People, prices, and perfection in a shifting market. 

The 2025 Geneva spring auction season produced a collection of solid, albeit inconsistent, performances despite economic concerns, significant currency volatility, and changing collector trends. With a few notable events and a few surprising results, the four big houses, Phillips, Christie’s, Antiquorum, and Sotheby’s, collectively demonstrated that fine watch collecting is still strong. 

Phillips: Risks and Rewards 

With less than 200 lots and CHF 43.4 million, Phillips was the obvious winner. Although its catalog took a chance by including pocket watches and clocks that weren’t part of the popular wristwatch sector, the gamble paid off handsomely. The Breguet Sympathique No. 1, the season’s best-selling piece, brought CHF 5.51 million, confirming the company’s readiness to support both modern and historical watchmaking. Unusual items also saw good sales at Phillips, including a 1918 Charles Frodsham carriage clock that brought CHF 812,800 and the Cartier portico mystery clock No. 3, which brought CHF 3.93 million. These findings highlight a growing collecting community that is more interested in mechanical talent and provenance than just hype. 

Christie’s: Classic but Competitive 

Christie’s, which offered a more conventional collection interspersed with jaw-dropping shocks, came next with CHF 21.2 million in total sales. A Richard Mille RM UP-01 Ferrari’s hammer price of CHF 736,000 was matched by the Cartier Crash “NSO,” a stunning replica with a unique nickel-grey dial. The contrast between the two watches aptly captures the current market: one is praised for its engineering and exclusivity, while the other is praised for its design and mystique. However, visual storytelling, works that take stunning photos and flourish on social media, where popularity frequently starts, was largely responsible for both of their success. 

Antiquorum and Sotheby’s: The Specialists 

Sotheby’s and Antiquorum: With over 800 lots available, the Specialists Antiquorum made CHF 10 million. Its inventory was more accessible and broader, but the most notable item was a Breguet pendule à almanach, a magnificent carriage clock that was originally owned by Russian aristocrats and brought CHF 1.25 million. In contrast, Sotheby’s ended at CHF 6.75 million, in part because its top lot, a rare platinum Rolex Daytona “Zenith” with a mother-of-pearl dial, was withdrawn. Sotheby’s total could have increased by a third if it had sold.  

Journe: The Collector as Curator 

The season’s most significant purchaser was none other than the legendary F.P. Journe. For his soon-to-open museum in Geneva, the independent watchmaker acquired the Breguet pendule à almanach as well as the Breguet Sympathique No. 1. His purchases, which came to a total of CHF 6.76 million and represented almost 8% of the season’s total sales, demonstrate Journe’s continued status as a maker and keeper of horological history. After the sale, he said, “It is crucial for my museum,” emphasizing that some watches go beyond collecting to become part of cultural preservation. 

Market Currents and Collector Behavior 

While top pieces achieved extraordinary achievements, the broader market exhibited symptoms of discerning. Prices for independent manufacturers like Roger W. Smith decreased; a Series 1 that sold for CHF 730,000 in 2023 now only brought in CHF 355,000. Vintage categories, too, required near-mint condition to attract bids, “new old stock” models commanded premiums, while restored examples often failed to reach projections. 
Visually attractive modern timepieces, on the other hand, became increasingly popular. At Phillips, the F.P. Journe Tourbillon Souverain “Coeur de Rubis” opened to intense bidding and sold for CHF 1.63 million, exceeding all expectations. The Cartier Crash at Christie’s generated similar enthusiasm, proving that price and taste are still influenced by rarity and recognizability, even in the Instagram age. 

A Season of Paradox 

The Geneva auctions in spring 2025 were paradoxical: collectors wavered between novelty and history, clocks and wristwatches, and visual flair and technical depth. Under the show, a distinct pattern became apparent: provenance and perfection continue to be paramount. Buyers demonstrated a willingness to spend for quality, authenticity, and story, whether it was a centuries-old Breguet finding a new home or a flawless Vacheron Constantin ref. 6448 minute repeater in platinum selling for CHF 698,500. 
Geneva has again reminded the world that, at its core, exquisite watchmaking is still a human art, motivated by passion, expertise, and the pursuit of time made palpable, in an era dominated by algorithms and aesthetics.