Phillips Auction house recently held their auction entitled “Watches: Decade One,” where a Patek Philippe sold for a record breaking amount.
Lot 23, a Patek Philippe 1518, was hailed as the key lot of the year, something wealthy watch collectors were dying to get their hands on. The bidding was reportedly heated, before the watch eventually sold at the final price of $17.6 million.
History of Patek Philippe 1518
Introduced in 1941, Patek Philippe’s 1518 holds a significant place in horological history as the world’s first mass-produced perpetual chronograph wristwatch.
It was produced between 1941 and the early 1950s, with only 281 pieces made in total. This limited production alone makes the 1518 a rare model, especially compared to modern day.
Its combination of a perpetual calendar and a chronograph was especially groundbreaking in an era when wristwatches were often far less complex.
But lot 23 is exceptionally rare, because of the material that the watch is made from.
Stainless Steel Patek Philippe 1518
In 1941, Patek exclusively made their complications timepieces in precious metal, with the vast majority produced in 18k yellow gold. Even finding a rose gold variation of the 1518 is a pretty difficult undertaking.
But, the 1518 that sold at auction is extremely rare because it is made of stainless steel.
Though many wristwatches, regardless of the complication, are produced in stainless steel in modern day—Patek did not mass-produce their 1518 in stainless steel. This material was reserved for their simpler timepieces.
For the most part, Patek Philippe deemed that their high-end pieces should only be made from precious metals.
To them, it was pointless to make high-end pieces in such low-end material.
There were only made by request, and were often specially ordered by doctors or engineers who required their wristwatches to be more durable.
A stainless steel 1518 is so rare, in fact, that there are only four known in existence. And even Patek Philippe’s own Geneva museum does not have one!
$17.6 Million Stainless Steel Patek Philippe 1518
Considering the rarity of this piece, it comes as no surprise that it broke records as the highest selling Patek Philippe ever.
In the watch market, collectors crave exclusivity—and there’s nothing more exclusive than owning one of four. Patek’s favor for precious metals created an interesting paradox, where the stainless steel model holds more value thanks to rarity.
The 1518 is also in excellent condition, and included paperwork from Patek’s archive.
It would be a watch collector’s dream to get their hands on this piece, and it would be interesting to see if more 1518s appear in future auctions.
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