A Patek Philippe watch, which in 2016 was the most expensive watch ever sold at auction, reached a higher price this weekend in Switzerland, auction house Phillips announced on Sunday. This watch sold for 14,190,000 Swiss francs, or 15.2 million euros. Nine years ago, it was sold for 11 million Swiss francs (11.8 million euros).
The Patek Philippe Perpetual Calendar Reference 1518 watch, made in 1943, is one of only four examples known to be produced from stainless steel, a rarity that makes it more sought after than watches made from gold.
The record for the most expensive watch in 2016 was broken in 2017 during the sale of Hollywood actor Paul Newman’s Rolex Daytona, for $17.8 million (€15.4 million). Patek Philippe’s Grandmaster Chime was later sold in 2019 for $31 million (26.8 million euros).
This weekend’s sale of the stainless steel Reference 1518 reaffirms the watch as “one of the most important watches in history,” according to the auctioneer. Phillips said the sale lasted less than nine and a half minutes, attracting five bidders. The watch was eventually given to a telephone bidder.
“A watch with legendary status”
Several well-known collectors, dealers and watchmakers were present at the Hôtel President in Geneva (Switzerland) to attend the sale. According to Phillips, the 1518 watch is the kind of watch that, once acquired, makes the connoisseur “feel like he has reached the pinnacle of his collection.”
Launched in 1941, it was the world’s first mass-produced perpetual calendar chronograph. Patek Philippe produced around 280 reference 1518 watches, most with yellow gold cases, and about a fifth with rose gold cases.
Only four stainless steel examples are known, and this watch was the first of four watches produced. Why Patek Philippe made them is still a mystery. The auctioneers describe this model as “a watch of almost mythical status, representing the ultimate convergence of historical significance, mastery of design, mechanical innovation and rarity.”
During the two-day auction, the sale of 207 lots raised more than 66.8 million Swiss francs (71.7 million euros), which, according to Phillips, was the highest total ever achieved for a watch auction. A total of 1,886 registered bidders from 72 countries participated.
