Phillips puts HK$6m–12m on Mark Cho's Journe Résonance
The Hong Kong sale on 21 and 22 November adds eight independent lots to a Patek group. An early Tourbillon Souverain carries a range of HK$3.9 million to HK$11.6 million.
By Carat Capital
What changed
Journe heads the independents. Phillips estimates Mark Cho's F.P. Journe Résonance at HK$6 million to HK$12 million for its 21 and 22 November Hong Kong sale.
What it means
- If you consign independents: Phillips is adding eight independent lots to a sale it has already announced around Patek.
- If you bid on early Journe: The Tourbillon Souverain's high estimate is nearly three times its low.
- What this is not: A result. Estimates exclude the buyer's premium.
Key figures
| Journe Résonance, Mark Choone of five made | HK$6m–HK$12m |
|---|---|
| Journe Tourbillon SouverainNo. 069, 2001 | HK$3.9m–HK$11.6m |
| Low estimates, eight lotsCarat Capital's sum | HK$17.45m |
| Sale datesHong Kong | 21–22 Nov |
Source: Phillips press release, Hong Kong, 20 October 2026. Estimates exclude buyer's premium, the release says. Sale: The Hong Kong Watch Auction: XXIII, 21 and 22 November 2026.
Four Journes carry the list
A commission from Cho. The Résonance 'Mark Cho Special' comes from the collection of The Armoury's co-founder. Phillips says five were made, the last in Journe's 38mm platinum case, and this one bears serial 168.
A wide early range. Tourbillon Souverain No. 069, a 2001 platinum watch with a yellow gold dial, carries HK$3.9 million to HK$11.6 million. Phillips says nine such dials are documented.
Two more Journes. A Centigraphe made for the Hong Kong boutique's tenth anniversary carries HK$2.4 million to HK$4.8 million. Octa Calendrier Ruthenium 01 of 99 is estimated above HK$1.6 million.
| Watch | Made | Estimate (HK$) | Estimate (US$) |
|---|---|---|---|
| F.P. Journe Chronomètre à Résonance 'Mark Cho Special', platinum | c. 2018 | 6m–12m | 769,000–1.54m |
| F.P. Journe Tourbillon Souverain No. 069, platinum | c. 2001 | 3.9m–11.6m | 500,000–1.49m |
| F.P. Journe Centigraphe Souverain Anniversaire Hong Kong, 10 of 20 | c. 2016 | 2.4m–4.8m | 308,000–615,000 |
| F.P. Journe Octa Calendrier Ruthenium, 01 of 99 | c. 2004 | over 1.6m | over 205,000 |
| Voutilainen Vingt-8, titanium | c. 2022 | 1.5m–2.5m | 192,000–321,000 |
| Haldimann H1 Flying Central Tourbillon | c. 2012 | 1.0m–2.0m | 128,000–256,000 |
| Auffret Tourbillon à Paris, Subscription No. 18 | c. 2023 | 900,000–1.8m | 115,000–231,000 |
| Kiu Tai Yu HK 2000, 14 of 20 | c. 2000 | 150,000–300,000 | 19,200–38,500 |
Carat Capital's sum of the low estimates, with the Octa at its HK$1.6m floor: 6.0 + 3.9 + 2.4 + 1.6 + 1.5 + 1.0 + 0.9 + 0.15 = HK$17.45m. Tourbillon Souverain range: 11.6 / 3.9 = 2.97 times. Résonance: 12 / 6 = 2.0 times. HK$12,000,000 / US$1,540,000 = 7.79, consistent with the peg.
Smaller names, smaller ranges
Four other makers. A titanium Voutilainen Vingt-8 carries HK$1.5 million to HK$2.5 million and a Haldimann H1 HK$1 million to HK$2 million. Auffret and Kiu Tai Yu complete the list.
The total floor. The eight named lots carry low estimates of HK$17.45 million on our sum, counting the Octa at its floor.
A recent comparison. Another Tourbillon Souverain took HK$31.4 million at Sotheby's Hong Kong on 21 September.
What to watch
- 16–22 NovemberThe Hong Kong preview, after a tour of Taipei, Geneva and Singapore.
- 21–22 NovemberThe sale, and where the Tourbillon Souverain lands inside its nearly threefold range.
The story so far
Go deeper
What would change this call
The Journe lots selling below their lows. Then September's HK$31.4 million result reads as a single trophy, not a level.
How a house sets a range
An auction house sets low and high estimates from comparable sales and the consignor's terms. Phillips says its estimates exclude the buyer's premium, while prices achieved include it. A wide range often signals few recent comparables.
Method
Phillips press release PDF, dateline 'HONG KONG – 20 OCTOBER 2026', fetched 21 October 2026, 200, 870,098 bytes; text extracted by script, 14,148 characters. Greps on the extracted text: 'HK$6,000,000-12,000,000' 1, 'HK$3,900,000–11,600,000' 1, 'HK$2,400,000–4,800,000' 1, 'HK$1,600,000' 1, 'HK$1,500,000–2,500,000' 1, 'HK$1,000,000–2,000,000' 1, 'HK$900,000–1,800,000' 1, 'HK$150,000–300,000' 1, 'five examples' 1, 'serial number 168' 1, 'nine' 1, '01 of 99' 1, '21 and 22 November' 1, 'Patek Philippe wristwatches leading' 1, 'Estimates do not include' 1. The release says an earlier announcement put a Patek group at the head of the sale; that release was not read. The 21 September result is this paper's 6 October report of Sotheby's own recap; the two watches' series and dials were not compared, so no ratio is printed. The line 'a wide range often signals few recent comparables' is Carat Capital's. ARCHIVE, by entity and period: Carat Capital's archive, 'Mark Cho' 0 rows, 'Journe' 12 rows, titles read and the 6 October and 19 July pieces opened: neither covers this November sale. NEW.