Phillips Geneva Watch Auction set a new world record after its auction earned more than US$96.3 million in total sales.
GENEVA: Auction house Phillips has set a new world record after its latest luxury watch auction in Geneva earned more than US$96.3 million. The event became the highest-earning watch auction ever held and broke the company’s earlier records from 2021 and 2023.
The auction, called The Geneva Watch Auction: XXIII, took place on May 9 and 10 at the Hotel President Wilson in Geneva. The sale was led by watch experts Aurel Bacs and Livia Russo, who have worked with Phillips for the past 11 years.
Collectors from around the world took part in the auction, bidding on rare and expensive watches from some of the biggest luxury brands. Buyers from Europe, Asia, the Middle East and North America showed strong interest during the two-day event.
The luxury watch auction market has grown quickly in recent years as more people see rare watches as valuable investments. Many collectors now buy luxury watches not only for style and history but also because some models increase in value over time.
Industry experts say the strong results show that demand for high-end watches remains very strong despite global economic uncertainty. Online bidding has also helped attract younger buyers and international collectors who can now join auctions from anywhere in the world.
Aurel Bacs and Livia Russo are widely known in the luxury watch industry and have helped make Geneva one of the world’s top cities for watch auctions. Their partnership with Phillips continues to attract major collectors and investors to the company’s sales events.
The latest record confirms Geneva’s importance in the global luxury watch business and highlights the growing popularity of rare watches among wealthy collectors worldwide.
