Record-Shattering Sale: A Steel Patek Philippe 1518 Sells for $17.6 Million
An exceedingly rare stainless-steel example of the world's first serially produced perpetual calendar chronograph has just established a new financial milestone in Geneva.
The extraordinary Patek Philippe Reference 1518, bearing case number 508'473 and movement 863'193, achieved a final price of CHF 14.2 million at the recent Phillips auction, equating to approximately $17.6 million USD.
This landmark result immediately positions the timepiece as the most valuable vintage Patek Philippe wristwatch ever sold publicly. While setting an all-time Patek benchmark, the figure narrowly fell short of the overall vintage wristwatch record, currently held by the Rolex Daytona Ref. 6239 'Paul Newman' which sold in 2017 for $17.8 million.
It remains profoundly significant that high complication references, executed in their rarest form, continue to dominate the upper tiers of the market, confirming the enduring desirability of these mid-century masters.
The Specificity of the Steel Perpetual Calendar
The immense rarity of this Reference 1518 is founded upon its metal composition. Introduced in 1941, the 1518 was groundbreaking as the world’s first serially produced perpetual calendar chronograph, a technical blueprint for the brand's subsequent highly complicated pieces. Most examples were crafted in precious metals, such as yellow or pink gold.
Crucially, this piece is one of only a handful ever manufactured in stainless steel, an almost unheard-of choice for Patek Philippe’s most elevated complication at the time. This contrast between the pinnacle of technical watchmaking and the most utilitarian case metal is a paradox that defines its allure. The watch is confirmed as one of the four steel examples publicly known today. According to archive records, this specific example was fabricated in 1943 and originally sold in Budapest, Hungary, on February 22, 1944, and is widely accepted as the very first steel 1518 produced.
Market Rarity and Auction Performance
The scarcity of this stainless steel configuration is profound, with fewer than five examples known to exist. This reality ensures that few experienced collectors have ever had the chance to physically examine a watch of this historical magnitude.
The recent auction marked a highly-anticipated event. In a tense, packed room, the bidding for Lot 23 was restricted solely to those present and on the phone, excluding online competition. The contest began with dramatic urgency as a bidder in the room immediately called out an opening offer of CHF 8 million. Five different parties, three in the room and two on the telephone, competed for the prize in an intense session that lasted ten minutes. Ultimately, a phone bidder secured the lot with the final CHF 12 million hammer price.
Notable attendees included watchmaker F.P. Journe, renowned dealer and collector Davide Parmegiani, and noted watch scholar Dr. Helmut Crott. The watch itself had previously set a record when it was last offered in 2016, selling then for CHF 11,002,000. Its remarkable performance in the current market underscores the continued, robust interest in the rarest vintage wristwatches with exceptional provenance.
