Collecting, says Aurel Bacs, is “an unreasonable thing to do.” In a quiet, introspective tone, he notes that the practice doesn’t even exist in nature. (In the animal world, hoarding a stash of anything would be purely about survival.)
Both his demeanor and this observation are wildly at odds with his profession. Over the past decade, the cofounder of Bacs & Russo—a consultancy and auctioneering firm that works in partnership with Phillips—has built a larger-than-life persona, hammering in some of the most extraordinary sales the horological world has ever seen. These include Paul Newman’s Rolex Daytona Ref. 6239 in 2017 for $17.8 million in New York and the F. P. Journe Tourbillon à Remontoire d’Egalité “15/93” for approximately $8.3 million in Geneva. Both are the highest price ever paid for a watch by these brands at auction.
Much of Phillips’s success in this realm can be attributed to Bacs and his wife and cofounder, Livia Russo, whose business celebrates its 10th anniversary this year. Bacs is the face of the enterprise while Russo prefers to stay out of the spotlight. Together, they are a tour de force. “We are both doers,” says Bacs, adding that they are deeply ingrained in the passionate watch-collecting community. The kind of people, he says, who get a grin or goose bumps just from looking at a special dial, case, or finish. He admits, however, that 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 jokingly. They have been together for 26 years and married for 23.
The couple spent a decade at Christie’s before giving notice in 2013, when their daughter was 7 years old, because they were fed up with 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 executive chairman Ed Dolman—then a candidate to become the house’s C.E.O.— 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 running. You hire, you fire, you print a brochure, you do a press release, you put an auction in Timbuktu or in Hamburg or in Johannesburg. You do it.’ ” Mission accomplished.
In just one indication that those unusual terms would work, 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 such 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 $217 million in sales. Bacs cites integrity and authentic passion as key to this level of success. “I know of people who work in art departments and watch departments who see it as a job, and that’s OK,” he says. “I mean, everybody needs a job, right? This is not a job. This is a mission.” He sees his work as akin to 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 D.N.A. damage up here,” he says, pointing to his head, “or you don’t.”
The pace is relentless. Even though the couple now work the same hours that once drove them from Christie’s, Bacs says 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, and I see this 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, in Geneva on November 8 and 9, is a Patek Philippe ref. 1518 in steel with a top estimate of over $20 million.
Despite his passion, Bacs gives himself room to breathe. Off the podium, he comes across as measured and reserved, speaking barely above a whisper. He saves much of 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 enthusiasm, which can spread like wildfire among a group of competitive collectors. That unique quality means that since its founding, Phillips in Association with Bacs & Russo has generated over $1.6 billion in sales. “I’ve always wondered, ‘Why can a painting be $100 million and a watch only $100,000?’ ” he muses. “Well, we’ve moved it a little bit.”
