Patek Philippe Headlines Phillips’ Hong Kong Watch Auction: XXIII

Nine Patek Philippe wristwatches lead the November sale of Phillips in Hong Kong, from a 1952 ref. 2499 First Series in yellow gold to a possibly unique platinum ref. 3990P-011 with a salmon dial.

On 21 and 22 November 2026, Phillips in Association with Bacs & Russo opens The Hong Kong Watch Auction: XXIII at its Asia headquarters in the West Kowloon Cultural District. The house presents the season’s first highlights as a group of rare and important Patek Philippe wristwatches, and the sale carries the highest pre-sale estimate of any watch auction Phillips has held in Hong Kong to date. It follows the spring season, when a ref. 2499 First Series in pink gold became the most valuable timepiece ever sold in Asia.

A single thread unites the Patek Philippe line-up: Genevan high complication, followed across seven decades. The perpetual calendar chronograph appears in its founding references, then in precious-metal and gem-set interpretations, and finally in the grand complications of the modern era.

Patek Philippe at a Glance

• Patek, Czapek & Cie was founded in Geneva on 1 May 1839; the name Patek, Philippe & Cie dates from 1851.
• The Stern family has guided the Maison since 1932, and Thierry Stern, of the fourth generation, has been President since 2009.
• The ref. 1518 of 1941 was the first serially produced perpetual calendar chronograph wristwatch.
• The Patek Philippe Museum, opened in Geneva in 2001, holds around 2,500 watches, automata and precious objects.
• In 2026 the Maison celebrates fifty years of the Nautilus.

Patek Philippe, 1839-2026: The Maison in Eleven Milestones

The Perpetual Calendar Chronograph, From 1518 to 2499

The leading lot is a ref. 2499 First Series in 18k yellow gold, made in 1952. Its Wenger-made case keeps crisp proportions, its original finishing and deeply struck hallmarks, and it has acquired a warm, even patina over decades of careful keeping. It belongs to the earliest known sequence of Wenger-cased ref. 2499s and returns to the market after 37 years. Phillips estimates it at HK$12,000,000-24,000,000 (US$1,500,000-3,000,000).

Its ancestor, the ref. 1518, appears here in 18k pink gold from 1951. Approximately 58 pink gold examples are believed to have been produced, and this watch is thought to be among the last of them. Its Vichet case remains sharply defined, and the dial carries calendar indications in Spanish. It comes to auction for the first time in 24 years, estimated at HK$8,000,000-16,000,000 (US$1,000,000-2,000,000).

A third perpetual calendar completes the chapter: a ref. 2497 First Series in yellow gold from 1953, the sole vintage perpetual calendar by the Maison with centre seconds. Just 180 movements were made for the ref. 2497 and the ref. 2438/1 together, housed in a generous 37 mm case (estimate HK$2,400,000-4,800,000, US$300,000-600,000).

Platinum, Salmon and Emerald

The ref. 3990, the first diamond-set perpetual calendar chronograph wristwatch from the manufacture, counts 17 known examples. The ref. 3990P-011 offered in Hong Kong, circa 2006, is the sole known example in platinum with a salmon dial, a configuration confirmed by its original Certificate of Origin. Diamonds set the bezel and the indexes. It makes its auction debut with an estimate of HK$12,000,000-24,000,000 (US$1,500,000-3,000,000).

The ref. 5074P-021 combines a self-winding perpetual calendar, moon phases and a minute repeater on cathedral gongs in a 42 mm platinum case. Made in 2016, the final year of the reference, it carries a bespoke silver dial with emerald hour markers at 3, 6, 9 and 12 o’clock, and is believed to be the first gem-set platinum example to appear publicly (estimate HK$5,000,000-10,000,000, US$640,000-1,280,000).

Grand Complications and the Art of Enamel

Introduced in 2001 as the world’s most complicated wristwatch, the Sky Moon Tourbillon ref. 5002P unites twelve complications across two dials, among them a minute repeater on cathedral gongs, a tourbillon, a perpetual calendar with retrograde date and a sky chart. The example offered is still single-sealed, presented by its original owner with its Certificate of Origin, COSC certificate and accessories, with an estimate in excess of HK$8,000,000 (US$1,000,000).

The ref. 5303R-001 Minute Repeater Tourbillon in pink gold, circa 2021 and retailed by Tiffany & Co., brings the hammers and gongs to the dial side, so that the striking work can be seen as well as heard. It is the second publicly known example to reach auction (estimate HK$4,800,000-9,600,000, US$600,000-1,200,000).

Two mid-century pieces complete the selection. The ref. 2481 in pink gold from 1954 carries a “Tropics” cloisonné enamel dial in vivid blue, green and yellow, one of seven known pink gold examples with this motif (estimate HK$5,000,000-10,000,000, US$640,000-1,280,000). The ref. 1436, introduced in 1938 as the first serially produced split-seconds chronograph wristwatch by Patek Philippe, appears in a “Pink on Pink” example of 1940: one of five known pairing a pink gold case with a pink dial, and the earliest to appear publicly. Its Extract from the Archives confirms the production date, the rose dial and the tachymeter scale (estimate HK$2,400,000-4,800,000, US$300,000-600,000).

From the Highlights Tour to West Kowloon

The highlights travel ahead of the sale: New York, Singapore, Hong Kong and Taipei in October, then the Hotel President Wilson in Geneva from 4 to 8 November and The St. Regis Singapore on 13 and 14 November, alongside IAMWATCH. The Hong Kong preview welcomes visitors daily from 11am to 7pm, 16 to 22 November, at 1/F, WKCDA Tower, 8 Austin Road, West Kowloon.

The sale also presents a Rolex Daytona ref. 6239 “John Player Special” in yellow gold and a one-of-a-kind Cartier Crash, together with a selection from Part II of the “A Connoisseur’s Journey” collection. Readers who followed the Geneva Watch Auction: XXIV will recognise the same attention to provenance and preservation. Estimates are quoted before buyer’s premium.