2025 breaks records for Sotheby’s

Sotheby’s auction house has published its review of 2025, recording a record year for watches.

Sales from watch sales were the highest in the company’s history, coming in at $193.6 million, up 22% year-on-year.

One of the key drivers behind this performance was the record prices for certain key lots throughout the year, including $7.7 million for the Audemars Piguet Grosse Pièce, the highest figure ever for an AP.

The average lot value for watches was up 56% this year compared to last, to $71,000. This average was doubtless dragged up by a number of big ticket items, reflected in the fact that 25 timepieces sold for over $1 million, which was more than double the number in 2024.

Sotheby’s is also confident in the future of its operation, based on the data from this year. This includes the fact that 39% of the buyers in its watch sales were new customers, and a third of all bidders across both watches and jewelry were under the age of 40.

The US was arguably the biggest winner, with Sotheby’s in North America seeing sales increase by a huge 51% year-on-year.

“This has been a truly historic year for our watches team, reflecting the continued global fascination with fine timepieces,” said Geoff Hess, global head of Sotheby’s watches. “Driven by exceptional supply, thoughtful curation and record levels of buyer demand, these results reaffirm that, for many collectors, watches transcend the pure function of timekeeping.”