New Most Expensive Watch is the Patek Philippe Ref. 1518 at $11 million

Stainless steel Patek Philippe 1518

Stainless steel Patek Philippe 1518

Phillips in Association with Bacs & Russo Geneva Watch Auction Four sale in Geneva set a new record over the weekend of November 12, 2016 for a wristwatch at auction for the Patek Philippe Ref. 1518 in stainless steel, a rare perpetual calendar chronograph with moon phases.  The watch sold to to a private collector on the phone for $9.7-million. With the buyers’ premium included, the final price was $11,136,642.

This beats the previous record of about $7.38-million paid for a wristwatch sold at auction last year – a Patek Philippe Ref. 5016, at the Only Watch charity auction in 2015.

Made beginning in 1941, the 1518 the watch is special because it was the world’s first perpetual calendar chronograph wristwatch ever to be produced in a series by any manufacturer. It is number one in a series of only four that are known to exist.

Two other Patek Philippe Ref. 1518s, one in yellow gold and the other in rose gold, were also in the Phillips Bacs & Russo sale, marking the first time all three case metals of the model have been offered at auction.

The yellow gold version sold today for just over $600,000, slightly over the high estimate of $515,000. The rose gold Ref. 1518 sold for US$1,478,000, or $1,848,729.77 including the buyers’ premium.

Update 10/26/2017: A new most expensive watch was sold for $17.75 million.  Read about it here.

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