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.

Andre Frois

Asia Editor · Haute Time

Andre Frois, previously the Editor-in-Chief of Revolution Asia, brings a wealth of experience to Haute Time. A Singaporean of Portuguese-Chinese descent, Frois has been creating compelling watch content since 2010 for prestigious publications such as Tatler, World of Watches, and The Peak. Renowned for his ability to distill the technical, historical, and financial aspects of watches into accessible narratives, he has also made a mark with investigative stories for VICE and the South China Morning Post. A graduate of NTU’s School of Mechanical and Aerospace Engineering with a specialization in biomedical engineering, Frois furthered his expertise with a specialist diploma in Sport Science.