$8.3 Million F.P. Journe Watch Sold at Phillips

Welcome to the 62nd edition of Maximalist! Dive into the ultimate guide, filled with insider insights into the world of fashion, art, real estate, travel, jewelry, and horology.

The world of luxury is never boring, and this week is no exception. Let’s dive in!

In Case You Missed it…

1. Patek Philippe Ref. 1518 Raises $2.5M at Auction

2. Gucci Names New CEO

3. LMVH Signs 10 Year Partnership With F1

4. Richemont China Sales Down 30%

5. Dries Van Noten: Final Collections

Markets

On this week’s agenda:

1. $8.3 Million F.P. Journe Watch Sold at Phillips

2. Warhol Prints Stolen in Dutch Robbery

3. Koenigsegg's Streetfighter 7031 Goes to Auction

4. Tom Ford Buys London Mansion for $104 Million

5. Capri Holdings Sees 16% Revenue Decline in Q2 2025

$8.3 Million F.P. Journe Watch Sold at Phillips

At a recent Phillips auction in Geneva titled "Reloaded: The Rebirth of Mechanical Watchmaking, 1980-1999," an F.P. Journe Tourbillon Souverain à Remontoire d'Egalité achieved a remarkable sale price of $8.3 million, setting a new record for the most expensive watch ever sold by a living independent watchmaker, surpassing Philippe Dufour's previous record.

This event not only underscores the buoyant enthusiasm in the collectible watch market but also marks a milestone for F.P. Journe. The auction started with a compelling opening bid of $5 million against an initial estimate well over CHF 2,000,000 (about $2,360,000).

The record-setting watch surpasses Journe's own past achievement with the FFC Blue, a piece created in collaboration with director Francis Ford Coppola for the 2021 Only Watch charity auction, which sold for around $4.9 million. It also eclipses Philippe Dufour's Grande et Petite Sonnerie, which previously fetched $7.63 million at A Collected Man.

The F.P. Journe Tourbillon Souverain à Remontoire d’Egalité is distinguished by its 38 mm platinum casing and an 18-karat gold movement. Originally launched in 1999 as part of a limited 20-piece subscription set, this watch, numbered 15/93, was the first sold by François-Paul Journe and the second wristwatch he ever crafted. Notable for its technical innovation, the watch features a remontoire mechanism, enhancing the traditional tourbillon with consistent force for improved accuracy.

In the Fall 2016 edition of the F.P. Journ[al], Journe reflected on his design philosophy. He emphasized his intent to innovate beyond his initial tourbillon wristwatch design by integrating a remontoire, noting the broader adoption of the constant force mechanism in modern watchmaking as a validation of his approach.

Remaining in Journe's private collection is the original prototype, while this auctioned piece is one of the subsequent two made in 1993. These watches laid the groundwork for the brand's signature elements: a 38 mm case size, gold dials, and offset indications. They combine tradition and modernity, a blend that has become a hallmark of Journe’s design.

@mikenouveau

INSANE result for one of the first watches ever made by FP Journe at Phillips Auction in Geneva. #watchtok #fpjourne #hautehorlogerie #ind... See more

Warhol Prints Stolen in Dutch Robbery

A gallery in Oisterwijk, Netherlands, was the scene of a failed robbery last Friday when thieves attempted to steal four screenprints from Andy Warhol's 1985 "Reigning Queens" series. The attempted heist led to the destruction of two prints, while the other two were stolen. The culprits blew the gallery door open using explosives that were captured on CCTV, but they soon discovered the prints were too large to fit in their getaway car.

The MPV Gallery, which was housing the artworks before their scheduled display at the PAN Amsterdam art fair, experienced significant damage. The robbers successfully removed English Queen Elizabeth II and Queen Margrethe II of Denmark from the premises, but left Queen Mother Ntfombi of Eswatini and Dutch Princess Beatrix's portraits damaged and discarded on the street.

Local police have recovered the vehicle used in the robbery and detained one suspect, though they are still seeking further witnesses to aid their ongoing investigation. Gallery owner Mark Peet Visser described the robbery as "appalling" and criticized the amateurish execution by the criminals.

Visser commented on the futility of the crime, noting that the prints, being numbered and documented, are virtually unsellable on the open market. He speculated to Dutch media that the crime might have been commissioned by someone desiring to privately enjoy the artworks.

Koenigsegg's CCXR Test Car "Streetfighter 7031" Goes to Auction

A significant piece of automotive history, the 2006 Koenigsegg CCXR Prototype, known as "Streetfighter 7031," is poised for auction at Bonhams Cars. This vehicle is notable for being one of the earliest supercars to incorporate biofuel technology, specifically E85 ethanol, blending environmental considerations with high performance.

The prototype, built on the foundation of the earlier CCX model, is equipped with a 4.8L twin-supercharged V8 engine. It is capable of generating over 1,000 horsepower on E85 fuel and achieving speeds above 250 mph. Its design features include lightweight carbon fiber construction and Koenigsegg’s iconic dihedral synchro-helix doors, enhancing both performance and aesthetics.

"Streetfighter 7031" is distinguished by its satin black exterior and unique modifications such as repositioned washer nozzles and air vents behind the front wheel arches, indicative of its role in testing and certification. First seen in 2006 unbadged, it was later spotted in 2012 adorned with CCXR emblems and "Streetfighter 7031" decals, marking its evolution within the CCXR program.

The interior combines dark gray leather with Alcantara accents, a carbon fiber dashboard, and an early version of an infotainment system. The car also sports decals from the Rudskogen circuit in Norway, the country's oldest asphalt race circuit, and a venue where it was showcased in the early 2000s. Additional decals bear the name of Norwegian industrial designer Bard Eker, who significantly contributed to the development of the CCX series.

The auction for this exceptional prototype is scheduled for December 12, during Bonhams Cars' The Bond Street Sale, with bidding expected to reach as high as $2,300,000 USD.

Tom Ford Buys London Mansion for $104 Million

Tom Ford, the billionaire fashion designer and filmmaker, has made a landmark purchase in the UK's real estate market, acquiring a London mansion for £80 million (approximately $104 million), as reported by Bloomberg. This transaction represents the highest-priced residential sale in the UK for 2024, a year that has seen a downtrend in luxury real estate sales, partly due to impending tax increases on properties owned by wealthy expatriates.

The mansion, described as a white stucco-fronted property, is situated in the prestigious Chelsea district near Hyde Park and the River Thames. The specifics of the residence remain undisclosed, but the deal was reportedly finalized over the summer as an off-market transaction. The mansion's previous sale nearly two decades ago was for about $20 million (£16 million).

With this recent purchase, the total value of Ford’s global real estate holdings has reached an estimated $300 million, according to The Times. Following the 2022 sale of his fashion brand to Estée Lauder for $2.8 billion, Ford has actively expanded his property portfolio. This year alone, he sold a historic mansion in London's Regent’s Park and acquired significant properties in the US, including a Florentine-Romanesque estate in Palm Beach for $55 million and Jacqueline Kennedy Onassis’s former Hamptons summer home for $52 million.

Capri Holdings Sees 16% Revenue Decline in Q2 2025

Capri Holdings, the conglomerate behind luxury brands such as Michael Kors, Versace, and Jimmy Choo, has reported a 16.4% drop in its revenue for the second quarter of the fiscal year 2025, totaling $1.08 billion USD. This decline was observed across both its retail and wholesale divisions.

Despite a 6% increase in revenue for Jimmy Choo compared to the same quarter last year, Versace experienced a significant decrease, with its revenue falling 28.2% to $201 million USD. Michael Kors also saw a downturn, with revenue decreasing by 16% to $738 million USD.

CEO John D. Idol expressed disappointment in the quarterly results, attributing the performance to a global reduction in demand for luxury fashion goods. He emphasized the company's commitment to its strategic initiatives aimed at fostering long-term sustainable growth across its luxury brands.

In related industry news, Tapestry, owner of Coach and Kate Spade, had previously announced plans to acquire Capri for over $8 billion USD. However, this acquisition was halted by the Federal Trade Commission, which cited concerns that the merger could lead to excessive market dominance in the handbag sector.

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