As the clock ticks down to the end of 2025, this year and the last have proved instrumental in the world of haute horology. Auction houses in New York, Geneva and Hong Kong have witnessed record-breaking bids for timepieces that transcend function, presenting instead as creations of wearable art, mechanical genius and historical import. For collectors, these aspirational acquisitions represent the pinnacle of craftsmanship and rarity, and each has a story as intricate as its movement.

Just last month, the hammer fell at Phillips in Geneva on a steel Patek Philippe Ref. 1518 for an eye-opening US$17.6 million (HK$137 million). Manufactured in 1943 and widely thought to be the first of this model made in steel, the treasure entered the record books as the most expensive vintage Patek wristwatch ever sold. For those keeping stock, the highest auction-price paid for a vintage wristwatch is claimed by a Rolex Cosmograph Daytona Ref. 6239  – the personal timepiece of iconic actor and racing driver Paul Newman went for US$17.8 million in 2017.

Priceless Patek

The all-time best-selling list at watch auctions, meanwhile, is topped by a very special Patek Philippe; the multi-complication Grandmaster Chime Ref. 6300A-010 raised US$31.19 million for charity at the Only Watch auction in Geneva six years ago. While not attaining such lofty heights, a Ref. 6300G-010 Grandmaster Chime made headlines in June 2024 when it changed hands for US$5.4 million. The appeal of this highly collectible timepiece was undoubtedly boosted by film legend Sylvester Stallone, who had put it up for auction. Never having been worn, it was sold in a presentation box engraved with the actor’s name.

Stallone has an affinity for Patek Philippe. Two 5711 Nautilus models also featured in last year’s dedicated Sotheby’s sale, including a limited-edition Ref. 5711/1300A-001, in olive green with a baguette diamond-set bezel, which had been released as a farewell to Patek’s 5711 steel series.

Vintage Patek Philippe watches certainly excited collectors this year. The only known Ref. 3448 in 18-carat pink gold fetched CHF 2.7 million (about US$3.4 million) in May at a Phillips auction in Geneva. The world’s first automatic perpetual calendar wristwatch to be serially produced, this reference has been beloved for decades, and almost all examples are cased in yellow or white gold. To round out the Patek auction roll call, a Ref. 2499 ‘Second Series’ sold for US$4.3 million at Sotheby’s in June. This particular pink-gold perpetual calendar chronograph wristwatch with moon phases dated back to 1957.

Driving Records

The Rolex Cosmograph Daytona ‘Lemon Dial’ variant is one of the rarest configurations of the Paul Newman series. Known for its exotic dial layout and Art Deco numerals, it is a collector’s dream, especially since the vintage market for the brand continues to soar. In November 2022, the rarer 6263 model garnered US$3.4 million at Christie’s, racing ahead to become the second highest-selling lemon-dial Daytona. Two years later, a 6264 variant from 1970 sold at Phillips Hong Kong for US$2.8 million, becoming the most valuable 6264 to date.

History unfolded in Geneva in November last year when the second-ever watch made by François-Paul Journe went under the hammer at Phillips for US$8.4 million. The Tourbillon Souverain à Remontoire d’Egalité heralded the launch of the F.P. Journe brand in 1999. This prototype tourbillon in platinum, with rhodium-plated brass movement and early design cues, is a cornerstone of independent watchmaking.

Rare Beauties

A Richard Mille RM 56-02 Sapphire Tourbillon watch was sold at Christie’s New York in June last year for US$3.02 million. Crafted entirely from sapphire crystal and boasting a cable-suspended movement and ultra-light construction, this limited-edition luxury timepiece offers full transparency. Released in 2014 and one of just 10 pieces worldwide, the model’s rarity is matched only by its technical audacity.

Gérald Genta’s personal 1978 Audemars Piguet Royal Oak Jumbo Ref. 5402, a one-of-a-kind collectible, achieved a hammer price of CHF 2,107,000 (US$2.6 million) at Sotheby’s in May 2022. Designed by Genta in 1972, the 5402 is considered the blueprint for modern luxury sports watches.

Sold in Hong Kong

Combining a tourbillon, chronograph and fusée-and-chain transmission, the A. Lange & Söhne Tourbograph Perpetual Pour le Mérite is a technical tour de force. This 2017 limited-edition release reflects Lange’s commitment to precision and artistry. An iteration in platinum was auctioned in Hong Kong in May 2022 for HK$2.9 million (about US$386,000).

Greubel Forsey works on a strictly limited philosophy. The rarity of its hand-worked watches – like the Quadruple Tourbillon which uses two double tourbillons to enhance timekeeping accuracy – is compounded by the brand’s exclusivity, which in turn fuels desirability among collectors and impressive auction results. A Quadruple Tourbillon à Différentiel Sphérique with power reserve indication circa 2021 became a Christmas present for one lucky collector last December when Sotheby’s Hong Kong listed it at a high estimate of HK$2.5 million. 

Pulse of the Market

Whether it’s a prototype, a celebrity-owned piece or a limited-edition complication, scarcity drives value at auction. Design matters, too – not just aesthetics, but innovation. Collectors are no longer satisfied with tradition alone; they want watches that challenge convention.

Provenance plays a growing role. A watch with a story – be it tied to an icon or horological history – adds emotional and cultural weight. These aren’t just timekeepers; they are narratives on the wrist. And finally the rise of independent watchmakers like F.P. Journe and Greubel reflects a shift toward individuality and craftsmanship over mass prestige.

Over the past few years, the auction world has made one thing clear: the value of time is rising not just in dollars, but in meaning. The watches that ignite collectors’ frenzy at auction – each a marvel of design and rarity – remind us that time is not only measured. It’s crafted, collected and cherished.