GENEVA, 9 MAY 2026 – Phillips in Association with Bacs & Russo achieved a landmark result at The Geneva Watch Auction: XXIII today as the extraordinarily rare Patek Philippe Ref. 2523 “South America” world-time wristwatch sold for CHF 7,961,000 /USD 10,247,000 /HKD 80,223,000 – a world-record price for the reference. It is regarded as one of the most visually captivating and historically significant wristwatches ever made. So it should come as no great surprise that an 18k yellow gold Patek Philippe Ref. 2523 two-crown world-time wristwatch with a polychrome cloisonné enamel dial depicting a map of South America was auctioned off at a world-record price for the timepiece. Made in 1953, the watch is one of only two examples known in 18k yellow gold with the South America map and the only one ever to previously appear at public auction (in October 1988 in New York). This particular example was last seen publicly in October 1988 at an auction in New York. Preserved in remarkable condition, the watch displays a crisp case and a flawless enamel dial whose vibrant colors and fine details remain beautifully preserved. The Ref. 2523 was produced in extremely limited numbers. Scholarship suggests that between 29 and 36 examples were manufactured in total across all dial variations and metals. Special to The Gourmet Gazette. https://www.phillips.com/

The Patek Philippe World-Time in 18k yellow gold with South America cloisonné dial auctioned by Phillips in Geneva on May 9th for a world-record price for the timepiece. Becoming only the second vintage Patek Philippe wristwatch to top US$10 million at auction. Photo courtesy Phillips. Handout via The Gourmet Gazette