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- The first stainless-steel Patek Philippe Perpetual Calendar Chronograph Ref. 1518 will be auctioned this November at Phillips in Association with Bacs & Russo.
- The rare timepiece, engraved with the number “1” inside the caseback, is one of only four steel 1518 examples known.
- The watch made history at Phillips Geneva in 2016, when it sold for CHF 11,002,000, making it the first wristwatch to break the eight-figure mark at auction.
- The stainless-steel Patek Philippe Perpetual Calendar Chronograph Ref. 1518 will be available in November as part of the Decade One (2015–2025) auction. Its estimate is in excess of CHF 8,000,000.
This November, Phillips and Bacs & Russo will auction off a Patek Philippe Ref. 1518 so rare that it “belongs in the same conversation as a Ferrari 250 GTO or a Rothko” (to quote Phillips Deputy Chairman Alexandre Ghotbi). The piece was introduced at the height of WWII as the first-ever wristwatch to combine a perpetual calendar with a chronograph function, representing a historic achievement of its respective domain.
Nearly all of the original 218 Patek Philippe releases were cased in 18k yellow gold, with the exception of just four known stainless steel models. This is one of those ultra-rare stainless steel variants that will hit the auction block in a few months.
For ardent collectors and enthusiasts, this upcoming auction may invoke a small case of déjà vu. That’s because Phillips previously sold this exact same Patek Philippe Ref. 1518 in 2016, when it fetched a record-breaking CHF 11 million (approximately AUD$20.8 million).
A string of historic auctions soon followed, including the $17.8 million sale of Paul Newman’s legendary Rolex Daytona Ref. 6239 in 2017. One might call it unicorn season as mega-rare pieces continue to shatter records while landing in the hands of wealthy collectors.
Meanwhile, the same steel 1518 that sold for approximately CHF 11 million in 2016 is now estimated to fetch anywhere from CHF 8 million to CHF 16 million as it hits the auction block once again. Hence, at least one wealthy collector is about to take a small bath or come up even wealthier than before. Working in their favour is not just a thriving marketplace for rare pieces, but the watch’s robust legacy and its miraculous condition. Nevertheless, there are no guarantees in this world, and certainly not in the world of high-stakes auctions.
“Just four stainless-steel Patek Philippe reference 1518s are publicly known today. Each one is extraordinary. This is the one that captured the world’s attention in 2016,” said Aurel Bacs, senior consultant, Phillips in Association with Bacs & Russo.
“It redefined the market and ushered in a new era in watch collecting. For seasoned collectors and newcomers alike, its return to auction marks a moment of rare opportunity – making it the perfect watch to headline our 10th anniversary auction in Geneva this November.”
Regardless of numerical value, the Patek Philippe Ref. 1518 is a jaw-dropping piece of horological history. The watch’s complex mechanics broke ground upon their introduction, while the gorgeous dial face is as enrapturing now as it was decades ago. Of the four known steel models, the one going up for sale this November was the first to be made. It’s being offered by Phillips in association with Bacs & Russo as part of the Decade One (2015-2025) Auction. Estimates have this remarkable timepiece pegged at around CHF 8,000,000 (AUD$15.3 million).
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