Note : Unless otherwise stated, all photos are from Phillips.com and are the property of Phillips HK.

On November 22, an auction was held in Hong Kong that will go down in the history of Japanese watchmaking. The famous auction house Phillips organized one of its signature sales, but with a theme never before seen : Japan.

*Calligraphy created live by the artist Mamimozi on a 2.10m x 2.10m canvas, sold for $17,950.*

The name TOKI comes from the kanji 刻, one of whose meanings is "time." This character also means "to engrave," and as you will see, the two meanings are connected : on Japanese clocks (the famous wadokei), the days were divided into 12 periods for daytime and 12 periods of night time, each represented by a sign of the Chinese zodiac. The length of these periods was not fixed but changed with the seasons, known as "temporal hours." On the wadokei, each of these temporal hours was marked by a small engraved plaque with the corresponding zodiac sign. In other words, each engraving represented an hour. And as you might have guessed, these temporary hours were called TOKI in Japanese. Now you can understand why the same kanji can be used to refer to both engraving and time!

But let's get back to this Japan-themed auction.

The auction revolves around the theme of Japan, with broadly speaking four types of watches offered :

Watches from Japanese collectors
Watches made for the Japanese market
Watches from established Japanese brands
Watches by independent Japanese watchmakers

I won't go into detail about the first two categories, but I encourage you to visit the dedicated auction page on the Phillips website to get an idea. From the simple Rolex Explorer to the Vianney Halter, including the Patek "Kimono" in cloisonné enamel, De Bethune, or exceptional pocket watches, the selection of watches presented leaves no doubt about the excellence and the level of Japanese collectors !

Since I am not very familiar with these watches and their market, I prefer to leave it to those who know to speak on the subject. However, I think it is worth taking a closer look at the other two categories. So let’s go through each watch that was offered and discuss the prices that were reached.

Watches from established Japanese Brands

The three major names in Japanese watchmaking were, of course, represented : Casio, Citizen, and Seiko.

Casio

The sole representative of Casio is, as you might expect, an exceptional watch : the reference G-D5000-9JR. Doesn't ring a bell ? It's simply a G-Shock... in solid 18-karat gold !

Released in 35 pieces for the 35th anniversary of G-Shock, this watch, more appropriately called the G-Shock Dream Project "Pure Gold," was allocated via a raffle to Japanese collectors in May 2019. Against all odds, it sold extremely quickly despite the hefty price tag of $70,000 and a weight of 297g—approximately $235 per gram !

You might be surprised that such a watch sold so well, but you may be even more surprised to learn that it sold at auction for around $146,800—just over double its retail price !

An impressive performance for this watch, which I believe is the most expensive Casio ever sold !

If you happen to have $146,800 to invest in Casio, note that you could instead buy one FW91 per day for 19 years. The choice is yours...

Citizen

Citizen also had just one representative, but it’s a good one: the AQ6110-10L. This watch is part of "The Citizen" collection and features the renowned Caliber 0100 quartz movement, celebrated for its mind-blowing accuracy of +/- 1 second per year. What sets this model apart is its dial, crafted from washi paper and hand-dyed with natural indigo in Tokushima—the birthplace of Aizome (indigo dyeing). Here, the last remaining artisans still cultivate and ferment the indigo flowers by hand.

This is a more common model released in late 2022, priced at ¥880,000 in Japan, which is currently approximately €5,877 (as of November 2024).

This one sold for $3,578, which seems to be a great deal for the buyer.

Since Citizen rarely offers, to my knowledge, particularly expensive or extravagant pieces like the solid gold Casio, it was probably difficult to find a watch that could ignite the bidders' spending frenzy. One might have hoped to see the Citizen tourbillon created by Hajime Asaoka, but unfortunately, that wasn’t the case. The final price was slightly above Phillips' estimates, but as those are notoriously very low, there isn’t much to say about this rather unremarkable result for Citizen.

Seiko

Unsurprisingly, Seiko is by far the most well-represented Japanese brand in this auction, with no fewer than 9 pieces.

Vintage Seiko

Among the vintage selection, four standout models are featured.

Seikosha Tensoku

If you're already a reader of Wadokei, you're familiar with this watch. If not, I encourage you to read this article.

The model offered for sale appears to be in very good condition. It is the later version with a 9 jewels movement. To my surprise, it sold for just slightly above its estimate, at around $10,600, which is roughly the market price for this model.

In hindsight, China might not have been the ideal place to set a record price for a watch originally designed for the Imperial Japanese Army...

Seiko Astronomical Observatory Chronometer

Whether you call it the 45GSN, 45AOC, or Astronomical Observatory Chronometer, this watch is one of the legends in Seiko's history! After Seiko's victory in the Geneva and Neuchâtel chronometry trials in 1968, the Neuchâtel Observatory continued to accept, test, and certify movements. Seiko sent 103 Caliber 4520A movements, of which 73 passed the observatory’s very stringent tests. Rather than keeping this achievement under wraps or storing the movements away, Seiko decided to encase them in a unique watch entirely crafted in gold, featuring an impressive textured finish on the dial and case—despite the fact that these movements were not typically intended for commercial use. Very few brands did so in the past and those Observatory pieces are very rare across the board.

In 1969, 25 out of 30 movements were certified, followed by 128 out of 150 in 1970, resulting in a total of 226 45GSN watches produced and sold over a period of three years. If you’re interested in this topic, I highly recommend Anthony Kable's detailed article.

The watch presented at the auction had been displayed for a few months at the Seiko Museum in Tokyo. The mainspring cover shows significant signs of oxidation, and photos from Hodinkee reveal a relatively oxidized dial (something that wasn’t apparent in the Phillips photos). These details likely explain the final price of $57,122, which falls within the average range one might expect for this legendary piece in the brand’s history. A solid result, though not particularly noteworthy.

Grand Seiko VFA Day-date

I believe the VFA hardly needs an introduction. This particular piece belonged to Mark Cho, of The Armoury, and was featured in the famous book A Man and His Watch. The case appears to be unpolished, but the crystal is not original, and the dial shows some signs of oxidation. As the day-date version is the rarest and most sought-after, I was curious to see whether the watch’s provenance would offset its minor flaws.

It sold for $29,377, which is a very high price for a 6186 VFA. However, as it’s becoming increasingly difficult to find one in good condition, I believe prices will steadily rise over the coming years. With that said, this remains an excellent result, likely driven by its previous ownership.

Seiko Divers 6215-7000

A missing link between the 62MAS and the famous professional diver 6159 (the predecessor of the MM300), the 6215-7000 is one of the most coveted vintage diver models among collectors. In excellent condition, with a well-preserved bezel insert and no oxidation on the indices or hands (although I suspect the hour hand has been re-lumed), and equipped with a replacement crystal (the original appears to be included with the sale), it sold for $8,160. This is roughly the market price—or even a decent deal, considering its condition and the inclusion of the original crystal.

Modern Grand Seiko

SBGW239

Released in platinum to commemorate Seiko's 130th anniversary in 2011, this watch—also from Mark Cho's personal collection—is truly a piece for Grand Seiko enthusiasts. This is the platinum version of the famous SBGW033, and it can be interesting to draw a comparison between this model and the original platinum "First" from 1960, one of the rarest watches in Seiko’s history. Even more interesting is that this modern version shares the same dimensions as the original, making it arguably the finest modern reissue of the classic.

Its sale price of $17,950 isn’t particularly impressive either, as it aligns roughly with what one might expect to pay for this watch on the second-hand market. A similar piece sold in Geneva in 2019 for slightly more ($21,100 at the current exchange rate). It’s not a particularly remarkable result, but it doesn’t come as a surprise, given that the small and understated design of this watch is quite far from Grand Seiko’s current style trends.

SBGZ009

Masterpiece from the Micro Artist Studio, this watch features a hand-engraved platinum case, white gold hands and indices, and a movement with exceptional finishing (hand beveling, sharp interior angle, etc.). It represents the pinnacle of what Grand Seiko has to offer.

Originally priced at $79,000, it sold at auction for $57,120—a great deal for the buyer but a disappointing result for the brand, especially considering the fact that Phillips prices typically exceed market value!

Credor

GBLR99 aka Eichi I

While the Credor Eichi II is now well-known among enthusiasts, the Eichi I, released in 2008 in only 25 pieces, remains far more discreet. Smaller in size, with a more intricate porcelain dial crafted by the renowned Noritake, a German silver movement, and numerous other unique details, this model is almost never seen on the market. It surpasses the current Eichi II not only in rarity but also, depending on whom you ask, in the choice of details !

The price achieved by this watch is likely the biggest surprise of this auction, as the hammer fell at approximately $258,500 !

For reference, the price of the Credor Eichi in 2008, at the current exchange rate, was approximately $39,000.

The result achieved by this Eichi underscores the mythical and exceedingly rare nature of this version, already highly sought after by collectors, and firmly establishes it in the pantheon of Japanese watches !

GBLQ998

The Credor Sonnerie is one of the most intriguing and complex watches ever produced by Seiko. With its skeletonized movement housed in a miniature version of a Japanese orin bell (or Buddhist bowl), this Spring Drive model, released in 2006, still remains in the catalog as of today (unlike the minute repeater). Its price has stayed unchanged, hovering around $140,000. The auction price of $81,600 is therefore not a very positive signal. While this auction made the buyer happy, it clear isn’t the case for the seller, who had purchased the watch just three years ago. Considering the price achieved by the Eichi, the fact that it’s a Spring Drive doesn’t fully explain this somewhat disappointing result !

GCBY997

Instead of its Star Wars like reference number, I prefer the unofficial name of this watch: Ryusei Raden. Ryusei means "meteor" or "shooting star," and Raden refers to the technique of embedding mother of pearl into lacquer.

This stunning Credor, equipped with the ultra-thin Caliber 68 and a magnificent dial is a limited edition of 60 pieces that was released in 2023 and cost about $11,000 in Japan. The auction price of over $27,750 is therefore a pleasant surprise, perhaps partially explained by the fact that this watch also belonged to Mark Cho. However, it does seem surprising that such a simple and very recent model sold for 2.5 times its retail price, while the Sonnerie went for only half of its catalog price!

And so, this concludes the results achieved by the major Japanese brands. While the Casio and Credor Eichi stand out for their exceptionally high prices, the rest is somewhat lackluster. Notably, the VFA and Mark Cho's Credor “Ryusei Raden” fetched strong prices, while the others saw average to low results. The two biggest surprises for me were the Credor Sonnerie and the Grand Seiko Masterpiece. At least one thing is clear : Seiko doesn't follow the Swiss brands’ playbook of artificially inflating auction prices by buying back their own watches !

Now, let's move on to the independent watchmakers.

Watches by Japanese Independent Watchmakers

Precision Watch Tokyo

I'll start by talking about Hajime Asaoka, because even though none of the watches presented here bear his name on the dial, he is the mastermind behind six of the lots featured in this sale.

As one of the pioneers of Japanese independent watchmaking, his name is likely familiar to you. While he has crafted exceptional tourbillons both under his own name and for Citizen, he has gained wider recognition since the creation of his far more accessible brand : Kurono Tokyo.

He currently leads Precision Watch Tokyo (PWT), a company encompassing four brands:

Hajime Asaoka: His high-end independent brand.
Otsuka Lotec: Founded by Jiro Katayama, who recently received the GPHG's Challenge Prize.
Takano : A historic Japanese brand now owned by Ricoh, for which PWT has obtained a license to use the name.
Kurono Tokyo: A brand that needs no introduction.

Kurono Tokyo Grand Niji

Kurono Tokyo presented a unique model named Grand Niji, marking the brand’s first watch with a gold case. Its dial is crafted with lacquer by the artist Megumi Shimamoto, with whom the brand has previously collaborated. The technique used involves applying multiple layers, resulting in an absolutely mesmerizing glittery rainbow effect!

With a price of nearly €29,400, I think this is a positive signal for the brand, which is more accustomed to offering steel watches at a significantly lower price point. I must admit, I was expecting a slightly higher result, but it remains a solid outcome given the basic caliber used and the brand's usual positioning.

Kurono Tokyo Chronograph 2

The second Kurono in the auction was not provided by the brand, as the Chronograph 2 was released in 2021. This 38mm automatic chronograph, equipped with the classic Seiko/Time Module NE86 movement and featuring the brand's signature design, sold for approximately $5,700. While this is a high price, it’s not unreasonable considering that the brand's chronographs typically trade for between $3,000 and $4,000.

Takano Chateau Nouvel

Hajime Asaoka recently announced the revival of the Takano brand, which has been dormant for most of the last 60 years. The style closely resembles that of Kurono Tokyo, likely reflecting Asaoka's design influence, but the positioning is clearly different. Featuring a Zaratsu-polished case and certification from the Besançon Observatory for its Miyota movement, the new chronometer will be offered for sale at approximately $5,880 in Japan.

The unique model offered at the auction features a pink dial in a shade known in Japan as toki-iro, literally "the color of the Japanese ibis." Interestingly, the word ibis in Japanese is pronounced toki, making it a homophone of the day's auction theme.

And to everyone's surprise, this watch sold for just over €27,550 ! This will undoubtedly serve as excellent publicity for the newest brand in Hajime Asaoka's stable !

Otsuka Lotec

Otsuka Lotec is a young brand on the rise ! When I first discovered it about two years ago, Jiro Katayama was still making his watches alone in his small workshop in the Otsuka neighbourhood of Tokyo, as he had been doing since 2008. There was little to no information available online, watches seemed to only be available occasionally, when a new batch was completed, and they seemed to sell very quickly. Unsurprisingly, there was also no communication in English.

It turns out that in 2022, I was clearly not the only one to discover this brand!

It’s in 2022 that Hajime Asaoka discovered Jiro Katayama’s work as one of his employees had bought one of his watches. Asaoka decided to invest in Otsuka Lotec and brought the brand under the PWT umbrella.

Katayama continues to work on prototypes in his workshop and now oversees production with PWT's watchmakers. Despite the difficulty of obtaining one of these watches—requiring Japanese residency and a local credit card to participate in raffles—the brand gained popularity in 2023, notably through Swiss Watch Gang, and further in 2024, culminating in winning the GPHG's Challenge Prize this fall.

In this favorable context, three watches were presented at the auction.

N°6 Shinonome

Its name means "the sky just before dawn." This is the No. 6 model (awarded at the GPHG) featuring a semi-transparent dial and a blackened stainless steel case. The base model, equipped with a Miyota movement and an in-house module, costs approximately $2,900 in Japan. However, it seems the GPHG award significantly boosted the auction result, as this unique piece created specifically for the auction sold for nearly $68,500!!!

N°6

In addition to the Shinonome version, a classic No. 6 was put up for sale by its original owner, who had purchased it this past April and managed to make quite a profit, as it sold for just over $60,000!!!

N°7.5

Finally, a third Otsuka Lotec from August 2023 was offered for sale. This time, it was a model with a different look but following the same principle: a classic Miyota movement topped with an in-house module. While the price was much lower than the two No. 6 models just mentioned, it still sold for $21,200—nearly 10 times its original price of $2,200.

It's a total triumph for Otsuka Lotec, which continues its remarkable year following its victory at the GPHG! Undoubtedly, one of the pleasant surprises of this auction !

I will conclude this section on the brands associated with Hajime Asaoka by noting that, under the initiative of Jiro Katayama, all proceeds from the sale of the three watches provided by Precision Watch Tokyo (the other three came directly from collectors) will be used to support the lacquer industry in Wajima, which was severely affected by an earthquake on January 1st 2024.

Naoya Hida type 1D-2

Naoya Hida is a well-known figure in the Japanese watchmaking world, having worked in the industry since 1990. After nearly 30 years of experience—first in sales and marketing, then as a distribution for FP Journe and Ralph Lauren Watch—he launched his own brand in 2018. Highly regarded by collectors, his small production of only a few dozen watches per year is in such high demand that allocations are determined by a lottery system !

Kosuke Fujita, watchmaker; Naoya Hida, CEO and brand creator; Keisuke Kano, engraver
Credit: naoyahidawatch.com

The model presented here is not strictly a unique piece : it is the 1D-2 model. However, the auction winner will have the opportunity to personalize their watch with a unique engraving, created in collaboration with Keisuke Kano, the brand's engraver.

If you’re one of the five lucky guys who will have the chance to purchase a 1D-2 directly from the brand in 2024/2025, it will cost you approximately $38,850. Clearly the demand is very high, as this very watch sold bfor just over $81,600 at the auction ! A clear sign of the popularity of this remarkable Japanese brand among collectors!

Let’s finish with my two (or should I say three) favorite watchmakers from this auction

Masahiro Kikuno

The first is someone I’ve admired for years, and he is by far my favorite watchmaker : Masahiro Kikuno. Despite his young age, he is the first Japanese independent watchmaker, as he started since 2011 and joining the Académie Horlogère des Créateurs Indépendants (AHCI) in 2013. He became known for his Wadokei Revision, a modernized version of the wadokei clocks but offered for the first time as a wristwatch. As if this wasn’t enough, he crafts everything by hand using traditional techniques!

He presented two watches at the TOKI auction.

Masahiro Kikuno Tourbillon 2012

This is simply the first watch Masahiro Kikuno ever sold, back in 2012. A collector, captivated by Kikuno-san’s work, purchased a pair of tourbillons at Baselworld 2012 : one in silver and the other in rose gold. While the collector was too attached to part with the silver version, Kikuno-san initially refused to separate the pair. However, the collector insisted that Masahiro sell the rose gold version to fund his work on future creations.

This is an exceptional piece with very high sentimental value. It is accompanied by a photo book documenting all the stages of the watch's creation, crafted entirely by hand, using old traditional watchmaking techniques.

I was delighted to see that I’m clearly not the only one who admires Masahiro Kikuno’s work. Despite a very conservative estimate of between $25,000 and $51,000—while the watchmaker originally priced it at $90,000 in 2012—it sold for the impressive sum of $293,000 ! A remarkable achievement for this lesser-known watchmaker who is highly appreciated by enthusiasts of Japanese horology !

Masahiro Kikuno SO

The second piece he offered for the auction is very different from the first. Unlike his usual approach, Masahiro this time based the watch on a Seiko NH34 caliber and, for the first time, used a CNC machine to assist in the creation of the sky chart module and the dial. But why shift from traditional handcrafting to CNC machining you might ask? Simply because Masahiro now teaches at the Tokyo Watchmaking School and wanted to teach his students how to work with a CNC machine. He created one watch for himself, easy to wear on a daily basis, and a second for the auction. However, he made it clear that he does not intend to continue producing such pieces, as he naturally prefers handcrafting, longer and more difficult but ultimately more beautiful.

This watch, estimated between $640 and €2,300, ultimately sold for... $111,000!!!

It's astonishing, considering it’s based on a simple Seiko movement and a CNC-crafted module, but it reflects the status Masahiro Kikuno has achieved over the years. I can only be thrilled for him !

These results achieved by the young watchmaker from Hokkaido hint at a bright future for him and genuine recognition from the watchmaking community for his extraordinary work!

Masa’s Pastime

I will conclude with perhaps the least known independent watchmaker in our regions, but one of remarkable talent : Masa Nakajima.

I won’t elaborate too much on the topic, as I had the pleasure of meeting him during my last trip to Tokyo and am preparing an article on the subject, which will appear in the first issue of Wadokei Magazine !

Masa transitioned from being a professional diver to an antique dealer and then to a watchmaker—a rather unconventional journey ! His shop, located in the Kichijōji neighbourhood of Tokyo, has grown by offering watchmaking services, selling pocket watches, and even transforming pocket watch movements into wristwatches, all done in-house. Recently, he also began producing in-house movements and watches under his own brand, Masa & Co. And as you might guess, the “& Co” refers to an entire team of watchmakers, decorators, and engravers who work alongside him daily !

Masa’s Pastime répétition minutes

The first watch offered is another piece from Mark Cho's collection, the man in the shadows of this Phillips auction. It was a custom order he placed with his friend from Kichijōji to encase a 19th century minute repeater movement by A. Golay-Leresche & Fils, complete with it’s original enamel dial, in a wristwatch case.

As Masa is now focusing on his new brand, it is no longer possible to request wristwatch customizations based on pocket watch movements. So this was the last opportunity for anyone to see such a project through with Masa and his team. Indeed, the watch is currently fitted with a prototype case rather than the final white gold case that Mark Cho had envisioned.

That didn’t stop the watch from reaching a price of $49,000, a more than respectable result for this unique piece, which the lucky owner will be able to further personalize in the fabulous Kichijōji workshop! A very promising start for Masa and his team !

Masa&Co Nayuta Model A - TOKI

Among Masa's brilliant team is the young watchmaker Nayuta Shinohara, winner of the prestigious Walter Lange Watchmaking Excellence Award in 2020.

Masa decided to show the trust he places in Nayuta by giving him complete freedom to create a model of his choice to inaugurate the Masa & Co. brand.

Nayuta Shinohara
Credit: masaspastime.com

This led to the release of the Nayuta model in 2023, named after its designer, as the result of the collaborative work of young Shinohara-san and his colleagues in the workshop.

The model offered at the auction features their beautiful in-house movement and the design of the Nayuta A model, but with a stunning dial hand-engraved by the workshop's engraver.

Once again, I won’t go into further detail here, as the article planned for the first issue of Wadokei Magazine will cover the topic in depth !

I was delighted to see the success of this piece, which sold for nearly $72,000—significantly more than the $45,000 price of the base model offered by the brand. A fantastic result for this young brand, which deserves recognition and will undoubtedly gain increasing attention in the future !

Conclusion

We can see that the results for independents are far more satisfying than those for the major brands, confirming a trend that has been established for several years now. Buying a watch from an independent means acquiring a piece of craftsmanship, but also a fragment of the watchmaker’s soul. The approach that leads someone to independent watchmaking is entirely different from that of going for an established brand. A much deeper personal connection is created with an independent watchmaker, not only because things are often much more transparent, but also because it’s not just a transaction, it’s an encounter. I believe this is, in large part, what explains the success of independent watchmakers today.

Nayuta Shinohara, Masahiro Kikuno, Naoya Hida, Masa Nakajima, Mark Cho
Credit: Homer Narvaez for Tokyo Watch Club *https://tokyowatchclub.jp/*

I am truly delighted to see that this very important auction in the history of Japanese watchmaking has allowed the world to discover or rediscover names and faces that I hope will become familiar to enthusiasts. Beyond the watches themselves, getting to know the people who create them remains, in my view, one of the most rewarding aspects of the watchmaking passion and I look forward to introducing you, in the months and years to come, to all these artists and artisans who are breathing new life into Japanese horology !

I would like to sincerely congratulate these exceptional individuals who had the opportunity to showcase their talents to the watchmaking community. A round of applause as well to Mark Cho, who worked behind the scenes to bring these people into the spotlight ! They truly deserve all this success, and even more!

皆さんお疲れさまでした !!

Highlights from the TOKI Auction by Phillips Hong Kong