A rare Patek Philippe reference 1518 in stainless steel sold for a staggering €15.4 million (CHF 14.19 million) at a Phillips auction in Geneva this week, marking a historic moment in the world of luxury timepieces.
One of just four known examples of the reference ever produced in steel, the 1518 is celebrated as the first perpetual calendar chronograph wristwatch ever made. Its combination of technical innovation, rarity, and pristine condition drove intense bidding, ultimately pushing it to a new record for any Patek Philippe wristwatch sold at a for-profit auction.
It narrowly missed the all-time record for a Patek Philippe, which remains the Grandmaster Chime Ref. 6300A-010 — sold for charity in 2021 for around €29.3 million. Still, this weekend’s result surpasses the previous benchmark set in 2016, when another steel 1518 fetched over CHF 11 million (around €10.5 million), also at Phillips.
Speaking to MaltaCEOs.mt, Luke Cortis from Swiss Watch Club in Malta explains the significance of the sale: “This is a special case. The watch is one of only four ever made in stainless steel and was the first perpetual calendar chronograph, so it’s truly unique. It doesn’t reflect the normal pre-owned market and most dealers will never even handle something this rare."
"While it sets a new benchmark for value, it can also create unrealistic expectations for other watches that don’t have the same level of rarity or historical importance,” he adds.
Asked whether the record-setting sale is affecting buying trends, Mr Cortis says not yet: “It’s not really impacting the watches that are in demand. Scarcity in Rolex watches continues to push prices a bit higher than usual – and with Christmas approaching, there’s more demand all around the world.”
While the €15.4 million result captures headlines, ultra-rare vintage pieces like the steel 1518 operate in a market of their own – one driven as much by legacy and mythology as by the mechanics that make them tick.
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