Key Highlights
- Patek Philippe Ref. 2499 First Series in 18K pink gold sold at Phillips Hong Kong Watch Auction XXII on 30 May 2026 for HK$80,370,000 / US$10,255,212.
- The result is the highest price ever achieved for any timepiece sold at auction in Asia.
- A new world auction record for the Patek Philippe Ref. 2499 reference is established.
- Only four examples of the First Series in pink gold carry the Vichet case; this is the sole known example bearing British hallmarks.
- All five wristwatches ever sold for over US$10 million at non-charitable auction have been handled by Phillips.
A Refined Overview
On 30 May 2026, a single lot redefined what Asian auction markets are capable of absorbing. Phillips in Association with Bacs & Russo offered the Patek Philippe Ref. 2499 First Series in 18K pink gold against an estimate of HK$24,000,000–48,000,000, and the room responded with a final hammer that placed the total at HK$80,370,000, or US$10,255,212. The result landed more than 67 per cent above the top estimate.
This is the first time a Ref. 2499 First Series in pink gold has ever appeared at auction in Asia. The sale simultaneously sets a new world auction record for the reference and earns the watch the title of the most expensive timepiece ever sold at auction in the region.
Design and Rarity
Introduced in 1951 and produced over a 35-year run, the Ref. 2499 has a total output of only 349 examples across all series. The First Series appeared in both yellow and pink gold; of those in pink gold, only four carry the coveted Vichet case construction.
The present watch carries a distinction that sets it apart from every other known example: it is the only Ref. 2499 First Series in pink gold stamped with British hallmarks. Manufactured in 1951, imported to London in 1955, and retailed in 1956, the case back displays both a British import mark and a Swiss hallmark, alongside the London “U” date letter and the “Ω” import mark confirming 18K gold content. That documentary chain, spanning three countries and half a decade, adds a layer of provenance that purely mechanical rarity alone cannot replicate.
Market Position
To date, five wristwatches have sold for over US$10 million at non-charitable auction, and every one of them passed through Phillips — across Geneva, New York, and now Hong Kong. That consistency speaks to the depth of the house’s client network and to the particular collector profile that Phillips cultivates in Asian markets.
The Ref. 2499 perpetual calendar chronograph is celebrated as one of the most complicated and iconic timepieces ever created by Patek Philippe, and comparable benchmark results from the house reinforce the context. Paul Newman’s Rolex Daytona reference 6239 achieved CHF 17,709,894 at Phillips New York in October 2017, while a Patek Philippe reference 1518 in stainless steel realised CHF 14,190,000 at Phillips’ DECADE ONE sale in November 2025. The Ref. 2499 now joins that select tier.
Why Collectors Care
For a GCC collector considering grand-complication vintage Patek Philippe at the top of the market, this result carries practical significance beyond the headline figure. Phillips in Association with Bacs & Russo held the world record for the most successful single watch auction with its DECADE ONE sale, which realised US$83 million in 2025, and its watches department has surpassed US$200 million in annual sales for five consecutive years. That commercial infrastructure shapes both price discovery and liquidity for comparable references.
The Ref. 2499 occupies a position at the intersection of mechanical ambition and documentary scarcity. Its perpetual calendar and chronograph complications were produced across four distinct series over 35 years; First Series examples have always commanded a premium, and pink gold examples within that group are rarer still. A piece with certified British hallmarks and a traceable London retail history is, by any objective measure, a once-in-a-generation offering for the Asian market.
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Frequently Asked Questions
What is the Patek Philippe Ref. 2499 First Series in pink gold, and why is it so rare?
The Patek Philippe Ref. 2499 is a perpetual calendar chronograph introduced in 1951 and produced over a 35-year run, with only 349 examples made in total. Of those produced in the First Series, only four in pink gold feature the coveted Vichet case. The example sold at Phillips is the only known Ref. 2499 First Series in pink gold bearing British hallmarks, making it historically unique.
How much did the Patek Philippe Ref. 2499 First Series sell for at the Phillips Hong Kong Watch Auction XXII?
The watch sold for HK$80,370,000, equivalent to US$10,255,212, against a pre-sale estimate of HK$24,000,000–48,000,000. This result makes it the most expensive timepiece ever sold at auction in Asia and establishes a new world auction record for the Patek Philippe Ref. 2499.
What makes the British hallmarks on this Patek Philippe Ref. 2499 historically significant?
Manufactured in 1951, the watch was imported to London in 1955 and sold in 1956. Its case back carries both a British import mark and a Swiss hallmark, along with the London 'U' date letter and the 'Ω' import mark for 18K gold. It is the only known example of the Ref. 2499 First Series in pink gold to bear this distinction.
How does this result rank among the highest prices ever achieved for a watch at auction?
To date, only five wristwatches have sold for over US$10 million at non-charitable auction, and all five were sold by Phillips across Geneva, New York, and Hong Kong. The previous world auction record for the Ref. 2499 was also reset by this sale.
Where was the Phillips Hong Kong Watch Auction XXII held, and when did it take place?
The auction took place on 30 May 2026, hosted by Phillips in Association with Bacs & Russo at their Hong Kong premises in the WKCDA Tower, West Kowloon Cultural District.
