In 2016, a Patek Philippe watch set a record as the most expensive wristwatch sold at auction. This weekend, it broke its own record, Phillips auctioneers announced.
The watch was sold for 14,190,000 Swiss francs ($17.6 million), surpassing its previous sale price of 11 million francs ($11 million) from nine years ago.
The Patek Philippe Perpetual Calendar Chronograph Reference 1518, crafted in 1943, is one of only four stainless steel models, making it even more desirable than its gold counterparts.
Although its 2016 record was surpassed in 2017 by Paul Newman’s Rolex Daytona at $17.8 million, and again in 2019 by a Patek Philippe Grandmaster Chime at $31 million, the recent sale of the stainless steel 1518 reaffirms its historical importance, according to the auctioneers.
The sale took under nine and a half minutes, attracting five bidders, with the final buyer making their bid over the phone.
Renowned collectors, dealers, and watchmakers gathered at the Hotel President in Geneva to witness the event.
Phillips remarked that owning a 1518 is considered by many collectors as the pinnacle of watch collecting.
First launched in 1941, it was the world’s first serially produced perpetual calendar chronograph.
Patek Philippe made approximately 280 Ref. 1518 watches, mostly in yellow gold, with about 20% in pink gold.
Only four stainless steel versions exist, with this being the first produced. The reason behind their creation remains unknown.
The auctioneers describe it as “a timepiece of almost mythical status, representing the ultimate blend of historical significance, design excellence, mechanical innovation, and rarity.”
