Ultra-rare Patek Philippe set to make millions at Phillips auction

Phillips in Association with Bacs & Russo has announced a massive headliner for the Geneva Watch Auction: XXIII this May.

A 1953 Patek Philippe Ref. 2523 featuring a polychrome cloisonné enamel dial of South America is estimated to exceed CHF 5,000,000 when the hammer comes down.

Incorporating Louis Cottier’s 1931 world-time mechanism, this particular watch is one of only two known yellow gold examples and the only one ever to appear at public auction.

Coming in a 36mm yellow gold case with a dual-crown design, the dial of the watch features an enamel map of South America and includes a ship and a whale.

It’s estimated that between just 29 and 36 Ref. 2523 units were ever produced, with the South American variant being the rarest of the three known versions (the other two being Eurasia and North America).

“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 of 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.” 

Manufactured in 1953, the watch hasn’t been seen publicly since 1988. It will be Lot 27 during the Geneva auction on May 9–10.