Historic Patek Philippe Reference 1518 Breaks Records at $17.6 Million Auction Sale

A rare Patek Philippe timepiece, manufactured in 1943, has reclaimed its title as the world's most expensive wristwatch sold at auction.

The exceptional Patek Philippe Perpetual Calendar Chronograph Reference 1518 fetched an astounding 14,190,000 Swiss francs ($17.6 million) this weekend, as confirmed by Phillips auctioneers on Sunday. This remarkable sale surpasses its previous record of 11 million francs (equivalent to $11 million at that time) established nine years ago in 2016.

What makes this particular timepiece extraordinarily valuable is its stainless steel casing. It represents one of only four known examples crafted in stainless steel rather than precious metals, with this rarity significantly enhancing its desirability among collectors compared to gold variants.

The watch's 2016 record for highest auction price was temporarily eclipsed in 2017 when Paul Newman's iconic Rolex Daytona sold for $17.8 million. Subsequently, in 2019, another Patek Philippe model—the Grandmaster Chime—commanded an unprecedented $31 million at auction.

This weekend's sale has reestablished the stainless steel 1518's position "as one of the most historically significant wristwatches ever made," according to Phillips.

The auction process lasted approximately nine and a half minutes, with five determined bidders competing for ownership. Ultimately, a telephone bidder secured the prized timepiece. The event at Geneva's Hotel President was witnessed by numerous renowned collectors, dealers, and watchmaking professionals.

Phillips emphasized that acquiring a 1518 represents reaching "the utmost peak of collecting" for connoisseurs of fine timepieces.

Introduced in 1941, the Reference 1518 earned distinction as the world's first serially produced perpetual calendar chronograph. Patek Philippe manufactured approximately 280 Reference 1518 watches throughout its production run, with most encased in yellow gold and roughly 20% in pink gold.

The existence of only four stainless steel versions is confirmed, with this particular watch being the first of the quartet produced. The rationale behind Patek Philippe's decision to create these steel variants remains enigmatic.

The auctioneers described the timepiece as possessing "almost mythical status" and representing "the ultimate convergence of historical significance, design mastery, mechanical innovation, and rarity."

The two-day Phillips auction saw 207 lots achieving combined sales exceeding 66.8 million Swiss francs—reportedly the highest total ever recorded for a watch auction. The event attracted 1,886 registered bidders from 72 countries worldwide.