A tense bidding war over a rare Patek Philippe watch made history.
The extraordinarily rare Patek Philippe Ref. 2523 "South America" sold for CHF 7,961,000, or roughly $10,247,000 USD, during Phillips' Geneva Watch Auction: XXIlI on Saturday (May 9) in Geneva, according to Timekeeper's Club.
The result set a world-record price for the reference and made the watch only the second vintage Patek Philippe wristwatch ever to surpass 10 million USD at auction, behind the stainless steel Patek Philippe Ref. 1518—which was sold by Phillips last November.
Per Timekeeper’s Club, the sale took place in front of a packed room with heavy online and phone participation before narrowing to “an extended battle between telephone bidders and a room bidder,” with the winning bid ultimately coming from the room.
Widely considered one of the ultimate trophy watches among collectors, the 18k yellow-gold, two-crown Ref. 2523 features a polychrome cloisonné enamel dial depicting a map of South America.
Only two examples of the watch are known to exist, and this particular watch had appeared publicly at auction just once before in 1988.
Last week, Jay-Z showed up to the 2026 Met Gala donning a Patek Philippe Grandmaster Chime time piece, which is reportedly valued at $6 million per Wristcheck. Hov previously wore the watch during the 65th Grammys in 2023, and for Diddy’s 50th birthday in 2019.
