Historic Sale: F.P. Journe's Second Wristwatch Sells for a Record $8.3 Million at Phillips Auction

In a thrilling start to the 2024 winter auction season in Geneva, the spotlight shone on an extraordinary piece of horology: the second-ever wristwatch created by renowned watchmaker François-Paul Journe. This timepiece, a Tourbillon Souverain à Remontoire d'Egalité from 1993, captivated the auction room as it hammered down for CHF 6,000,000, with an all-in final price of CHF 7,320,000 (approximately INR 70 Crores). This groundbreaking sale not only marked the highest auction price for an F.P. Journe watch but also crowned it as the most expensive wristwatch ever created by an independent watchmaker.

This latest record-smashing sale places the Tourbillon Souverain as one of the world's most sought-after timepieces and underscores the escalating value of high-caliber watches in the collector's market. It outshone the previous record-holder, "The Hand," an F.P. Journe piece uniquely crafted for the 2021 Only Watch charity event, which had fetched CHF 4,500,000 in 2021. The sale in Geneva’s Phillips auction house is already being heralded as one of the year’s most memorable events for watch collectors, reinforcing the esteemed status of F.P. Journe’s work.

A Tense Moment in the Auction Room

The excitement surrounding the auction was palpable, as the watch—listed as the 14th of more than 1,600 lots—garnered immense attention. The auction's atmosphere was charged with suspense, made even more intense by the bidding dynamics. Paul Boutros, Deputy Chairman and Head of Americas for Phillips, opened the bidding with a strong "5 million, sir!"—a bold tactic reminiscent of the iconic "10 million dollars, sir!" bid that launched the record-breaking sale of Paul Newman’s Rolex Daytona in 2017.

Initially, the auction room was met with a tense silence as bidders seemed hesitant, absorbing the weight of the high opening bid. Auctioneer Aurel Bacs took advantage of the pause, engaging in conversation with François-Paul Journe himself, who was seated front and center. This exchange allowed time for the bidders to reconsider, and shortly after, a bidder in the room reignited the action by raising the bid beyond the initial CHF 5 million mark, leading to an exhilarating back-and-forth with Boutros's phone client.

The hammer eventually fell at CHF 6 million, with the auction premium pushing the total to CHF 7.32 million—securing this Tourbillon Souverain as the highest-priced F.P. Journe ever sold.

The Significance of the Sale for F.P. Journe

The record-breaking sale is especially meaningful within the watch community, as it solidifies F.P. Journe's status at the pinnacle of independent watchmaking. Journe, known for his innovative designs and meticulous craftsmanship, was visibly proud as he watched one of his earliest wristwatches command such a staggering sum. This sale reaffirms his legacy and demonstrates the continued relevance and allure of his early work.

In the competitive landscape of high-end independent watchmakers, Journe’s accomplishment is notable. A recent conversation in the watch community highlighted a rival timepiece by Rexhep Rexhepi, which had previously outperformed an F.P. Journe piece at auction. However, the Tourbillon Souverain has now reclaimed F.P. Journe’s prominence, underscoring the value that collectors place on his pioneering contributions to horology.

Breaking Records Beyond F.P. Journe

The auction in Geneva was packed with an audience of collectors, dealers, and spectators, all eager to witness the sale of a historical artifact. Yet, this wasn’t the only record set during Phillips’ Geneva auction. Alongside the Tourbillon Souverain, other significant timepieces achieved record-breaking sales, reflecting a growing demand for unique, high-quality watches. Among these was the highest-priced automatic Rolex Daytona “Rainbow” ever sold and a rare Derek Pratt-designed Urban Jürgensen pocket watch known as "The Oval." Phillips has shown an uncanny ability to curate and present watches of the utmost rarity and quality, an achievement that resonates deeply with high-level collectors worldwide.

The Growing Value of Independent Watchmaking

For watch collectors and enthusiasts, the remarkable sale is a testament to the exceptional value that independent watchmaking now commands. In recent years, auction prices for independent brands like F.P. Journe have skyrocketed, reflecting collectors' heightened appreciation for originality and craftsmanship. The premium placed on independent makers contrasts with the more predictable valuations of mass-produced luxury brands, highlighting an evolving preference for rarity and artisanal expertise in horology.

François-Paul Journe, Philippe Dufour, and other revered independent watchmakers have come to embody this trend. Collectors understand that owning a piece from these makers is akin to owning a part of horological history. The Tourbillon Souverain is an exemplar of this value—its precision, design, and groundbreaking mechanisms cement it as a landmark creation that reflects both aesthetic and technical prowess.

Who Bought the Watch?

As with many high-profile auctions, the identity of the winning bidder remains a mystery, fueling speculation within the watch community. Rumors circulating in Geneva hinted at a prominent American tech executive with ties to Harvard University. Although Phillips keeps buyer identities confidential, such conjecture adds an extra layer of intrigue to the auction's outcome, further elevating the status of the watch.

Conclusion

The sale of F.P. Journe’s Tourbillon Souverain à Remontoire d'Egalité is more than just a record-breaking auction. It is a milestone that reaffirms the enduring appeal of independent watchmaking and the unparalleled artistry of François-Paul Journe. With this sale, the watch community has been reminded of the value that craftsmanship and innovation hold, a testament that exceptional pieces, regardless of market fluctuations, continue to be highly prized. This historic auction moment will undoubtedly influence collectors, setting a new benchmark for independent watchmakers and the horological world at large.