Made in 1953, the present watch is one of only two examples known in 18k yellow gold with the South America map and the only one ever to previously appear at public auction. It will be offered as Lot 27 in the Phillips Geneva Watch Auction: XXIII this May with an estimate in excess of CHF 5,000,000.

Since the earliest days of organized watch collecting in the 1980s, a small group of references has consistently stood at the very summit of the field. Within this rarefied group, Patek Philippe’s cloisonné enamel world-time Ref. 2523 ranks among the most coveted trophies a collector can hope to acquire.

“The Patek Philippe World-Time Ref. 2523 with South America cloisonné dial is one of the great treasures of vintage watchmaking,” said Aurel Bacs, Senior Consultant, and Alexandre Ghotbi, Head of Watches, Europe and Middle East, Phillips in Association with Bacs & Russo. “Its appearance at auction is an event that collectors may witness only once in a generation. With just two examples known in yellow gold and none having appeared at auction in nearly four decades, this watch represents an extraordinary moment for the vintage Patek Philippe market.”

Produced beginning in 1953, the Ref. 2523 represents the second generation of Patek Philippe’s serially produced world-time wristwatches, following the earlier Ref. 1415. The model introduced a larger and more assertive 36mm case and, most notably, a second crown positioned at nine o’clock used to rotate the city ring within the dial. This system, developed from the pioneering world-time mechanism conceived by the Geneva watchmaker Louis Cottier in 1931, allowed the wearer to read the time across all major world cities at a glance.

While the mechanical ingenuity of the system was impressive, it is the aesthetic brilliance of the cloisonné enamel dial that elevates the present watch into the realm of horological art. At the center of the dial, an exquisitely rendered map of South America appears in vivid polychrome enamel. The cloisonné technique involves carefully shaping delicate gold wires to outline the design before filling each compartment with colored enamel. The dial is then repeatedly fired in a kiln until the enamel fuses into a luminous, glass-like surface.

The resulting effect is breathtaking. Vintage cloisonné enamel dials possess a depth, gloss, and richness that modern examples rarely equal, due in part to the historical enamel compounds and artisanal techniques employed during the mid-20th century. In the case of the South America map, the composition also allows for charming decorative flourishes not seen on the other known cloisonné variants. A stylized ship sails across the Pacific to the west of the continent, while a fish or whale appears amid the waves of the Atlantic to the east, lending the dial an almost playful sense of movement and narrative.

The Ref. 2523 was produced in extremely limited numbers. Scholarship suggests that between 29 and 36 examples were manufactured in total across all dial variations and metals. Within this already tiny population, cloisonné enamel dials represent the most visually striking and desirable variants. Three map designs are known: Eurasia, North America, and South America. Of these, the South America dial is believed to be the rarest, with only two examples publicly known in yellow gold. The present watch holds an especially distinguished place within that lineage.

According to an Extract from the Archives issued by Patek Philippe on 4 March 2026, the watch was manufactured in 1953 with an “enamel dial, South America” and applied yellow gold hour markers before being sold on 3 February 1958.

This particular example was last seen publicly in October 1988 at an auction in New York. Preserved in remarkable condition, the watch displays a crisp case and a flawless enamel dial whose vibrant colors and fine details remain beautifully preserved.

Few watches so perfectly unite technical innovation, artistic craftsmanship, and historical importance. The cloisonné enamel Ref. 2523 stands among the most coveted wristwatches in the history of Patek Philippe. The return of the South America example to the auction stage after nearly four decades marks an extraordinary moment for collectors of vintage Patek Philippe.

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GENEVA – 11 May 2025 – Phillips in Association with Bacs & Russo achieved a remarkable total of CHF 43.4 million at The Geneva Watch Auction: XXI, underscoring strong market confidence and reaffirming its global leadership position. A tightly curated sale, combined with sustained global demand, drove exceptional results – more than doubling the pre-sale estimate. With participation from 1,820 registered bidders across 71 countries, including 1,580 online, along with a packed saleroom, energetic telephone banks, and dynamic online activity, the auction demonstrated the enduring strength of the market and a robust global appetite for rare and important timepieces.

Alexandre Ghotbi, Deputy Chairman & Head of Watches, Europe, and Middle East and Tiffany To, Senior International Watch Specialist and Head of Sale, jointly said: “The strength of the market was on full display this weekend, with passionate bidding and exceptional results for timepieces spanning over 150 years of watchmaking – from wristwatches, pocket watches to clocks from Switzerland, Germany, England, and France. These results reaffirm the enduring appeal of great watchmaking. But beyond the numbers, what continues to define these moments is the spirit of friendship among our team and the genuine bond we share with our collectors around the world. This is a community built not just on horology, but on trust, shared history, and a love for craftsmanship. We’re honoured to be part of it.”

The Top Performing Lots
The top lot was the Breguet Pendule Sympathique Clock No. 1, which achieved CHF 5,505,000. Built by F.P. Journe and Techniques Horlogères Appliquées in 1991, the clock is a modern tribute to Breguet’s history and legacy of horological innovation. The Sympathique clock was purchased by F.P. Journe himself as an addition for his brand museum.

Vintage Patek Philippe wristwatches also drew intense interest with the sale of the only known Patek Philippe Ref. 3448 in 18k pink gold for CHF 2,722,000. The world’s first automatic perpetual calendar wristwatch, the ref. 3448 has been beloved by collectors for decades. Produced between 1962 and 1982, almost all examples were cased in yellow or white gold. This example in pink gold is the only example known to exist.

The Cartier Portico Mystery Clock No. 3, a museum-quality masterpiece of Art Deco design from 1924, commanded bidders’ attention resulting in a sale price of CHF 3,932,000. Only six Cartier Portico clocks exist, with No. 3 among the most opulent. First exhibited at the 1925 Exposition des Arts Décoratifs in Paris, the clock resurfaced at Phillips after more than three decades in private hands.

Vintage Rolex wristwatches continued to captivate bidders, with exceptional results for “Paul Newman” Daytonas. A fresh-to-market ref. 6264 in yellow gold with a gorgeous “Lemon” dial fetched CHF 825,500, and a champagne-dial ref. 6239 in yellow gold realized CHF 508,000. Other standout Rolex results included a pink gold “Padellone” ref. 8171 at CHF 508,000, and a yellow gold ref. 6238 “Pre-Daytona” with a glossy black dial at CHF 533,400.

Philippe and Elisabeth Dufour Foundation
A remarkable CHF 1,178,560 was raised for the Philippe and Elisabeth Dufour Foundation from the sale of 11 one-of-a-kind timepieces, led by a unique Philippe Dufour Simplicity with a dial crafted from butterfly wings that achieved CHF 647,700.

Exceptional results for Independent Watchmakers
Independent watchmakers continued to command strong prices, with an F.P. Journe Tourbillon Souverain with ruby heart dial realizing CHF 1,633,000 and a Chronomètre à Résonance with black mother-of-pearl dial selling for CHF 685,800. A Konstantin Chaykin ThinKing prototype, the thinnest mechanical watch ever made, achieved CHF 508,000. The first Simon Brette Chronomètre Artisans to appear at auction sold for CHF 203,200. Watches by Charles Frodsham, Christian Klings, Daniel Roth, Haldimann, and Urban Jürgensen also saw impressive results.

Further highlights
A unique, minute-repeating Vacheron Constantin ref. 6448 with a brushed platinum case from 1961 sold for CHF 698,500, far exceeding its estimate of CHF 120,000 to 240,000.

Universal Genève donated a one-of-a-kind Polerouter SAS model in 18k white gold with a handmade chain-mesh bracelet, an attractive blue dial, and a vintage UG micro-rotor movement. This new watch, one of the first from the recently revived brand under new ownership, achieved CHF 71,120, with all proceeds benefiting a chainmaking training program at the Centre de Formation Professionnelle Arts in Geneva.

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The Hong Kong Watch Auction: XX on 23-25 May to Feature a Unique Mystery Clock with a Beautiful Coral Sculpture Depicting a Chinese Mythological Creature and Dragon.

GENEVA / HONG KONG – 23 APRIL – Phillips in Association with Bacs & Russo is proud to present an exceptional selection of nine Art Deco Cartier clocks from a prestigious private collection, to be offered this May across auctions in Geneva and Hong Kong. These rare and important pieces, spanning the 1900s to 1940s, showcase Cartier’s mastery of design, craftsmanship, and innovation during the golden age of decorative arts. Highlights include a museum-quality Portico Mystery Clock, an extremely rare Mystery Clock with coral sculpture, a stunning red amber and black enamel desk clock featuring jade dial, a unique illuminated nephrite lantern clock, and a rare minute-repeating desk clock with Laque Burgauté panels. Together, they represent a once-in-a-generation collecting opportunity.

Aurel Bacs, Senior Consultant of Phillips in Association with Bacs & Russo, said, “For Phillips and its international team of specialists, it is an incredible privilege and pleasure to bring such a historic, museum-quality selection of unique Cartier clocks from the early 20th century to the market. As King Edward VII called Cartier ‘the jeweller of kings and the king of jewellers,’ issuing it with a royal warrant just two years after opening its first London store in 1902, these unique, entirely hand-crafted clocks are the pinnacle of craftsmanship, quality, creativity, and mechanical ingenuity. Highlighted by the Portico Clock Number 3, which I consider one of the world’s most important horological items, all types of timekeepers combined and made in the 20th century, I can barely remember having seen such an important assembly of Cartier clocks at auction in the last decades. I have known many of the extraordinary clocks for most of my horological life through old auction catalogues, museum exhibition catalogues, and literature. I had even seen a few of them in person some 20 years ago – and now they have all become real, tangible, and available for the elite of collectors and institutions. It is an overwhelming feeling.”

To Be Offered in The Geneva Watch Auction: XXI on 10-11 May

A historically important, unique, and museum-quality rose quartz, enamel, onyx, rock crystal, and diamond-set Portico Mystery Clock with rock crystal dial and diamond-set mother-of-pearl inlay bezel, 1924
Estimate: In excess of CHF 2,000,000 / US$2,280,000

Cartier’s legendary Portico Mystery Clock No. 3, created in 1924, will feature in the Geneva Watch Auction: XXI. Standing 38.1 cm tall, this museum-quality masterpiece features rose quartz columns, a twelve-sided carved rock crystal dial, and a diamond-set dragon motif. Cartier suspended the dial within a Chinese temple-inspired frame, an illusion of floating time that helped define the Art Deco era. Only six Portico clocks exist, and No. 3 is one of the most lavish, incorporating mother-of-pearl, onyx, and enamel. Exhibited at the 1925 Exposition des Arts Décoratifs in Paris and later at the Los Angeles County Museum of Art, this clock has been referenced in major publications, including Gazette du Bon Ton and Hans Nadelhoffer’s Cartier: Jewelers Extraordinary. The clock resurfaces now after more than three decades in private hands, offering a rare opportunity to own one of Cartier’s most important and celebrated works.

A highly rare, charming, and very unusual miniature prism clock with original presentation box, circa 1940
Estimate: CHF 10,000 – 20,000 / US$12,400-24,800

Cartier’s miniature prism clock, dating to the 1930s, offers a rare and playful twist on traditional timekeeping. Measuring just 17.5mm by 17.5mm by 28.5mm, this horological marvel uses a patented prism system based on the periscope principle to create an optical illusion: the clock face appears clearly from the front but vanishes from the back. Designed by Gaston Cusin, a collaborator of Maurice Couet, the prism clock remains one of Cartier’s most charming technical achievements. Complete with its original presentation box, this example presents an exceptional collecting opportunity.

An elegant silver, enamel, and rock crystal desk compendium with clock, circa 1925
Estimate: CHF 15,000 – 30,000 / US$18,600-37,200

Cartier’s silver, enamel, and rock crystal desk compendium, dating to circa 1925, blends refined craftsmanship with elegant design. Measuring 29.5cm in length and 9cm in width, with a 12cm tall clock, the piece captures Cartier’s signature balance of geometry and luxury. The clock’s dial and movement are signed Cartier, and the compendium features rock crystal inkwell handles and graphic gold hands. This rare desk piece highlights Louis Cartier’s commitment to artistry and innovation.

To Be Offered in The Hong Kong Watch Auction: XX’s Evening Session on 23 May

Phillips will hold a dedicated Evening session on 23 May, featuring clocks that showcase Cartier’s genius and the influence of the Far East on their Art Deco creations, alongside an impressive selection of exquisite 19th century mechanical curiosities made for the Chinese market.

A unique, extremely rare, impressive, and museum quality rock crystal, diamond, onyx, coral, mother-of-pearl, yellow gold and enamel mystery clock, circa 1930
Estimate: HK$2,000,000 – 4,000,000 / US$256,000-513,000

Measuring 215mm tall, the present museum-quality Mystery Clock features a beautiful coral sculpture depicting a dragon and Bixie, a mythical creature in Chinese folklore often portrayed as a hybrid between a lion and dragon. Both figures are associated with strength and protection, symbolizing power and good fortune in Chinese culture. The octagonal dial, framed by a mother-of-pearl bezel and stylized black enamel clouds, features diamond-set hands designed to mimic dragon wings. Cartier’s Mystery Clocks, based on 19th-century illusionist techniques, hide their movements to create the illusion of floating hands. Each clock was made individually with lavish materials, often inspired by Eastern art. Signed with French hallmarks and an original European Watch and Clock Co. movement, this clock offers a rare glimpse into Cartier’s creative golden age. Last seen publicly three decades ago, it now offers a once-in-a-generation opportunity to acquire a significant Art Deco piece.

A unique and stunning red amber and black enamel desk clock with carved jade dial, rose-cut diamond hands, and presentation box, circa 1925
Estimate: HK$1,200,000 – 2,400,000 / US$154,000-308,000

This unique Cartier desk clock, made circa 1925, blends Eastern symbolism with Cartier’s Art Deco vision. Crafted from rare Burmese red amber, black enamel, and carved jade, it features a jade dial depicting a monkey and a red amber bangle carved with a chimera — both powerful symbols of longevity, fortune, and protection in Chinese culture. The piece is further distinguished by the clock’s rose-cut diamond hands, gold Roman numerals, and original Cartier presentation box.

An exceptional, unique, and museum-quality nephrite, onyx, lacquer, diamond, and coral-set illuminated desk clock styled as a lantern with double mother-of-pearl dials and presentation box, circa 1925
Estimate: HK$ 960,000 – 1,920,000 / US$123,000-246,000

Created circa 1925, this unique Cartier illuminated desk clock captures the spirit of the Art Deco era. Styled as a Chinese lantern, it features nephrite panels, coral latticework, black lacquer, and dual mother-of-pearl dials with Chinese numerals. When lit, the nephrite glows as if a fire burns within. Dragon-shaped hands and a crown topped by a crescent and star suggest a royal connection, potentially King Farouk of Egypt. Signed by Cartier and accompanied by a vintage Bulgari presentation box, this museum-quality clock represents a rare fusion of Eastern inspiration and Cartier’s legendary craftsmanship.

A unique and important yellow gold, nephrite, jade, onyx, and lacquer minute-repeating desk clock with “Laque Burgauté” panels and mother-of-pearl numerals and key, circa 1929
Estimate: HK$560,000 – 1,120,000 / US$71,800-144,000

Created circa 1929, this unique Cartier minute-repeating desk clock combines masterful craftsmanship with Eastern inspiration. Made from yellow gold, nephrite, jade, onyx, and lacquer, it features “Laque Burgauté” panels depicting poetic nature scenes in tinted mother-of-pearl. A nephrite Fu Dog crowns the clock, doubling as the minute repeater trigger. Signed by Cartier, with matching case and key numbers, the clock embodies Cartier’s creative peak in the Art Deco era. Exhibited at the Los Angeles County Museum of Art and cited in major literature, this museum-quality piece offers a rare chance to own a true masterpiece.

To Be Offered in The Hong Kong Watch Auction: XX on 24-25 May

A unique, extremely rare, and historically important rock crystal, mother-of-pearl, yellow gold, onyx, and diamond-set Art Deco mystery clock, circa 1925
Estimate: HK$ 2,000,000 – 4,000,000 / US$256,000-513,000

Cartier’s circa 1925 Modèle A Mystery Clock stands as a landmark in horological innovation and Art Deco design. Crafted from rock crystal, mother-of-pearl, yellow gold, onyx, and diamonds, this unique piece creates the illusion of floating hands through an ingenious hidden mechanism. Signed by Cartier and European Watch & Clock Co., the clock sits on an onyx base with gold hour markers and beadwork. In outstanding condition, it exemplifies the craftsmanship that made Cartier’s Mystery Clocks legendary. With only around 60 Modèle A examples known, this sale offers a rare opportunity to acquire an iconic masterpiece.

An imposing, unique, and impressive pink marble, agate, and enamel table clock with barometer, thermometer, key, and presentation box, circa 1905
Estimate: HK$1,200,000 – 2,400,000 / US$154,000-308,000

Created circa 1905, this unique Cartier table clock combines pink marble, agate, and vibrant green enamel in a design deeply inspired by Russian artistry. Featuring a clock, barometer, and thermometer, the piece reflects the Belle Époque era and the opulence of early 20th-century France. A carved agate elephant stands atop the pink marble base, symbolizing Cartier’s playful yet luxurious style. Signed Cartier and housed in its rare original green presentation box, this clock captures a pivotal moment in Cartier’s history.

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Star Lot of the Auction, the Patek Philippe Ref. 2523/1 Two-Crowned Worldtimer in Yellow Gold “Ore del Mondo Doppia”,
Sells for CHF 1.7 Million

Extremely Rare Ref. 6241 “John Player Special” 14k Yellow Gold Sells for CHF 1.3 Million

The Top Ten Lots Totalled CHF 10.2 million, with Five Watches Selling Above CHF 1 Million

The Geneva Watch Auction: XIX
TOTAL: CHF 35,959,720 / $ 39,667,167/ € 36,815,561

Lots sold: 212 | Lots offered:215 Sold by lot: 99% | Sold by value: 99%

GENEVA – MAY 12, 2024 – Phillips in Association with Bacs & Russo achieves CHF 35,959,720 / $ 39,667,167/ € 36,815,561 in The Geneva Watch Auction: XIX Featuring the Guido Mondani Collection, surpassing the pre-sale high estimate of CHF 35.1 million. The auction, held on Saturday 11 and Sunday 12 May 2024, garnered significant interest from collectors and enthusiasts participating in the sale from across 72 countries worldwide.
Over 450 collectors attended the auction in person and an additional 1,500 bidders took part in the sale online, collectively acquiring half of the lots offered. The atmosphere in the recently unveiled saleroom at the Hotel President Geneva, Phillips’ new premier exhibition and auction venue, was vibrant with energy and enthusiasm.

Phillips maintains its market-leadership, cementing its position by consistently curating compelling auctions that showcase a diverse array of sought-after timepieces. This achievement was highlighted by the remarkable results attained at the Hotel President Geneva over the weekend, where the average lot price surged to an impressive CHF 133,700. Notable highlights included the sale of five watches which each sold for over CHF 1 million, resulting in a cumulative top ten sales total of CHF 10.1 million.

The star lot of the sale was the Patek Philippe Ref. 2523/1, a well-preserved yellow gold world time wristwatch with two crowns, guilloché dial and metallic city ring. Following spirited bidding from collectors taking part in the sale online, on the phone, and in the room, the watch, lot 55 ultimately sold to a phone bidder, soaring past its low pre-sale estimate to CHF 1,754,000.

Patek Philippe watches once again captivated enthusiasts, particularly the extraordinary Patek Philippe steel model Ref. 3670A-001. This exceptionally rare limited-edition stainless-steel cushion-shaped chronograph wristwatch, featuring a 1950s movement and accompanied by its original certificate, commanded significant attention. One of only 16 pieces made, it sold for CHF 1,168,400, establishing a new world record for the reference. Further Patek Philippe highlights include the Patek Philippe Ref. 5004R-018, a rare pink gold perpetual calendar split seconds chronograph wristwatch with moon phases, 24 hours, leap year indicator, certificate and fitted presentation box, which sold for CHF 533,400, more than tripling its low pre-sale estimate.

The Guido Mondani Collection amassed a total of CHF 3.6 million. Two lots from the collection ranked in the top ten of the sale. Among these was an exceptional Rolex reference 6269, featuring a bezel set with 44 brilliant diamonds and a pavé dial of 240 diamonds, which sold for CHF 952,500. Another important lot of the collection was a Rolex Ref. 6036 “Jean Claude Killy”, a highly rare pink gold triple calendar chronograph wristwatch which sold for CHF 609,600.

Fantastic results were achieved for Rolex models which continue to attract the attention of the most seasoned collectors. A highlight of the sale was the Rolex Ref. 6241 “John Player Special”, a very rare chronograph wristwatch in 14k yellow gold with a black “Paul Newman” dial, which sold for CHF 1,330,500. Another important Rolex model in this sale was the Rolex Ref. 6102 “La Caravelle”, a yellow gold wristwatch with cloisonné enamel dial depicting a caravel and original Bucherer certificate, which sold for CHF 1,270,000.

Phillips continues to shine a light on Independent Watchmaking, craftsmanship and innovation. The timepieces made by Independent Watchmakers drew significant interest from both in-room and online bidders. Rexhep Rexhepi’s Ref. RRCC1, a wristwatch in platinum with white Grand Feu enamel dial, sold for CHF 1,155,700, almost doubling its pre-sale high estimate. Further notable Independent Watchmakers featured this season include Kari Voutilainen, Akrivia, Laurent Ferrier, Vianney Halter, Daniel Roth, Greubel Forsey, Urwerk, and F.P. Journe, among others.

F.P. Journe models achieved remarkable results in the sale, including the Pre-Souscription Chronomètre à Resonance in platinum which sold for CHF 571,500 and the Tourbillon Souverain “Hong Kong” in titanium and pink gold which sold for CHF 508,000.

Philippe Dufour’s Simplicity model in platinum 34mm case, achieved CHF 406,400.

The double signed Breguet Chaumet, an incredible and exceptionally rare white gold wristwatch with Hijri calendar, one of only 2 made, sold for CHF 247,650, achieving over five times the pre-sale low estimate.

Alexandre Ghotbi, Deputy Chairman & Head of Watches, Europe, and Middle East and Tiffany To, Senior International Watch Specialist and Head of Sale, jointly said: ” In a fast-paced evolving market, quality, scarcity, and rarity once again stood out. Phillips’ steadfast commitment and uncompromising approach to quality and in-depth research meets the demands of the market, as exemplified in this auction. The resounding positive feedback from collectors and the wider watch community is a testament to the exceptional offerings at our Geneva Watch Auction: XIX. We extend our sincere gratitude to all the collectors who entrusted us with their watches and to the bidders who participated, especially those who traveled long distances to join us at the Hotel President over the past few days.”

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