A 1943 Patek Philippe watch, one of only four made in stainless steel, sold for $17.6 million, reaffirming its status as a historically significant timepiece
GENEVA: A historically significant Patek Philippe wristwatch has sold for $17.6 million at auction, surpassing its own previous world record price.
The Patek Philippe Perpetual Calendar Chronograph Reference 1518, manufactured in 1943, fetched 14,190,000 Swiss francs during a Phillips auction this weekend.
This result exceeds the 11 million Swiss francs it achieved in 2016, when it became the most expensive wristwatch ever sold at auction.
Its 2016 record was later overtaken by Paul Newman’s Rolex Daytona, which sold for $17.8 million in 2017.
A Patek Philippe Grandmaster Chime then set a new benchmark in 2019, selling for $31 million.
The weekend’s sale reaffirmed the stainless steel 1518’s position “as one of the most historically significant wristwatches ever made,” according to the auctioneers.
The timepiece is one of only four known examples produced in stainless steel, making it rarer and more sought-after than gold versions.
Five bidders competed for the watch during a sale lasting just under nine and a half minutes.
A telephone bidder ultimately secured the historically important timepiece.
Numerous prominent collectors, dealers, and watchmakers witnessed the sale at the Hotel President in Geneva.
Phillips described acquiring a 1518 as reaching “the utmost peak of collecting” for any connoisseur.
Launched in 1941, it was the world’s first serially produced perpetual calendar chronograph.
Patek Philippe manufactured approximately 280 Reference 1518 watches, with most housed in yellow gold and about a fifth in pink gold.
The existence of only four stainless steel models, including this first-produced example, remains a mystery.
Auctioneers hailed it as “a timepiece of almost mythical status” representing the ultimate convergence of history, design, innovation, and rarity.
The two-day auction featured 207 lots and achieved a total exceeding 66.8 million Swiss francs.
Phillips confirmed this represents the highest total for any watch auction in history.
Some 1,886 registered bidders from 72 countries participated in the landmark sale. – AFP
