
How Aurel Bacs Became the King of Watch Auctions
The undisputed king of watch auctions reflects on a decade of blockbuster sales.
Collecting, says Aurel Bacs, is “an unreasonable thing to do”. In a quiet, introspective tone, he observes that the practice doesn’t even exist in nature—after all, in the animal world, hoarding is purely about survival.
Both his demeanour and this observation are wildly at odds with his profession. Over the past decade, the co-founder of Bacs & Russo—a consultancy and auctioneering firm that operates in partnership with Phillips—has built a larger-than-life persona, presiding over some of the most extraordinary sales the horological world has ever seen. Among them: Paul Newman’s Rolex Daytona Ref. 6239, which fetched around $27 million in New York in 2017, and F.P. Journe’s Tourbillon à Remontoire d’Égalité “15/93”, which achieved approximately $12.6 million in Geneva. Both remain record prices for their respective brands at auction.
Much of Phillips’s success in this arena can be traced to Bacs and his wife and co-founder, Livia Russo, whose business celebrates its 10th anniversary this year. Bacs is the face of the enterprise, while Russo prefers to stay behind the scenes. Together, they are a tour de force. “We are both doers,” Bacs says, adding that they are deeply ingrained in the passionate watch-collecting community—the kind of people, he admits with a grin, who get goosebumps just from looking at a special dial, case or finish. Still, he concedes, working together as a couple can have its challenges. “Actually, it’s a huge miracle that neither of us is in jail yet,” he says, laughing. The couple have been together for 26 years and married for 23.

They spent a decade at Christie’s before resigning in 2013—when their daughter was seven—burned out after years of 100-hour workweeks. They left without a plan. “We said, ‘Come on, we’re going to make it. Even if we have to sit it all out, something’s going to happen.’” That understatement quickly proved true.
In short order, Phillips’s then-executive chairman Ed Dolman—soon to be CEO—approached Bacs about taking over the watch department. “He said, ‘I think I have an idea that could tempt you,’” Bacs recalls. “‘You stay exactly who you are. You’re not an employee. You do only what you want to do, and you decide at every moment how this department is run. You hire, you fire, you print a brochure, you do a press release, you hold an auction in Timbuktu or Hamburg or Johannesburg. You do it.’” Mission accomplished.
Proof that those unorthodox terms would work came swiftly: the original team of five has grown to around 50. The first requirement for inclusion? An unbridled love of timepieces. “We said, ‘If you don’t like watches, you may have all the degrees in the world and be a genius and work for 10 percent less than everyone else, but you’re not going to be part of this weird group.’”
In 2023, when the watch auction market hit its peak, Phillips brought in around $329 million in sales. Bacs credits integrity and genuine passion for that success. “I know of people who work in art departments and watch departments who see it as a job—and that’s okay,” he says. “I mean, everybody needs a job, right? This is not a job. This is a mission.” He likens his work to a kind of evangelism: if he can convert even one person into a watch enthusiast, that’s what gets him out of bed. “You either have that virus, that nerdy DNA damage up here,” he says, tapping his temple, “or you don’t.”

The pace remains relentless. Even though the couple now work the same punishing hours that once drove them from Christie’s, Bacs insists he isn’t stressed. “Before, in the corporate world, I was running at 10 miles an hour with two hungry grizzly bears behind me,” he says. “Now, I’m still running at 10 miles an hour—but this time, I see a wonderful angel in front of me with a big bag of gorgeous watches, and I’m running after the angel.”
Speaking of heavenly pieces, the premier lot for Phillips’s upcoming sale Decade One, taking place in Geneva on November 8 and 9, is a Patek Philippe Ref. 1518 in steel—with a top estimate exceeding $20 million. [VINCE TO AMEND IN LAYOUT]
Despite his passion, Bacs gives himself room to breathe. Off the podium, he is measured and reserved, speaking barely above a whisper. He saves his energy for the live auctions, where he transforms into the ultimate hype master of haute horology. It isn’t an act—the stage ignites his genuine enthusiasm, which can spread like wildfire among a roomful of competitive collectors.
That singular magnetism has helped propel Phillips in Association with Bacs & Russo to around $2.4 billion in sales since its founding. “I’ve always wondered,” Bacs muses, “‘Why can a painting be $100 million and a watch only $100,000?’ Well, we’ve moved it a little bit.”
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