A Look Back at 2025 Fall Watch Auctions
By Eric Wind
Fall of 2025 provided the watch world with a fruitful season of watch auctions, proving the strength of the vintage market was in full swing. Below is a list of the watches that stood out to me from the Fall auction season in Hong Kong, New York and Geneva.
HONG KONG
Here are my highlights of the Hong Kong auctions. Generally, I don't love the vintage watches that are offered in Hong Kong, they are usually a very small percentage of the catalogs, not as much to my taste, and generally not the original condition of what we see in Geneva and New York, but there are some watches worthy of callouts here.
Phillips - November 21-23
A. Lot 993
The highlight lot is the fresh-to-market, unpolished, and full set Patek Philippe reference 2597 in pink gold. The 2597 has the buttons on the left side of the case that allow you to adjust the hour when traveling across time zones. These were not strong sellers and it took Patek 19 years from production of this watch until it finally sold in 1980. These have not moved a lot in value the last decade, this would have been about a $175k watch a decade ago. For me, I prefer the 570 and simpler watches without that travel time complication. It doesn't really add anything from my perspective and I don't love the look of the dial with the thin black hour markers. The only condition callout is that the black hand does seem to have some scratching and paint loss, but it feels like a very honest and amazing watch.
Sold for: $84,883.66
https://www.phillips.com/detail/patek-philippe/224190
B. Lot 998
This is perhaps the best 3970 or 3971 on the planet, full set, golden "doré" dial, second series with big hallmarks on the sides of the lugs - it was a special watch and sold at $1.3 million watch. Some might find the 3970 a bit small however and obviously, 2499s are cooler in many ways, but the trend is very much strong with these 3970s.
Sold for: $1,302,046.38
https://www.phillips.com/detail/patek-philippe/224804
C. Lot 1014
Speaking of 2499s, this is one of the nicest late 2499s on the planet - the reference was 2499/100 when it had a sapphire crystal. The condition is outstanding. John Lennon had a 2499/100 and if and when his watch comes up (the greatest watch I ever had on my wrist), it could break $50 million and launch all the late series examples like his to new heights. Right now, no one really talks about how he had a 2499/100.
Sold for: $1,142,664.59
https://www.phillips.com/detail/patek-philippe/225090
D. Lot 1046
I will generally refrain from commenting on my beloved pocket watch and clock picks, but this one is SICK - very unusual with a black dial and gold body. It feels like a JPS Daytona or just a great black dial in a yellow gold case watch.
Sold for: $35,912.34
https://www.phillips.com/detail/patek-philippe/225992
Christie's - John Shaw Patek Philippe Collection - November 26
A. Lot 2240
Honestly, most of this auction was full of more modern watches that don’t really appeal to me. Lot 2240, however, is a rare vintage Patek Philippe minute repeating wristwatch, the reference 2524/1 in yellow gold. Based on the video on the lot listing page, it has a nice sound, but the case did look pretty polished, unfortunately.
Sold for: $424,418.59
https://www.christies.com/en/lot/lot-6553857?ldp_breadcrumb=back
Christie's - Important Watches: Featuring "The Chronicle Part 2" and "The Eternity" Collections - November 26 and 27
A. Lot 2437
My favorite chronograph from Patek Philippe (non-perpetual calendar) is the reference 1463 or "Tasti Tondi." It has the pushers that look almost like jet turbines and was the first water-resistant chronograph made by Patek Philippe. This example is one of my all-time favorite 1463s and my jaw dropped when I first saw this watch come up for auction in 2014, where I felt it underperformed selling for 221,000 CHF. The watch was originally owned by Arnold Schweizer, the founder of Caran d'Ache pen company. It originally came up for auction in 1999. This is a first series 1463, with straighter and thinner lugs. There was apparently originally an E.S engraving on the case back that has been polished off. The case appears to be lightly polished, but is strong. The bracelet was added, but that is not a big deal. I really love it.
Sold for: $375,447.22
https://www.christies.com/en/lot/lot-6557956?ldp_breadcrumb=back
Previously times it came up:
https://www.christies.com/lot/patek-philippe-an-extremely-fine-and-rare-5790092/?intObjectID=5790092&lid=1
https://catalog.antiquorum.swiss/en/lots/patek-philippe-ref-ref-1463-lot-83-609
B. Lot 2443
This appears to be a very crisp example of the 3448 in white gold. The dial does show significant cleaning, but the case appears to possibly be unpolished. The bracelet was added, but is sick and is removable. It's rare to see these in white gold and worthy of consideration:
Sold for: $1,158,989.24
https://www.christies.com/en/lot/lot-6557962
New York
Phillips - December 6 and 7
A. Lot 17
The F.P.Journe FFC hand watch - this watch set the Journe market on fire.
https://www.phillips.com/detail/f.p.-journe/225344
Sold for: $10,755,000
B. Lot 18
Although not particularly early, I think the FFC Resonance is a special because of the Coppola provenance and there are photos of him wearing it years ago:
Sold for: $10,755,000
https://www.phillips.com/detail/f.p.-journe/225726
C. Lots 24 and 25
Lot 24 from Phillips , Lot 25 from Phillips
I love these gold Submariners in "as new" condition on Presidential bracelets.
#25 Sold for: $95,250, Sold for: #82,550
https://www.phillips.com/detail/rolex/221968
https://www.phillips.com/detail/rolex/221969
D. Lot 29
I love the "Padellone" reference 8171. This example is unpolished and very attractive and honest. It sold for $387,000 in 2018 at Sotheby's. The versions of 8171s in steel with silver/white gold hour markers and hands sell for more money than those with the yellow-gold hour markers and hands
Sold for: $635,000
https://www.phillips.com/detail/rolex/224003
Here is when it first came to market:
https://www.sothebys.com/en/auctions/ecatalogue/2018/important-watches-n09952/lot.78.html
E. Lots 69 and 70
Lot 69 from Phillips , Lot 70 from Phillips
I am not the biggest fan of 38mm Journe steel set watches, but this Tourbillon and Resonance are rare and nice:
#69 Sold for: $1,130,300
#70 Sold for: $927,100
https://www.phillips.com/detail/f.p.-journe/225264
https://www.phillips.com/detail/f.p.-journe/225265
F. Lot 76
This Scientigraf is a very rare and funky watch, probably not for everyone, but definitely something I want to see:
Sold for: $22,860
https://www.phillips.com/detail/eberhard/225059
G. Lot 94
This Duality is a very special watch and number 1 made. Personally, I find these a little bit small at 34mm, but they are a grail Dufour.
Sold for: $3,085,000
https://www.phillips.com/detail/philippe-dufour/226566
H. Lot 95
This Simplicity 1 and also extremely special as a result, but I prefer the Simplicity models in white metals:
Sold for: $1,168,400
https://www.phillips.com/detail/philippe-dufour/226760
Sotheby's - December 8
https://www.sothebys.com/en/buy/auction/2025/important-watches-2
A. Lot 21
This is a gorgeous Patek Philippe reference 1463 in yellow gold with a two-tone dial. It is not an earth-shattering watch in terms of rarity or condition as the case is lightly polished, but as mentioned previously, I love the 1463.
Sold for: $190,500
https://www.sothebys.com/en/buy/auction/2025/important-watches-2/reference-1463-tasti-tondi-a-yellow-gold
B. Lot 32
This is an exceptional clock that I love, but I will leave it at that.
Sold for: $2,734,000
https://www.sothebys.com/en/buy/auction/2025/important-watches-2/a-historically-important-and-previously-unknown-2?locale=en
C. Lot 62
This is a mint "Big Red" reference 6263. It is hard to find them in this condition:
Sold for: $241,300
https://www.sothebys.com/en/buy/auction/2025/important-watches-2/reference-6263-n-o-s-big-red-daytona-a-stainless?locale=en
D. Lot 65
This Pre-Daytona reference 6234 has a rare black dial and appears to be gorgeous, although the case is a bit polished:
Sold for: $177,800
https://www.sothebys.com/en/buy/auction/2025/important-watches-2/reference-6234-pre-daytona-a-stainless-steel-2?locale=en
E. Lot 170
This "Big Crown" Submariner 6538 appears to be beautiful and in great condition, but has the radium issue.
Sold for: $431,800
https://www.sothebys.com/en/buy/auction/2025/important-watches-2/reference-6538-submariner-big-crown-james-bond-a
F. Lot 144
I love the commemorative astronaut-issued gold Speedmasters and this appears to be in great condition.
Sold for: $165,100
https://www.sothebys.com/en/buy/auction/2025/important-watches-2/reference-ba-145-022-69-speedmaster-gus-grissom-a?locale=en
GENEVA
November 8-9: Phillips
https://www.phillips.com/auction/CH080425
A. Lot 23
The top lot is the steel 1518. It is one of five privately known (four publicly known) and was last sold in 2017 for $11 million. The dial has been reprinted on this example three times. It is a beautiful and well-known example and the first one made. I love white metal Patek Philippe watches. It broke the record this year for a vintage wristwatch.
Sold for: $17,876,150.49
https://www.phillips.com/detail/patek-philippe/222585
B. Lot 34
The gold Rolex "Paul Newman" Daytona reference 6239 that Phillips nicknamed "The Golden Pagoda" is generally considered the nicest gold PN 6239. For me, I think I prefer the more common JPS and examples with a black acrylic bezel. It last sold in 2018 for 948k CHF, which was over $1 million
Sold for: $1,359,922.79
https://www.phillips.com/detail/rolex/214103
C. Lot 97
This F.P.Journe Tourbillon Souverain "Régence Circulaire" has a beautiful dial. My understanding is that the artists who engraved these dials passed some years ago, so they will never be made again:
Sold for: $2,133,422.19
https://www.phillips.com/detail/f.p.-journe/220638
D. Lot 121
I love this Rolex Pre-Daytona reference 6238 in 14k gold. It appears to be in spectacular condition and on a gold bracelet, it would absolutely kill. It is the nicest and most attractive example I have seen with a beautiful blue track:
Sold for: $223,987.28
https://www.phillips.com/detail/rolex/223640
E. Lot 126
I love the Longines SwissAir watches, they are large and extremely rare. If you like a bigger watch on the wrist and want to try something unusual, this is worth considering:
Sold for: $55,996.82
https://www.phillips.com/detail/longines/224504
F. Lot 19
I love this Patek Philippe store clock originally sent to the retailer in Pittsburgh. They are extremely rare and a beautiful desk accessory with a beautiful movement and only come up for sale every few years:
Sold for: $43,130.13
https://www.phillips.com/detail/patek-philippe/191590
November 8-9: Antiquorum
https://live.antiquorum.swiss/auctions/1-BDFRMJ/important-modern-vintage-timepieces-geneva-november-8th-9th-2025
This is a beast of a catalog with 691 lots. I looked through and did not see any wristwatches worth pursuing. I did see a couple interesting pocket watches, but I am not sure if that is of any interest here.
November 9: Sotheby's Important Watches
https://www.sothebys.com/en/buy/auction/2025/important-watches-part-i-ge2504?locale=e
A. Lot 160
The most interesting watch is probably the 2499 first series. The case shows a very light polish and slight dial restoration, but appears to be in excellent condition and last appeared to the market in 1989. I would say it appears to be one of the nicest First Series 2499s in existence:
Sold for: $2,441,399.50
https://www.sothebys.com/en/buy/auction/2025/important-watches-part-i-ge2504/first-series-reference-2499-a-yellow-gold?locale=en
B. Lot 159
This 2497 is interesting but appears to be too polished.
Sold for: $287,534.22
https://www.sothebys.com/en/buy/auction/2025/important-watches-part-i-ge2504/reference-2497-a-yellow-gold-perpetual-calendar?locale=en
C. Lot 158
It will be interesting to monitor the 1506 market and to see how they do.
Sold for: $263,573.04
https://www.sothebys.com/en/buy/auction/2025/important-watches-part-i-ge2504/reference-1506-a-yellow-gold-chronograph?locale=en
D. Lot 131
This Cartier Tank Normale in platinum is extremely rare and special:
Sold for: $111,782.68
https://www.sothebys.com/en/buy/auction/2025/important-watches-part-i-ge2504/tank-normale-a-platinum-wristwatch-with-bracelet?locale=en
November 10: Christie's Rare Watches
https://www.christies.com/en/auction/rare-watches-23919-gnv/
A. Lot 29
This 3970 with a pink/salmon dial is spectacular. It was one of a set of 3970s made for the opening of the Geneva boutique and all four are offered double-sealed, but this is the most attractive to my eyes:
Sold for: $1,756,585.01
https://www.christies.com/en/lot/lot-6558344?ldp_breadcrumb=back
B. Lot 23
This is quite a beautiful platinum Patek made for Tiffany & Co. The dial shows some restoration, but is in overall great condition.
Sold for: $87,829.25
https://www.christies.com/en/lot/lot-6558338?ldp_breadcrumb=back
C. Lot 73
This Patek Philippe 570 with black dial is a phenomenal watch, but also phenomenally expensive for what it is. I do love it and you can see it here:
Sold for: $526,975.50
https://www.christies.com/en/lot/lot-6558388?ldp_breadcrumb=back
D. Lot 140
This 5970 is likely going to sell for a lot less than it would have it would have originally been born with the brown dial and is a great wearable watch.
Sold for: $271,472.23
https://www.christies.com/en/lot/lot-6558456?ldp_breadcrumb=back
FutureGrail: November 8-14
https://www.futuregrail.com/auctions/13-All-All
A. Lot 147
This Rolex 4113 Split is widely considered the nicest 4113. The 4113 was the first Rolex to pass a million dollars at auction, I remember watching it when it happened back in 2010. The 4113 has been passed up in interest by rare Daytonas for the current generation of collectors, but it is a very special watch and extremely large watch.
Sold for $4,717,000
https://www.futuregrail.com/auctions/Rolex/4113,-oversized-split-seconds-chronograph,-minutes-counter,-silver-dial;-“Antimagnetique”;-stainless-steel/Nov2025/147
B. Lot 149
This Patek 570 in rose gold appears to be absolutely spectacular. It is a strong estimate range, but I love the watch and it is probably the nicest 570 in rose on the planet:
Sold for $95,400
https://www.futuregrail.com/auctions/Patek-Philippe/570R,-“Gobbi-Milano”,-18K-rose-gold,-manual-winding,-centre-seconds./Nov2025/149
C. Lot 148
Some may find this watch a bit too small at 34mm, but this Patek 3514G on bracelet appears to be in spectacular condition and is at an attractive estimate range:
Sold for $27,560
https://www.futuregrail.com/auctions/Patek-Philippe/3514-G,-Retailed-by-Gubelin,-18k-White-gold,-self-winding./Nov2025/148