A rare 1943 Patek Philippe Perpetual Calendar Chronograph Reference 1518 in stainless steel sold at auction for 14,190,000 Swiss francs (around USD 17.6 million). This model is one of only four known steel examples. Most 1518 watches were produced in gold, which makes steel variants especially rare and highly sought after.

The auction lasted under ten minutes, with five bidders participating via phone and in-room. Phillips, the auction house handling the sale, described the watch as “a timepiece of almost mythical status.” This is due to its rarity, historical importance, and excellent condition.

The Reference 1518, launched in 1941, was the first serially produced wristwatch to combine a perpetual calendar and a chronograph. Patek Philippe manufactured roughly 281 units, with only a handful in stainless steel. Its scarcity and iconic design make it a top choice among vintage watch collectors.

In 2016, a steel 1518 had sold for approximately USD 11 million. Therefore, this new result shows a significant increase in value. This highlights sustained demand for rare watches among collectors worldwide.

📊 Why Collectors Value the Steel Ref. 1518

Collectors see the steel Ref. 1518 as a pinnacle of horology. Its technical complexity, rarity, and Patek Philippe’s renowned craftsmanship drive high auction results. Moreover, this sale shows that ultra-rare, historically significant watches remain highly desirable, even in uncertain economic times.

The watch market rewards vintage pieces with impeccable provenance. The steel 1518, in particular, frequently appears in lists of the most expensive wristwatches ever sold at auction. While USD 17.6 million is not an all-time record, it firmly places this example among the elite tier.

Experts also note that rare timepieces like this serve as investment assets. Collectors are willing to pay premiums for exceptional condition and historical significance. This sale reinforces Patek Philippe’s reputation for producing enduring, highly collectible watches.

For enthusiasts, the steel 1518 is a benchmark of rarity and desirability. Its value comes not only from craftsmanship and innovation but also from the story behind its production and survival over eight decades. Each sale of a model like this attracts attention from collectors, auction houses, and the broader horology community.