Auction house Phillips, in association with Bacs & Russo, which organises record-breaking auctions of rare and vintage timepieces, is re-auctioning a rare and vintage stainless steel Patek Philippe 1518 on the latter’s commemorative 10th anniversary with ‘Decade One’ (2015-2025) auction. The auction will be held on 8-9 November this year in Geneva.
There are only four known models made in stainless steel, and this Patek Philippe 1518 perpetual calendar chronograph is the first among them. It is engraved with no. 1 on the inside caseback. This is the same timepiece sold in 2016 for a record-breaking price of CHF 11 million, which is 1,20,01,57,000 (approx.), and to this day, it is still the most expensive Patek Philippe wristwatch to be sold at an auction.
This model was introduced in 1943 at a critical year during World War II, after the original 1518s were made in 1941. It was the world’s first perpetual calendar chronograph wristwatch model. Though there were an estimated 281 pieces produced, most were crafted in 18-karat yellow gold, a few were pink gold versions and and only four stainless-steel 1518s, reserved for the elite collectors.
“It redefined the market and ushered in a new era in watch collecting. For seasoned collectors and newcomers alike, its return to auction marks a moment of rare opportunity, making it the perfect watch to headline our 10th anniversary auction in Geneva this November,” stated Aurel Bacs, Senior Consultant, Phillips in Association with Bacs & Russo.
Kept in pristine condition, it has a 35 mm case made by master casemaker Georges Croisier and features a beautifully preserved dial by a Swiss dial manufacturer, Stern Frères. Further, the dial features a tachymeter scale, Roman hour markers, leaf hands, small seconds at 9, a 30-minute counter at 3, a date sundial at 6 and a moonphase inside it, and the month window at 12 o’clock. Its circular-finished caseback cap is stamped with case number 508473, and the case number is ‘1’.
“Collectors understand that this isn’t just a watch,” said Alexandre Ghotbi, Deputy Chairman, Phillips, and Head of Watches, Europe & Middle East. “It’s a benchmark. A collector's item that transcends its category and belongs in the same conversation as a Ferrari 250 GTO or a Rothko.”
The estimated auction price for the watch would range between CHF 8-16 million.
Images: Courtesy Phillips
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