Story Highlight
– Phillips’ Geneva auction achieved record $112.3 million total.
– Average price per lot reached $517,406.
– New York overtakes Geneva in average lot price.
– Rising tariffs reshaping watch auction dynamics.
– Upcoming New York auction expected to set records.
Full Story
Phillips’ recent Geneva watch auction achieved record-breaking sales, underscoring the unwavering global appetite for exquisite timepieces. However, shifting dynamics due to escalating US import duties may be tilting the competitive landscape in favour of New York, which recently recorded higher average prices per lot than Geneva for the first time during this year’s spring auctions.
The US tariffs on imports, combined with a declining dollar, are reshaping the international watch auction scene, potentially giving New York a strategic edge as affluent collectors vie for prestigious watches.
In Geneva, Phillips managed to generate an impressive $112.3 million from 217 lots at its latest auction, marking the highest total ever recorded at a live watch auction. The average price per lot reached $517,406, reflecting the considerable sums collectors are willing to pay for rare brands such as Patek Philippe, Rolex, and F.P. Journe.
Despite the substantial sales figures, the auction was marked by the absence of any lots reaching CHF 10 million, even though 17 lots surpassed CHF 1 million. Notably, an F.P. Journe Chronomètre à Résonance “Régence” did exceed the $10 million mark, fetching CHF 8.68 million ($10.59 million).
Speculation arises that American bidders may be refraining from placing their highest offers in Geneva due to the impact of import tariffs, leading them to await equivalent masterpieces at New York auctions.
Indications suggest a potential shift in the balance of power between the two auction hubs. At Phillips’ spring auctions earlier this year, New York’s average selling price rose to $479,792, outpacing Geneva’s average of $430,036. In June, New York achieved remarkable results, with 158 watches generating $75.8 million, considerably lower than Geneva’s May total of $96.3 million from 224 successful lots, but with a higher average price.
This turnaround contrasts the historical trend where Geneva traditionally commanded higher prices. Analysts point to tariffs imposed during the Trump administration, which have significantly increased the costs associated with importing watches into the US.
The current tariff rate established in 2025 adds approximately 12.5% to the cost of Swiss imports. With the dollar’s depreciation, a watch priced at CHF 10 million in Geneva would have previously cost an American buyer about $10.65 million, but now that same price translates to around $12.2 million, plus the additional import duty making it $13.73 million.
For American collectors, acquiring a watch already available in New York is becoming more appealing than purchasing a similar piece that must be imported from Switzerland.
Paul Boutros, deputy chairman and head of watches for the Americas at Phillips, has acknowledged these tariff implications, expressing concerns that they might deter American bidders from participating in auctions in Geneva and Hong Kong. In response, Phillips has adapted its strategy to encourage the consignment of watches already located in the US.
Boutros highlighted that American buyers benefit from the lack of new import duties on these transactions, while a comparatively weaker dollar enhances the allure of New York auctions for international bidders. He noted that this approach has successfully prompted American owners to introduce significant works into the auction market, thereby bolstering New York’s value.
Despite fears of a retreat by American bidders from international auctions, the reality has shown robust participation, with American collectors remaining a top source of bids across Phillips’ international venues.
Looking ahead, Phillips has termed its upcoming New York Watch Auction: XV, scheduled for December 5–6, as the most valuable watch auction ever held in the United States. Among the significant lots is a highly sought-after pink gold Patek Philippe Ref. 2499 second-series perpetual calendar chronograph, anticipated to exceed $3 million.
The auction will also feature a valuable collection of early F.P. Journe models, including a second-generation Tourbillon Souverain and a pre-Souscription Chronomètre à Résonance in pink gold. With 196 lots currently catalogued, up from 144 during the same season last year in New York, Phillips aims to further gauge the strength of demand for luxury watches in the American market.
