Why did a Patek Philippe watch sell for 15.2 million euros?
Considered one of the unicorns of the watch collection, this 1943 steel watch was already one of the rarest (and most expensive) in the world.
This is "one of the most important wristwatches in history," according to the auction house Phillips, in association with Bacs & Russo. A Patek Philippe Perpetual Calendar watch in steel, reference 1518, made in 1943, sold for €15.2 million at auction in Geneva. This came after a bidding war lasting approximately ten minutes between five different potential buyers.
But this Patek Philippe watch, considered a unicorn by the world's leading watch collectors due to its rarity, already held some of the world's records: in 2016, it was, for a time, the most expensive wristwatch ever sold at auction, fetching €11.8 million, also at Phillips. That's a price increase of €3.4 million in just nine years… A sound investment for its then-buyer! But why is it considered so rare? This model, launched in 1941 by the Swiss watch manufacturer, is a classic of horological art, originally produced in a limited run of 281 pieces, the vast majority with a yellow gold case, and a few in rose gold. But only four stainless steel examples are believed to have been produced, and this one was number 1. “Only four examples of the Patek Philippe reference 1518 in stainless steel are known to the public to date ,” noted Aurel Bacs, senior consultant at Phillips in association with Bacs & Russo, before the sale. “Each one is exceptional. This one captivated the world in 2016. It redefined the market and ushered in a new era for watch collectors. For seasoned collectors and newcomers alike, its return to auction represents a unique opportunity, making this watch the centerpiece of our 10th anniversary sale in Geneva.”
Its sale in 2016 cemented this watch as one of the most legendary objects in horology and paved the way for a series of exceptional auctions, including that of Paul Newman's personal Rolex Daytona ref. 6239, which sold at Phillips in 2017 for $17.8 million. "Collectors know this is not just any watch ," said Alexandre Ghotbi, Phillips Vice President and Head of Watches for Europe and the Middle East. "It's a benchmark. A collector's item that transcends its category and deserves to be compared to a Ferrari 250 GTO or a Rothko."
Launched during World War II, it was the first wristwatch to combine a perpetual calendar and a chronograph – an extraordinary technical feat for the time. Produced in 1943, two years after the first 1518 models, as confirmed by its archive extract, this watch was subsequently sold to a retailer named Joseph Lang in Budapest, Hungary, on February 22, 1944. “These are the unicorns of the watchmaking world ,” the auction house states. “Watches so rare that most collectors will never see one. The steel 1518 offered this season by Phillips is undoubtedly the most famous of them all, not only for its exceptional condition, but also because it is the very watch that transformed this reference from a confidential object into an icon that shaped the market.”
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