Stainless steel Patek Philippe Ref. 1518 sold for $11,136,642.00 at a Phillips Bacs & Russo auction in Geneva, becomes the world’s most expensive wristwatch. Seven people took part in bidding for the watch, of which only four have been known to be made and the watch ended up to be sold to a private collector. Bidding for a rare perpetual calendar chronograph with moon phases started at around $3 million and a little over 10 minutes later ended at approximately $9,7 million. With the buyers’ premium included, the final price was 11,002,000 Swiss francs, or $11,136,642.
Patek Philippe Ref. 1518 was created in 1941 and was the world’s inaugural perpetual calendar chronograph wristwatch ever to be produced in a series by any manufacturer. Now considered an important milestone watch in horological history, the reference 1518 set the course for Patek Philippe’s dominance in the world of high-end Swiss watchmaking. As the design of the watch was quite progressive and much ahead of its time, Patek Philippe continued to use its timeless aesthetic as the foundation for a long line of successful and highly sought-after complicated wristwatches, including the references 2499, 3970, 5970 and, 75 years later, even today’s 5270. The timepiece is number one in a series of only four that are known to exist.
Patek Philippe Ref. 1518 beat out the record for the Patek Philippe Ref. 5016, which was sold for about $7,38 million last year.