At $17.6 Million, Patek Philippe’s Steel Ref. 1518 Smashes Auction Records And Crowned Most Expensive Vintage Watch Ever!
3 min read
The sound of the gavel in Geneva this weekend marked not just the close of an auction, but the rewriting of horological history. The Patek Philippe Ref. 1518 in stainless steel became the most expensive vintage Patek Philippe wristwatch ever sold at auction, fetching an astonishing CHF 14.19 million (US$17.6 million / €15.2 million) in Geneva. The rare 1943 perpetual calendar chronograph ignited a tense nine-minute bidding war, with five contenders battling across the room and phone lines before the hammer fell to thunderous applause.
The sale not only reaffirmed the mythical status of the Ref. 1518 but also marked the perfect centrepiece for Phillips in Association with Bacs & Russo’s 10th anniversary auction “Decade One (2015–2025)” which achieved the highest total ever for a watch sale: a record CHF 66.8 million (US$83 million / €71.7 million). Every one of the 207 lots sold, securing Phillips’ position as the undisputed leader in the world of watch auctions.
Among the other star performers was the Patek Philippe Ref. 1518 in pink-on-pink, one of only about 15 known, which fetched CHF 3.57 million. The Ref. 2438/1 in yellow gold with a luminous dial followed with CHF 889,000, setting a world record for that reference. The Ernst Schuster Collection of 16 Patek Philippe watches was another highlight, realising CHF 3.37 million almost four times its low estimate. Within it, the Ref. 2499/100 in yellow gold with the Gübelin signature sold for CHF 1.33 million, while the sculptural Gilbert Albert Ref. 3424/1 in platinum achieved CHF 812,800, a record for any Gilbert Albert wristwatch.
Rolex too had its moment under the spotlight. A 1967 Daytona “Paul Newman” Ref. 6239 “Golden Pagoda” crossed CHF 1.07 million, setting a record for its configuration, while the Ref. 6263 “Oyster Sotto” in steel soared to CHF 1.39 million. Meanwhile, two rare Khanjar-signed Rolexes, originally sold to the Sultan of Oman, both broke the CHF 1 million mark.
Independent watchmaking wasn’t left behind in this record-fuelled weekend. The Ferdinand Berthoud “Naissance d’Une Montre 3” sold for CHF 1.27 million, setting a world record for the brand, while F.P.Journe continued its dominance with the Chronomètre à Résonance Souscription No. 2 at CHF 3.33 million, and the Tourbillon Souverain TN “Régence Circulaire” reaching CHF 1.69 million, another record for the model. Even Christian Klings, a name whispered with reverence among independents, achieved a new high. His Tourbillon No. 7 selling for CHF 889,000, the most ever for the German watchmaker. From a Seiko Observatory Chronometer in gold to a Cartier Mystery Clock once owned by J.P. Morgan Jr., the auction bridged centuries of watchmaking brilliance.
The two-day “Decade One (2015–2025)” sale wasn’t just about numbers, it was a celebration of ten years of passion, community, and horological excellence. Nearly 1,900 bidders from 72 countries took part, with collectors packing the saleroom and thousands more joining online. The energy was electric, the applause genuine, and the sentiment unanimous: Phillips remains the ultimate stage for watch legends. As Aurel Bacs and Livia Russo reflected, “What better way to mark our 10th anniversary than with a white-glove sale that brought together collectors, scholars, and friends from around the world? These results are more than numbers they’re a celebration of community and passion.”
And with this weekend’s record-breaking spectacle, Phillips didn’t just celebrate a decade, it defined one.
