Record-Breaking: F.P. Journe's Second Wristwatch Sells for Over $8.3 Million at Phillips
The 2024 Winter Auction Season in Geneva has opened with a bang; one of the first standout moments was the sale of the second wristwatch ever created by F.P. Journe, a Tourbillon Souverain à Remontoire d'Égalité from 1993. This remarkable piece fetched CHF 6,000,000 under the hammer, with an all-in price of CHF 7,320,000 ($8,357,441), solidifying its place in history as the most expensive F.P. Journe wristwatch and the priciest independent watchmaker’s wristwatch ever sold at auction.
Previously, the highest-priced Journe at auction was "The Hand," a unique piece crafted for Only Watch 2021, which sold for CHF 4,500,000. The watch world widely anticipated that the Tourbillon Souverain would surpass this figure; however, where the final bid would land remained uncertain. Despite a softened market for Journe watches, items of such historical significance often defy broader trends.
An Auction Room to Remember
In a display that has become a hallmark of Phillips' most prominent lots, Paul Boutros, Deputy Chairman and Head of Americas for Phillips, opened the bidding with a confident "5 million, sir!" This bold declaration drew comparisons to the iconic "10 million dollars, sir!" announcement during the 2017 sale of Paul Newman’s Daytona. For several tense moments, no one in the packed room took the bait; even with nearly every Phillips specialist on the phone, the silence was palpable.
Aurel Bacs, the legendary auctioneer, used the lull to engage François-Paul Journe, who was seated in the front row. Journe revealed that his personal first wristwatch would never be available for sale, confirming this lot as the earliest Journe wristwatch anyone could ever own. The silence broke when a bidder in the room entered the fray, pushing the bid above CHF 5 million and sparking a brief but decisive back-and-forth. Ultimately, Boutros secured the winning bid for his client at CHF 6 million.
A Milestone in Watchmaking
Including the auction premium, the final price of CHF 7,320,000 not only made this Journe the most expensive wristwatch from an independent watchmaker but also placed it as the seventh most expensive wristwatch ever sold at auction. The packed auction room, filled with collectors, dealers, and curious onlookers, erupted into applause when the hammer fell, marking the culmination of a monumental sale. Observers noted a faint smile on Journe’s face, a subtle acknowledgment of his triumph.
What Does This Sale Mean?
Although the staggering price is impressive, its impact feels less shocking in today’s auction climate. In the past three years, three of the six wristwatches ahead of this Journe on the all-time list have achieved similar results, creating a sense of normalization for such high numbers. Nevertheless, surpassing $5 million remains a significant milestone, especially for an independent watchmaker.
For François-Paul Journe and his admirers, this achievement must be immensely rewarding. Reflecting on past auctions, including a notable Only Watch event where Rexhep Rexhepi's submission outperformed Journe's, it’s clear this record serves as an unspoken affirmation of his legacy. Yesterday’s result is not just about the money; it’s about the recognition of Journe’s craftsmanship, with this particular piece becoming a symbol of his unparalleled artistry.
Quality Over Trends in the Watch Market
This record-setting sale also highlights a broader trend in watch collecting: the emphasis on condition, quality, and rarity. When a timepiece is a cut above the rest, collectors are willing to exceed expectations, driving prices far beyond initial estimates. Alongside the Journe record, Phillips also set benchmarks for other pieces during this auction, including the most expensive automatic Rolex Daytona and the highest-priced Derek Pratt/Urban Jürgensen pocket watch.
Who Purchased the Watch?
Speculation surrounding the buyer of the Tourbillon Souverain was immediate. While Phillips has remained silent, as required, rumors quickly spread about a high-profile American tech executive. However, sources close to the event dismissed these claims, leaving the identity of the new owner a mystery.
In summary, the sale of this F.P. Journe wristwatch has not only set a new benchmark for independent watchmakers but also reaffirmed the market's focus on the exceptional. As collectors continue to seek out top-tier examples, this sale serves as a reminder of the enduring appeal of rare, historically significant timepieces.
