Rare Patek Philippe watch sells for $17.6 million

A Patek Philippe watch that in 2016 became the most expensive wristwatch ever sold at auction fetched an even higher price this weekend, auctioneer Phillips said Sunday.

The watch sold for 14,190,000 Swiss francs ($17.6 million), surpassing the 11 million francs it sold for nine years ago, or $11 million at the time.

The Patek Philippe Perpetual Calendar Chronograph Reference 1518, made in 1943, is one of only four made of stainless steel; Its rarity makes it more sought after than those produced in gold.

Its 2016 world record price for a wristwatch was surpassed in 2017 by Hollywood star Paul Newman's Rolex Daytona, which sold for $17.8 million. Then in 2019, that was surpassed by a Patek Philippe Grandmaster Chime, which sold for $31 million.

But the sale of the stainless steel 1518 this weekend reaffirmed its status “as one of the most historically significant wristwatches ever made,” the auctioneers said.

Phillips said the sale lasted just under nine and a half minutes, attracted five bidders and the watch was ultimately sold to a telephone bidder. Several renowned collectors, dealers and watchmakers attended the President Hotel in Geneva to witness the sale.

Phillips said that a 1518 was the type of watch that, once acquired, “a connoisseur can feel that they have reached the pinnacle of collecting.” Released in 1941, it was the world's first mass-produced perpetual calendar chronograph.

Patek Philippe produced around 280 Ref. 1518 watches, most of them set in yellow gold and around a fifth in rose gold. Only four are known to exist in stainless steel, with this watch being the first of those four to be produced. Why Patek Philippe made them remains a mystery.

The auctioneers called it “a watch of almost mythical status, representing the ultimate convergence of historical significance, design mastery, mechanical innovation and rarity.”

During the two-day auction, Phillips said the total sale of 207 lots reached more than 66.8 million Swiss francs, which he said was the highest total for any watch auction. Some 1,886 registered bidders in 72 countries participated.