This 1943 Patek Philippe Is Poised to Become the Most Expensive Watch in the World
In our recent list of the 50 greatest watches of all time, the Patek Philippe Ref. 1518 came in at number 10, ahead of classics like the Rolex GMT-Master and the Cartier Crash. Just this week, a rare example of the Patek Philippe Ref. 1518 went on sale, and it is poised to become the most expensive wristwatch in the world at $20 million.
This record would be barring the Patek Grandmaster Chime Ref. 6300A-010 that sold for $31 million at a charity auction in 2019, but among elite collectors, charity auctions are usually set aside because sale prices tend to be grossly inflated and thus an inaccurate reflection of the market. So, if we exclude the charity category, this Patek 1518 coming up for sale could take the crown as the most expensive wristwatch ever sold.
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The Patek Philippe 1518 was the world’s first regular-production perpetual calendar chronograph, and at just 35 mm across, that feat remains exceptional to this day. Patek produced the 1518 for fourteen years starting in 1941, and in that time, only 281 examples were produced. Of those, only four shipped in stainless steel cases with a bracelet, making this variation the most rare. That’s what Monaco Legend Group will be listing for over $20 million.
The Patek 1518 is, by any standard, one of the most important wristwatches ever produced. As renowned vintage watch dealer Matthew Bain told Robb Report “The Patek Philippe perpetual calendar chronograph reference 1518 in stainless steel is my grail and the greatest watch of all time. The incredible rare steel case combined with the highly complicated function is the perfect match.” Supporting Bain’s claims are the prices for 1518s, which have perennially topped the auction season.
Along with its inherent rarity, this specific example has earned itself a rather storied provenance. First auctioned in 1989 in Monaco, the luxury textile entrepreneur Gerolamo Etro owned the watch until 1995, at which point Antiquorum sold it to well-known vintage Patek dealer Helmut Crott. By 2004, this specific 1518 ended up with historian Davide Parmegiani, who included it in the book The Collection (2005). In 2010, John Goldberger (a.k.a. Auro Montanari) included it in his canonical book Patek Philippe Steel Watches, thus cementing this specific 1518 as one of the most important in the world.
As far as legendary wristwatches go, it’s up there with Paul Newman’s Rolex Daytona. It’s also about to tear past the $17.8 million that Newman’s Daytona sold for in 2017. If there’s any doubt as to the value of this watch in today’s market, in 2016—a seemingly different era for wristwatches—this specific example sold for $11.5 million at auction in Geneva, and we have reported on more than a few Patek 1518 auctions that have soared in value in recent years.
However, Monaco Legend Group is not fussing with an auction this time but is offering the watch in a private sale. The rationale seems wise, as we’ve witnessed unremarkable results for seemingly legendary watches from time to time. Auctions are always full of surprises, which is one reason why people seem to love following them. However, there is a kind of recklessness in an auction, and finding the right collector at the right time for this Patek Philippe Ref. 1518 may take a little longer than the few minutes an auction lot gets on one specific evening, however many time zones away.
To learn more, visit Monaco Legend Auctions.
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