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The centuries-old auction house is revolutionising the watch market for a new generation. We ask the men who manage the boutiques how they’re doing it
In the meticulous world of watchmaking, a ‘perpetual’ is a calendar complication, infinitely complex and capable of accurately, automatically tracking the date almost indefinitely. These timepieces, without the need for manual adjustment, will jump from month to irregular month, leap unaided every four years, and guide their wearers — reliably and innovatively — in their every daily pursuit.
It’s an excellent name, then, for a pioneering platform launched by Phillips, the heritage auction house. Founded in London over two centuries ago, the house now offers a boutique experience for its clients in Phillips Perpetual, a different way to sell and purchase fine and rare watches. The concept was established in 2019, combining private exhibitions, curated programmes, and special sales events in a bid to revolutionise the watch market.
It’s headquartered in Mayfair’s Berkeley Square, while other outposts of Phillips Perpetual can be found at Gstaad Palace and in Hong Kong — where, in 2023, the auction house reimagined the fifth floor of the iconic pre-war Pedder Building into a grand boutique.
But moving rare timepieces required Phillips to move with the times, so Perpetual also has a thriving online presence. The ‘buy now’ concept may seem anathema to an auction house, but by introducing this option (as well as educating clients who have traditionally avoided auction houses), 70% of the clients Perpetual attracts are brand new to Phillips.
We asked three of the people behind the global Perpetual boutiques why the concept has seen such success, what differentiates their three distinct markets, and how — like a perpetual calendar — Phillips continues to offer the pinnacle of dependability.
Chris Youé
Chris Youé has heard watch stories that would make your jaw drop — especially those from Portobello Road Market in the 1980s. The global sales director for Perpetual, then, is happy to be based in the fast-paced British capital, which he says has “unbeatable heritage with vintage watches”.
“Despite the political challenges of the last decade, it remains one of the most cosmopolitan markets in the world,” Youé adds. “Collectors from Europe, the Middle East and Asia all still value London as a real hub for horological treasures.”
“London has unbeatable heritage with watches…”
But the definition of these ‘treasures’ is changing, says the sales director. In London specifically, tastes are broadening, with buyers becoming more well-informed and willing to buy outside their comfort zones. And the emergent generation of dealers and buyers, Youé adds, is seeking out quality and individuality rather than following fleeting contemporary trends.
“Shaped watches have been enjoying a revival in recent years,” he reveals. “And, although people talk about ‘understatement’, stone dials, gem-set cases, and integrated bracelets are still growing in popularity. Buyers want clear, distinctive differences in their watches rather than subtle scholarly dial variants.”
Recently, a “gorgeous” Journe Grande Sonnerie caught Youé’s eye (and, presumably, ears) when it sold through Perpetual London. He calls it a “mind-bogglingly impressive watch”, but also notes that ‘simpler’ watches — such as a white gold Lange 1 that sold earlier this month — also surprise and delight the right buyers.
Condition, rarity, and quality are all essential for a strong sale, says Youé, especially among London’s burgeoning more-discerning buyers. “But there is also a near-indefinable ‘elan’,” he adds, “one that’s tough to put into words. Ideally, I should be able to put a watch in front of any number of collectors, and they’ll find something exciting, intriguing, or just ‘super cool’ about it.”
Clément Finet
Among the soaring Swiss Alps, Gstaad has long had a reputation for opulence. And not only is Switzerland the home of fine watchmaking, the resort town itself is home to many legendary luxury brands from around the world. “It’s one of those fairytale locations that every high-net-worth individual dreams of discovering one day,” says Clément Finet, senior specialist at Perpetual Gstaad. “And, once they’ve made it here, they dream of only one thing — coming back for more!”
It’s the individuals, Finet says, that make Gstaad what it is: “It’s always been about the people”. But such is the townsfolk’s high-flying fancy for utterly distinct, unique timepieces, Phillips’ Swiss-set outpost has become known for featuring the rarest of grails. Finet concedes that the country’s native Maisons and models will always come out on top, but he admits that non-Swiss manufactures have also found a foothold in the alpine area.
“Gstaad is one of those fairytale locations…”
“True connoisseurs obviously all understand the horological significance of Germany’s A. Lange & Söhne, or Grönefeld from The Netherlands,” he says, “which are also brands we love to carry and support.”
Yet, while the watch enthusiast community is opening up to brands from other regions, Finet says he’s most heartened by a reframing of the global industry as a whole. “The most important trend I have noticed of late,” says the specialist, “is that people are no longer talking about the ‘watch market’. Instead, they’re talking about the watches themselves — proof that the love of watches is alive and well!”
Perpetual, too, has taken notice of this shift. The renovated boutique in the famed grand dame hotel may be the only seasonal store out of the trio, but it offers the same “quality, expertise, and fair prices” as its more cosmopolitan cohorts.
And, as with the other outposts, it shares the most invaluable part of the Perpetual package: the expert guidance. “It’s very rewarding,” says Finet. “The best part for me is when someone asks: ‘Which watch would you pick for yourself?’. Then you know that, for sure, that gentleman is going to leave the store with a darn good watch on his wrist!”.
Jonathan Siu
While every transaction is significant, says Jonathan Siu, there’s something particularly special about your first. And the Perpetual Hong Kong specialist’s first sale was to a well-established collector. “It wasn't about the monetary value, but the personal connection,” he says. “A collector I'd known for many years reached out, wanting to be my first client, and simply asked: 'What's good?’.
"I was able to guide him towards a piece that perfectly matched his taste and collection goals. Seeing his genuine excitement and satisfaction, knowing I played a part in connecting him with a timepiece he truly cherished, was incredibly rewarding.”
“Hong Kong is a crucial global hub for the luxury market…”
But Hong Kong is a hotspot for such passion, says Siu. “Its discerning clientele appreciates and seeks out the highest levels of craftsmanship, exclusivity, and service,” he adds. It was an easy decision, then, to establish a Perpetual presence in the region, which Siu also describes as “a crucial global hub for the luxury market, particularly watches.”
And the most exciting characteristic of Hong Kong’s clientele is the depth of their knowledge and incredible commitment to research. “The level of understanding and appreciation for fine watchmaking is unheard of,” says Siu, “which challenges us to continuously curate and offer the most exceptional timepieces in the world. It’s also a very dynamic market, where trends evolve rapidly.”
But one enduring request is a call for complex movements. “We’ve observed a growing interest in unique and highly complicated watches,” says the specialist, “alongside a continued demand for exclusivity and rarity.”
Clients, Siu says, are increasingly seeking pieces that represent both technical innovation and refined aesthetics. But this isn’t the only divide a Hong Kong collection tends to span; there’s also a split between demand for the latest novelties and historic pieces. “It’s a healthy balance of interest,” says Siu, “between both new and vintage timepieces. Newer models offer the latest technological advancements, and their designs are always sought after, while vintage timepieces with historical significance and provenance remain highly collectible, valuable investments.”
Such diversity is what unites the three global Perpetual boutiques, and Phillips has spent decades navigating the wide range of wristwatches available to collectors and first-time buyers alike. Because, whether you’re based in Britain and seeking a gem-set tourbillon, or holidaying in Gstaad and after a vanishingly limited vintage chronograph, the auction house's ever-present, world-spanning team is on hand to help — perpetually.
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