Patek Philippe Watch Sells for $17.6 Million at Geneva Auction

A rare Patek Philippe Perpetual Calendar Chronograph Reference 1518, crafted in 1943, has sold for a staggering 14.19 million Swiss francs ($17.6 million) at an auction in Geneva — once again placing it among the world’s most valuable and sought-after watches.

The sale, conducted by Phillips Auction House, took under ten minutes, with five bidders vying for the timepiece. Ultimately, the iconic wristwatch was sold to a telephone bidder, as top collectors, watchmakers, and enthusiasts filled the hall at the Hotel President in Geneva to witness the record-breaking moment.

This same stainless-steel Patek Philippe previously made history in 2016, fetching 11 million Swiss francs ($11 million) — then the highest price ever paid for a wristwatch. Its latest sale represents a remarkable 29% increase in value over nine years, further cementing its allure among horological connoisseurs.

The Patek Philippe Reference 1518 is revered for its technical mastery and rarity. Introduced in 1941, it was the world’s first serially produced perpetual calendar chronograph, marking a milestone in mechanical innovation. Out of approximately 280 models produced, most were encased in yellow gold, with only a handful in pink gold — and an exceptional four pieces made in stainless steel.

This particular watch is believed to be the first stainless-steel model ever manufactured, adding to its near-mythical reputation. Its understated design combined with mechanical precision makes it one of the most significant creations in the history of luxury watchmaking.

“The Patek Philippe 1518 stands as the ultimate symbol of design mastery, mechanical brilliance, and rarity,” Phillips said in a statement after the sale. “It is the kind of piece that defines the pinnacle of watch collecting.”

While this 1943 model’s record was surpassed in 2019 by the Patek Philippe Grandmaster Chime, which sold for $31 million, its latest performance at auction reaffirms its enduring prestige in the world of high-end horology.

The two-day Phillips auction featured 207 lots, achieving total sales of 66.8 million Swiss francs, the highest ever for a watch auction. The event attracted 1,886 registered bidders from 72 countries, reflecting the growing global appetite for rare vintage watches.

With its timeless craftsmanship, limited production, and captivating mystery surrounding its creation, the Patek Philippe Reference 1518 continues to represent the gold standard for luxury watch collectors worldwide.