A Patek Philippe timepiece that set a record as the most expensive wristwatch sold at auction in 2016 achieved an even higher price this past weekend, announced auction house Phillips on Sunday. The watch was purchased for 14,190,000 Swiss francs ($17.6 million), surpassing the 11 million francs it garnered nine years ago, equivalent to $11 million at that time.
The watch in question is the Patek Philippe Perpetual Calendar Chronograph Reference 1518, crafted in 1943, and is one of only four known to be made in stainless steel. Its rarity elevates its desirability above those fashioned in gold.
While it held the world record price for a wristwatch in 2016, it was later surpassed by Paul Newman’s Rolex Daytona in 2017, which fetched $17.8 million. Subsequently, in 2019, a Patek Philippe Grandmaster Chime sold for $31 million, outdoing the previous records.
Despite this, the recent sale of the stainless steel 1518 reaffirmed its standing as “one of the most historically significant wristwatches ever made,” as stated by the auctioneers. The sale concluded in just under nine and a half minutes, with five bidders participating, ultimately leading to a successful bid from a telephone bidder.
Numerous well-known collectors, dealers, and watchmakers were present at the Hotel President in Geneva to witness the auction. According to Phillips, owning a 1518 is a pinnacle achievement for connoisseurs in the world of collecting, signifying the peak of their endeavors.
Introduced in 1941, the Ref. 1518 marked the world’s first serially produced perpetual calendar chronograph. Patek Philippe manufactured approximately 280 of these watches, predominantly in yellow gold, with around a fifth in pink gold. The existence of only four stainless steel models, including the recently auctioned piece, remains a mystery in the brand’s production history.