Luxury watches are a force to be reckoned with. A lot of watch enthusiasts and collectors can’t resist the adrenaline rush when rare pieces are put on the auction block. Watch auctions are gaining traction, and houses like Phillips, Christie’s, and Sotheby’s are known for exciting bidding wars for timepieces from well-known watch manufacturers. These auctions provide a global stage for wealthy collectors, investors, and devoted watch enthusiasts. Mostly, though, it’s not the watch alone that reels in the big bucks, but the story behind it.
This article covers the top-5 most expensive watches sold at auction and the story of how former employees of one of the most famous watch brands managed to deceive their previous employer and an auction house with a cunning scheme.
The Top-5 Most Expensive Watches Ever Sold at Auction
It will come as no surprise that luxury watch megastar Patek Philippe holds 4 of the spots on this list, conceding just one place to Rolex. We’ll count down to the record holder.
5. Patek Philippe Prince Mohamed Tewfik A. Toussou Ref. 1518
On December 9, 2021, Sotheby’s auctioned a rose gold Patek Philippe watch with the reference number 1518. It’s widely held that only 58 copies of the 35-mm watch were made from this precious metal, which, in addition to a perpetual calendar, offers a moon phase indicator and stopwatch function. The real showstopper is the model’s dusty pink dial; there are only 14 specimens with both a rose gold case and pink dial. Sotheby’s received the pristine watch effectively as a full set, including the original certificate. While these factors are already impressive, the auctioned piece has a particularly interesting story to tell.
The Patek Philippe 1518 was auctioned on behalf of the heirs of Egyptian Prince Tewfik Adil Toussou. The prince, who passed away in early 2021, was a direct descendant of Muhammad Ali of Egypt – founder of modern Egypt and first cousin of the tenth and penultimate king of Egypt, King Farouk I. The prince was the original owner of the watch and purchased it on July 25, 1951.
A bidding war ensued, waged by around a dozen interested parties. In the end, the 1518 fetched $9.57 million at the New York auction house.
4. Patek Philippe Ref. 1518 Stainless Steel
Patek Philippe produced 281 copies of the reference 1518 during a 14-year production period starting in 1941. There are likely only four of the 1518 in stainless steel, making it an even rarer find than the Prince Mohamed Tewfik A. Toussou ref. 1518 in rose gold. Thus, this watch reigns supreme among well-heeled watch collectors. Technically, of course, the model offers the same functions as the gold versions.
On November 12, 2016, one of these extremely rare editions of the 1518 in stainless steel was put under the gavel at the Phillips auction house in Geneva. We know that the watch was produced in 1943 and was first bought on February 22, 1944, by a Hungarian gentleman named Joseph Lang. Interestingly, a second copy of the stainless steel ref. 1518 was delivered to Lang on the same day, so he owned half of all copies ever made. The two watches lived private lives for decades and only resurfaced in the 1990s and 2000s, respectively.
The winning bid for the stainless steel 1518 came in at close to $11.14 million.
3. Rolex Cosmograph Daytona “Paul Newman”
Coming in at a respectable number three is probably the most well-known of the crowd. On October 26, 2017, a Rolex Daytona ref. 6239 “Paul Newman” went down in history as the most expensive Rolex of all time. As its name suggests, this watch once belonged to Hollywood legend Paul Newman, gifted to him by his wife Joanne Woodward. Woodward is thought to have bought the watch at Tiffany & Co. in New York and had the case back engraved with the words “Drive carefully, Me.” Mrs. Woodward was probably worried about her husband, who spent most of his free time competing in professional car races.
The stand-out feature on the ref. 6239 “Paul Newman” is its exotic dial. Of course, this model is another rarity, with only around 2,000 copies existing. The auctioned piece featured a black and white panda dial hosting subdials with Art-Deco inspired numerals and indices punctuated with small squares. This special version has the same technology as the other models, meaning it uses the manual caliber 722, an evolution of the Valjoux 72.
The bidding didn’t last long: The first bid was for a staggering $10 million, and the final $17.75 million.
2. Patek Philippe Henry Graves Supercomplication
The runner-up is another Patek Philippe creation, this time an opulent gold pocket watch with two dials. The Henry Graves Supercomplication is a watchmaking masterpiece, offering 24 complications. It was made in 1933 at the request of American banker Henry Graves Jr. The Supercomplication was in production for several years and involved the tireless work of many of the company’s watchmakers.
Between 1925 and 1932, the watchmakers created a whole array of complex mechanisms and minuscule watch parts to ensure the complications worked in harmony. Some of the most impressive functions include a perpetual calendar, minute repetition, chronograph, Westminster chimes, equation of time, dual power reserve for striking and going trains, as well as a celestial chart of the nighttime sky of New York City, which is where Henry Graves Jr. was born.
This amount of technology needs space, so the Henry Graves Supercomplication has a 70-mm diameter and clocks in at over 450 grams – quite a hefty piece. The pocket watch was auctioned on November 11, 2014, by Sotheby’s in Geneva, Switzerland. The winning bid was an astonishing $24 million.
1. Patek Philippe Grandmaster Chime Ref. 6300A-010
The most expensive watch ever sold is the Patek Philippe Grandmaster Chime ref. 6300A-010. This stainless steel watch is a piéce unique made especially for a charity auction in Switzerland in 2019. The proceeds from the Only Watch auction, which was conducted by Christie’s in Geneva, are going entirely to research programs related to Duchenne muscular dystrophy.
The Grandmaster Chime is Patek Philippe’s most complicated wristwatch. The model has 20 complications, including a perpetual calendar, minute repetition, grande and petite sonnerie (chiming function), and a world time function. Similar to the Henry Graves Supercomplication, the Grandmaster Chime also has two dials, one is rose gold and the other ebony black. The masterpiece measures 48 mm across, so offers great wrist presence.
The Grandmaster Chime was sold to an unknown bidder for $31 million on November 9, 2019. This sum certainly advanced research into Duchenne muscular dystrophy.
Watch Auction Ends in Controversy: Omega Speedmaster Broad Arrow 1957
It is not uncommon for significant amounts of money to attract shady individuals. However, what unfolded during an auction for an Omega watch held by Phillips in Geneva on November 5, 2021, was like something from a movie.
On that date, Phillips auctioned off what was believed to be an original Omega Speedmaster Broad Arrow from 1957. One of its unique attributes was its evenly brown-colored “tropical dial,” something which is particularly popular among collectors due to its rarity. Phillips estimated the Speedmaster’s value at 80,000 to 120,000 Swiss francs ($90,000–$135,000), but the lot ended up fetching an incredible 3.115 million francs ($3.47 million). While this was and is the highest price ever paid for an Omega Speedmaster, the watch only comes in at number 41 of the most expensive watches sold at auction.
However, Omega and Phillips were unaware of the fact that the watch was actually an imposter.
Experts only noticed after the auction that a Speedmaster with the exact same dial had already been offered by a dealer on the secondary market for 50,000 Swiss francs ($55,000). It was already clear from this offer that they were dealing with a doctored watch. While a number of details were not right, it was the movement in particular which set off the alarm bells: According to its serial number, there was no way it could be from 1957. The dealer did find a buyer, and this person had an appetite for crime.
The new owner, who was well-connected in the supplier scene, bought various original spare parts to tamper with the watch. Even the bezel was replaced with one from a 1958 Speedmaster, which was auctioned in 2018. The movement presented a particular challenge, since it would need to have the right serial number. As it turns out, the resourceful owner had contacts at Omega, and was able to get his hands on what he needed. The crook thus had new movement bridges made, engraved them with a corresponding serial number, and mounted these parts onto the existing movement. Once the tweaks were final, the watch then went to Phillips for auction and fetched the million-dollar amount.
It was assumed that two bidders had shelled out the eye-watering sum for the Speedmaster, but that wasn’t true. In fact, Omega themselves bought the Speedmaster at the auction, so they could display it in their museum. The company announced this in early June 2023.
During an internal investigation at Omega, it was revealed that three former employees of the company were involved in the fraud. Omega also confirmed that the bridges were not manufactured by them. Phillips said it was unaware of the substitution of these components, but the auction house did know that the bezel and other components were not original parts. Further investigations and legal proceedings are ongoing.
What should you consider when bidding at watch auctions?
When bidding for pre-owned watches at auctions, the same rules apply as when buying from online platforms or dealers. You should gather as much information as possible about the piece beforehand, especially when it comes to vintage watches from major brands. The auction house should be able to give you information and evidence of the watch’s origin and history (including service history and replacement of original parts). That said, even though the experts go to great lengths to gather all the important information, there is still room for human error, just like in the case of the Omega Speedmaster Broad Arrow described above.
Of course, auction houses are interested in attaining the highest possible prices, so even run-of-the-mill watches are embellished with stories that sometimes don’t hold any water. The fact that a Rolex that Paul Newman personally wore fetches a huge sum is somewhat understandable; but a Rolex that a friend of a friend of Paul Newman once saw in a shop window is not worth more than any other.
Where do watch auctions take place?
In addition to large auction houses like Phillips, Christie’s, and Sotheby’s, jewelers and pawnshops also offer watches at auction. Taking a look at online customs auctions of federal, state, and local authorities may also be worthwhile. Whether you will get a detailed history on the watch, however, is doubtful. Chrono24 also holds auctions, where even well-known auction houses can offer their watches.
