Breaking News Unique Patek Philippe Steel Sonnerie Minute Repeater Sells For $17.3 Million In Return Of Only Watch

Hero image courtesy of Rich Fordon.

In our Hodinkee Radio auction preview, we talked a bit about how the controversy surrounding Only Watch has changed its perception among collectors. Now, we have some results to look at. 

Of course it couldn't be that simple with Only Watch because apparently nothing is anymore. As I woke up to live stream the sale in Geneva, I discovered the entire Christie's website and app were down for the auction. This meant no online bids were taken and all bidding was done via phone or in the auction room in Geneva. As I later learned, Christie's sent out an email to clients prior to the auction that they had "identified an IT security issue" that required them to take its website offline the night before the sale. The email notified potential bidders that the Only Watch auction would go ahead as scheduled, but that online bidding would not be available. The website remained down throughout the entire auction. 

"We are taking all necessary steps to manage this matter, with the engagement of a team of additional technology experts," a Christie's spokesman said to the New York Times, which has since covered the ongoing outage. "We will provide further updates to our clients as appropriate."

Without Christie's, I relied on WhatsApp messages from friends in the room to get the on-the-ground vibes of the sale before finding Only Watch's YouTube live stream that peaked at about 1,000 viewers.

First impressions: Look at the photo above and compare it to our 2021 report and you'll see the room is less full than three years ago. With fewer lots and the auction only re-confirmed a month ago – in addition to the aforementioned controversy – this isn't exactly a surprise. 

In all, Only Watch 2024 raised CHF 28,320,000, about the same as the 2021 edition. As you'll see below, more than half of this came from one Patek.

A note: Since this was a charitable auction there was no buyer's premium, so the final price you see below is the same as the hammer price. 

As with most years Patek was the headliner at this edition of Only Watch. First, Patek didn't disappoint, delivering a unique sonnerie and minute repeater in steel with a hand-guilloché dial. Christie's and Only Watch placed an estimate of CHF 1.5–1.8 million on the unique Patek. A quick note that auction estimates are particularly meaningless in Only Watch land, where the charitable component (just write it off!), in addition to the unique nature of each watch, means that the auction floor can get particularly frothy as bidders foam at the mouth for the Only chance at many of these watches. 

Bidding opened at CHF 5 million, quickly jumping to 8 million and then 10 million before it slowed down and ultimately closed at CHF 15.7 million. It sold to a bidder in the room, who we've confirmed is Zach Lu, who you may recognize as the winner of the $6.5 million Tiffany & Co. Patek 5711 back in 2021.

After Patek, all eyes were on the unique steel Rexhep Rexhepi Chronometre Antimagnétique. It didn't disappoint, selling for CHF 2.1 million after a prolonged bidding war, to paddle 880. After quickly jumping to CHF 750,000, bidding slowed at about the 1.5 million mark before finally selling. It's a strong result for the young star indie, affirming his status as an Only Watch darling after his unique RRCCII sold for CHF 800,000 in 2021. 

F.P. Journe is always another big lot at Only Watch, as the watchmaker uses the bi-annual event to introduce a new movement. This time around, Journe used the occasion to introduce the new caliber 1522 with a power reserve and moonphase on the back. Journe featured the caliber in the tantalum Chronometre Bleu Furtif that sold for CHF 2 million. It's a strong result for Journe, but that the Rexhepi had a slightly higher result is just a testament to how quickly the latter's star has risen.

I started writing this article just after the Patek and Rexhepi hammered. But then something kind of crazy happened: a necklace from Richard Mille passed both of them. The RM "Talisman" ended up selling for CHF 2.38 million. I have absolutely no idea what this says about anything except that RM collectors are a different breed that we may never understand. 

Across the board, results for the unique Only Watch creations from other indies were also strong. A few more highlights:

• Petermann Bédat x Auffret Chronomètre D'Observatoire sold for CHF 240,000. We've written about both of these young indies before (here and here) – they're two of the most exciting watchmakers, and it was cool to see them combine their distinct finishing techniques. One of my favorite little moments in Geneva last week was briefly meeting Auffret and having him pull this watch off his wrist so I could take a look. It was one of my favorites in the sale so I was glad to see it perform well. 
• Krayon Anywhere sold for CHF 440,000. After a phone bidder quickly jumped in to bid CHF 400,000, the the Krayon quickly sold for CHF 440,000. Krayon is one of those small independent makers that doesn't get a ton of mainstream attention but makes truly impressive watches with complications that no one else is really thinking about. 
• Furlan Marri x Dominique Renaud x Tixier Secular Perpetual sold for CHF 130,000. I had fun learning about the ingenious simplicity of this watch involving three smart makers with complementary skill sets. Excited to see how Furlan Marri brings this to a (hopefully reasonably priced) commercial product for the rest of us. 

The Moser x MB&F Panda collaboration hammered for CHF 380,000, the Atelier de Chronometre for CHF 130,000, and I could go on, but in general the indies that contributed to Only Watch and remained in the sale performed well. The excitement about these watchmakers and their watchmaking seemed to overcome the broader discussions about the sale (though of course we'll never know if these results might've been even stronger without the present circumstances). 

Larger brands also participate and contribute to Only Watch, and while some of the familiar faces weren't there, many remained. Results felt strong but mixed. A small sample of results:

• Louis Vuitton Einstein Automata sold for CHF 700,000, not solid result for a watch with the mad scientist sticking his tongue out. 
• Bulgari Octo Finissimo Tourbillon Marble sold for CHF 190,000, not a bad result but one of the few that remained in the given estimate (CHF 150–250,000). 
• Genta Genta Mickey Mouse sold for CHF 170,000, far below its estimate of CHF 350–500,000. It feels like this has to be a slightly disappointing result for the first watch to come out of the recently revived Genta brand, especially when it features the Mouse himself. 
• Hublot Takashi Murakami Tourbillon sold for CHF 420,000 (est. CHF 350–400,000), I mean, this watch is just more fun than the Mickey Mouse watch, as hard as the Mouse is trying – so congrats to Hublot for again always being authentically Hublot. 

There are other results: For example, the TAG Heuer Monaco Rattrapante sold for CHF 110,000, which is actually less than the retail on the limited edition announced at Watches & Wonders in April. 

But for me the most exciting part of Only Watch is the attention it continues to give to some of the up-and-coming independents mentioned above. It's a chance for them to show off some of their watchmaking, designs, and ideas that might not be ready for the broader market yet. It's a chance to make headlines with splashy results that, when deserved, can give them the jumpstart they need to larger success. So congrats to the independents who performed well despite any headwinds from the larger Only Watch conversation, and I hope it allows collectors to focus on some of the exciting watchmaking that continues to happen.

Note: Updated 5/10 to include additional information regarding Christie's website outage.