams.

Independent Makers 

Independent makers have also achieved impressive results. as we have seen,  the Philippe Dufour watch, which was the most expensive watch in the auction. The Urban Jürgensen Ref.11C, a prototype of the brand’s flagship P8 movement, achieved US$152,400, equivalent to AED 560,000, more than five times the estimated price. 

Japanese watchmaker Hajime Asaoka's Bora Tourbillon watch also witnessed a seven-minute bidding war, resulting in a final sale price of US$361,950, equivalent to AED 1,329,261, versus its estimated price of US$120,000 to US$240,000, equivalent to AED 441,882 ,000 AED.

Pocket Watches in High Demand

Phillips presented a strong selection of pocket watches, which realized nearly $1.6 million against a combined low estimate of $577,000. Highlights included the Patek Philippe Pocket Watch Chronometer and Charles Frodsham’s exquisite tourbillon pocket watch. The performance of these timepieces underscores the market's continued appreciation and demand for this segment of horological history.

For further details, please visit the official Phillips Auction website.