By
Bloomberg
Published
November 10, 2024
A historically important wristwatch made by independent French watchmaker Francois-Paul Journe sold for a record at an auction in Geneva, fetching 7.32 million Swiss francs ($8.4 million).
The price is the highest ever paid for a wristwatch made by the Swiss company Journe and the highest ever paid for an independent manufacturer at auction. The estimated price before the auction was over 2 million francs.
Produced in 1993 and put up for sale by Phillips auction house in Geneva on Friday, it was the first wristwatch Journe sold and is considered the watch that launched his Swiss-based brand and his career as an independent.
The 'Tourbillon Souverain à Remontoire d'Egalité' embodies an “Adam and Eve” moment for FP Journe's career, his brand and his business, auctioneer and senior Phillips consultant Aurel Bacs said during the sale. The watchmaker himself was among the crowd of bidders and spectators.
The record-breaking result cements Journe's place in the upper echelon of contemporary independent watchmakers whose unique pieces can sell for millions at auction.
Before producing and selling this wristwatch, Journe had only manufactured pocket watches or created movements and watches for other brands, including Cartier. The first FP Journe wristwatch he made was for himself and was not sold to the public.
The FP Journe brand now produces fewer than 1,000 watches a year, and buyers are on waiting lists that can last months or even years.
The Phillips auction also featured the first Rolex Rainbow Daytona chronograph made by the largest Swiss brand. This unique watch, made in 1994 and encrusted with sapphires and diamonds, sold for 5.5 million Swiss francs, including fees, surpassing the pre-auction estimate of 3 million francs. That's the highest price paid at auction for a self-winding Rolex Daytona chronograph, Phillips said.
