Phillips in Association with Bacs & Russo achieved a remarkable result for the Hong Kong Watch Auction: XX, realising over HK$212mil or US$27mil, which surpassed the pre-sale high estimate of HK$181mil (US$23mil) and marked a 30% year-on-year increase.
The auction, held late last month, attracted enthusiastic participation of 1,800 registered bidders from 70 countries and regions.
In addition to a packed saleroom and active telephone bidding, there was robust online engagement where 70% of the lots offered were sold to online buyers.
Cartier Unique Mystery Clock with a coral sculpture.
While wristwatches performed strongly, the spotlight was decisively taken by an extraordinary selection of museum-quality clocks, particularly the Art Deco Cartier masterpieces that garnered international attention and set new benchmarks in decorative horology.
Auctioneer Perazzi selling lot 933. — Courtesy photos
These achieved a 100% sell-through rate, with all 18 exceptional timepieces selling well above their pre-sale estimates.
The collection drew keen interest and realised a total of over US$5mil.
Among the top performers were rare and historically significant Cartier desk and mystery clocks, including 19th-century pieces made for the Chinese market, which ignited bidding wars and far surpassed expectations.
Leading the pack was a Cartier nephrite lantern clock originally commissioned as a wedding gift for princess Fawzia of Egypt in 1939 when she married Iran’s crown prince Mohammad Reza Pahlavi.
An intense 20-minute contest involving 59 bids drove its final price to US$1.16mil, nearly five times its pre-sale high estimate, underlining the allure and provenance of exceptional Cartier creations.
Another standout item, the extremely rare Cartier Coral Mystery Clock (circa 1930), also soared past estimates to achieve US$973,074.
The clock features exquisite rock crystal, mother-of-pearl, diamonds, onyx, coral, platinum, yellow gold, and enamel, with delicate craftsmanship mirroring Chinese culture and style.
Cartier’s 1925 Modèle A Mystery Clock.
Meanwhile, a circa 1925 Modèle A Mystery Clock in pristine condition fetched US$583,844, reflecting collectors’ reverence for the intricate mechanics and recognition of Cartier’s outstanding workmanship.
The auctioneers’ head of watches (Asia) Thomas Perazzi, and head of sale Gertrude Wong jointly said, “Marking a decade of excellence in Asia, the various owner sale achieved the third highest result in our history in the region.
“The past three days have powerfully reaffirmed the strength and depth of the watch market, with passionate bidding and outstanding results for timepieces spanning over three centuries of horological excellence.
Lot 933 – Patek Philippe watch.
“We are sincerely grateful to the global watch-collecting community and all participants who made this sale such a success.”
At the auction, important Patek Philippe wristwatches continued to captivate collectors, with a possibly unique ref.5970P-013 in platinum leading the sale at over US$1.29mil.
This fresh-to-market, factory double-sealed example features four stunning red hands, an English calendar and the inscription “A Mon Fils” (To My Son) on its sapphire caseback, reflecting its profound sentimental value.
The F.P. Journe Tourbillon Souverain.
F.P. Journe timepieces also continued to get strong results, led by the Chronomètre à Résonance “Black Label” which achieved more than US$583,844, nearly double its pre-sale high estimate.
Other standout results include the Tourbillon Souverain from the brand’s fourth generation, which sold for US$454,101, and a Centigraphe Souverain that garnered US$421,665, more than three times its pre-sale high estimate.
Unique Cartier illuminated nephrite lantern clock.
Vintage Rolex wristwatches commanded bidders’ attention as well, with the Cosmograph ref.6263, featuring the UAE Quraysh Hawk emblem and the Arabic script signature of the ministry of defence, sold for over US$324,358.
Following this Hong Kong auction was one held in New York on June 7 and 8.
