Steel Patek Philippe 1518 Sells For $17.6 Million, Highest Ever For A Vintage Patek Wristwatch
A stainless-steel Patek Philippe Ref. 1518 sold for CHF 12 million (approximately $17.6 million USD) at Phillips' Geneva Auction, marking it as the most expensive vintage Patek Philippe wristwatch ever sold. This significant event in the watch market featured intense bidding, with only phone and in-room bidders allowed to compete, highlighting the rarity and desirability of the piece. The winning bid came after a heated 10-minute competition among five bidders, showcasing a mix of dealers, collectors, and enthusiasts present in the room. The Ref. 1518, introduced in 1941, is renowned as the first serially produced perpetual calendar chronograph wristwatch, with stainless steel variants being extremely rare—only four are known to exist. The watch sold during this auction is widely accepted as the first of the four stainless steel 1518s. Its unique combination of high complication in a utilitarian case metal makes it particularly appealing to collectors, reflecting the ongoing strong demand for rare vintage watches despite fluctuations in the broader economic landscape.
