Stainless Steel Patek Philippe Ref. 1518 Sells for CHF 14,190,000 at Phillips
A stainless steel Patek Philippe Ref. 1518 has sold for CHF 14,190,000 during the anniversary auction weekend held by Phillips in Geneva. The result confirms the model as the most expensive vintage Patek Philippe wristwatch ever sold at auction and reinforces the extraordinary status of this reference within the field of twentieth century horology.
Source: www.phillips.com
A landmark result at the Phillips 10th anniversary sale
The two day auction marked a decade of watch sales at Phillips and featured a number of important lots, yet the highlight was the stainless steel 1518, one of only four known examples. The watch was presented as lot 23 and generated significant anticipation before the sale. In an unexpected announcement, Phillips confirmed that online bidding would not be available for this specific lot, restricting participation to bidders in the room and a limited number of telephone participants.
Five collectors competed for the watch, three of whom were present in the auction hall. Bidding opened at CHF 8,000,000 and advanced steadily until one of the two telephone bidders secured the piece for CHF 12,000,000. With the buyer’s premium included, the final amount reached CHF 14,190,000. The watch had been owned by Helmut Crott, a well known figure in the world of vintage horology and an authority on early Patek Philippe scholarship.
Source: www.phillips.com
A reference with an exceptional history
Introduced in 1941, the Patek Philippe Ref. 1518 holds a singular place in the history of complicated wristwatches. It was the first serially produced wristwatch to combine a chronograph with a perpetual calendar, establishing a template that influenced high end watchmaking for decades.
Most examples of the 1518 were produced in yellow gold, with fewer in pink gold. Only four are known to exist in stainless steel, making them among the most coveted wristwatches in the world. Collectors value these watches not only for their rarity but also for the understated aesthetic that the steel cases provide when contrasted with the complexity of the movement housed within.
The example sold in Geneva carries the case number 508473 and is widely recognised as the first of the four steel 1518s. According to the Patek Philippe archives, it was manufactured in 1943 and sold on 22 February 1944 in Budapest.
Source: www.phillips.com
A model with a record setting trajectory
The watch already held a distinguished place in auction history. In November 2016 the same stainless steel 1518 was sold by Phillips for CHF 11,002,000, setting a world record at the time for any wristwatch sold at auction. The new result surpasses that figure and brings the reference close to the highest prices achieved by the rarest vintage wristwatches.
With a dollar equivalent of 17.6 million, the watch sits just below the current record for a vintage wristwatch, held by the Rolex Daytona Paul Newman Ref. 6239, which achieved 17.8 million dollars in 2017.
Source: www.hodinkee.com
A defining piece of twentieth century watchmaking
The enduring fascination with the 1518 stems from the combination of technical achievement, balanced aesthetics and historical significance. As the first serially produced perpetual calendar chronograph wristwatch, it marked a turning point in what could be accomplished within the confines of a wrist worn instrument. The steel examples elevate this achievement further, given their near mythical rarity and the contrast they present within an era dominated by precious metal cases.
The latest result confirms the 1518 as a cornerstone of vintage watch collecting and underscores the strength of the market for exceptional pieces with documented provenance. It reinforces the reference as one of the most important creations in the history of Patek Philippe and a symbol of the enduring appeal of twentieth century haute horlogerie.
