- A stainless-steel Patek Philippe Ref. 1518 will headline Phillips in Association with Bacs & Russo this November in Geneva.
- The watch is one of just four known steel Ref. 1518 examples, widely regarded as the rarest configuration of this landmark reference.
- The same piece set the watch world alight in 2016 when it achieved over CHF 11 million, becoming the first wristwatch to cross the eight-figure barrier at auction.
- It will return to the rostrum as part of the Decade One (2015–2025) anniversary sale, carrying an estimate above CHF 8 million.
A stainless-steel Patek Philippe perpetual calendar chronograph set for auction is more than just another highlight—it’s a historic event. This November, Phillips and Bacs & Russo will present a watch so rare that Phillips Deputy Chairman Alexandre Ghotbi stated it “belongs in the same conversation as a Ferrari 250 GTO or a Rothko.” That comparison says a lot about its significance. The watch in question is the historic Patek Philippe Ref. 1518, first introduced in the early 1940s during World War II. It was the first wristwatch to combine a perpetual calendar with a chronograph, a breakthrough that forever altered the world of complicated watchmaking.
What makes this watch unique is its material. Out of approximately 218 Ref. 1518 watches produced, nearly all were in yellow gold. Only four are known to be in stainless steel, and this is one of them. For Patek Philippe collectors, steel versions of complex models are nearly legendary, making ownership extremely rare. This November’s auction is not just about selling a rare watch—it signifies an important milestone in watchmaking history.
The stainless-steel Patek Philippe Ref. 1518 returning to auction is not venturing into unfamiliar territory. This very piece already made history in 2016 when Phillips hammered it down for CHF 11 million, roughly USD $11 million at the time. The USD $17.8 million sale of Paul Newman’s Rolex Daytona Ref. 6239 a year later was one of the headline-grabbing results that followed, marking a pivotal moment in the modern watch auction scene. For many collectors, it was a unique period when authentic “unicorn” pieces appeared.
The same steel 1518 is expected to sell for between CHF 8 million and CHF 16 million this November as it returns to the auction block. Although high-end auctions can be unpredictable, that range broadly covers various outcomes. Still, the watch has a strong foundation due to its excellent condition, near-mythical rarity, and proven track record. Bidding at this level is influenced by both figures and legacy, as well as confidence. Once the auction room settles, the question will be how far someone is willing to go to acquire one of the rarest Patek Philippes ever made.
Few watches hold the same level of significance as this stainless-steel Patek Philippe Ref. 1518. It is not just rare; it’s the kind of piece collectors talk about for years. Its previous appearance at auction shifted the market’s tone, and now, as it returns to the stage, there is a real sense that something important is about to happen again. But we’ll see how it goes in the upcoming days.
“Just four stainless-steel Patek Philippe reference 1518s are publicly known today. Each one is extraordinary. This is the one that captured the world’s attention in 2016,” said Aurel Bacs, senior consultant, Phillips in Association with Bacs & Russo.
“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.”
Of the four known steel examples, this particular watch is thought to be the first one produced, which only adds to its significance. It will headline the Decade One (2015–2025) sale organized by Phillips in collaboration with Bacs & Russo, and it is estimated to fetch around CHF 8,000,000, roughly USD $10.5 million. In a market where prices can rise quickly once bidding starts, that figure might just be the beginning of what could turn into another historic moment.
