Rare Patek Philippe Watch Sells for $17.6 Million

A Patek Philippe timepiece, which set the record for the most expensive wristwatch ever sold at auction in 2016, has been sold for an even higher price this weekend, according to auction house Phillips.

The watch fetched 14,190,000 Swiss francs ($17.6 million), surpassing the 11 million francs it achieved nine years ago, which was equivalent to $11 million at the time.

The Patek Philippe Perpetual Calendar Chronograph Reference 1518, made in 1943, is one of only four known examples crafted in stainless steel, making it far rarer and more valuable than those produced in gold.

While the watch set a world record in 2016, it was briefly overtaken in 2017 by Hollywood legend Paul Newman’s Rolex Daytona, which sold for $17.8 million. In 2019, a Patek Philippe Grandmaster Chime surpassed both, reaching a staggering $31 million.

However, the sale of the stainless steel 1518 this weekend reinforced its status as “one of the most historically significant wristwatches ever made,” according to Phillips auctioneers.

The sale took just under nine and a half minutes, with five bidders competing. Ultimately, the watch was sold to a telephone bidder. The auction took place at the Hotel President in Geneva, where several well-known collectors, dealers, and watchmakers were present to witness the event.

Phillips described the 1518 as the kind of watch that, once acquired, “a connoisseur can feel to have reached the utmost peak of collecting.”

Launched in 1941, the Patek Philippe Ref. 1518 was the world’s first serially produced perpetual calendar chronograph.

Patek Philippe produced approximately 280 Ref. 1518 watches, most of which were encased in yellow gold, and around a fifth were made in pink gold. However, only four were created in stainless steel, with this example being the very first of the four. The reasons why Patek Philippe decided to produce them in steel remain a mystery.

Auctioneers described the watch as “a timepiece of almost mythical status, standing as the ultimate convergence of historical significance, design mastery, mechanical innovation, and rarity.”

Across a two-day auction, Phillips reported that the total sale of 207 lots reached more than 66.8 million Swiss francs, the highest total ever achieved in any watch auction. The event attracted 1,886 registered bidders from 72 countries.