The year 2025 turned out to be a blockbuster for vintage wristwatch auctions worldwide. Major houses like Phillips, Sotheby’s, and Christie’s saw passionate bidding wars drive sky-high hammer prices and set new records. From Swiss-made mechanical marvels steeped in history to rare pieces by independent watchmakers, collectors shelled out serious money for the most sought-after vintage timepieces.
How serious? Try eight figures for a single watch - twice in one year. Even seasoned dealers and watch forum sleuths had to do a double-take. After all, one might casually browse cheap vintage watches on Reddit, but it’s a whole different game when a single Swiss timepiece sells for the price of a private island.
So what’s behind this frenzy? It’s a mix of deep-pocketed passion, historical intrigue, and a dash of auction-room theater. Many of these watches are older watches with rich backstories - think mid-century legends or early independents - now elevated to near-mythical status. The trend underscores how Swiss horology and vintage watch investment remain alive and well. It also proves that the next generation is jumping into the vintage watch game with gusto. And the market’s global nature was on full display: bidders from all over the world turned Geneva, New York, and Hong Kong into interconnected arenas for the same high-stakes chase. Let’s count down the top 10 most expensive vintage watches auctioned in 2025, and explore why each one mattered.
1. Patek Philippe Ref. 1518 in Stainless Steel (1943)
Price: $17.6 Million
“The Legend Returns” might as well have been the tagline for this sale. A stainless steel Patek Philippe 1518 - an ultra-rare perpetual calendar chronograph from 1943 - stormed back onto the auction scene and hammered for roughly $17.6 million. This made it the most expensive vintage Patek Philippe wristwatch ever sold at auction, surpassing its own previous record from 2016. It was also the single priciest timepiece sold at any auction in 2025. Not bad for a watch originally sold in the 1940s.
Image credit: Phillips
The ref. 1518 was the world’s first serially produced perpetual calendar chronograph, a cornerstone in Swiss watchmaking history. Most were cased in yellow or pink gold - but Patek made only four in humble stainless steel, an oddity meant for hard use in an era dominated by precious metals. Collectors hunt these “steel unicorns” with a fervor usually reserved for fine art.
When this example hit the Geneva sale in November, the room crackled with energy. Bidding lasted over nine minutes with multiple contenders on the phones and floor. In the end, a phone bidder triumphed, clinching what many consider a holy grail of vintage watches.
Image credit: HODENKEE
Historical context adds fuel to the fire. This very watch had already set a record in 2016, and its 2025 result blew past that. It underscores how the value of historic watches keeps climbing when the piece is rare, correct, and storied. The watch’s appeal lies not just in scarcity but in contrast: a stainless steel high-complication from a brand synonymous with gold elegance, surviving decades with its original dial and vintage markings intact. The original dial shows warm patina, and collectors love that - it’s authentic character, not damage. Add Patek Philippe’s unmatched cachet, and you have a perfect storm for a record price.
2. F.P. Journe “FFC” Prototype (Circa 2021)
Price: $10.8 Million
Who says historical watches have to be old? This piece is modern independent watchmaking, yet it smashed records and stole headlines. The F.P. Journe FFC Prototype - a one-of-a-kind creation born from a collaboration between legendary filmmaker Francis Ford Coppola and watchmaker François-Paul Journe - sold for $10.755 million at a New York auction on December 6, 2025.
That’s not only a record for any F.P. Journe wristwatch, but also a record for any wristwatch by an independent watchmaker, and for any 21st-century timepiece at auction outside of charity events. In other words, it was a huge moment for modern indie horology.
Image credit: Phillips
So, what is the “FFC”? It stands for Francis Ford Coppola. Journe created this prototype after a conversation in which Coppola mused about telling time with a hand, literally. The result is a 42mm platinum wristwatch with an articulated mechanical hand on the dial that displays the hours. It’s half watch, half kinetic sculpture.
Only two prototypes exist - Journe kept one, and Coppola owned this one. With Coppola facing financial turbulence from a passion project film, he consigned the watch, and the auction house promoted it as the star lot of the sale. It didn’t disappoint. After an intense 11-minute bidding battle - the kind of white-knuckle auction drama that gives even jaded collectors sweaty palms - the gavel fell at $10.8M and the room erupted.
For context, F.P. Journe is a Geneva-based Swiss watchmaker known for exquisite, limited-production watches. His early pieces from the 1990s and 2000s (now widely considered “neo-vintage watches”) have been rising in value for years. But the FFC is a different beast: a unique concept piece marrying Hollywood storytelling with haute horlogerie. It shattered the assumption that only century-old Pateks or Rolexes could fetch eight figures. It also proved, yet again, that provenance and narrative matter as much as mechanics.
3. F.P. Journe × THA for Breguet Pendule Sympathique No. 1 (1991)
Price: $6.6 Million
If you’ve ever wondered what happens when watchmaking gets theatrical in the best way, this is it. The Pendule Sympathique isn’t a wristwatch — it’s a full-on horological ecosystem: a clock designed to house and “reset” a matching watch, syncing it and winding it with a kind of old-world mechanical magic. The 2025 result of $6.6 million didn’t just set a record — it made a statement that serious collectors aren’t only chasing what fits under a cuff. They’re chasing the big, foundational ideas.
Image credit: Phillips
Historically, the Sympathique concept goes back to Breguet’s golden age, but this modern execution — tied to François-Paul Journe and THA — is the kind of object that makes even hardened specialists pause. It’s part scientific instrument, part decorative masterpiece, and part flex you can’t even wear. Seeing it ranked this high in Phillips’ top 10 is a reminder that Swiss horology isn’t just about the wrist. It’s about the entire culture of precision, craftsmanship, and obsession.
4. Cartier Portico Mystery Clock (1924)
Price: $4.7 Million
This is the kind of piece that makes you stop mid-scroll and go, “Wait… how is that even moving?” Mystery clocks are one of Cartier’s most iconic art-meets-engineering creations, designed so the hands appear to float without any visible mechanism driving them. And in 2025, that surreal effect translated into serious money: $4.7 million — a world record for any Cartier timepiece.
Image credit: Phillips
The Portico design is especially dramatic — architectural, symmetrical, and dripping with early 20th-century luxury energy. This isn’t just a clock; it’s a cultural artifact from the era when high society treated timekeeping like sculpture. And in a year dominated by Swiss-made mechanical monsters, Cartier’s presence this high on the list is a reminder: collectors aren’t only buying movements. They’re buying stories, design revolutions, and the kind of object you’d expect to find behind glass in a museum, not on an auction block.
5. Patek Philippe Ref. 1518 “Pink-on-Pink” in Rose Gold with Salmon Dial
Price: $4.4 Million
Yes, another 1518 makes the list - but visually it couldn’t be more different from its steel sibling. Meet the “pink-on-pink” Patek 1518: a 1947 reference cased in 18k rose gold with a matching salmon dial. It’s a deliciously retro color combo that has collectors weak at the knees. In Geneva, it realized around $4 million.
Why so valuable? In vintage Patek lore, a “pink-on-pink” configuration - pink gold case, pink or salmon dial - is exceedingly rare and coveted. Most 1518s have light silvered dials. Only a handful were made with rose-toned dials, likely by special order. That makes each survivor a unicorn in its own right.
Image credit: Phillips
This example’s condition was outstanding, with an untouched dial showing graceful aging and correct engravings. It’s the epitome of an historic watch that’s also visually striking. The warmth of the pink gold and the unique dial give it a beauty that modern reissues try to imitate but never quite capture.
Collectors love nuance. Within Patek’s world, dial color, original certificates, and tiny production quirks can swing value dramatically. So while this didn’t grab the same headlines as the top two lots, for Patek enthusiasts it was a headline all its own - proof that subtle legends can still command a king’s ransom.
6. F.P. Journe Chronomètre à Résonance “Souscription” First Series (No. 2)
Price: $4.1 Million
Yes, we have another Resonance in the top 10 - that’s how crazy 2025 was for Journe’s work. This time it’s a Chronomètre à Résonance “Souscription” No. 2, one of the original 20 pieces Journe offered by subscription in 2000 when launching the model. It sold for roughly $3.65M, setting a new benchmark for early Journe pieces.
The Souscription Resonance watches matter enormously because they represent the very first batch of production, each with distinct early details and historical significance. They’re the genesis of Journe’s most celebrated invention - the kind of watch collectors view as “history happening in real time.”
Image credit: Phillips
What pushed this one so high? Beyond its early-series significance, it came with original accessories and documentation - the kind of ephemera that increases confidence and desirability. It was also in excellent condition, with the original dial and movement intact. Journe’s early brass movements have a cult following for their beauty, and they’ve become one of the defining features that collectors chase.
If you’re new to this and thinking, “People pay millions for a 25-year-old watch by a living watchmaker?” - you’re not alone. It is mind-boggling. But it reflects modern collecting scholarship expanding beyond classic vintage. And the underdog saga of Journe mailing subscription offers and barely finding believers, only for those pieces to become multimillion-dollar trophies, is exactly the kind of story collectors love.
7. F.P. Journe Chronomètre à Résonance “Sincere” Edition
Price: $3.7 Million
Independent watchmakers had a phenomenal year, and F.P. Journe leads the pack. Coming in next is a special edition Chronomètre à Résonance with a black mother-of-pearl dial made for Sincere Fine Watches, a high-end retailer in Asia. This rare “Sincere” Resonance fetched $3.7 million at a New York auction, far exceeding expectations.
To put it in perspective, standard examples of early Resonance watches (from the early 2000s) were trading in the mid six-figures not that long ago. But 2025 proved that the best-of-the-best variants are firmly in seven-figure territory.
So why the Resonance - and this edition in particular? Journe introduced the Chronomètre à Résonance in 2000, and it was the first wristwatch to harness the physical phenomenon of resonance: two balance wheels beating in sync to improve accuracy. It’s a historic piece of modern horology, and a cornerstone of the neo-vintage indie watch boom.
Image credit: Phillips
The Sincere edition is exceptionally limited and visually dramatic. The dial looks almost pitch black until light hits it, revealing iridescent layers. The dial is in fact crafted from a thin slice of natural black mother-of-pearl. That kind of subtle, exotic detail is catnip for collectors. When it went up for bidding, it quickly flew past its estimate and landed at $3.7M, setting a record for any Resonance ever sold.
The bigger story here is the market shift. Collectors who once focused only on 1940s Pateks now compete for early Journes, Dufours, and other modern independents. These watches might not be antique by age, but they’ve reached blue-chip status in only a couple decades.
8. Patek Philippe Ref. 3448 “Padellone” in Pink Gold
Price: $3.3 Million
Vintage Patek alert, and this one’s a doozy: the only known Patek Philippe ref. 3448 perpetual calendar in pink gold. Collectors had whispered about this watch for years. It surfaced once before in 2011, then reappeared in 2025 and hammered for about $3.0 million.
Why is it so special? The ref. 3448, nicknamed “Padellone” (Italian for “big frying pan”) due to its broad dial, was Patek’s first automatic perpetual calendar, produced in the 1960s and 1970s. Most were made in yellow gold, a few in white gold, but this example is the only publicly known one in 18k pink gold. It also carries a rare double-signed dial from a retailer in Uruguay, adding to its cachet.
Image credit: Phillips
The result might sound modest relative to the top of this list, but within the Patek world it was monumental. It’s a record for the reference and a reminder that uniqueness can be as powerful as brand prestige. The watch is also gorgeous: clean dial layout, classic proportions, and a pink tone far warmer than typical yellow gold. Importantly, it checked every collector box: strong case, no over-polishing, no questionable parts, and an original dial with just the right amount of honest aging.
Because this watch is unique, its sale becomes part of Patek folklore. Enthusiasts will cite this piece for years. It also highlights a key reality of high-end collecting: value can be extremely specific. “Rare” is one thing. “Only one known” is another universe entirely.
9. Philippe Dufour Duality No. 1 (1996)
Price: $3.1 Million
If F.P. Journe is the rockstar of independents, Philippe Dufour is the sage. In 2025, one of Dufour’s masterpieces - Duality No. 1 - proved that traditional craftsmanship commands top dollar. The very first Duality ever made (serial number 1, crafted in 1996) sold for $3.085 million, setting a record for any Dufour watch at auction.
Let’s talk about the Duality. It’s “vintage” in the sense that it’s from the 1990s, and historically significant because it was the first wristwatch to feature a dual-balance wheel mechanism with a differential - inspired by precision clocks. Dufour made only nine Duality pieces, each finished by hand to an absurd standard. They almost never come up for sale.
Image credit: Phillips
So when Duality No. 1 appeared, the independent watch world went into a frenzy. Bidding was fierce among mega-collectors. The final price surprised even optimists. It also reinforced Dufour’s mythical status: he’s viewed as the watchmaker’s watchmaker, a craftsman who preserved traditional Swiss finishing when much of the industry went industrial.
This sale marks a tipping point. It suggests that late 20th-century independent watches are now as collectible - and as valuable - as mid-20th-century icons. The emotional appeal matters here too. Owners don’t just buy Dufour for resale value. They buy it because it represents craft, human labor, and near-spiritual devotion to detail.
10. Souscription Echo – F.P. Journe Chronomètre à Résonance “Souscription No. 17” (2000)
Price: $2.8 Million
Just when you think the Journe wave has crested, it hits again. Another Souscription-series Chronomètre à Résonance, this time No. 17, made it into the year’s top tier of results and sold for about $2.8 million luxuriousmagazine.com. If No. 2 is the headline-grabber, No. 17 is the proof of depth: collectors weren’t chasing a single unicorn — they were chasing the entire early mythology of the Resonance.
And the appeal is easy to understand if you’ve ever fallen down the watch-reviews rabbit hole late at night. These first-series Résonances are the purest expression of Journe’s original idea — not a reboot, not a tribute, not a polished modern update. They’re the real early chapters, with that signature warmth and the kind of handmade character that’s impossible to replicate once production scales.
In Summary: 2025 Was a Record Year for Vintage Watch Auctions
The 2025 auction season for vintage watches was nothing short of extraordinary. We witnessed established blue-chip models like Patek’s perpetual calendar chronographs reaffirm their dominance, with the steel 1518 taking the crown as the most expensive watch of the year. At the same time, independent watchmaker pieces surged into the spotlight. Journe and Dufour shattered records, signaling a new era of collecting where a 20-year-old piece by a living maker can stand shoulder-to-shoulder with an 80-year-old Patek in value.
The year also highlighted the strength of major auction houses overall, along with the depth and diversity of this market. Even beyond the top 10, numerous historic watches and neo-vintage watches drew fierce bidding and surprising results, proving there’s still tremendous energy across multiple collecting categories.
For collectors and enthusiasts, the takeaway is thrilling and a tad bewildering. The phrase “vintage watch investment” is no longer just cocktail talk - it’s real when tangible assets like these appreciate so spectacularly. Of course, seasoned collectors will caution that not every old watch is a hidden Paul Newman or a pink gold unicorn. Provenance, rarity, and condition remain everything. But the rising tide has lifted many boats.
Most importantly, this hobby remains an adventure. One day you’re chatting on a forum about a barn find Longines, and the next you’re watching a bidding war over a one-off Journe prototype that feels like a movie plot. The tone in 2025 was exuberant but also deeply appreciative: collectors are as interested in the stories as they are in the financial upside. Coppola’s unusual prototype becomes a $10M legend. A dial’s patina becomes proof of authenticity and decades of life. A unique pink gold Patek becomes folklore.
These most expensive pieces, as jaw-dropping as their prices are, also represent the pinnacle of craftsmanship and narrative in watchmaking. They are cultural artifacts as much as they are market commodities.
So whether you’re a seasoned bidder with a paddle in hand or a young enthusiast scouring the internet for older Omega watches or retro quartz watch oddities, 2025’s auction saga offers inspiration. Today’s sleeper could be tomorrow’s star. The world of collectible watches is ever-evolving, blending Swiss watchmaking heritage with a touch of modern hype.
In the end, what makes this field so engaging (and yes, at times addicting) is the sense of discovery. There’s always another story around the corner - another hidden gem, another record to be broken, another vintage time machine waiting to rewrite history. 2025 raised the bar. Who knows what 2026 will bring?
If that’s not an adventure, I don’t know what is. Here’s to the next chapter in this grand vintage watch story - keep your eyes on those auction catalogues (and maybe check your attic, just in case). Happy hunting, and happy collecting.
FAQs About Vintage Watch Auctions
What was the most expensive vintage watch sold in 2025?
The most expensive vintage watch sold in 2025 was a Patek Philippe Ref. 1518 in stainless steel from 1943, which achieved approximately $17.6 million, setting a new auction record for a vintage Patek Philippe wristwatch.
Why are vintage watches selling for record prices?
Vintage watches are achieving record prices due to a combination of extreme rarity, historical significance, originality, and provenance. Increased interest from younger collectors and global bidding competition have also driven prices higher.
Are vintage watches a good investment?
Select vintage watches can be strong long-term investments, especially pieces from Patek Philippe, Rolex, and elite independent watchmakers. However, condition, originality, documentation, and rarity are critical. Not every old watch increases in value.
Why are independent watchmakers like F.P. Journe so valuable now?
Independent watchmakers such as F.P. Journe and Philippe Dufour are valued for their limited production, technical innovation, and historical importance. Early examples are now considered neo-vintage grails, comparable to mid-century Swiss classics.
What makes a watch “neo-vintage”?
Neo-vintage watches typically date from the 1990s to early 2000s and represent early works of important modern watchmakers. These watches often combine traditional craftsmanship with contemporary design and are increasingly collectible.
Why is originality so important in vintage watches?
Original components - especially dials, lume, cases, and movements - significantly affect value. Over-restoration can reduce desirability, while honest patina is often preferred by collectors.
Where are the most important vintage watch auctions held?
The most significant vintage watch auctions take place in Geneva, New York, and Hong Kong, attracting international collectors and setting global market benchmarks.
