Phillips in Association with Bacs & Russo achieved a historic milestone at The Hong Kong Watch Auction: XXII in May 2026, totaling over US$51.5 million. This performance represents a 90% year-on-year growth and sets a new record for the highest watch auction total in Asia. The sale saw intense global competition with registered bidders from 64 countries, resulting in eight timepieces surpassing the US$1 million mark and multiple world records for specific references.
The auction's crowning achievement was the sale of a Patek Philippe Ref. 2499 First Series in 18K pink gold, which fetched US$10.2 million, becoming the most expensive wristwatch ever sold at auction in Asia. Other significant results included record-breaking prices for independent watchmakers, such as F.P. Journe’s 'Chine 2010' Tourbillon Souverain and Philippe Dufour’s stainless steel Simplicity. These results underscore the continued strength and depth of the high-end horological market in the region.