The highlights from Geneva’s 2025 watch auction season, from on the ground

Pietro Pilla

Geneva hits differently for the auctions! Slower pace and enough time to properly see the watches. The stunning pieces up for grabs made it a worthwhile trip already, but the incredible weather sealed the deal this time. Being the man on the ground has quite some perks….

The weekend started off beautifully with an unconventional Piaget event hosted by our creative colleagues at heist-out. After being kidnapped and brought to a secret location, we found ourselves in the middle of a vineyard overlooking the city of Geneva. At this point, some incredible vintage Piaget watches were brought out, which made our sweet moment even more enjoyable with some local wines and a traditional Neuchâtel sausage.

No one was in a rush, and quietly being able to enjoy the watches and the people involved is something very rare. It would have never been possible to attend such an event during any of the big fairs in town, with everyone being busy with scores of appointments and people to see. Quite different from our own Piaget event, it was an unconventional way to approach watches. A very special thanks to Lorenzo, Maxime and Anne-Sophie, well done!

But now let’s focus on the important things: the watches. I’ve seen most of them, photographed many, and I can tell you it was a refreshing look seeing so many vintage and independent pieces usually not readily available. Let’s start with some of the top lots of this year’s season.

Table clocks really had a blast this year!

There was a wide selection of them, but three of them performed incredibly well.

F.P. Journe X THA for Breguet Pendule Sympathique N°1 – Lot 18 at Phillips

This was the best-performing lot of the weekend, selling all in for CHF 5,505,000. It was made by F.P. Journe for Breguet in 1991, as he was one of the few able to craft such a complicated piece. The bidding was fierce, but the rest of the room couldn’t keep up with the pace. It was bought by none other than the man himself to be put in his museum, and as soon as the public realised that, teased by Aurel Bacs, everyone erupted, amazed by such a special new home.

Cartier Portico Mystery Clock – Lot 118 at Phillips

Part of a three-piece production back in 1924, it was the third and best example out of the three. The historical importance, together with its uniqueness and museum quality, made it go for CHF 3,932,000. Other than the exceptional result, it’s worth mentioning that this is a world record for the sale of a Cartier mystery clock. It’s a jubilation of precious materials and techniques, with rose quartz, enamel, onyx, rock crystal, diamonds and mother-of-pearl inlays that put it closer to an actual work of art than a timepiece. It was initially sold by Sotheby’s New York in 1988.

Breguet & Fils Pendule a Almanach – Lot 615 at Antiquorum

The second Breguet of this article, from when the brand operated out of France. Its sale dates back to January 18, 1826, to the Countess of Bobrinsky for the price of 5,500 French francs and was then bought back and sold again to Prince Mentzikoff. Quite an increase over the CHF 1,250,000 it fetched during the Antiquorum auction!

A pair of Padellones

Moving now into the results of something more wearable, we have two Patek Philippe ref. 3448s. Same reference, but very different watches.

Patek Philippe “Padellone” ref. 3448/5 – Lot 94 at Sotheby’s

The first of the two is a white gold example that was sold in 1971 on a matching white gold bracelet. This is believed to be one of only six known white gold ref. 3448 models fitted with a matching bracelet, as it’s been confirmed by an Extract from the Archives. 586 examples in total are known to be produced, of which 60 are in white gold, and this particular example was just sold for CHF 330,200.

Patek Philippe “Padellone” ref. 3448 – Lot 74 at Phillips

This other piece is the only one publicly known in pink gold. In excellent condition, it’s part of the second series of production with an engraved enamel dial and “Double P” crown. Retailed by Freccero in 1968, it features the very coveted double signature that adds another layer of charm. Quite a different result for this one, which fetched CHF 2,722,000 as the cover watch for this Phillips auction.

Piece uniques aplenty

Continuing this trend of Patek Philippe unique pieces, we have now quite a list, but I chose two that I think are pretty emblematic – very different but equally special – as well as an exquisite Vacheron Constantin.

Patek Philippe ref. 3970EG-028 – Lot 54 at Christie’s

While most ref. 3970s with a black dial have platinum cases, this particular model features an 18k white gold case, already making it incredibly rare. Leaving the countless elegance aside, the combination of Breguet hands and numerals makes it a piece unique, according to current knowledge. It was sold in 2007, post-dating the end of the production of the reference 3970 series by over two years. It was then seen at auction a decade ago before being sold this May for CHF 882,000.

Patek Philippe ref. 866/5 “The Wine Glass by Vermeer” – Lot 500 at Antiquorum

One of my personal highlights of the weekend, it was quite magical to handle one of the works of master enameller Suzanne Rohr. Previously undiscovered, it was kept by the original family that commissioned it for the past 45 years. The unique beauty of the original Vermeer painting, depicted by the incomparable talent of Suzanne Rohr, makes it quite difficult to describe, so I’m not surprised at all by the result it achieved at CHF 562,500.

Vacheron Constantin ref. 6448 “Unique Piece” – Lot 57 at Phillips

Despite not being the lot with the highest estimate, this watch was by far the most talked about during the weekend in Geneva. And while I agree it doesn’t translate in pictures as much as it does in real life, I’ll do my best to make you fully understand this watch. It is the only platinum piece of a 3-watch series marking the end of Vacheron Constantin’s minute repeater production for 30 years. Amongst the three watches, it was the only one offered in a very understated, fully brushed case, which while being incredibly modern for the era, beautifully contrasts with the opulence of the diamond markers. The family that bought it in 1961 in Mexico kept it to this day, and the watch probably never saw the outside world, given how perfect the condition of the case is.

The crisp details resonate against a simple design that eliminates anything unnecessary for the end result. This was the feeling shared throughout the room, with bids quickly adding up, leading to a final hammer price of CHF 698,500.

Other highlights

There were so many notable watches that went under the hammer, so it’s hard to pick just a handful! Here were some other notable results.

Cartier Crash NSO ‘Nickelé’ Dial – Lot 17 at Christie’s

Part of Cartier’s “New Special Order” program, this Crash features a ghost configuration in white gold with a grey anthracite dial. The now-defunct program allowed important collectors to design their dream watches in terms of materials and dial colours, albeit with some restrictions. While most of these watches usually don’t go up for auction, given the personal connection to their owners, this specific piece, with its captivating colour configuration, realised CHF 756,000.

Philippe Dufour Simplicity “Unique” – Lot 129 at Phillips

Philippe Dufour doesn’t need any introduction, but his foundation may. The Philippe & Elisabeth Dufour Foundation gives back to those in distress, in this case by auctioning off one-off timepieces provided by several brands. This Simplicity piece unique leads the way with an iridescent dial crafted from butterfly wings. It’s the first time the master watchmaker uses this very technique on the dial of one of his watches, which remains in all other aspects a quintessential Philippe Dufour in all its glory. All proceeds of CHF 647,700 will be donated to his charity.

André Beyner & Maurice Grimm Project P 29, Prototype N°1 – Lot 244 at Antiquorum

This collaboration between Beyner and Grimm was born as Project P 29, a technically impressive watch at a time of uncertainty due to the popularisation of quartz movements. After being offered to several brands, Georges Golay in 1981 recognised the potential of this ultra-thin tourbillon wristwatch and acquired the project for Audemars Piguet. This then led to the first automatic tourbillon wristwatch ever produced, and this very model, coming directly from the family of André Beyner, it’s the first prototype of it. This milestone went for CHF 187,500.

Christian Klings Desmodromic – Lot 113 at Phillips

It’s the very first time that the unique Christian Klings Desmodromic comes to auction. Consigned by the original owner, it’s one of just 35 watches made by the master watchmaker in a span of a 30-year career. This specific escapement, a shock-resistant single-beat chronometer escapement with pivoted detent, took four years to be developed, and it’s worth every penny of the CHF 355,600 it raised.

Rolex Cosmograph Daytona ref. 116500LN Asprey piece unique – Lot 790 at Antiquorum

Rolex, on paper, never releases (and has never released) piece uniques. However, in very rare situations – such as a combination of an excellent relationship with an iconic retailer and a good dose of good timing – sometimes you have watches like this being born. Since 1970, Asprey has been the official supplier of Rolex watches for the Sultan Qaboos of Oman, delivering special models featuring the Khanjar logo. This doesn’t feature one, but shows an unusual purple dial in the same tone as Asprey’s own colour, which, together with a 1/1 engraving on the back, makes it unique enough to reach CHF 175,000.

F.P. Journe Tourbillon Souverain Ruby Heart – Lot 116 at Phillips

I’d like to finish our selection with this captivating Tourbillon Souverain, which now holds the crown for the most expensive F.P. Journe Tourbillon Souverain ever. Part of a limited edition of 20 pieces, it has a ruby heart dial – which, being a natural material, features different textures, making each one of them effectively unique. Sporting a 40mm platinum case with a matching bracelet, it was one of the heaviest watches I have ever held, and very heavy was also the result achieved at CHF 1,633,000.