For collectors of fine timepieces, scarcity, condition, and original details are of utmost importance. Over the weekend in Geneva, one of Patek Philippe's rarest and most-admired wristwatches was offered by the auction house Phillips, shattering records to become the most expensive wristwatch ever sold at auction.
The Patek Philippe ref.1518, a steel perpetual calendar chronograph, sold for $11,112,020. Seven collectors were in on the action; each contributing bids to drive up the price to this spectacular new level. The highly anticipated auction far surpassed the initial price estimate of $3 million.
Released in 1941 in the midst of World War II, the ref.1518 was the very first perpetual calendar chronograph ever manufactured in series, and this particular steel model is stamped "1," making it a highly desired first of only four known models. Only 281 examples of the ref.1518 were manufactured, with most of the series produced in yellow gold, 55 in rose gold, and only four in steel. Complicated wristwatches like this one are usually produced in precious metals, so when a rare model appears in steel, collectors go crazy.
The ref.1518 perpetual calendar chronograph features day and month apertures at the 12 o'clock position, two sub-dials illustrating a 30-minute register at 3, and seconds at 9 o'clock, with the date surrounding a moon phase indicator at 6. The outer dial of the wristwatch features a tachymeter scale, a device that determines speed by measuring the time it takes to cover a particular distance. Experts believe that the other three steel editions are safely housed in permanent collections, so the appearance of the Patek Philippe ref.1518 will most likely be the only time this particular reference will be sold at auction in our lifetime.
"It was a privilege for me to offer the stainless steel Patek Philippe reference 1518," says Aurel Bacs, Senior Consultant at Phillips. "It was breathtaking to stand in front of a packed saleroom with over 400 people and another 500 passionate watch enthusiasts from around the world following the auction online or over the phones—it was simply electric."
For Patek Philippe, the bragging rights to being the manufacturer of the world's most expensive wristwatch sold at auction arrives at the perfect time. Recently announced, the highly esteemed watchmaker will be presenting a Grand Exhibition in New York City next summer called "The Art of Watches" from July 13 to 23. The exhibition will feature an enormous range of specially curated timepieces at Cipriani 42nd Street, a rare and unique look inside this prestigious Swiss watch manufacturer. The show, open to the public and free of charge, will offer an incredible education on watchmaking rarities and complicated timepieces from the current collection and from the brand's own Geneva-based Horological Museum.
Perhaps this lucky owner of ref.1518 could be persuaded to loan his latest acquisition to the upcoming exhibition—it would represent an impressive new milestone for an exceptional manufacturer with a long history filled with many.
