A $17-million watch made in 1943 remains the most valuable ever Patek Philippe wristwatch after selling at auction in Geneva.
Phillips hammered the $17.6 million sale of a reference 1518 perpetual calendar chronograph in stainless steel at its Watches Decade One sale on November 8.
Ref 1518 was first made in 1941 and was the first series-produced watch with a perpetual calendar.
Patek Philippe made just 281 pieces of the reference, most of them in precious metal. The four stainless steel examples are among the most sought-after watches in chronometer history.
This example was previously sold in 2016 (also by Phillips) for around $11 million. Its first known appearance was a sale in Budapest in 1944.
It now retains and increases its record as the most valuable Patek Philippe wristwatch ever sold.
The sale attracted nearly 2,000 bidders and claims a record as the most valuable watch auction ever, bringing in around $83 million.
The star item inspired a 10 minute battle between five potential buyers that was won by a phone bidder.
Auctioneer Aurel Bacs in celebratory mood as the Patek Philippe from 1943 is sold in Geneva. Image courtesy of Phillips.
The qualifications on this watch’s superlatives are important.
It is not the world’s most valuable vintage wristwatch. That is the Rolex Daytona ref 6239, Paul Newman, which made $17.8 million in 2017.
It is not the most valuable ever Patek Philippe. That was a pocketwatch, the Henry Graves Jr Supercomplication sold in 2014 for $24 million.
That was made in 1933.
And a modern wristwatch surpasses them all. The $31.19-million grandmaster chime 6300A-010 was made in 2019, a unique piece for a charity auction.
This sale shows that the top end of the watch market remains robust.
