Under the direction of Swiss auctioneer Aurel Bacs, Phillips achieved total proceeds of 92 million Swiss francs, or $112.3 million, at the President Wilson Hotel in collaboration with Bacs & Russo on November 7 and 8. According to a statement, this was the first time a single live watch auction had surpassed the $100 million mark. Phillips only reported a sales record in May, and sales have now risen by almost a quarter again.

All 217 lots offered found a buyer. Seventeen timepieces fetched more than 1 million Swiss francs, and in total 24 world records were set, according to the auction house. All stated prices include the buyer's premium.

A Swiss order becomes a million-franc object

The story behind the most expensive piece is unusual. In 2002, the Swiss watch retailer Les Ambassadeurs commissioned François-Paul Journe to produce five Chronomètres à Résonance with a specially engraved dial. However, only two of the five planned watches were delivered.

The "Régence" now auctioned is the only example with a hand-engraved rose-gold dial with a diamond pattern. The 38-millimeter platinum case houses an early brass movement with two balances that oscillate together according to the resonance principle.

Phillips had estimated the value at 1 million to 2 million Swiss francs. After an intense bidding battle, the hammer fell at 7.1 million Swiss francs. Including the buyer's premium, the buyer paid 8.68 million Swiss francs.

F.P. Journe dominates the top prices

The success was not an isolated case. In total, 13 F.P. Journe watches brought in 31.8 million Swiss francs. That means more than a third of the total auction proceeds came from just 6 percent of the lots offered.

Particularly sought after was a Chronomètre à Résonance "Tokyo Boutique," created in 2007 as a series limited to 12 pieces. It fetched 6.15 million Swiss francs, although its upper estimate had been only 800,000 Swiss francs. A diamond-set Vagabondage III reached 5.06 million Swiss francs, while an early production model of the Chronomètre à Résonance from 1999 brought in a further 4.94 million Swiss francs.

These results underscore the rise of independent watchmakers. For decades, the international collector market was dominated primarily by the major brands Patek Philippe and Rolex, but today even the rarest creations from smaller manufactures command exceptional prices.

Patek Philippe and Rolex remain in demand

The traditional Swiss brands did not need to hide. A Patek Philippe reference 1436 from 1945 fetched 6.27 million Swiss francs, making it one of the most expensive pieces in the auction. The stainless-steel split-seconds chronograph is a particularly rare piece. According to Phillips, only two examples are known to exist with the original combination of steel case and original dial.

Rolex was also represented by several exceptional pieces. A yellow-gold reference 6062 "Stelline" with calendar and moon phase fetched 2.33 million Swiss francs. It came from an owner in Japan.

A Rolex Daytona "John Player Special" fetched 1.91 million Swiss francs. Particular interest was also drawn by the collection of Italian watch expert Pucci Papaleo. Fifteen of his historical Rolex chronographs brought in a combined 3.78 million Swiss francs. The most expensive piece was a likely unique rectangular Rolex reference 3830 "Verga" from 1941, which sold for 1.27 million Swiss francs.

Cartier sets a world record with a table clock

One of the most remarkable hammer prices, however, went not to a wristwatch but to an almost 100-year-old table clock. The Cartier Portico Mystery Clock No. 4 from 1924 fetched 4.82 million Swiss francs. This set a new auction record for a Cartier timepiece.

The clock is reminiscent of an Asian temple gate. Its hexagonal rock crystal dial appears to float between two columns. The diamond-set hands also seem to move without any visible connection to the movement. Cartier produced only six such Portico clocks between 1923 and 1925. The No. 4 now sold is the only one with a hexagonal dial. It was previously owned by Alain Cartier, a descendant of the founding family, and was last auctioned publicly in 1996.

Million-franc prices also for small manufactures

The results for other independent watchmakers underscore this trend. A Simplicity by Swiss watchmaker Philippe Dufour fetched 1.97 million Swiss francs.

A Vingt-8 Inversé by Finnish-Swiss watchmaker Kari Voutilainen brought in 1.52 million Swiss francs.