Watch Auctions 2026 · Phillips Hong Kong XXIII
TL;DR
- Phillips holds its Hong Kong Watch Auction XXIII across two sessions on 21 and 22 November 2026 at WKCDA Tower, West Kowloon — 329 lots in total.
- The sale’s two headline lots are both estimated at HK$12,000,000–24,000,000: a Patek Philippe Ref. 2499 First Series in yellow gold (lot 958) and a possibly unique Ref. 3990P-011 in platinum with salmon dial (lot 1125).
- Mark Cho, co-founder of The Armoury, is offering his personal F.P. Journe Chronometre a Resonance “Parking Meter” — one of only five made — at HK$6M–12M.
- Six months after a pink gold Ref. 2499 First Series set the Asian auction record at HK$80.37M in May, its yellow gold counterpart arrives in November. There is no stronger Patek market in the world than Hong Kong.
- Public viewing opens 16 November. Register to bid at phillips.com/register-to-bid/HK080426.
Three weeks after the gavel falls in Geneva, Hong Kong takes over. On 21 and 22 November 2026, Phillips in Association with Bacs & Russo runs its twenty-third watch auction in the city, presenting 329 lots at the WKCDA Tower in West Kowloon. The sale follows directly on the most competitive November Geneva auction week in years, but Hong Kong is its own market with its own logic — and this catalogue reflects that. There are seven Patek Philippe lots estimated above HK$3 million, two F.P. Journe pieces anchoring the upper register, and a single-owner lot from one of the most respected names in Asian watch collecting. It is the kind of sale that justifies the trip.
Sessions at a Glance
| Date | Session | Lots | Start Time (HKT) | Venue |
|---|---|---|---|---|
| Sat 21 Nov 2026 | Session One | 801 – 958 | 11:00 AM | G/F WKCDA Tower, West Kowloon |
| Sun 22 Nov 2026 | Session Two | 959 – 1129 | 11:00 AM | G/F WKCDA Tower, West Kowloon |
| 16 – 22 Nov 2026 | Public Viewing | All lots | 10:00 AM – 7:00 PM | 1/F WKCDA Tower, West Kowloon |
Top Lots and Estimates
Estimates are in Hong Kong Dollars; approximate US Dollar figures are at the prevailing rate of HK$7.78 per US$1 as of October 2026. All estimates exclude buyer’s premium and any applicable import tariffs.
| Lot | Watch | Estimate (HKD) | Estimate (USD approx.) |
|---|---|---|---|
| 958 | Patek Philippe Ref. 2499 First Series, yellow gold | HK$12,000,000 – 24,000,000 | ~US$1,543,000 – 3,086,000 |
| 1125 | Patek Philippe Ref. 3990P-011, platinum, salmon dial — possibly unique | HK$12,000,000 – 24,000,000 | ~US$1,543,000 – 3,086,000 |
| 868 | Patek Philippe Ref. 5002P-001 Sky Moon Tourbillon, platinum | In excess of HK$8,000,000 | ~US$1,028,000+ |
| 1065 | Patek Philippe Ref. 1518R, pink gold perpetual calendar chronograph | HK$8,000,000 – 16,000,000 | ~US$1,028,000 – 2,057,000 |
| 900 | F.P. Journe Chronometre a Resonance “Parking Meter” (ex-The Armoury / Mark Cho) | HK$6,000,000 – 12,000,000 | ~US$771,000 – 1,543,000 |
| 931 | F.P. Journe Tourbillon Souverain 069/01T, early, platinum | HK$3,900,000 – 11,600,000 | ~US$501,000 – 1,491,000 |
| 1008 | Patek Philippe Ref. 2481 “Tropics”, pink gold | HK$5,000,000 – 10,000,000 | ~US$643,000 – 1,286,000 |
The 2499 Returns — What XXII Taught the Market
In May 2026, Phillips Hong Kong Watch Auction XXII produced what is now the most valuable watch ever sold at auction in Asia. The lot was a Patek Philippe Ref. 2499 First Series in pink gold — one of only four known pink gold examples with a Vichet case, and the only one with British hallmarks. It sold for HK$80.37 million (approximately US$10.33M at the prevailing rate), breaking both the Asian auction record and the world auction record for the Ref. 2499. For context on why Patek holds this position in the secondary market, see our analysis of the Patek Philippe versus Grand Seiko value proposition.
Six months on, Phillips brings a different Ref. 2499 First Series to the same room — this time in yellow gold (lot 958, HK$12M–24M). The lower estimate reflects the material: yellow gold First Series examples are more available than pink gold, and none have the singular rarity of the British-hallmarked example from May. But in a market that has just demonstrated its willingness to pay ten million dollars for a 2499, the estimate of HK$12 million reads as a floor, not a ceiling. The appearance of two First Series 2499s at Phillips Hong Kong in a single calendar year is without recent precedent, and it speaks to the depth of the high-end Patek market here.
Mark Cho’s Parking Meter — Five Made, One for Sale
Lot 900 is the sale’s most emotionally charged offering. The F.P. Journe Chronometre a Resonance nicknamed the “Parking Meter” is so called because of its towering, stacked vertical dial arrangement — the twin resonance balance wheels displayed above each other on a movement visible through the open-worked dial. Only five examples were made for The Armoury, the landmark Hong Kong retailer co-founded by Mark Cho, who built one of the most closely watched personal watch collections in Asia before deciding to sell. His consignment carries the kind of provenance that auction houses cannot engineer: the watch lived with someone who understood it completely. Estimated at HK$6,000,000–12,000,000 (approximately US$771,000–1,543,000), it arrives at a moment when independent watchmaking commands a premium that would have seemed fanciful a decade ago. The guide to what watch investment data actually shows offers useful framing for collectors evaluating pieces like this.
The November Context: Geneva First, Then Hong Kong
The Hong Kong auction sits at the back end of a dense November auction calendar. The week of 6–9 November sees four Geneva houses running simultaneously, led by Phillips Geneva Watch Auction XXIV with its own Patek Philippe headliners and a Cartier Portico No. 4. Collectors with deep pockets may find themselves active on both continents within the same fortnight. The key distinction: the Geneva sales are predominantly European-provenance vintage and independent watchmaking, while Hong Kong historically draws domestic Asian buyers who bid hardest on pieces with local significance and blue-chip Patek with demonstrable rarity. A yellow gold 2499 First Series fits the second category precisely.
How to Bid
Live sessions take place at G/F WKCDA Tower, No. 8 Austin Road West, Kowloon. Online and telephone bids are accepted; register at phillips.com/register-to-bid/HK080426. The e-catalogue is available on Issuu. Phillips has issued a specific warning: buyers who intend to import purchases into the United States should verify applicable US import tariffs before bidding, as those costs are borne entirely by the buyer. For the Geneva sale that precedes this one by three weeks, the session schedule and online registration links are in our Geneva Week complete guide.
Two lots share the highest estimate range of HK$12,000,000–24,000,000: lot 958 (Patek Philippe Ref. 2499 First Series in yellow gold) and lot 1125 (a possibly unique Patek Philippe Ref. 3990P-011 in platinum with salmon dial). The F.P. Journe “Parking Meter” from the collection of Mark Cho (lot 900, HK$6M–12M) is the sale’s most distinctive single-owner offering.
Session One runs at 11:00 AM on Saturday, 21 November 2026 (lots 801–958), and Session Two at 11:00 AM on Sunday, 22 November 2026 (lots 959–1129). Both sessions are held at G/F WKCDA Tower, No. 8 Austin Road West, Kowloon. Public viewing runs daily from 16 to 22 November, 10:00 AM to 7:00 PM, at the same complex.
A pink gold Ref. 2499 First Series sold at Phillips Hong Kong Watch Auction XXII in May 2026 for HK$80.37 million — the highest price ever achieved for a watch at auction in Asia and a world record for the reference. The yellow gold First Series coming to XXIII is a different example; yellow gold is more available than pink gold and none carry the same British-hallmark rarity, which explains the lower estimate. However, in a market that has demonstrated a willingness to pay above HK$80M for the reference, the HK$12M floor is widely seen as conservative.
The “Parking Meter” nickname refers to the distinctive stacked-dial arrangement of the F.P. Journe Chronometre a Resonance made exclusively for The Armoury in Hong Kong. Only five examples were produced. Lot 900 at XXIII belongs to Mark Cho, who co-founded The Armoury and is one of the most closely followed watch collectors in Asia. The combination of strict production limit, single-maker association, and named-collector provenance places it among the most sought-after independent pieces available this year.
Phillips has stated that non-US-origin lots may be subject to US import tariffs that are borne by the buyer, not the auction house. If you plan to ship any purchase to the United States, verify the applicable tariff rate for that specific piece before you bid. Buyers taking delivery in Hong Kong or shipping to other jurisdictions are not affected by US import rules.
Sources: Phillips Hong Kong Watch Auction XXIII — official auction page (accessed 31 October 2026); HauteTime — November 2026 Watch Auctions: Geneva and Hong Kong Calendar (28 October 2026); LuxuryWatchWorks — Phillips sets new Asian auction record with Patek Philippe Ref. 2499 (5 June 2026).
