Phillips held their first auctions this past weekend in Geneva, and not surprisingly, the results exceeded expectations. With Aurel Bacs – the most renowned watch auctioneer in the world – at the helm, lot 123, an exquisite and very rare stainless steel single-button chronograph from Patek Philipp sold for 4.6 million CHF, setting a record for any stainless steel wristwatch sold at auction. It is one of only two examples of this model, both of which were made for a retailer in South America, the other is a highlight of the Patek Philippe Museum.

A Rolex Daytona “Albino” sold for 1.3 million CHF, which according to Phillips, broke the all-time record for any Rolex ever sold at auction. Also, see the results of the four Rolexes we wrote about last week.

In total, the inaugural Phillips watch auctions realized 29.6 million CHF, or $31.8 million USD. The high pre-sale estimates were 20.7 million CHF, or $22.2 million USD.