The Unicorn Returns: Patek Philippe’s Steel 1518 Heads Back To Auction
4 min read
This fall in Geneva, the watch world will again be holding its collective bated breath. Phillips, in partnership with Bacs & Russo will be presenting one of the world's most coveted and most sought-after wristwatches: the stainless-steel Patek Philippe Reference 1518, formerly the very first wristwatch in history to sell for over eight figures at auction. Almost a decade on from when it broke a record price of CHF 11 million at Phillips in 2016, the watch is again returning to the block with an estimate of CHF 8,000,000 to 16,000,000. For collectors, this is less of a sale but more of a piece of horological history coming full circle.
A Groundbreaking Source
Released in 1941, at the height of World War II, the Patek Philippe Ref. 1518 was groundbreaking. It was the first wristwatch to combine a perpetual calendar and a chronograph which was something that paved the way for the future of mechanical watchmaking. Chronographs existed and perpetual calendars existed but combining them in a single wristwatch was something new.
Patek Philippe produced only about 281 of the reference during the period from 1941 to early in the 1950s. Almost all were cased in 18k yellow gold, with fewer in pink gold. But among them was a quartet of unicorns: four examples in stainless steel. To collectors, the steel 1518s occupy a mythical position—less familiar than their precious-metal equivalent and symbolizing an era of wartime when steel, if less glamorous, appeared more an expression of toughness and unassuming luxury.
The Watch That Set an Era of Collecting
The specific steel 1518 up for auction this November is the same one that shook the market back in 2016. Sold for CHF 11,002,000 at the Phillips Geneva Watch Auction: FOUR, it not only set the record for the most expensive wristwatch sold at the time but was also the first to surpass the psychological barrier of eight figures.
It did not merely put a crown on a record-breaker. It was an event in the status of watches as cultural icons, alongside art and automobiles. "It redefined the market and marked the beginning of an era for watch collecting," says Aurel Bacs, Senior Consultant at Phillips. "For veterans and newcomers alike, the fact that it comes to auction is an event of rare opportunity."
Features, Craftsmanship, and Technical Achievement
At first sight, Ref. 1518 does not boast its weight of history. Its modest 35mm case, made by Georges Croisier does not shout its prestige. This watch hides a secret engraving that makes it fall into the category of rarity: the numeral "1" below the case number, which makes it the very first stainless-steel 1518 ever made.
The Stern Frères dial is immaculately kept—testament to over eight decades of prudent care. Inside ticks a hand-wound movement that combines the elegance of a column-wheel chronograph with a perpetual calendar mechanism. Even in this day and age, the design of its triple-register dial with twin calendar windows at 12 o'clock is still balanced, elegant, and distinctly Patek Philippe.
While gold was often the standard for extravagance, in the 1940s the use of steel represented a different tale—one of constraint by circumstance. There were few steel watches made, and fewer still in such excellent condition.
A Watch with a Story
Made in 1943, two years after the release of the first 1518, the history of this watch adds to another layer of intrigue. The Extract from the Archives of Patek Philippe explains that it was bought in Budapest on 22 February 1944, as Europe was in the midst of upheaval. Having weathered the war and making its way into collectors' collections, the watch and the legacy of quality watchmaking prove to be resilient.
The relevance of the steel 1518 goes far beyond horology. Alexandre Ghotbi, Deputy Chairman, Phillips and Head of Watches, Europe & Middle East, has it right: "Collectors know that this is not a watch. It's a reference. A collector's item that's in a class by itself and worthy of being used in the same sentence as a Ferrari 250 GTO or a Rothko." Actually, this 1518 is not just a timepiece but a cultural icon. Its record-breaking sale in 2016 paved the way for other flashy sales, including Paul Newman's own Rolex Daytona Ref. 6239, which fetched $17.8 million the following year.
Peeking Forward to November
As Phillips prepares for its Decade One (2015–2025) Auction in Geneva, the return of the steel Ref. 1518 is guaranteed to be the headline act. The 8–9 November 2025 sale will mark the 10th anniversary of Phillips' watch auctions—a fitting pedestal for a watch that has set the agenda in watch collecting over the last decade. For collectors, historians, and enthusiasts, it's not just about the auction. It's about seeing the return of a watch that symbolizes horological ambition, war-time survival, and a collecting legacy that has defined the contemporary auction universe. Whether it breaks a new record or merely confirms its mythic status, the original stainless-steel Patek Philippe 1518 is one of the most significant wristwatches ever produced.
