Five Observations From the 2025 Spring Geneva Watch Auctions

After an exciting extended weekend, the 2025 Spring Geneva Watch auctions have ended. Over the two-day event, Phillips’ Geneva Watch Auction: XXI brought in a remarkable total of CHF 43.4 million (approx. $52 million), with the final tally more than doubling the pre-sale estimate.

Meanwhile, reaching CHF 21.2 million (approx. $25.2 million) in a single day, Christie’s also posted strong results, with 44% of lots selling above their estimates. Once you factor in the just-concluded auctions from Sotheby’s and Antiquorum, this watch auction season delivered a clear boost to the overall watch market.

Among the lots we previewed before the auctions, the F.P. Journe Tourbillon Souverain “Heart of Ruby” sold for a jaw-dropping CHF 1,633,000 (approx. $1.94 million).

In the head-to-head battle of the world’s thinnest mechanical watches, the Richard Mille RM UP-01 Ferrari achieved CHF 756,000 (approx. $906,000), while the Konstantin Chaykin ThinKing Final Prototype reached CHF 508,000 (approx. $609,000).

After spending 14 years at Breguet, Daniel Roth founded his namesake brand in 1988 and is considered a pioneering figure in independent watchmaking. From 1988 to 1995, Roth maintained complete control of his atelier, producing high-end, complicated timepieces, and it is believed that only about 2,000 watches were made during this period.
 

The combination of original, ingenious designs and extreme rarity continues to drive collector interest in early Daniel Roth creations. So, with 14 Daniel Roth watches up for grabs at this year’s spring Geneva auctions, it’s no wonder that 11 of them sold above the estimates.
 

Among these, Lots 46 and 155 at the Phillips auction stood out as examples from the pre-1995 period. However, it was Lot 55 – a Ref. C187 Tourbillon “Double Face” from 1988 – that really stole the show.

This watch features Roth’s signature double-ellipse case and a prominent tourbillon with a unique triple-arm seconds hand. On the reverse side, it displays a pointer date and a power reserve indicator. The watch is part of a 20-piece limited edition in stainless steel, which adds to its rarity.
 

It was ultimately sold for CHF 285,750, a whopping 165,750 Swiss francs over the high end of the estimate.

Historic watch brand Urban Jürgensen experienced an impressive revival between 1982 and 2010 under master watchmaker Derek Pratt. During this period, eleven exceptional references, Ref. 1 through Ref. 11, were created. This auction season saw both Ref. 1 and Ref. 2 offered, drawing strong interest and competitive bidding.
 

Among them, the Antiquorum auction’s Lot 738 – an Urban Jürgensen Ref. 1 housed in a yellow gold case – stood out.

Produced between 1982 and 1986, the Ref. 1 was limited to just 186 pieces. Lot 738 belongs to this rare group and features a triple calendar, moon-phase, and a chronograph. The dial was hand-turned with two distinct guilloché patterns for the center and sub-dials.
 

This handmade timepiece from the Derek Pratt era found a new home at a final price of CHF 81,250.

For anyone wondering whether interest in the Cartier Crash might be fading, the Geneva auctions offered a clear answer. Four iconic Crash examples, each with the model’s signature asymmetrical and curvy case, and dial colors ranging from cream to gray and green, brought in over CHF 1.5 million (approx. $1.8 million) across three auction houses.
 

One standout was Christie’s spectacular Lot 17, a Cartier Crash Ref. 4131, featuring a rarely seen “Nickelé” gray dial in a white gold case.

Produced in 2021, this piece was commissioned through Cartier’s highly selective New Special Order (NSO) program, available to only a very small group of VIP clients. With Cartier recently ending the program, such unique creations are expected to become even rarer.
 

After 5 minutes of fierce bidding, this gray Crash sold for an astonishing CHF 756,000, a jaw-dropping 506,000 Swiss francs over the high estimate.

The spring Geneva auctions marked a milestone for several young independent brands that made their auction debut. Krayon’s 15-piece limited edition Anywhere Métiers d’Art Azur, featuring a sunrise and sunset display, sold for CHF 215,900.
 

Meanwhile, Los Angeles-based Havid Nagan saw its Classic One prototype reach over CHF 25,400, a significant jump from its original list price of CHF 8,000.
 

The biggest highlight among the small indie brands was the Chronomètre Artisans by Simon Brette. Winner of the 2023 GPHG Horological Revelation Award and highly sought after by collectors, this was the dazzling timepiece’s first time at auction, and it captured attention with its bold design and exceptional finishing, carried out by top-notch artisans in the industry.
 

The eagerly anticipated lot achieved a final price of CHF 203,200, firmly establishing Simon Brette as a rising star in independent watchmaking.

Across three spring auctions, 23 F.P.Journe timepieces went under the hammer, and 18 sold above their estimated price ranges, proving once again that, even in today’s uncertain watch market, demand for F.P.Journe appears stronger than ever.

Rather than focusing on the headline-grabbing pieces, let’s turn our attention to the entry point of the Journe lineup: the Chronomètre Souverain. This year marks the 20th anniversary of the model, first introduced in 2005. At the Phillips auction, two rare and highly collectible examples were offered.
 

The first was a Chronomètre Souverain “Black Label,” produced in extremely limited numbers, with each boutique receiving only two pieces per year. This particular example was in pristine condition and bore the serial number 888.

The second was a green-dial Chronomètre Souverain “Dubai Boutique,” one of just 99 made.
 

The Black Label and the Dubai Edition sold for CHF 127,000 and CHF 139,700, respectively.

So long, Geneva. Next stop: the Hong Kong Auctions.