The Legendary Patek Philippe Ref. 2499 Just Sold for Over $10 Million

The Patek Philippe Ref. 2499 First Series in pink gold just sold at Phillips’ Hong Kong Watch Auction: XXII today for over HK$80,370,000 (about US$10.2 million, at time of writing). Made around 1941, the Ref. 2499 perpetual calendar chronograph embodies Patek Philippe’s mastery of complicated watchmaking long before the dawn of computer-aided design.

Top lots that commanded eye-watering bids today included an F.P. Journe Tourbillon Souverain “Chine 2010 38”, which hammered for HK$32,965,000, and the F.P. Journe Tourbillon Souverain “Ref. T”, which realized HK$11,239,500.

The HK$9,461,500 final bid of a Philippe Dufour Simplicity in steel signals the unwavering popularity of the meticulous and independent watchmaker’s handmade timepieces, while a Patek Philippe Ref. 5711 set with sapphires that achieved HK$6,731,000 testifies to the undeniable demand of the discontinued 5711.

Tomorrow at day two of the Phillips Hong Kong Watch Auction: XXII (May 31^st 2026), all eyes will be on lots like the Patek Philippe Ref. 3448 Padellone “Tokyo White” (estimated at HK$6,000,000 to 12,000,000), Patek Philippe Ref. 5970R-017 (estimated at HK$4,000,000 to 8,000,000) and Patek Philippe Ref. 5016P-010 (HK$3,500,000 to 6,500,000).

Phillips had just stolen headlines earlier this month, when it grossed an unprecedented total of CHF74.8 million (about US$96.3 million) at the Phillips Geneva Watch Auction: XXIII, surpassing its own 2021 and 2025 records. Previously, the Phillips Geneva Watch Auction: XIV in November 2021 set a record of US$74.5 million in total sales, followed by the Phillips DecadeOne Auction in November 2025, with US$83,018,538 in total sales.

The record-high figure achieved by the Phillips Geneva Watch Auction: XXIII (May 10^th and 11^th 2026) was led by the sale of the Patek Philippe ref. 2523 “South America” for a staggering CHF7,961,000 (about US$10.2 million). Only two examples of this enameled yellow gold watch are known to exist.