A Patek Philippe Perpetual Calendar Chronograph Reference 1518 has sold for 14,190,000 Swiss francs ($17.6 million) at auction in Geneva, setting a new record for the stainless steel model, Phillips auctioneers announced Sunday.
The watch, made in 1943, is one of only four known stainless steel Ref. 1518s, making it far rarer than the gold versions. Its previous auction record was in 2016, when it sold for 11 million francs ($11 million).
Phillips described the sale as a reaffirmation of the watch’s historical and collectible significance, calling it “a timepiece of almost mythical status… the ultimate convergence of historical significance, design mastery, mechanical innovation, and rarity.”
The auction, held at the Hotel President in Geneva, lasted just under nine and a half minutes. It attracted five bidders, with the winning bid made via telephone. Several collectors, dealers, and watchmakers attended in person.
Launched in 1941, the Ref. 1518 was the world’s first serially produced perpetual calendar chronograph. Patek Philippe produced around 280 units, most in yellow gold, about a fifth in pink gold, and only four in stainless steel, including this one — the first stainless steel version ever made.
Across the two-day auction, 207 lots sold for a total of 66.8 million Swiss francs, marking the highest total ever for a watch auction, with 1,886 registered bidders from 72 countries participating.
This sale highlights the enduring appeal and investment value of rare Patek Philippe timepieces, particularly the ultra-rare stainless steel models.
