The current state and peak of luxury watches as seen at the 2025 Hong Kong auction

This may be a bit sudden, but have you ever witnessed the moment when a single wristwatch becomes worth hundreds of millions of yen?
Watches are truly works of art, distinct from the practical everyday items they are used in. At the forefront of this enthusiasm are global watch auctions.

The results of the recent Phillips "The Hong Kong Watch Auction: XXI (HK080425)" have been announced.
The price paid for the top lot was a whopping several hundred million yen. Looking at the numbers alone, you might think it's a story from another world, but in fact, there are important clues hidden here that can help you understand future trends in the watch market as a whole.

This time, we will take a look at the high-end models that sold for high prices at this auction, and explain in an easy-to-understand way even for beginners why they were so highly valued and what collectors are currently interested in.

*This is an AI-generated image.

The overwhelming champion: Patek Philippe's "complications"

First of all, what is immediately clear from this ranking is the overwhelming strength of Patek Philippe , with Patek Philippe accounting for 9 of the top 11 sales.

The top prize went to the Ref. 5002P-001 "Sky Moon Tourbillon," which sold for an astounding HK$14,970,000 (approximately 300 million yen at the exchange rate on the day of the auction) .

[For beginners] Why is it so expensive?

You may be wondering, "Why a machine that just tells time?" This watch is like a planetarium and orchestra on your wrist.
It is equipped with 12 special functions (complications) and even features a "sky chart" on the back that shows the constellations of the night sky. It has 686 parts and is assembled by hand by craftsmen, so it is no longer an industrial product but a work of art.

[Collector's Perspective] The Rarity of Platinum Cases

The Ref. 5002 itself was only produced between 2001 and 2012, but the weight and brilliance of this "platinum case" model are in a class of their own.
In addition, the top spots were dominated by grand complications that represent the pinnacle of Patek Philippe's technology, such as the Ref. 5531R (World Time Minute Repeater) in 4th place and the Ref. 5208P (Triple Complication) in 5th place. The mere fact that these watches have been released onto the market is news in itself, so it's no surprise that their prices have skyrocketed.

*This is an AI-generated image.

A legendary lineage passed down as an "asset"

When talking about Patek Philippe, one thing that cannot be left out is the lineage of "perpetual calendar chronographs." This auction featured all of these models from throughout the years, and each one sold for a high price.

• Ref. 1518 (Lot 936): First model. Sold for HK$6,350,000.
• Ref. 2499/100 (Lot 1014): Fourth-generation "MK I". Sold for HK$8,890,000.
• Ref. 3971 (Lot 998): The legendary second series. Sold for HK$10,130,000.
• Ref. 3970ER (Lot 929): A modern masterpiece. Sold for HK$6,096,000.

Of particular note is that the second series of the Ref. 3971 exceeded HK$10 million (approximately 200 million yen). Compared to its sibling, the Ref. 3970, the production numbers were extremely low, making it a model considered a "mythical" item among collectors.
The Reference 2499/100 also fetched a high price due to its excellent condition. Described in the catalog as a "magical find," this condition is unmatched in vintage watches.

Historic masterpieces continue to be valued as, or even more than, they deserve, even as time passes. This fact is the very reason why luxury watches are called "wearable assets."

*This is an AI-generated image.

The moment when "story" determines value

One of the notable lots this time was Ref. 2597/1 "The Australian Pink Travel Time" (Lot 993) .
The winning bid was HK$6,604,000. However, the true value of this watch lies in its provenance.

"The world's only double-named pink gold watch, specially ordered by the prestigious jeweller Gubelin from Patek Philippe for its owner, who had it stolen in 1976."

Isn't this an episode that sounds like something out of a movie?
This watch, which was making its first public appearance in approximately 45 years, was valued not just as an industrial product, but for the history that it has embodied.
When choosing a watch, specs and design are important, but the story of who owned it and what their feelings were is also one of the things that never ceases to draw us in.

The achievement of an independent watchmaker on par with major brands

In a ranking dominated by Patek Philippe, it was the works of "independent watchmakers" that really stood out.
They are not affiliated with any organization and create watches based on their own personal philosophies, and their works are now considered art and are sought after all over the world.

• Philippe Dufour (Simplicity): HK$6,223,000
• FP Journe (Répétition Souveraine): HK$6,223,000

As the name "Simplicity" suggests, such a high price for such a simple three-hand watch is nothing but a tribute to Philippe Dufour's "ultimate hand-finishing."
The fact that not only the works of major fashion houses but also those of individual geniuses are making it into the top ranks may be an indication of the diversity and maturity of the watch industry.

*This is an AI-generated image.

This time's TOP 11 winning bids

*Calculated at 1 HKD = 20.0 yen (estimated rate as of November 23, 2025)

Future market outlook: What will be the "value"?

The results of this auction show the maturity of the market.
It goes beyond the stage where a watch is simply priced because it is a popular model; the watch's intrinsic value, such as its "exceptional condition," "solid provenance," and "rare complex mechanism," is strictly assessed.

Patek Philippe's vintage and grand complications will likely continue to perform strongly as "blue chips" (high-quality assets).
At the same time, the artistic value of the works of independent watchmakers is becoming more widely recognized, and their status as assets is steadily solidifying.

For those of you looking to purchase a watch, focusing on this "intrinsic value" should be the first step to building a great collection.

summary

What did you think?
The world of watches worth over a billion yen may seem like a distant dream, but the passion for "beauty" and "stories" that are valued there is something that is also shared by the watches we wear every day.

At Commit Ginza, we keep a close eye on these global trends and strive to offer our customers a truly valuable piece.
We are happy to answer any questions you may have, such as "I want to know the value of my watch" or "I'm looking for a watch with great value." Please feel free to visit our store.

I look forward to discussing watches with you all.