There are watches, and then there are watches. 1953 Patek Philippe Ref. The 2523 Heures Universelles is strictly second class, so rare that its appearance at Phillips’ Geneva Watch Auction: XXIII this May should qualify as a sensational event. The reference coming up for auction is an 18k yellow gold example with South American polychrome cloisonné enamel—one of two known to exist in yellow gold and one of only three decorated with South American polychrome enamel. Last seen at auction in 1988, the only time this Ref. 2523 exceptions have arrived in the block, so far.
The Heures Universelles, or world time, wristwatch was invented by Louis Cottier, a watchmaker from Geneva who developed his method in the early 1930s to solve what was a real challenge at the time: how to display Sir Sandford Fleming’s 24 time zones—contrary to popular belief they were not combined by the International Conference of 1884 at the same time as the Prime Meridian. Cottier’s answer was a system of circular city rings that allowed the wearer to read the time anywhere in the world in an instant. Patek Philippe quickly recognized the functionality of this world timepiece, and by 1937, had partnered with Cottier to produce its prototype Heures Universelles, the rectangular Ref. 515 HU (of which only three or four were built) and the Ref. 96 HU (of which only two were made).
Ref. 2523 came decades later, the second generation of Patek Philippe’s repeatedly produced world timepieces, following the Ref. 1415. “Overproduced,” of course, is a term that needs context: of all varieties—yellow gold, pink gold, white gold and precious enamel dialed versions—only about 29 examples were ever made. Three designs of geographic maps are known throughout Ref. 2523’s diversity of crust: Eurasia, North America and South America; the last of which is thought to be the rarest of the three.
Auction records for this reference suggest that the Geneva-based timepiece will exceed estimates. A “Silk Road” cloisonné enamel Ref. 2523 fetched $7.8 million in 2021—the highest price ever for a yellow gold wristwatch at auction. A blue enamel example signed by Gobbi Milan sold for $8.97 million at Christie’s Hong Kong in 2019, setting a record at the time for the most expensive watch ever sold in Asia.
Collectors serious about horology and horological history, or simply owning one of the finest and rarest items produced in the 20th century, will undoubtedly be watching this auction. Opportunities like this rarely come along, and this watch face may never hit the block again.
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