In early May, the chandeliers inside Phillips’ Geneva saleroom glowed like freshly polished balance wheels. Bidders lined the wooden benches, clutching numbered paddles, while anxious specialists whispered last-minute estimates. When the hammer finally fell on the Breguet Sympathique No 1, applause echoed under the vaulted ceiling and a new auction record joined the ledger. Outside, headlines told a seemingly different story: Swiss exports trending downward, mid-tier brands trimming production, analysts predicting tariffs that could disrupt the American market. Yet on that spring afternoon, the very peak of horology felt unstoppable.
That apparent contradiction defines luxury watches 2025. Demand in the mainstream has softened, but the summit has hardened into an alternative asset class. Collectors now behave like portfolio managers, moving capital from multiple mid-range pieces into one indisputable grail. Auction houses, armed with global livestreams and blockchain certificates, have become the stock exchanges of mechanical art.
Fun Fact: Geneva’s May sales achieved a combined sell-through rate of 98%, the highest since reliable records began in 2000.
How we ranked the ten
The list that follows is built on publicly confirmed sales, retail releases and verified private transactions between January and July 2025. Values are shown in pounds for a British audience but sourced from original currencies. Each entry balances four drivers: documented rarity, technical originality, historical importance and confirmed market performance.
Headline positions at a glance
| Rank | Watch | Price (approx. GBP) | Primary value driver |
| 1 | Graff Diamonds Hallucination | £47.5 m | Coloured diamonds of unmatched calibre |
| 2 | Graff Diamonds The Fascination | £34.5 m | 38.13-carat D Flawless transformable stone |
| 3 | Patek Philippe Grandmaster Chime 6300A-010 | £26.75 m | Unique steel case and 20 complications |
| 4 | Breguet Sympathique Clock No 1 | £4.75 m | Joint legacy of A-L Breguet and F.-P. Journe |
| 5 | Patek Philippe 2499 Second Series | £3.73 m | Only pink-gold Gobbi Milano signature |
| 6 | Patek Philippe 3448 Pink-Gold | £2.35 m | Sole known automatic perpetual in this metal |
| 7 | Richard Mille RM27-01 Nadal | £1.29 m | 18.83-gram tourbillon built for 5 000 G impacts |
| 8 | Patek Philippe 5308G Quadruple Complication | £1.08 m | Patented clutch and isolation systems |
| 9 | Rolex Daytona 6264 ‘Paul Newman JPS’ | £0.87 m | Exotic dial, gold case, racing lore |
| 10 | F.-P. Journe T30 Tourbillon Anniversaire | £0.77 m | Limited series linking back to Journe’s first watch |
10. F.-P. Journe Tourbillon Anniversaire Historique T30
Price: At Phillips New York in June, a watch by François-Paul Journe sold for $889,000 (£770,000). In 2014, Journe celebrated three decades of independent craftsmanship by releasing 99 examples of this 40 mm two-tone tribute watch. The design features rose-gold flanks that embrace a sterling-silver case, while a hinged officer-style back reveals the calibre 1412, which is made of gilded brass. Collectors highly value the choice of materials, as it reflects Journe’s 1983 pocket tourbillon, creating a notable historical connection. The record set in 2025 highlighted a significant shift in the market: elite buyers now regard heavyweight independent watchmakers as equal to century-old houses.
Why collectors fought for it
- Direct lineage to Journe’s first creation
- Brass movement that respects eighteenth-century craft
- Quantity under one hundred ensures terminal scarcity
9. Rolex Daytona 6264 ‘Paul Newman John Player Special’
Price: CHF 1,008,000 (£870,000) at Christie’s in Geneva, May.
The reference 6264, produced for just two years around 1970, represents a unique blend of pump pushers and the upgraded Valjoux 727 movement. When you add a 14- or 18-carat yellow-gold case, a black acrylic bezel, and the highly sought-after black-on-gold exotic dial-nicknamed after the Lotus Formula One livery, you arrive at the pinnacle of Rolex mythology.
Why collectors fought for it
- One of a handful of gold Paul Newman dials
- Motorsport narrative resonates with younger bidders
- Verified factory finish with untouched bevels
8. Patek Philippe Quadruple Complication 5308G-001
Price: The retail price is CHF 1,050,000 (£1,080,000) for the launch at Watches & Wonders Geneva.
The watch features a polished white gold 42 mm case that houses a self-winding movement. This intricate mechanism combines a minute repeater, split-seconds chronograph, instantaneous perpetual calendar, and moonphase complication. Notably, two patents enhance its functionality: an anti-backlash clutch that ensures smooth chronograph resets and an isolation system that reduces energy consumption by half when the rattrapante hand is paused.
Why collectors fought for it
- Successor to Thierry Stern’s personal 5208
- Patents show true innovation, not complication stacking
- Annual output measured in low double figures
7. Richard Mille RM27-01 Rafael Nadal
Price: CHF 1,255,000 (£1,290,000) at Christie’s Geneva, May.
Weighing less than a single AA battery, the RM27-01 watch suspends its titanium-and-aluminium movement on four steel cables that are just 0.35 mm thick. It has been tested to withstand forces of up to 5,000 G and has accompanied Rafael Nadal during multiple Grand Slam victories. Limited to only fifty pieces, it stands as a prime example of advanced materials science in watchmaking.
Why collectors fought for it
- Authentic athlete partnership backed by on-court use
- Extreme shock resistance sets a technical benchmark
- Proof that carbon nanotube cases can transcend novelty
6. Patek Philippe 3448 Automatic Perpetual in Pink Gold
Price: CHF 2,722,000 (£2,350,000) at Phillips Geneva, May.
The Reference 3448 debuted in 1962 as the first serial automatic perpetual calendar. Out of approximately 586 pieces, this 1968 example is the only known pink gold case documented in public records. It features a retailer stamp from Freccero in Montevideo and has razor-sharp lug facets, making it a true unicorn for the spring season.
Why collectors fought for it
- Absolute uniqueness in metal and retailer signature
- Untouched case preserves original geometry
- Historic milestone for self-winding grand complications
5. Patek Philippe 2499 Second Series Gobbi-Signed
Price: $4,320 000 (£3,730,000) at Sotheby’s New York, June
Long hailed as design perfection, reference 2499 combines perpetual calendar with chronograph in a 37.5 mm case. Pink-gold examples rank among the rarest; this 1957 piece gains extra lustre from the Milan retailer Gobbi Milano printed beneath the Patek logo. Only nine pink-gold Second Series are known and this is the lone dual-signed dial.
Why collectors fought for it
- Unique retailer stamp documents original journey
- Second Series aesthetics – round pushers, baton markers – admired for balance
- Market treats pink-gold 2499s as blue-chip stores of value
4. Breguet Sympathique Clock No 1 with Wristwatch
Price: CHF 5,505,000 (£4,750,000) at Phillips Geneva, May
Abraham-Louis Breguet’s eighteenth-century Sympathique clocks automatically wound and set a companion pocket watch. In 1991 the concept returned in monumental 18-carat gold, but this time mated to a 36 mm tourbillon wristwatch. The movement came from a young François-Paul Journe and his THA atelier. After three decades in private hands, Journe bought it back for his Geneva museum, completing a historical circle.
Why collectors fought for it
- Bridges two of horology’s greatest names
- Prototype status amplifies importance
- Public sale now frozen by museum acquisition, ensuring future scarcity
3. Patek Philippe Grandmaster Chime 6300A-010
Price: $31,000,000 (£26,750,000) at Only Watch 2019 – still the reigning champion.
This watch features twenty complications, a double-faced swiveling case, and is the only example made of stainless steel. The impressive specifications alone highlight why it continues to dominate the auction scene. Notably, it includes a patented alarm that chimes at a programmed time and a date repeater that announces the calendar date, both of which are firsts in horology.
Why collectors fought for it
- Unique steel case – Patek’s rarest material choice
- Charity provenance heightens halo effect
- No future steel Grandmaster Chimes planned, locking value
2. Graff Diamonds The Fascination
Price: $40,000,000 (£34,500,000) private sale, confirmed in February.
This exquisite piece features one hundred fifty-three carats of flawless white diamonds, designed as a bracelet that can also be converted into a ring. At its center is a stunning detachable 38.13-carat D-color pear-shaped diamond. Although the quartz time display is almost an afterthought, the engineering required to switch between configurations without damaging the settings is impressive.
Why collectors fought for it
- Central gem alone ranks among world’s top fifty D Flawless pears
- Convertible mechanism merges jewellery and watchmaking
- Graff provenance ensures ethical sourcing traceable to mine
1. Graff Diamonds Hallucination
Price: $55,000,000 (£47,500,000) – Valuation reaffirmed in April by internal audit.
This exquisite platinum bracelet features over 110 carats of rare fancy-color diamonds. Heart, marquise, and emerald cuts swirl in shades of pink, blue, yellow, and vivid orange. At the center, a petite dial, rimmed with pink stones, serves as a reminder that telling time may be the least significant purpose of a watch.
Why collectors fought for it
- Assembling such a spectrum of coloured diamonds is unlikely to be repeated
- Each gem graded Fancy Vivid or Fancy Intense by GIA
- Remains the highest priced watch since debut, outpacing inflation
Auction season 2025 – two contrasting curves
Swiss export data indicates a 6% decline in shipments year-on-year, particularly within the CHF 500 to 3,000 range. Despite this downturn, Phillips, Christie’s, and Sotheby’s reported record sales figures. In response, brands have reduced their entry-level production while focusing their research on highly intricate showpieces for a more affluent clientele. This sense of scarcity extends into the secondary market, where collectors tend to follow a cycle of wearing, trading, and repeating: they typically sell three mid-tier pieces in order to acquire one trophy piece.
Independents join the big two
Patek and Rolex still anchor value, but the rise of F.-P. Journe, Greubel Forsey and Kari Voutilainen signals a mature ecosystem. Journe now occupies a “third column” in auction catalogues, commanding results once reserved for vintage Patek. His T30 record, plus the museum purchase of Sympathique No 1, validate independents as long-term stores of wealth.
Provenance – the inflation multiplier
Celebrity ownership and retailer signatures act like compound interest. Sylvester Stallone’s Grandmaster Chime fetched $5.4 m, nearly double a comparable piece. Meanwhile, a “double P” crown or a Milan stamp can lift value by fifty percent. Collectors accept this premium because provenance is permanent, whereas condition can change with a single polish.
Spring 2025 hammer highlights
| Lot | House & month | Realised price | Notable factor |
| Breguet Sympathique No 1 | Phillips, May | CHF 5.5 m | Bought by creator for museum |
| Patek 2499 pink Gobbi | Sotheby’s, Jun | $4.32 m | Only dual-signed example |
| Patek 3448 pink | Phillips, May | CHF 2.72 m | Sole piece in this metal |
| Richard Mille RM27-01 | Christie’s, May | CHF 1.26 m | Proof of modern tech appetite |
| Patek 1518 yellow | Phillips, Jun | $1.45 m | First serial perpetual chrono |
| F.-P. Journe T30 | Phillips, Jun | $0.89 m | Independent record breaker |
Building a 2025-proof collection
- Document everything – boxes, papers and service receipts now form part of the asset.
- Focus on scarcity – limited series under 100 pieces or truly unique vintage variants.
- Monitor liquidity – references with at least ten public sales in five years provide clearer pricing data.
The Knight Frank Luxury Investment Index shows watches delivering 125% growth over the past decade, outpacing art and classic cars. Volatility exists in the short term, but evidence favours patient, research-driven holding periods.
A British perspective
The UK market remains resilient at roughly £1.45 billion in annual turnover and is forecast to keep expanding through 2034. Retailers along Bond Street and within Burlington Arcade report steady footfall for high complications even as steel sports demand tapers. Events such as WatchPro Salon and the Manchester Watch Show offer hands-on access that online platforms cannot replicate, supporting informed purchasing.
Closing reflection
The ten watches profiled here prove that value now concentrates at the extremes: either culturally viral limited editions or museum-grade masterpieces. In 2025 the ultimate measure of a watch is not its material or even its complication count, but the singular story it carries. Collectors who master that narrative will set the pace for the next decade of horology. As Londoners say, a good timekeeper never wastes a minute.
